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QLD What's wrong with this idea?

Discussion in 'Where to Buy' started by jsoe000, 1st Oct, 2015.

  1. jsoe000

    jsoe000 Well-Known Member

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    Hi, I'm looking for some opinions Samford Valley QLD.
    Our family is planning to buy in Samford Valley QLD in the next 12 or 24 months. Any reason you would OR would not buy in that area?

    Our goal is to have a large acreage for laid-back family lifestyle in the (sort of?) country in Brisbane.
    We think we are also land-banking at the same time if zoning changes in a decade or so (like Sydney Kellyville area now).
    Plus we love being just 30 mins from Brisbane CBD on acreage for about $1m. No such luxury in Sydney where we're from.
    Meanwhile, I'm thinking of running some holiday rentals or bed and breakfast or yoga studio type of thing on the large lot.

    Any reason you would OR would not buy in Samford Valley? We don't know the suburb very well. Thanks.
     
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  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Sounds good - how many acres?
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Zoning and density restrictions may hamper your aspirations
     
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  4. jsoe000

    jsoe000 Well-Known Member

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    Terry, 5 acres and above.
    Scott, Holiday rentals are fine in the area. Not sure about Yoga Studio, gotta read the council guidelines again.
     
  5. York

    York Finance Broker Business Member

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    Can you provide more details? Age, financial status etc. Sorry to ask, but your question depends on other factors. For example, in the event that your 5 acres cannot be rezoned/subdivided etc in the future your land banking aspiration is void. If it's mainly for lifestyle with a bit if income with holiday rentals then sounds ok..Remember obviously youll need funds to build dwellings for rent. Do you have this available? Or is it an option to source funds? Do you want to keep growing and invest further? Does the area have scope for capital growth? This is fundamental to grow a portfolio.
    Just a few points to consider...I also like the idea of acreage for lifestyle. But financially it has to work too. Unless you don't need it to, in which case sounds good.
     
  6. pugstar205

    pugstar205 Well-Known Member

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    Sounds like a good plan. It's a lovely area. Obviously do some DD around holiday lets if you will rely on that income.
    My only issue is that it's a pain in the bum to commute to the city from there so if you don't have to work in Brisbane cbd all the better.
     
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  7. jsoe000

    jsoe000 Well-Known Member

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    Hi York, Yes we have our IP portfolio at the moment 3 houses and 2 granny flats. Aiming at another IP in Brissie soon.

    Samford Valley is more of a lifestyle choice in the next 2 year but I don't want to just sit on the family house - too boring. So I'm thinking of making it work down the track, hence land banking and holiday house idea. E.g. if our budget is $1m for family house, I'll aim at getting a $900k house and spend the rest on reno/building for a holiday hut / boat shed style / cabin. Am I asking for too much looking for three-fold strategy? :)

    Any reason I shouldn't do this in Samford Valley? or anywhere at all for that matter?
     
  8. Bran

    Bran Well-Known Member

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    I ride out that way.

    I've never done any DD, but it's beautiful and I think it's a great idea.

    I think @Angel might have something to say about it.
     
  9. York

    York Finance Broker Business Member

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    Sounds like you know what your doing. Decent portfolio too. Good for you mate. If that's how it is,, then sounds like a plan to me. If you like the acreage lifestyle go for it. At least you have a portfolio working for you. Even if the rezoning doesn't eventuate at least you'd have enjoyed where you live. That's an achievement in itself.
     
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  10. Azazel

    Azazel Well-Known Member

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    It's a nice spot, so close to Brisbane. I like out that way on the Ferny Grove line, past Ferny Grove you're heading out of Brisbane and into the country side. I don't get why people bought out near Samson Village - and then built right next to every one else. Acreage sounds like the way to go.
    I slightly considered a block in Mt Glorious. I've known people who did the commute, drove to Ferny Grove station and caught the train to the CBD.
     
  11. Angel

    Angel Well-Known Member

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    Hi. Yes Samford Valley is a gorgeous place to live. I would love to live there. It is NOT 30 minutes from the CBD. Even at this time of night you would be pushing 40 minutes from the village. A negative issue is phone and internet reception due to all the mountains. If you have a family, there is no traditional local high school.

    I wonder whether there is any demand for holiday cabins so close to civilisation. There are some up on Mt Mee/Ocean view and you could research to find out if they actually make any $$ or not. We have friends on Mt Nebo who have a flat under their house ( long-term rental, not a holiday cabin). Being so far from any employment, the only tenants they ever get have a mental illness.

    Yoga, healing, meditation, massage, fitness businesses are popular there, so there may or may not be an oversupply. There is the old Health Retreat at Clear Mountain which is marketed for conferences last I knew. Clear Mountain has awesome water views if you want to consider long term CG. There are a few places perpetually for sale on Mt Glorious - I reckon the noise from all the motorbikes would put off buyers. The road up Mt Nebo from The Gap has been used by drifters at night so is very dangerous and it deters residents driving. I dont know if the police have moved them on yet. We have considered living up in the mountains and would not live there ourselves. The negatives I am aware of to living in the Valley would be the sounds of mowers, whipper snippers and chain saws all day long, which you get anywhere there are house-proud residents, motorbikes on the main roads and possible phone /internet issues. Your property may not be flooded itself but the access roads may be closed in severe weather.

    The council used to be very anti businesses run from home, I have no experience whether they are easier to deal with these days. Have you already looked at the draft town plan to find out if there are any rural blocks that will allow for subdivision? Why I ask is that if an old farm becomes available, developers will be after it. A smaller lot is possibly already as small as you are allowed to go. I'll let you look for possibilities - possibly off the road to Dayboro. Our favourite area is off Andrew Rd at Samsonvale.

    RPI Daryl the town planner would be far more helpful than me.
     
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  12. jsoe000

    jsoe000 Well-Known Member

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    Hi Azael, Thanks for this. How's the train ride like from Ferny Grove to CBD? Trains quite frequent or is there like one train every 60 mins? We'll be working in CBD for a good few years for sure, so commute is also important. I'm an angry driver so I'd rather not drive into CBD every morning and night. Traffic must be as bad as Sydney, right?
     
  13. jsoe000

    jsoe000 Well-Known Member

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    @Angel Thanks so much for all the info. Definitely gave me very local flavour and insight. I'll definitely come back to your post after research.
    I definitely miss the vast landscape of Aus.

    Living and working overseas makes us realise a lot of great things we took for granted back home. Clean fresh crisp air, green grass, blue sky, fresh produce, local wines, big houses,... ok I'm definitely homesick today.
     
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  14. Azazel

    Azazel Well-Known Member

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    Train is fine, less than 10mins wait in peak hour, 30mins on the weekend I think. It's the start of the line so plenty of seats.
    Traffic is not as bad as Sydney, but can take a while to get through Enogerra.
     
  15. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

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    My Qld Solicitor lives out in the Valley and been out to his place a couple of times.

    Great area and lovely views. 25 minutes to Milton so very good for the City commute.

    Regular train and if you like acreage can't go too far wrong.

    Just remember it gets bloody cold in the Valley so not like the rest of the City.

    Cheers


    Richard
     
  16. jsoe000

    jsoe000 Well-Known Member

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    Thanks Richard, another useful point about the weather. I'll be prepared to insulate the house if I end up reno-ing. Thanks.