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Discussion in 'Introductions' started by kitdoctor, 31st Jul, 2015.

  1. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
    66
    Location:
    Darwin
    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
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,141
    Location:
    Canberra and Sydney
    Welcome aboard :)

    Where on the Sunshine Coast did you purchase?

    Cheers

    Jamie
     
  3. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
    66
    Location:
    Darwin
    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
     
    MJS1034 and Toon like this.
  4. S1mon

    S1mon Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    256
    Location:
    canberra
    impressive..sounds like you will be living the dream in a few years
     
  5. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey there, not long to wait until you retire, good on you.
    Where abouts in Brisbane are you?
     
  6. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
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    Location:
    Sydney & Gold Coast
    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?
     
  7. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
    66
    Location:
    Darwin
    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
     
  8. Azazel

    Azazel Well-Known Member

    Joined:
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    Posts:
    8,113
    Location:
    Brisbane
    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?
     
  9. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
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    Location:
    Darwin
    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
     
  10. Azazel

    Azazel Well-Known Member

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    Posts:
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    Location:
    Brisbane
    Ah nice, what sort of percentage increase would that be?
     
  11. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,578
    Location:
    Australia
    Welcome kitdoctor,

    How is the Darwin property market going?
     
  12. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
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    Location:
    Darwin
    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
     
  13. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
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    Location:
    Darwin
    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
     
  14. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
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    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    That would have been a fun ride, @kitdoctor.

    Looks like it worked out in the end. Still holding them, yeah?
     
  15. kitdoctor

    kitdoctor Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
    66
    Location:
    Darwin
    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
     
  16. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
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    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Good stuff!
     
  17. Azazel

    Azazel Well-Known Member

    Joined:
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    Posts:
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    Location:
    Brisbane
    That's very good, considering the issues you mention.
    The Newman govt being gone is very positive.