Starting from scratch...what to do?

Discussion in 'Where to Buy' started by fx hedge, 6th Jul, 2015.

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  1. wylie

    wylie Moderator Staff Member

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    This is one of the houses I looked closely at, one street from Carina shopping strip, in a street with some money going in, hoped to get it around $500K at most and returning $465 per week with tenants wanting to stay. Clearly that isn't enough return to cover costs, but is a sample of what you can get that is on its own bit of dirt, in good rentable condition with a sitting tenant.

    http://www.realestate.com.au/property-house-qld-carina+heights-120202985
     
    wylie, 28th Jul, 2015
    #21
  2. Azazel

    Azazel Well-Known Member

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    Did the family member buy at the peak? And do you know if it's priced realistically for the market? (eg. are they educated investors or just bought wherever they felt like at the time).
    I've been watching the prices there since 2005/6. Looks like the perfect time to buy to me, has been dropping for ages, just bounced off the bottom. Plenty of houses at the lower end are selling. Managed to get a waterfront property for under $300k :)
     
    Azazel, 29th Jul, 2015
    #22
  3. wylie

    wylie Moderator Staff Member

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    It is a friend who is selling for a relative who has gone into care. My friend has IPs so she is not a novice but is very much guided by the local agent. I think it was suggested she lease it until peak time and try to sell then. There is an influx of people there for the peak holiday time and that may be when they get more interest.

    Who wants to have to catch a water taxi or other water travel twice a day to get to the mainland and leave a car (or bike) on the island and another car (or bike) on the mainland? The logistics of island living narrows the pool of renters considerably.
     
    wylie, 29th Jul, 2015
    #23
  4. HUGH72

    HUGH72 Well-Known Member

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    Good location, a lot of renovations being carried out on near by properties.
    Carina has shown some solid growth in the last 12-18 months, that house might have sold for low-mid 4s probably not that long ago.
     
    HUGH72, 29th Jul, 2015
    #24
  5. wylie

    wylie Moderator Staff Member

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    Sold in 2001 for $148K and again in 2003 for $268K. I'd guess it was added to on the side after the 2003 sale, but could have been before.
     
    wylie, 29th Jul, 2015
    #25
  6. thewisestfool

    thewisestfool Member

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    Hi @fx hedge .

    If I was you, I would take a huge step back and review WHY you're looking to invest in property. What you want to achieve? And more importantly what is your strategy? It is the strategy that determines your purchasing criteria.

    Cheers
     
    thewisestfool, 29th Jul, 2015
    #26
  7. Azazel

    Azazel Well-Known Member

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    Well if it's going to sell, now is the time, looking very positive over there.

    The ferry was pretty full and the lines waiting to go back the other way were pretty long when I was there, plenty of people.
    It's only 20mins, not far if you work in the Redlands or surrounds. Pretty easy if you can walk to the ferry.
     
    Azazel, 30th Jul, 2015
    #27
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