Hi All, looking for some advice to buy my second IP. I have just started looking now and a lot has changed since I last was active . My budget is only around 300-375K and am looking to invest in a house. Open to all states and suburbs. Can you please suggest a few suburbs where which would help me start narrowing down . Anywhere where there is some potential for growth in equity and also would be able to get rentals to cover the mortgage. And perhaps prices are still going to slide so good time to start looking, I reckon ?
I just ran this scenario, Sydney is pretty much a no go with that budget. You'll definitly find a positively geared property in Brisbane with that price range. Growthwise I don't think it will increase as much as Sydney and Melb.
Thanks mate. Which suburbs you reckon are a good bet in QLD? You are right Syd and Mel is not an option. My first IP is in Sydney so I was anyways looking at other locations now.
Honestly, cant really tell you wants a good bet cause the market can change anytime, also I don't want to be a spruker. But we did run some nunbers through a few suburbs in SE Brisbne.
There are quite a few good threads on here about SE QLD if you type it in the search bar, in that price range most are about suburbs in southern/northern Brisbane areas
Google is your friend. Pick a State. Then refine down to the areas that interest you. Between google maps & RE.com you can get an idea of what areas have homes that are in your price range. Once you know where you can afford to buy, then do your DD to find what works for you. At the end of the day, this is a large purchase, and relying on someone you don't know on an internet forum for advice of where to buy could be fraught with danger. Bear in mind, many people have different criteria for the properties they select. Some want shiny new, others reno potential, sub-dividable lots, positive cashflow, negative cashflow, growth potential etc.
Ample options in Victoria and Brisbane or even regional NSW. You see where ypu want to invest. Regards
Hey @Adi you'll generally find that you need to make a decision between capital growth and cashflow- the houses that yield better usually do so because the growth potential is limited. What's your long term strategy? Are you hoping to continue buying? You might want to target something that will value well to help jump you into your next property.
@Tom Rivera yes that’s Exactly the strategy to continue buying with the help of the previous one! I am still searching and happy to spend time.
I know cairns, and personally believe in it's medium to long term growth. This is just my personal taste and am not trying to encourage you to buy here however just provide another option. In cairns for that budget I'd reccomend - redlynch, brinsmead, bungalow and parramatta park for that budget. These are areas pegged for good growth with strong demand for rental. Vacancy rates for cairns are generally solid anyway and the yields are good.
@My House QLD have you got any thoughts on availability of southside property that yields well, might grow and is likely to desk-val well?
I've picked up a few deals similar to this one recently with equity built in from day one. https://www.realestate.com.au/property-house-qld-loganlea-133751074 Sold $262,000 Corelogic Valuation $330,000 Commbank Valuation $307,000 True value $330,000 + ? Logan City Council advised the property could be subdivided into two lots (809m2). Corelogic and Commbank vals wouldn't take into account the subdivision potential so the buyer has picked up at least 50k equity on it.
https://www.realestate.com.au/property-house-qld-regents+park-133703142 This one was passed in at auction today, there is potential for a great deal on it.
Hey Mate, All the best with your investment journey. With your budget I think you could get a nice dual occupancy (Duplex) in Central Queensland. You’d certainly have a very positively geared property however growth would lag slightly behind urban centres such as Brisbane etc. I think you could get a property (townhouse) on the outter rings of Brisbane however I’d look at the corridor between Moreton Bay and Brisbane CBD close to highway and train station.
