QLD New to forum, looking to buy in Qld

Hi all
Am from Sydney, own a home (small mortgage). Looking to buy in Qld with development potential eg duplex. Budget up to $350,000. How do I go about searching for properties with duplex or triplex potential? Not using a buyer's agent. Realestate website only came up with a few suggestions in Crestmead, Kinsgton etc. not sure of those areas.

Looking to buy a property with rent income and add a unit on it in a couple years basically.

 

Hi Stuart,

From what i have been seeing, its not possible to buy a place to subdivide and develop into a duplex for a 350k budget, and make it work feasibility/profit marginwise. At least not what i've seen. I have seen many places around 10km from the CBD that sell houses that can be subdivided but there asking anywhere from 800k to 1m which makes the return on development cost pretty much non existant. I bought a place just before the market started to rise that can be sundivided into 2 and got it at 640k. That same place now would be selling at 850-900k+. So at least from what i've seen i dont think its ideal, but others may have looked into that lower end market and have different figures on the feasibility that may make it work perhaps.

 

Does anyone have feedback on Marsden in Qld? Bigger lots and within 300-400K, decent rental yield but not sure of CG in the short term at least.Not sure if this is an area the OP could look at.

 

In my opinion its just way too far from the CBD to have any real chance of short term decent organic CG.

 

I think his question was to buy something for 350k that has duplex potential. Not the whole development for 350k.

Yes, 350k is possible for that in Logan areas.
Of course doing the duplex itself will cost more.

 

Hi Holmes,

yes I agree there are many places you can buy for that budget that has the development potential. I was pointing out to make it work out feasibility/profitwise may be difficult.

 

with leo on this
buying for 350k then spending 400k to build a duplex and only be able to sell for 350k is going to make a loss.

If your stuck to this budget consider buying lots with an exisiting decent house and see if you can build a dual occupancy while retaining the existing property.

In saying that i cannot say its worth the money in the areas op has mentioned but if your looking to hold for short - medium term and pick a place that cg potential it could work out

 

Hi Stuart
Not sure of your area of interest as you said Qld but you can buy existing duplexes for $350k in Toowoomba, Rocky, Cairns and Townsville at a stretch if you're lucky.
Otherwise there are numerous threads on SS regarding GFs etc in Logan.

 

Marsden is to Logan what Logan is to Brisbane. I'm not saying avoid it but...

 

What are you basing this on?

From what I can see, Marsden is one of the nicer suburbs in Logan

 

This doesn't make any sense what so ever, care to elaborate?

 

While living in BNE, the 3 suburbs mentioned as not the most pleasant places in the world in my experience were Woodridge, Inala and Marsden.
That's not to say you can't make money there, each to their own. You don't get much for up to $350k these days.