QLD Up to 700 Brisbane- Where to buy?

Advice needed on IP in Brisbane, been preapproved for 700k.

 

Mount Gravatt, Upper Mount Gravatt or Mount Gravatt East general area. Holland Park/West if you are lucky.

 

Maybe rochedale south? Springwood?

 

I think you are now looking at areas in the 10-15km zone:
If you are lucky look at Tingalpa, Manly West, Hemmant(East)
South east: mount Gravatt, Mount gravatt east, upper mount gravatt, Macgregor ( my picks)
North East: brighton, Geebung, Northgate,
North West: Keperra, maybe Mitchelton, Stafford if you are lucky

https://www.realestate.com.au/sold/property-house-qld-mount+gravatt+east-135938554
https://www.realestate.com.au/sold/property-house-qld-wynnum+west-136343258
https://www.realestate.com.au/sold/property-house-qld-manly+west-136231950

you really should try and pick an area and become an expert at it and move quickly
Connect with agents. Prices continue to go up and you may be priced out soon

 

700k loan or 700k purchase?

tbh you are priced out of a rentable house that isn’t on a main road in most suburbs now.

With vacant 400m2 blocks now $550+ No chance in Northgate, banyo, but maybe you could find one in nudgee.

deagon or sandgate maybe but I don’t recommend, or Brighton there could be some good options and it’s way nicer there.

On the south you are in some really undesirable suburbs like runcorn.

bayside you might have some good options in Manly west or Wynnum west or Tingalpa.

extending to 770 or 800 would dramatically increase your options though.

 

Location will depend on your investment strategy. What are you aiming for? Growth?? Yield?? Future Development???

 

Basic homes in Albany Creek are still under $700k.

 

Runcorn undesirable?

 

Wynnum?

 

700k is the purchase price.

I have been targeting North West and North East Suburbs (Chermside West, Everton Park, Geebung, Aspley, Boondall) but am not having much luck finding suitable properties in my budget.
What are peoples thoughts on these suburbs?

I've seen a lot of buyers agents (in particular Daniel Walsh from Your Property Your Wealth) targeting Redlands area, but I'm thinking of Wynnum West or Manly West? I know it isn't much of a beach but what is the esplanade area like in terms of lifestyle, cafes etc. Has there been much changes occurring in these areas?

Otherwise I may target Ferny Hills as it seems to be popular, serviced well from public transport.

 

I am looking for a balanced asset. Something that will experience good capital growth. I am able to service the debt with my income but still don't want to be to out of pocket to do so.

 

Get in the car and drive around. I'd add Daisy Hill to your list. Nice feel and the M1 will get you anywhere quickly. I think it might have a busway or bikeway to the city too (unsure how far it extends exactly)

Not an expert but I think a lot of those suburbs are not realistic for $700k (depending on what you want). Remember the suburb profiles on realestate.com.au are using rolling 12 months of sales data and so don't reflect fully the boom we've had in the last 3-6 months. Add 15% on to the average suburb price to get more realistic view. Simple math means if you're looking to spend $700k, that was $608k a year ago (assuming 15% growth). So if you're after an average house in the suburb, I'd be targetting suburbs with an average price on realestate.com that are listed as low $600ks.

 

Thanks, yes I've noticed the median value is fairly inaccurate, hence moving my search away from most of those areas.

I live in Melbourne and had planned on visiting Brisbane during my 2 week leave period to look around but COVID is making that a nightmare. I've got a property manager and friends on the ground who can inspect for me but would like to narrow it down for them.

Where would you invest now for 700k?

 

Hmm, to be honest not across the current Brisbane $700k market, so will leave it to others to assist

 

sorry to chat in this forum as im also looking for 380k old home as IP for mainly to rent out. not sure what suburb will be best to see around in brisbane

 

380 for a house? If so u are limited to Inala ( if lucky ) and then Logan and Ipswich regions.

Old houses with good land component in Logan still exist in the cheaper burbs. Ipswich also.

Best of luck!!

 

Coopers Plains

 

Thanks for your kind suggesstion
i have noticed some home with 600m2 land size with 360k but rental is low and house is very old of more that 13 yrs, is that good to buy and renovate and get some tax return and think of building granny in terms of good rent. what u suggest me. please advise

 

An idea is to pick up an older house in ( say ) Logan region with say 800m block. Try to improve rental income by cosmetic improvements especially if u can build in a double garage under main roof.

You won't need to buy a wreck maybe something from 90s.

A nice block in Logan could be suitable for granny flat? But do Ur figures first as u might prefer a smaller improvement.

Just opinion. Others have equally good suggestions.

Your biggest issue is securing something in a sellers market.

IMHO

 

I have narrowed my targeted areas to the following. I'd ideally like to zone in on a single suburb but its tough with lack of stock and houses being bought so quickly:

At a budget of 700k.

1. North West- Keppera/Ferny Hills/Ferny Grove

2. South Bayside- Wynnum West/Manly West

3. North- Boondall/Banyo/Aspley/ Geebung/Aspley/Banyo/Boondall.

Any advice would be great.

Thanks,
Damon.