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Discussion in 'General Property Chat' started by Xantham, 2nd Jul, 2016.

  1. Xantham

    Xantham Member

    Joined:
    2nd Jul, 2016
    Posts:
    17
    Location:
    Coorparoo, QLD
    Hi all, so I already posted a little hello post to introduce myself (found here Brisbane Newbie if you're interested ).

    IF BORING TLDR IGNORE THIS LINED BIT AND CHECK NEXT PARAGRAPH.
    ___________
    I've wanted to purchase property for so long, but also wanted to do other things in life, and now I finally found myself in a situation where I can get into the market. My main hurdle is that my budget is between 280-330k due to loan serviceability and lack of huge savings. With a little help from my mum (20k), and a lot of just being a cheapskate @ life for the last year and 3 months, I now have around 40k saved (which doesn't seem like a lot but given that I am only earning 58k a year and supporting both myself and my partner, that is pretty impressive right?). Anyway, so my general 10 year goal is roughly as follows:
    Buy house ASAP (like next 2 months before my lease expires and I'm kicked out of where I am now as the owner is selling the place).
    Live in property for 1-2 years and continue to save.
    Use equity/savings to purchase another and move into it, renting out first property as IP.
    1-2 years time, purchase another property, rinse and repeat. Would like to have 8-12 properties in the next 10 years provided my partner gets her business off the ground, equity gods are good to me with my purchases, nothing majorly shyte happens in my life, and I move up in my career.
    Sell 2 properties to pay down the debt of the rest, refinance etc, start to earn a decent passive income from positive yields.
    Reassess life/goals etc.

    Somewhere in there I would like to be gifted billions of dollars, save/change/heal the world etc, the usual yadda yadda.
    ____________

    I know the whole disclaimer, do my own research etc which is fine, but I am just interested in opinions from people wiser than I, who have already been in the game for a while. Anyway this leads me to my question. I have 280-330k house to purchase. Definitely want to buy a house not a townhouse/unit. Definitely looking in the corridor between Brisbane/Gold Coast due to living in the house for the next 1-2 years and travelling frequently in this corridor for my day job. I am looking between Slacks Creek and Loganholme. Which do you think is the better suburb for the higher short term capital gains (next 2 years say), then better yield thereafter?

    If you want to be really nice and super helpful to me, I checked out a fef properties in both suburbs today and really liked these 5. Which would you rank the top 2 out of the 5?

    4 Wood Close Loganholme Qld 4129 - House for Sale #122753054 - realestate.com.au
    11 Ngungun Close Loganholme Qld 4129 - House for Sale #122779934 - realestate.com.au
    41 Paradise Road, Slacks Creek QLD 4127 - House For Sale - 2012813896
    19 Kunari Street, Slacks Creek QLD 4127 - House For Sale - 2012862115
    31 Borman Street, Slacks Creek QLD 4127 - House For Sale - 2012852322

    I have heard there are some real logan experts here, so I am really interested in hearing your opinions and thank you well in advance truly, for your time and effort replying.
     
  2. Xantham

    Xantham Member

    Joined:
    2nd Jul, 2016
    Posts:
    17
    Location:
    Coorparoo, QLD
    Not sure on the rules on bumping threads so if that is a big Nono, apologies. How about that whether we are having hmm? :rolleyes:
     
  3. JDP1

    JDP1 Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    2,838
    Location:
    Brisbane
    threads get hijacked, bumped along, etc... some people even try and 'transform threads into spruik of their area:)
     
  4. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,413
    Location:
    33°41'24.7"S 150°55'34.3"E
    Have a look into the underlying zoning for each. I'm not familiar with the area, but worthwhile checking whether there is future potential.

    The last property may suit a future granny flat since they have access at the side or otherwise suitable access. A future granny flat would allow you to improve yield/cashflow in the future.

    One of the properties appears to be on a road that might be quite busy.

    Look into proximity to bus/transport routes, schools and shops.
     
  5. Xantham

    Xantham Member

    Joined:
    2nd Jul, 2016
    Posts:
    17
    Location:
    Coorparoo, QLD
    Good point about the granny flat, something I should look over with all of them and other similar properties. All properties have hit the "standard criteria" of being close to public transport/schools/shops/open spaces like parks/low vacancy rates and decent yields. Just trying to flesh out the things that I am not competent with, like you mentioned zoning and granny flat potential. I want to make sure my first purchase puts me in a good situation to help set up the second purchase ASAP. I don't want to buy something that sets me back instead of moving me forward (although I'm sure no one does, it's just harder said than done on your first purchase).
     
  6. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,413
    Location:
    33°41'24.7"S 150°55'34.3"E
    Since you are looking in the Logan area, this is a good place to start.

    PD Online - Logan City Council

    There is information on the zoning changes and a tool for looking up individual properties.

    You don't necessarily need to find the properties in the medium to high density areas, but also look into where urban renewal is occurring and where improvements to town centres will occur. A few different strategies you can look at.

    Be aware that Brisbane City Council is not supportive of dual occupancy so Grammy flats I understand are not feasible there ( unless I am mistaken ). Other councils are less strict.