I wasn't a huge poster on SS but will try harder. Sure found it helpful and still do. Anyway, quick details. We live in Darwin but have IP's in Brisbane, Sydney, Melbourne and as of last week number nine is on the Sunshine Coast. This one's a stepping stone and gives us somewhere to call home temporarily when we retire there in four years. We think it will be the last piece in our puzzle. The journey has taken 15 years so far. We're moving into the next phase and improving our properties. Right now we're in Brisbane doing a garden makeover (as you do with IP's) whilst in between tenants. Hope to be on here more often. Cheers kitdoctor
Picked up a 4/2.5/2 newish elevated home in a court on Kawana Island. Divorcee sale, owners wanted $690k and we purchased for $650k. Should suite a family/couple working at the new hospital. Back to garden rescue. Cheers kitdoctor
Welcome and nice...19 years from commencement to retirement. Is it prying too much to ask the property types and their suburbs within your existing portfolio? And which have been the best and worst performers?
Currently doing a stay at Keperra in Brisbane which is less than 10 km to CBD. Bought here in 2007 in the Kings Park estate which is south of Samford Road, the newer 1980s estate. Mix of high set and low set brick homes. Have a 4/2.5/2 + study elevated which is in largely original condition, some minor work done, corner block. We've done OTP, buy and hold and a two town-house development along the way. Detached houses, apartments, town-houses. What's right for the area. Always try to get something with good location and with a twist, even if small. e.g. large elevated block, backing on to reserve for town-house development, character apartments or with good view etc. I'll elaborate in another post but one great performer was an OTP 1/1/1 apartment in Bondi Beach that settled in 2011. Should have bought a 2 bedder but was held back. At the time we thought how can you justify $800k+ for a 2 bedroom apartment. This was close to twice the value of our PPOR. I feel Brisbane will pick up (already has) but really from 2016. SS Coast market is warm. Lower end of the market has moved already. Back to the garden. Cheers kitdoctor
Nice, I'm a big fan of that area. You would have noticed the prices going up in the last couple of years. Have you had a valuation recently?
No recent valuation but new PM is an agent and is going to provide an appraisal. Would have to be high $500k as 4 bedders are creeping into low $600k territory. Cheers kitdoctor
Close to 50% increase in a market that went through GFC, 2 x floods and Campbell Newman government. Darwin market...quieter. Be wary of apartments as there is a large over supply, 600+. New prison build completed, Inpex worker's village completed, Inpex civil works done so workforce has decreased. Cheers Kitdoctor
Here's one where at the time you question whether you have done the right thing. 750 sqm block in Mount Waverly Melbourne purchased in 2005 for $450k with crap house on it that rented for $220 per week. Nice elevated location, good part of the suburb, reserve at rear and good size but that price was one of the dearer ones at that time. Build two town houses and bring to the market at end of 2008 when GFC is really getting going. Total cost close to $1.25 million. Valuations barely cover this. Now worth close to $2 million. Cheers kitdoctor
That would have been a fun ride, @kitdoctor. Looks like it worked out in the end. Still holding them, yeah?
Yeah luckily interest rates which rose from 2005 through 2008 fell in 2009. Still have them both in the portfolio. Knock down houses in that street are now worth $1 million+. Cheers Kitdoctor
