QLD Park Ridge H&L

Discussion in 'Where to Buy' started by Jane88, 21st Nov, 2019.

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  1. Jane88

    Jane88 Member

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    Hi guys,

    Any insights on Park Ridge H&L packages? Looking for my first IP under 500k with the aim of maximising yield and with good growth potential. Any areas within the suburb I should look at specifically? Or are there nearby areas I should be looking at instead?
     
  2. Rich2011

    Rich2011 Well-Known Member

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    Look elsewhere! Much better options for under 500k in Brisbane.

    What's the land size and approx price for Park Ridge H&L you are looking at? And the real yield from your research, not the developers appraisal.
     
    Lindsay_W likes this.
  3. Jane88

    Jane88 Member

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    Thanks, appreciate the insight! Looking around $460k for a 450sqm block...thinking it will rent for 420pw from research Ive done

    Could you recommend other areas that would be better? I was looking at Springfield and surrounds as well
     
  4. Rich2011

    Rich2011 Well-Known Member

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    I could recommend a lot of area's away from new H&L at Park Ridge or Springfield area's for 460k.

    420/week and 460k purchase price = 4.8% yield, not great for Logan or Ipswich.
     
    Lindsay_W likes this.
  5. Thedoc

    Thedoc Well-Known Member

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    Don’t do it.
     
    Lindsay_W likes this.
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    Wise words

    What research have you done? A quick search reveals plenty of brand new properties for rent in that area for less than $420 pw some have been trying to get tenants since March and they're only asking for $360 per week...
    What's the reason you need brand new house and land?
     
  7. hash_investor

    hash_investor Well-Known Member

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    Depreciation

    @Tekoz
     
  8. willair

    willair Well-Known Member Premium Member

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    Maybe do a search within this site as there was a post on that location a few years back,at least that way it gives some idea on the value range over those years and track the % gains within that timexxframe..imho..
     
  9. Mark

    Mark Well-Known Member

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    If you have a look at the council master plan, you will find that heaps of house and land packages will be released in the future
    My opinion is same as others, don't buy it! I just put a 265k house under contract in a suburb next to park ridge. My Property manager said it will rent for 340 per week after $5000 Reno. it is a brick and tile house on a 600 m2+ corner block built circa 1990.
     
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  10. Marg4000

    Marg4000 Well-Known Member

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    Qld
    So you’ve seen the glossy brochures?
    And the pretty pictures?
    And the cute little graphs of “expected” rental return?

    Now, before you rush to sign up, this is what you do.

    Get yourself a cheap return same day airfare to Brisbane.
    Hire a car for the day.
    Drive south along Mt Lindsay highway and have a look around Park Ridge. Then drive a few kilometres south and see all the vacant land. Take a look through the squashy little subdivisions and shiny new houses.

    Then make up your mind.

    (Best $400-$500 you will ever spend)

    Then, if you still want to invest in the area, PM @Mark who posted above for a few better ideas. I am sure he can offer offer good advice.
     
    Mark likes this.