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QLD New to forum, looking to buy in Qld

Discussion in 'Where to Buy' started by StuartM, 3rd Jul, 2015.

  1. StuartM

    StuartM New Member

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    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.
     
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

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    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.
     
    Last edited: 3rd Jul, 2015
  3. The_good_life

    The_good_life Active Member

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    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.
     
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

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    In my opinion its just way too far from the CBD to have any real chance of short term decent organic CG.
     
  5. Holmes2012

    Holmes2012 Member

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    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.
     
  6. Leo2413

    Leo2413 Well-Known Member Premium Member

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    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.
     
  7. gach2

    gach2 Well-Known Member

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    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
     
  8. HUGH72

    HUGH72 Well-Known Member

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    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.
     
  9. Azazel

    Azazel Well-Known Member

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

    Simon L Investment Property Buyers Agent Business Member

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    What are you basing this on?

    From what I can see, Marsden is one of the nicer suburbs in Logan
     
  11. 4point5million

    4point5million Well-Known Member

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

    Azazel Well-Known Member

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    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.