Woodridge, Ipswitch, Slacks Creek or Redbank Plains?

Passionate 24 year old property investor from Sydney looking to purchase his 2nd investment property without a BA after recently buying his first IP in Margate with the assistance of a BA.

What would you do in my situation?

Borrowing capacity: up to $300K
Goal: Buy a house (below median house price point) with potential to add value through small addition/renovation and or granny flat. Chasing CG and yield. Looking to build a portfolio as fast as possible in order to achieve a passive income of no less than $100,000/pa by age 34.
Plan:
1. Identify and hone in on 1-2 most suitable investment grade suburbs. Research them to death. Identify streets to avoid, recently sold prices, proximity to transport/schools, call property managers etc.
2. Contact the top 3 real estate agents in in the area and tell them what I'm looking for.
3. Find 3-4 suitable properties for sale.
4. Fly up and inspect them personally.
5. Place offers and buy an IP.

I've been been researching the outer suburbs of Brisbane after hearing the Logan region mentioned on multiple property podcasts and via a few other credible sources (such as my accountant who just bought property No.47 in Woodridge for $265,000. It will rent for $320/week. He's looking to subdivide the property and add a granny flat out the back.

I have never been to Ipswitch, Woodridge, Slacks Creek or Redbank Plains but have been sifting through the Residex property suburb reports, suburb reports sent through from the BA i used and hours of threads relating to the nuances of these suburbs in order to gain a feel for what these suburbs are like, where the market sits, vacancy rates, $ history etc.

Findings / Thoughts:

From what I've read, I feel like Woodridge would be comparable to a suburb like Mount Druitt (56km from Sydney CBD) in Sydney (high crime, not desirable etc). Back in 2008 Mount Druitt median house price was $305,000, it's now $683,000 (223% increase). Woodridge median house price in 2008 was $285,000 and it's now $297,000 (4.2% increase). I understand that Brisbane is not the same level of capital city as Sydney but I can't envision how suburbs like Woodridge or Slacks Creek (24km from City) can not dramatically increase in price over the next few years simply due to how close in proximity they are to BNE.

Redbank Plains, similar story here but 32km from city.

Ipswitch median house price back in 2008 was $377,000, its now $351,000. Stats like this make me feel like the area is due to rise soon and continue rising for a little while. My concern with Ipswitch is that it is 44km away from Brisbane CBD. But I understand that it has a mini CBD of its own and less stigma than some of the suburbs mentioned above.

Is there potential for land to be released next to or within any of these suburbs which could negatively house prices? What should i look out for when researching these areas? What would you do in my scenario?

I'm eager to hear thoughts and suggestions from more experienced property investors than myself who understand these SE QLD markets and maybe have dabbled a little them-self.

Cheers!

 

Ipswich is a huge area with many different competing risks/factors to be mindful of. Although it's under previous mediums, I wouldn't be basing my strategy on the notion it's "due some growth". Best to look at data within certain areas that fit your criteria and risk appetite. Personally I have purchased and continue to in established suburbs inner CBD Ipswich (limited land and qlders so yes potential scarcity factor one day) and look for big blocks with add value potential in character houses/Qlders that have/will have O/o appeal. Low vacancies and decent yields for the time being. Yes you can manufacture equity. Inner CBD has many tree lined streets close to quality schools, parks, transport, shopping, cafes/restaurants. Good value and interest in areas like eastern heights and silk stone, with renovated character properties fetching the best rent and/or sales prices. These areas and types of properties are my preference. You can bargain well with less competition than Brisbane suburbs. Yes 30-40km away but it's a lifestyle that established suburbs of Ipswich can offer for half the price +++ of Brisbane. For what it is becoming and offers, its undervalued in opinion.

 

Nicely mapped out plan @James G, all the best in making it happen.

My pick of the suburbs you have listed would be Slacks Creek. It is the closest proximity to Brisbane and is also very close to Springwood which is effectively the commercial center of Logan, and it doesn't have the same suburb stigma as Woodridge does. I would try to get as close to the northern end, towards Underwood rather than Woodridge, and make sure it isn't a flood risk.

If you preferred looking out Ipswich way I would favour Ipswich over redbank Plains and in that case aiming for as close to the center of Ipswich CBD as possible.

 

I appreciate the insight @Danicb

 

@Bluskies Thank you for your advice. I've taken it on-board with more research and am narrowing down my search. Cheers!