QLD Seeking thoughts on Raby Bay for PPOR purchase

Keen to hear various perspectives on a client dilemma...

Essentially exploring the opportunity of a lifestyle change from inner city Brisbane tri level home on two titles to moving much further out to Raby Bay on the canal (working in the CBD is not an issue). Raby Bay has excellent infrastructure...train to CBD, excellent private schools such as Ormiston College and 45mins ferry to stunning North Stradbroke island.

Client in his fifties so cannot afford to ho backwards in CG...may need to consider three bedroom townhouse on canal or house on canal at entry level price range.

He is keen for objective thoughts to support informed decision making.

 

Do they own a boat or are they looking at buying a boat?

 

Tell them to enquire on the canal council rates and fees...Newport is cheaper than ones I looked at in Redlands.

I would be trying to hold inner Bris for a while yet, maybe they can split, build, sell 1 ? Or if a good place now, maybe income can fund the new home partially.

 

If it is a lifestyle change and a PPOR, surely what other people think is irrelevant?
Marg

 

A dilemma I love to have. Raby Bay is my new favourite, not that I have much to share apart from that. Moreton Bay Council seems nice too....... Following this and hopefully your Client will get his dream property and those yacht membership. I know of some Boat Auctions if they'd like to go

 

I think they just want some feedback instead of ploughing ahead and maybe making a mistake they can't undo, such as giving up a place that may have good CG for new 3 or more years.

Raby bay (or elsewhere) will still be waiting, but is up to them to decide how much time and when.

Not a bad idea even if they are set on something.

 

[QUOTE="dabbler, post: 350961, member: 217instead of ploughing ahead .[/QUOTE]
Maybe rent for 6-12 months first and get to know the area?

 

Yeah, or rent till Bris has clearly stopped gaining, all costs are also deductible then, no need to worry about council costs if on canal either

 

Where are the good boat auctions?

 

They know that the two happiest days is buying and selling a yacht...more into enjoying the views now

 

Good point Marg...however their concern in their 50's is to not lose money in the switch..
Brisbane inner city on two titles is due for CG ....Raby Bay appears to hold strong value but for the switch it will mean a downsize

 

Exactly their dilemma

 

For me, buying in a canal development and not having a boat is a bit like having your own tennis court and not playing tennis (have three in our street and never see them being used) or a swimming pool and never using it (ours is getting a hammering this month/summer)

IMHO, the extra money to pay to get the property is not worth it.

Also, there are plenty (and, in my opinion) better water views away from canal developments.

 

I don't think they are making any more canal housing? So its a solid idea. The only problem for me is that the inner city property also sounds like a great one to hold through a boom though, and I assume owning both maybe out of the picture for them. Can they afford to hold both?

 

Well, this too. How much are the additional holding costs to live on a canal?

12-18 months ago you could buy waterfront homes (non canal) in Birkdale from 700k.

 

Scarcity factor for canal front homes. There are hundreds, if not a thousand, homes in Birkdake, but a very limited number with canal frontages.

Sort of like harbour front homes in Sydney.......
Marg

 

The inner city property should already be showing solid gains, surely?
Marg

 

I think Gockie meant "waterfront" non canal homes in Birkdale, these are in short supply as are canal fronts...but in my opinion bay waterfront will offer better view and vibe

 

Get them to check for cracking and subsidence. Years ago a friend of my mum's had a ppor in raby bay and they had to spend a lot of money to get the house propped up. Years after that, I worked in Cleveland and heard other anecdotes about the same thing.

 

I grew up in Raby Bay. My parents still own our house there.
We didn't have a waterfront home though, just a pool in the front that I'd swim in occasionally.