QLD Working from home - brainstorming needed

Hi,

I recently moved to Brisbane from Sydney initially to work for a company that required me to be close to Goodna area. I'm currently renting in Toowong with the lease expiring soon. I have since changed to a new role and WFH. So, I'm not location bound as I work from home (firmware/engineering). I'm 39 and single.

I'm fed up being a renter and I'm able to get a loan for up to $900k after having an interview with NAB. My financial situation is good and I'm invested in super/stocks/btc/business/equity from startup but havent cracked the real estate yet due to frequent moving e.t.c.

I understand that most posters in the forum are property investors and prefer a house for XYZ reasons. However I'm looking for something to live in for an X amount of time, and be the PPOR.

I have been looking around the city area for perhaps an apartment or Sunshine coast for a townhouse or a house in Nambour (I would prefer close to the sea as I'm a surfer - 20 mins drive is fine).

This weekend I started looking at real estate as it will give me a better understanding of the market. One property I looked at for example is: https://www.realestate.com.au/property-apartment-qld-taringa-137391134

The property was good and the surrounding area but it requires a lot of renovation. The price though seems too high + renovations. Capital appreciation is bad; for 10 years apartments in that area have gone nowhere but perhaps there is rental yield for investors.

Can you please comment on my thoughts and any other options that maybe available?

 

I'd be looking to buy as close to the waves as possible, even if that meant a unit.
https://www.realestate.com.au/property-townhouse-qld-sunshine+beach-137550030
https://www.realestate.com.au/property-unit-qld-mooloolaba-137453750

 

Hi,

Thanks.

I found this one also but unfortunately the owner has offered a newly lease and put the townhouse on the market...

https://www.realestate.com.au/property-unit-qld-mount+coolum-137530666

 

Gold Coast?

Sometimes being accessible to many places is best.

I lived in Tamborine Mtn to be close to Bris and GC.

 

Have a look at Varsity Lakes and surrounds can still get houses for under 900k and you are one suburb from the ever popular Burleigh and some great surf breaks. There would also be plenty houses under 900k in Southport and surrounds.

 

Explore Redcliffe - I would invest as close to your borrowing capacity as possible into a freestanding house as close to the beach as possible. Open houses are going to be really busy but you may still get lucky in buying a house there. Don’t focus on the house itself, try to get a bigger block.

 

https://www.realestate.com.au/property-residential+land-qld-aroona-203133650

Maybe track public trustee sales.....auctions.

I don't think bargains are possibility any more, but some interesting options pop up

 

Gotta have a zoom room tho

 

I didn’t think people surf there!
As for the OP, can you buy a freestanding home somewhere close enough to surfing beaches rather than a townhouse for your budget?

 

I'm think that maybe I can rent in Sunshine coast for 6 months until things settle down but you never know (number go up). Additionally it can give me a feel of the area.

It's hard for me to put myself in so much debt. Because the bank provides the loan it doesnt mean that I shall need to consume all of it.

Redclifee seems far from the waves but has poterntial compared to all the other areas.

 

Have you considered chatting to a broker, there are many good ones on here who can help structure your finances around short, medium, and longer-term goals, debt recycling, future property acquisitions, equity releases, etc.

Purchase what you can afford, with the ideal being as much land as possible in the best area you can afford to increase future capital growth, even something you can add value to in the way of a sub division or retain and build, for example.

 

@Colin Rice any that you can suggest - you being one obviously ?

I have tried with a broker in the past but I havent had a positive experience.

 

There are several brokers on here who contribute regularly. Have a read of thier comments and see who you resonate with and then reach out to them.

 

Hi Guys,

Some feedback if possible.

Havent been able to get in the market as the mania is still ongoing.

I had a look at a land+house package in Burpengary East for 645k.

Land is like 439k (insane), house seems very tight to build for 200k, isnt it a high risk?

Build time will take 8 months approximately.

Feels like im being spruiked...



Thanks

 

It might not be your first choice but you would live in absolute luxury with that budget in Cairns, Townsville and Mackay.

 

Real surf is also in Bali...

I might get my coins and just go to El Salvador

 

If you are willing to look at Burpengary East, why not Margate - Redcliffe or the rest of the Peninsula? Beach plus city connections (train from Kippa-Ring). Not surf beaches, but lots of lifestyle amenities.

There is Deception Bay too.

Or try Wynnum West which is still Brissie.

 

I'm ok with driving down to the beach, 30 mins drive is fine.

The issue is that anything thats on the market it just goes, people buying without even viewing.

Even looked at Commera, all go straight away.

 

$200K for a build?! Does that come with a roof and windows?
Would have to be a tiny shoe box for that kind of money I reckon

If your role is WFH have you considered Gold Coast, not talking about Coomera, further south, closer to proper surf beaches?

By the way, if you can borrow $900K with NAB you could potentially borrow more with other lenders, purchase price depends on the deposit you have and what you're comfortable with borrowing/spending of course. So what's your budget?