Join Australia's most dynamic and respected property investment community

Torn between where to buy decisions

Discussion in 'Investor Psychology' started by gman65, 24th Jun, 2015.

  1. gman65

    gman65 Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    267
    Location:
    Brisbane
    It's been several weeks of research and I'm still no closer to a decision on where to buy in (sub 20km) Brisbane! I know everybody says to look at the common things, but there are many areas that are close to schools, transport, and all have their pros and cons.

    Prices in most of the areas I am looking at are fairly similar like-for-like. There is no "outstanding" area that is jumping out at me (other the areas I can't afford!), and to be honest, I'm a little unsure much will separate them in terms of CG in the next 5-10 years.

    At the moment I live south of Brisbane, and from all indications that has served me well where I did buy a few years ago. I sort of feel I should diversify and buy north of the city in case growth there exceeds that of the south (which is my gut feeling right now), however there are plenty of areas nearby which seem better priced, and more available stock.. but maybe that is a bad thing as it indicates less demand. On the plus side, I obviously know the south a bit better and may see things others don't.

    How have you resolved such decisions in the past? Is there any factor above anything else that has guided you at the end? Right now, all I have decided is that I seem to have a big case of decision anxiety o_O
     
    Skuttles likes this.
  2. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,213
    Location:
    At work
    gman, I'm in almost the same boat, with two on the south, and looking for the next one asap.

    Having said that, I rate my chances of picking a good buy or a bargain much more highly on the south side, living and working here.

    To reconcile my dilemma, I really can't see that the Northside will have any major rise without the south side tagging along, and vice versa.
     
  3. KDP

    KDP Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    246
    Location:
    Singapore
    If you've done your research and don't think there will be much separating the areas then I'd would just trust that and don't worry too much. Just buy where you can get the best deal and save the stress of second guessing your decision.
     
    Fielding likes this.
  4. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Sydney
    In the past 10 months I've bought one in the north and one in the south. I barely knew anything about either suburb. It was all about the numbers.
     
    wombat777 and Coota9 like this.
  5. The Silver Bear

    The Silver Bear Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    47
    Location:
    Sydney
    Did you use a BA beachgurl?
    After reading ALL the threads on SS and here it seems a lot of the smart money is going (has gone?) to Brisbane recently, but like you I am from Sydney will little knowledge of Brisbane, and little time to spend weeks up there researching (young kids, own business).
     
    The Falcon likes this.
  6. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    516
    Location:
    Sydney
    Hi SB if you're after a Brissy BA there's lots of great ones at REBAA www.rebaa.com.au
    Best of luck with your search :)
     
  7. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    970
    Location:
    Melbourne
    Beachgurl I have done the same in Brisbane,what area's did you buy in?
     
  8. The Silver Bear

    The Silver Bear Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    47
    Location:
    Sydney
    Thanks Jacque.
    I'm still undecided about buying through a BA, hence my question (I know you are one, no insult meant!).
    Just find that 2% hard to swallow and got spooked after going to see Metropole last year - just felt they were making easy money for pushing the same stock around to people like me (which I could have perhaps found myself). On the other hand if I had got off my ass and just done it then that 2% would have been more than made in CG.....more the fool me.
     
  9. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Sydney
    Chermside and Coorparoo
     
  10. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Sydney
    First property I just found on realestate.com.au. Second one used a BA
     
  11. Beelzebub

    Beelzebub Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    566
    Location:
    Lost
    If you have narrowed your search down to two areas that you can't separate, it seems to me, that you would just go through your micro search; you would narrow down the best deal with the property that checks as many of your boxes at the right price point.

    It seems like a good problem to have, you now have two suburbs worth of stock to look for your best deal.

    Is this right? Or do you really want to make sure you have picked a preferred area?

    Beelzebub
     
  12. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,122
    Location:
    FNQ
    gman65 you are more familiar with the Southside and can find better deals there with less competition so don't procrastinate just get cracking imo.
    You know the area better and can probably buy better there so just do it.
    I don't think one side north or south will out perform only individual suburbs. Diversification IMO is more about not buying all your ips in one suburb or city but this depends on how many you hold. Some people here are more what you would call conviction investors and are happy to pile into one location to catch a wave. Both sides of the brown ditch should do okay
     
  13. gman65

    gman65 Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    267
    Location:
    Brisbane
    Thanks for the replies. I guess the best intuition is to "go with what feels right", and I think that is buying soon. In my mind I have a few things I think I want to avoid, but otherwise, I think I need to stop overthinking it.
     
  14. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    @The Silver Bear

    if you are still looking for BA, feel free to flick me an email.

    friend of mine(lives in Sydney) used BA in Brisbane to buy IP and she was very happy with service.
     
  15. See Change

    See Change Timing Lord Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    2,141
    Location:
    Sydney

    It's easy to find fault with most buys you make .

    Every so often you make a buy that you know at the time was perfect ( I can think of five out of around 30 ) .. the rest are good or ok . If you've done your research , got you're timing right and bought a property with no major issue's you'll do ok . It's easy to over analyse .

    We've just bought a property that we know we've probably overpaid for ( about 5 % ) , but it'll make good money for us in the next 3-5 years , we'd just snuck in with 90 % LVR and were concerned whether we'd be able to get over 80 % . B & P came back so so .

    If you can't decide which suburb is better , chances are they'll all be ok . Spend some time looking at specific properties and see which ones pop up as being better. I'd have no problems buying more than one property in one area .

    If you know an area in brisbane well ,and you're seeing opportunities ...... pm me ... :D

    We're buying in an area which isn't as hot as some of it's neighbours BUT , that means it's slightly easier to get a better deal and we're not fighting off ten other sydney investors .

    Cliff
     
    Last edited: 3rd Jul, 2015
  16. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,354
    Location:
    Perth, Melbourne, USA

    Good advice.

    change your avatar, that pulling hair thing is driving me crazy, I want your old one

    MTR:)
     
  17. See Change

    See Change Timing Lord Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    2,141
    Location:
    Sydney
    Have to wait until I get home on Monday ...

    Cliff
     
  18. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,354
    Location:
    Perth, Melbourne, USA
    Ok, till Monday:)