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New to the game - Looking to dip my feet in the Brisbane market

Discussion in 'Introductions' started by Betootaboy, 3rd Jan, 2017.

  1. Betootaboy

    Betootaboy New Member

    Joined:
    3rd Jan, 2017
    Posts:
    4
    Location:
    Brisbane
    Hey everyone,

    I currently have 2 IP's on the Gold Coast both units. a 3 bedroom townhouse and 1 bedroom unit that I purchased in 2014.

    Looking to pull some equity and invest in a stand alone house in Brisbane. I have a buy and hold strategy and very much am looking long term.

    Budget is $450,000 to $550,000 - Like many, I would like to get something under market value with a lot of capital growth upside and a highish rental yield is important.

    Areas I am looking to invest are within a 15km radius of the city if possible - Suburbs I've been interested in but not restricted to are:

    Banyo
    Keperra
    Murrarie
    Ferny Grove
    Stafford
    Zilmere.

    I would appreciate any feedback or suggestions on a great area to invest in that would suit my budget and goals?

    Thanks in advance
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,920
    Location:
    Perth WA
    Hey Betootaboy

    If you're looking to buy and hold, how many properties are you hoping to add to your portfolio? It may pay to speak with a good broker (there's lots from this forum in your area) as a B&H strategy will only take you so far these days as lending has become quite restrictive compared to a year or so ago.
     
  3. Betootaboy

    Betootaboy New Member

    Joined:
    3rd Jan, 2017
    Posts:
    4
    Location:
    Brisbane
    Hi Jess,

    Thanks for your help!

    I'm looking to build a portfolio of 6 - 8 eventually. I'm 29 and currently have 2. I'd like to have a 3rd up in the next couple of months if I came across the right property.
     
    House likes this.
  4. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    3,257
    Location:
    Brisbane
    I'd add Mount Gravatt East to that list if you are prepared to wander over the river.

    Edit: I notice Murarrie is there, so clearly you are prepared to cross the river. ;)
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,920
    Location:
    Perth WA
    Great! Depending on your income, it would pay to look for something developable, even if you don't intend to do so in the near future.

    To my mind, everything these days needs to have a built in debt-reduction option (or good bang for buck, like getting 'free' land to build on) so a 'normal' house with no option to develop will possibly hinder your progress if you intend to hold forever, as you can only borrow 'x' amount in total and once the pot's dry, you can no longer borrow. Your income will very much determine how much money is in the 'you can borrow' pot.

    This makes it super important to have a chat with someone who can help you plan the financial side of things out.
     
    pwt, KayTea, Betootaboy and 1 other person like this.
  6. Betootaboy

    Betootaboy New Member

    Joined:
    3rd Jan, 2017
    Posts:
    4
    Location:
    Brisbane
    Thanks for the heads up! I am most definitely open minded to south side properties
     
  7. Betootaboy

    Betootaboy New Member

    Joined:
    3rd Jan, 2017
    Posts:
    4
    Location:
    Brisbane
    This is great info thanks. I hadn't previously looked at something being redevelopable as a key factor for a purchase of an IP.
     
    Jess Peletier likes this.