Nambour - Do any of you buy an investment wanting to eventually retire in the property?

Discussion in 'Where to Buy' started by dodger21, 18th Oct, 2017.

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  1. dodger21

    dodger21 Active Member

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    I own two places (including a half paid off investment house in Sydney). I am looking to buy another investment in the next 12-18 months.
    I would normally buy wanting capital growth etc.
    However, I want to retire in the next 10-15 years and leave Victoria, where I currently live.
    I would love to downsize in retirement and live in a townhouse. I also am in love with Montville, QLD, and go there at every chance.
    Would I be silly for buying a townhouse investment in Nambour, QLD knowing the capital growth won't be as great? Nambour is only 20 mins from Montville and I was thinking I can move into the property when I retire.
    Has anyone successfully bought a place where they want to retire into, but rented it for 10 years before that?
     
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  2. strongy1986

    strongy1986 Well-Known Member

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    Not yet

    But currently driving through qld on our trip around oz and am strongly considering buying something on the coast

    I know you shouldnt mix lifestylr with investing but in all seriousness if you can buy a decent house on a full block on the coast for 250 - 350k and get a yield of 5-7% then can you really go wrong?


    These areas wont be cheap forever
     
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  3. Trainee

    Trainee Well-Known Member

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    Unless where you want to retire to is very tightly held, your better off buying where you expect the best returns. You like a certain area, great, if you have enough money you can buy there.
     
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  4. PJ1

    PJ1 Well-Known Member

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    If you love Montville why not buy at Montville. If your changing your normal investing plan why not buy your dream and enjoy it rather than compromise both plan and location ?

    PS
    I would love to do this and have my retirement spot picked.
     
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  5. dodger21

    dodger21 Active Member

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    Thanks Trainee,
    But if the property there goes up (not greatly but a bit) over the next ten years, do I sacrifice large capital growth at another location for smaller capital growth at Nambour?
     
  6. dodger21

    dodger21 Active Member

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    Montville (where I've escaped to again this week), are normally bigger properties with large gardens that I don't think I can upkeep in retirement. And the units are normally only holiday units. Most workers in Montville who don't want to live on sprawling properties live in Nambour if they want smaller properties
     
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  7. Trainee

    Trainee Well-Known Member

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    Its just numbers. If the place you want goes up 5% a year, and you make 7% a year somewhere else, no problem. Rich people can always afford retirement places.
     
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Might be best to place your money in a higher growth asset and then purchase the Nambour property in the future when you decide to retire.

    Montville is lovely - the kondalilla falls would be impressive at the moment after the last 4 days of constant rain! I don’t mind the Brouhaha brewery up in Maleny either :)
     
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  9. Blueskies

    Blueskies Well-Known Member

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    Why do you think retirement friendly destinations will underperform? A few million retiring/downsizing baby boomers in the next couple of decades could see some of those lifestyle locations boom. Already happening in Sunshine coast, Byron bay, northern NSW etc...
     
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  10. Heinz57

    Heinz57 Well-Known Member

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    I hope so! About to build in Bribie aka God's waiting room!
     
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  11. strongy1986

    strongy1986 Well-Known Member

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    Agree

    My theory is that retirement locations will outperform in the next 20 years as
    most have a much lower cost base to build on than the average capital city suburb. Boomers will happily cash in their $1- 2 million house in melb or sydney and spend 500- 1000 on their retirement pad.
    These places have boomed in the past and many have been down for 10 - 15 years.
    I reckon they are ready to bounce
     
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  12. strongy1986

    strongy1986 Well-Known Member

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    Make that next 10 years
    20 mught be getting carried away!
     
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  13. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Agreed - I'm seeing it every day up on the Sunshine Coast.

    They're astounded with the value for money here. What $1m can get you here is a lot different to $1m in Syd/Melb!

    Cheers

    Jamie
     
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  14. The Gambler

    The Gambler Well-Known Member

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    I did it. I bought in a very tightly held beachside area. I bought the place with a view to renting it out until I move in at a later date.

    And if it turns out that I don't move in, it's cool as the place has gone up quite a bit due to the fact that the location is very strong.
     
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  15. TAJ

    TAJ Well-Known Member

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    Back in 2003 my Wife and I purchased land (800sqm) at Wonga Beach in FNQ and had a home built on it including in ground pool with the intention of spending roughly 6 months there a year over winter. It has been rented out since late 2003 (after construction). I am hoping to make final payment on the property in about 4 years and put the plan into play. The only downside is that I have had long term tenants who love the place and obviously will be reluctant to move.
     
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  16. ollidrac nosaj

    ollidrac nosaj Well-Known Member

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    No, but i am considering buying an IP within the same suburb as a hedge.
     
  17. Toon

    Toon Well-Known Member

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    I bought a place in Hervey Bay 2 blocks from the beach 2yrs ago, hoping to one day retire there. I figure, at the very least, I have that locked in to look forward to & if I happen to do a lot better than expected in the meantime, I can always buy something else when the time comes. I think some coastal places are crazy cheap at the moment. Population and prices in Hervey Bay (and many other coastal areas) were rising nicely until the GFC hit and I expect it's only a matter of time before things ramp up again. Cheap prices plus good yields - happy to bide my time till CG kicks in.

    BTW, I'm totally in love with this place in Nambour:

    11 George Street Nambour Qld 4560 - House for Sale #125769970 - realestate.com.au

    Unfortunately, I've hit a bit of a borrowing wall for the moment :(
     
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  18. TAJ

    TAJ Well-Known Member

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    Well done on the acquisition at Hervey Bay.
    The place in George St. Nambour would this be for investment or a potential PPOR in the future? Too many stairs for me, prefer single level dwellings now. Must be gettin' old! But it certainly looks in good order.
    Cheers.
     
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  19. 12506

    12506 New Member

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    Personally yes and we've had clients that use this strategy. I'd say this is not just about money. It's a great way of getting to know the area and the people around where you want to retire. You've got a reason to go there, speak to tradies, neighbours etc. One of the hardest parts about moving to a new town when you retire is getting to know people this could give you a head start.
     
    Last edited by a moderator: 20th Oct, 2017
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  20. Toon

    Toon Well-Known Member

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    George St is just a hazy pipe dream - it's probably not hugely practical as either a PPoR or an IP, but it sure is beautiful. It was for sale around the time I went up to inspect the place in Hervey Bay and as I flew from Vic to the Sunshine Coast then drove a hire car to Hervey Bay and back, I did a drive-by of this place along with some other Sunny Coast places I liked. The immediate area seemed a bit low socio-economic and it had been taken off the market then but is back on again now has been for quite a while. It might be a bit too pricey and out of keeping with the rest of the street I suspect.
     

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