QLD Redcliffe /Margate Investment

Hi
Just would like some info on investing in margate area in Brisbane .
We want to buy first investment up to 500k ,looks like there a few not far from the water in margate.
What you thoughts on that , any better areas to invest in Brisbane is this price range ?
cheers guys
Greg

 

I own one in Margate...great area....very little supply now on the market and things are moving well now.

 

Thanks Sash!

 

Hi Greada, if you are looking there, I'd try to get the Next Gen or Urban zoned blocks so you have potential to build big on the site later on.
Note most blocks are only 405sqm though, and a larger block which is zoned Next Gen or Urban with a 500k budget may not be possible.

Otherwise, all along the rail lines in the Moreton Bay Council area, a very new rule is that they are allowing higher density as long as you are very close to the rail line. @wombat777 posted about that.

 

Thanks Gockie
Do you know whats the min size of the block to be able to subdivide in near future?
We really like margate area i think proximity to the water may bring some price hike in the future .

 

Hi Greg,
I have a property in Redcliffe myself which I purchased back in 2014, current prices show that it's gone up by about $70,000 in that time which is not bad. The best property purchases in Redcliffe are East of Oxley Avenue which is close to the water. You are on the right track as I consider Redcliffe and Margate to be the best area's on the peninsula. If you are capital growth there are certainly better area's in Brisbane but going to be a push at 500K, most of Brisbane is now 600K plus.

 

Hi All,

Could anybody give me their thoughts on this as a first investment?

2/216 Victoria Avenue Margate Qld 4019 - Townhouse for Sale #125608242 - realestate.com.au


Much appreciated!
Cheers

 

On a quick glance, don't like the fact that it's on a busy road, I tend to stay away from properties on busy roads, harder to sell and rent. We always be worth less as well. it's a nice looking place for sure but I wonder what it's really worth. Have you looked around to see what else has sold that is comparible to see how much they went for?

 

I would also be weary of the GUARANTEED RENTAL RETURN, who is guaranting this?

 

For that kind of budget you can buy a house on a normal block in the area.

 

You can get a block in Margate for under $500k but there's no chance of subdividing into two lots for that price. You could aim for something that's over 600m2 for townhouse or unit potential.

I bought an 809m2 block on two lots back in May but it's one street west of Oxley. Still has water views but the sub $500k hasn't been possible for about 2-3 years.

 

As a first investment and really any property investment I like properties where you can add value, either through a renovation or development or even a simple makeover. Remember land appreciates and buildings depreciate, for around 400k you can buy a house in Redcliffe and own the land. As more land is developed with units and townhouses any well located house you buy should do well in that area.

 

Thanks everybody for your input regarding the unit at Margate
2/216 Victoria Avenue Margate Qld 4019 - Townhouse for Sale #125608242 - realestate.com.au

My "problem" is that on my $50,000 deposit + paltry income I could only afford to buy an old house on a bigger block with 2 bedrooms, which would not bring enough rental income to satisfy bank requirements for a loan. I have no renovation skills, nor family/friends who do. Hence, I am pretty much limited to something affordable and relatively rentable for the time being.

@Lawrence Barnes, good point about who is guaranteeing the rental return - have emailed them to clarify this!

 

Is there anyway of looking at those 2 bedroom houses and being creative to put in a third bedroom? Look at the floor plans.
I would do this over buying the townhouse.

 

Unfortunately I have NO building skills, nor do I know anybody who could help me with this. Hence it would get much too expensive

 

It's really cheap to put up a wall...

 

Ps. You are on a property forum. People here have contacts...

 

Oh, ok.... I assumed you would have to add power points & ceiling light, door, bit of renovation to create a sort of hallway cos you cant just walk through someones bedroom to get to the next one... but I will think about this - food for thought, thanks

 

You have to look at the floor plans... and trust me, it's all not that expensive to do. @David Shih, did you end up doing it in the Geelong place you bought? How much was it, and how much was the rent increase?

 

Look at this. 2k to have done. Which adds a lot of value.
putting in a wall - extra bedroom - price?