Where would you buy for 250?

I think Ipswich has short, medium and long term potential for CG, but not with just any old property in any part of Ipswich. They key word is potential. At present, Ipswich prices are not really reflecting a fast rising market, so unless you are going to add value or buy under market value, extracting equity over the short term, you'll be left wanting..

The inner CBD and nearby suburbs are increasing in popularity and the right properties are being purchased sometimes within a day of being put online. However online stats are yet to see significant price movement (they do tend to lag). So in my opinion, it's a great time to snag a deal (under market value), which there are in your price range. My most recent purchase came back with a valuation of 25k over what I paid for it (granted it wasn't in your price range however). I had that val done during settlement period.

Keep in mind, Ipswich is actually one of the biggest post codes in SEQ with many areas seeing new developments/estates and master planned communities being built. There is a lot of land to be developed and scarcity is not an issue the further out from the Ipswich CBD you go. You also start to lose that classic old world charm and the cafe culture the further out you go, and I personally would not be looking at these types of areas/properties for what I need. Look at established suburbs/streets, near parks, schools, and other amenities.

Keep doing your own research on different areas. Do they line up with all your objectives, and then cross off the ones that aren't making the cut. Most of the research regarding a suburbs numbers, development, investment and potential can be gathered online. Once you've got a few potentials, go visit the areas and see which ones make the most sense.

 

People I know have recently sold their house in Frankston South and bought a house in Korumburra with plenty of money left over and are loving it. So I started checking it out. It's an easy 50 min drive to Cranbourne, great amenities (including public hospital), houses are much cheaper than the suburbs but rentals returns are excellent. There are plenty of older houses under $250,000 and new homes can be had for just over that. Korumburra is becoming very popular with retirees wanting to escape the suburbs and still not be too far away from the big smoke.
5 Sunset Close Korumburra Vic 3950 - House for Sale #122866494 - realestate.com.au

 

Coastal hubs within 2 hrs of capitals getting ripple effect and boomer retirements.

 

Which suburbs would you recommend? I'm in Melb so can't easily check out streets, feeling of areas and online searches are quite diverse.

 

Geelong - Corio/Norlane, Newcomb
Ballarat
Launceston / Hobart
Adelaide Southern suburbs or Northern Suburbs

Places I'd be looking 1st

 

Hi @Mabelle20

I understand your situation. I purchased my first property in Ipswich sight unseen, however with the assistance of a good B&P inspector and property manager I was able to mitigate some of the risk, and once I knew the area I wanted amd the numbers I needed, it was a no brainer (per se). However like you said it can be hard to get a good feeling for suburbs when you don't live there! There is so much good research you can do online though and within a space like property chat, make the most of it!

As per previous posts I'd recommend suburbs within or east/south east of the CBD like eastern heights and Newtown (not limited to). These areas in particular are not only characterised by nice period homes/Queenslanders on good size blocks but are close to all amenities (like walking distance!) and are becoming increasingly popular particularly with o/o's who are happy to pay a premium for renovated properties (good area to buy and add value at still entry level prices!) Like I said, whats more is that these suburbs are close to all amenities including Ipswich CBD, shopping, cafes/ restaurants, the hospital, university, schools, parks and transport (including trains).

Pick a few streets in the area and see what types of properties are selling/ and selling fast. There are some beautifully restored Queenslanders that have sold for good $$ and you can find unrenovated versions of the same properties on the same streets (sometimes next door) for a good deal cheaper. A lot of these older properties are being restored by o/o and investors alike and totally improving the quality of stock and feel in these areas. Prime areas in Ipswich include streets around and near Demark Hill and then there are plenty of nice streets to the south and east heading out towards Newtown and eastern heights. Search these streets and see what sells and what has sold to get an idea of the types of houses that are in demand (3bd + character houses (renovated) on good blocks). Avoid busy roads that have commercial overlays and places where lots of newer builds are taking place. Go for streets with character and quiet thoroughfare. I see most value in these going forward, for Ipswich. Often that is why people decide to move there, because of the old world charm. Go with what people want!

At the moment there is value in these suburbs and I watch what gets advertised/under offer/sold daily (and you should too if you like the area). I'm happy with what I've seen in the last few months of sales achieved. I think there are good prospects for CG and currently decent yields around (esp if you add value) I mean what's not to like about these established suburbs? As Brisbane prices continue to rise, especially for the ever popular and scarce Queenslanders, Ipswich character houses will not always be as cheap as they are today, as people look further afield. I'm currently in the process of acquiring another property in this area.

Sorry about the essay lol, bit bored today! Let me know your thoughts!

 

Why? Newcomb has gone too far in terms of growth and hence yield is not looking good anymore.

Would love to know your thoughts on Corio/Norlane though.

Cheers!

 

I haven't filtered through all of the data on those places. I'm suggesting them as places he should look into further himself as generally speaking they tend to be cheaper places, with good yields and according to others places with reasonable growth prospects.

Wasn't aware that the yields had come down in Newcomb.

Not an expert on Corio / Norlane, just know it's an area worth learning about and investigating further if your budget is sub $300k.

I own on the other side of Geelong and in Ballarat though

 

Sorry for late reply and a big thank you for all that info! I've been offline for a bit- too much end of year work so didn't see your reply. I will continue to look into these areas, and hopefully make a decision soon. I am my own worst enemy when it comes to settling on making a decision and should just go ahead and do it. Good luck with your next property as well, hope all goes well.
Cheers,
Michelle