Where to buy- Possible Ideas 350k

Hi,
I have decided to begin my investment journey and am close to acquiring my first property.
Recently I have been talking with my buyers agent who has suggested some possible ideas for my first investment property which will be in the Brisbane Region. I have been pre-approved for 350k so the ideas I was told to target was Kallangur, Lawton and Strathpine in particular. The areas seem fairly decent, my only question which I would like some thoughts on is the specifications the agent told me to stand by which included:
-500m2 land
-3br/1 bathroom
-Livable condition with the potential to renovate in the future.
-Not to be directly or backed onto a main road, train lines, parks, schools, commercial property although it is important to be in close proximity to these things instead.

Are these specifications what people would normally abide by or does anyone else have any further input to add about those? Thank you for your time and suggestions.

 

I believe what he has suggested are pretty basic and correct.
However, every property is sold at a comparable price. Be it at a premium location or not.
The suggested areas are also good and safe for investment but have been growing for nearly 2-3 years now.


Regards

 

@Chris1992
Just watch out for where you buy in a particular area.
Having proximity to infrastructure is important.
Have a list of your negotiables and non negotiables ... otherwise all properties will look the same.

Not sure how well located a 350k property be in those areas. We had clients purchase for 345k 6 months ago - and that was the lowest we have seen for the quality of properties... most have been in high 300s.

Good luck with the search.

 

Good suburbs but 350K hmm, quite difficult but possible if you are ready for some cosmetic renovations say new paint or carpets depends. Good luck.

 

Oh I see. So there may not be investment grade properties around the 350k mark left then? I was hoping to buy something thats liveable with the potential for renovation so may that be possible then?

 

Everyone has different criteria on what makes a good property for them.

It may be further away from the train etc at that price point.

 

One criteria I use is proximity to train station - I like trains. Bus stations and other transport hubs also. Brisbane is really congested and will be like that for some time, so investing near train stations (and I mean walking distance, 1.5k max) seems to make sense to me. North or South side seems to be a personal preference, I like south because Gold coast is becoming sooooo big. Others are adamant about the North. I don't know why we are all so split on that one.

 

Hi All,
I too am hoping to buy my first IP, with about the same budget of $350K.
As I work full time including some weekends, I find it difficult to get out and look at many properties, and am often surprised at how quickly they sell, often well above expected price range.
My question is: do you all think it would be worth it for me to engage a BA?
This would lower my budget of course, to pay him, but do you think it would be advantageous in that he may find me something less expensive than I can find on my own, given my limited time and resources?
Or would I be better off doing it myself, given that I don't have much capital to start with?

Thanks in advance!

 

Hi, I was in a similar situation and was considering BA as well and if they were worth it. I had Skype and telephone meetings with 4 of them. I went with @Simon L who was really easy to work with. He got us a great deal on a place in Boronia Heights from a distressed seller. Bought for 310k with current valuation of 340k (1 month later) and being rented at $330/week.

Could of i have done this myself, probably BUT it would have taken up so much of my time and no way i would have bought so quickly and easily. I recommend using a BA, just talk to a few and you quickly work out who knows what they are taking about.

With the guy i went with he did everything from negotiate price, organise building and pest, organise property management and insurance. So far so good.

Hope that helps.

 

I had an older property under offer for $330k in kallangur a week or so - it is possible...but you will need to compromise on location, condition etc. Most of the good properties are going pre market through buyers agents so those on the market are those that didnt make the cut☺.

 

That's a great outcome. Kudos to @Simon L

 

Thanks @fat cactus , I think I will go with the BA option

 

With $350K budget it's now really starting to come down to Kallangur only.

From what I'm seeing most of the decent Strathpine stock is now selling in the 400s, Bray Park high 300s and Kallangur around mid 300K. The ones that are selling less than 350K would be ones which are poor in appearance and you'll need to spend fair bit of money upfront to get it to a state that can be rented.

You may need to start include further suburbs like Deception Bay on your search radar to maximize your opportunity.

Seems fairly standard in terms of what the agent has given to you.

In around Kallangur you really should be aiming for 600SQM as minimum size block, within walking distance to public transport or shopping centres like Westfield. Location will be the key, as everything else about the house can be solved by chucking $$$ onto it