Purchasing an IP local to your PPOR (regional) vs Adelaide or Brisbane

First threat ever done so sorry for any teething issues.

I would like to know of people's experience (good and bad) of purchasing an IP local to your PPOR vs much further away.

Situation: Live in Cairns, FNQ. Weighing up whether worth purchasing IP locally or taking plunge to Brisbane or Adelaide (family in both locations but family in Brisbane would be too busy to prob look over any IP I was looking to buy first).

What I grapple with is:

1. Knowing the agents locally well and what represents good or underpriced value vs a dud; not knowing agents well in capital city (particularly Bris; less so Adelaide). E.g., saw house a few days ago locally that when you factor in land and build costs is undervalued by $100K - they just set the original sales value too high initially and have lost out with investors.
2. Process of purchasing property elsewhere (travel [don't like idea of sight unseen] etc) but in non-hot markets know others use clauses in contract of sale so can view of exit property deal to give time for viewing.
3. Ease of managing (would still use property manager) a property if local vs elsewhere (mowing, maintenance/repairs etc) - I like the adage "don't by a property you can't drive past once in a while".
4. Cairns vs market in Bris or Adelaide - capital gain more likely to occur quicker in these capital cities. I know Cairns is experiencing a excellent employment rate BUT average wage lower than capitals; the rental market is so tight you can make diamonds from the pressure (easy to get a cashflow +ve IP right now; but capital growth slowed.

Given the wealth of knowledge on this site would love to hear others views!! Thanks in advance.

 

What do you expect to see when you drive past that you would miss from agents inspections and internet searches?

 

Invest where it makes and not something down the road "so you can keep an eye on it".

 

I was grappling with this myself (I live in and know Darwin really well)....untill I went to Brisbane and properly checked things out.

The property opportunities in Brissie vs the opportunities back home made the decision a no-brainer.

I'll be buying in Brissie next.

Maybe its time for a holiday that just happens to include a couple of days of property research?

 

There are local people on here who can help you out.

 

Agents vs "agents" with inspections. Internet searches are good, but don't beat local knowledge.

 

Buyers agent potentially?

There are alot of PM's on here that service the SEQ area, so they would probably be the first point of call if you see some properties online that you like.

 

Thanks Archaon and DT (have followed your posts on Adelaide since joining the site). With Buyers Agents - what's the general commission % on the purchase price? (or do some do set fee?).

I wonder about how much you can make on "local knowledge" buying locally vs elsewhere.

DT how's things going in Adelaide - was looking in various locations - Taperoo/Osborne (Esplanade only or with view); Belair (large blocks with house only close to the top of Belair Rd); and around Marden surrounds. We previously bought well in Renown Park years ago.

In Brisbane, thinking Camp Hill; Carina (and Heights) Mansfield.

 

I like the north west area and am bullish on it. I'd avoid the eastern part of that 'peninsula' best you can as its industrial (cement factories, oil refineries, chimney stacks that actually smell). The western part however is great, preferably west of military rd if you can but will depend on your budget.