QLD QLD Investment Property [450-550k]

Hi All,

G'day! This is Carthik, I'm seeking some valuable advice for an investment property in QLD. Here's my summary

1. Budget - 450-550k
2. Some Suburbs I've researched are: Logan, LoganCentral, Jimboomba, Deebing Heights, and some usual suspects near Goldcoast (Pimpama, Coomera, etc)
3. Checked with the bank, they suggested there won't be an issue with the loan on our income.
4. Looking at some positive cash flow.
5. 350-450 m2 block, land and house package (or) an existing house preferred.

Any feedback and recommendations are much appreciated. I look forward to hearing from you.

Cheers,
CA

 

Hi Carthik,

We have recently purchased a 4 bed 1 bath in Boronia Heights for $490k and we should settle in 1 weeks time. They could already sell it for $620k. We managed to find this OFF MARKET. There are some really good suburbs across this part of Logan. The key is really to find a really good property at a good price. We have already established these are good suburbs that are already thriving. One property received 26 written offers in Boronia Heights on the weekend. Another property in Crestmead on the same week had over 15 written offers. You have to find the deal at the right price. We find ALL of our deals off market. Today I caught up and grabbed coffee with two of the lead agents in the areas. My biggest advice is to move quick when the deal comes up, but really put in the groundwork to build some key relationships. You can literally make $100k in 4 weeks. But if you just scroll on REA.com or Domain you'll probably still make 10% due to the market. But why not try make 30% plus.

 

For 550k you'll buy a reasonable house 600m-700m from the ocean in Hervey Bay.

 

Hi CA,

Why not maximise the size of land. Go for larger block in Logan suburbs and perhaps good frontage etc.

The really good prices have gone, so be careful with promises that might be too good to be true!

I sometimes think Toowoomba might be good, but 550k will get you into Logan.

I think it's all about time in the market. Plenty of people have invested with and without BA.

Honestly if I was in your position I would try and get something $750 to $800 in Rochedale South or Springwood.

At $550k definitely Beenleigh, Loganlea ( fixer ), Marsden Crestmead.

Boronia Hts is great, but has it already boomed?

Good luck.

 

I find that very hard to believe. In an extremely hot market I can’t see someone selling for under $100k market value.

 

I think we might have been subjected to a 'spruik'

 

I know people who have engaged BA's in Brisbane in the last 6 months and didn't even get to buy a property because the competition is so hot. And then we find out that agents are convincing vendors to slip them to you off market under value leaving the rest of us to fight over the scraps. Who would've thought that the top agents were the ones selling properties under market.

 

I have a theory real estate agents are trying to double their commission potential by supporting 'mates' by stripping value during selling. I believe agents are a net negative, and would hate to think that American style selling and buying via agents happens here.

I think agents as a collective are conspiring against their own customers using auctions, buyers agents, exorbitant fees ( why %? ).

Is the poster being truthful here? If so, who sold the place that made the buyer 100k, and what responsibility do they have for such a reduction in value?

Also this stuff about 'the deal most know that property is long term, and you can maximise return via buy/hold rather than 'the deal'.

 

Agree 100%

In a market this hot I dont think there would be a single sale where you would get under market value. Every single seller would be updated to the current trends and how places are getting $50k-$100k OVER asking even in this price bracket.

We are not talking about buying a dozen bananas or oranges at the local fruit shop here. We are talking about life changing amounts of money in the hundreds of thousands. Finding a below market value sale and instantly giving the buyer $100k equity is fantasy land these days. Especially from the top agents of the area - no way this would happen in todays environment.

 

Sounds like the home owner got absolutely ripped off by his agent selling 100K under market.