QLD Your opinion on - Collingwood Park, Ellen Grove, Richlands and Algester

Hey Everyone

This is my first time buying a property. I am looking to get one in ~$350k. I have gone over every financing options and I have about only 20k variance (up) on the amount. Most of it is through an offset account with only a little financing as I'm currently in between jobs awaiting interviews starting in February.

I work in Brisbane city and am studying at the University of Queensland currently. So i do need some place driveable from.

These are the properties I have shortlisted.
1) Townhouse in Algester - 360k ~ 150sqm. Currently tenated at $390/week
2) Townhouse in Ellen Grove - 320k ~ 150spm. Currently Tenated at $350/week
3) House in Collingwood Park - 340k ~ 650sqm. Currently tenated at $310/week

I am looking to have it tenated for about a year. And then move in. Also looking to hold for about 10 years. Which areas do you think would be best as an Owner Occupier and a solid CG return in 5-10 years?

As I see it, my best option is Collingwood park for the most CG as its bigger land. But a house would need more work over time. Should I just go for the house, leave it tenated (Since I'm living very comfortably as a single in a rental with $240/week rent) and then further mortgaging it over the next couple years and look for another much better property with better financing then or vice versa with the townhouse?

P.S. If you have any other tips for the first home buying that would be be appreciated too.

 

Collingwood Park, out of those three. Avoid townhouses. Capital growth will be compromised and you’ll have body corporate fees, which can be really stinging on some complexes.

For Collingwood Park you’re close (but not walking distance) to Redbank train station, which gives access to the CBD and to UQ.

However, for $350k you might want to do buy yesterday. And if you didn’t buy yesterday, buy today. Tomorrow you’ll be priced out.

Question: are you preferring western suburbs?

Also, are you needing space?

Another option could be a unit around Toowong/Taringa/Indooroopilly/Auchenflower. Two bedroom walk-up (ie older style without an elevator) can be had for 350k. I’d say this is a better investment than a townhouse in Algester or Ellen Grove.

6/40 Lang Parade, Auchenflower, Qld 4066
https://www.realestate.com.au/property-apartment-qld-auchenflower-138280358

1/56 Miskin Street, Toowong, Qld 4066
https://www.realestate.com.au/property-unit-qld-toowong-138128962 (Under offer)

 

Thanks for your response Hamish. I’m looking at houses now rather than townhouses.

Any opinion on Raceview vs Collingwood park (corner block) - same land area?

I’m not biased on the western suburbs. I was actually preferring at Logan first and then Moreton bay. But they’re much too out of budget now…

 

I’m invested in a couple of those areas. (On this forum, whenever you say I’m thinking of buying in one place, 20 people will jump in and say “oh no you should buy here instead”. FYI)

All of these areas you mention are good areas where working people like to live, and close to transport links and workplaces. Rents are climbing and no shortage of tenants.

 

Collingwood Park is probably better for long term given proximity to Brisbane. With that budget you may need to consider Redbank Plains as well, or a house that needs a lot of freshening up in Collingwood Park.

Raceview is in provincial Ipswich rather than Brisbane suburbs so it’s quite a different vibe. Have you been down that way to check it out? Likely out of budget now for something decent, though not impossible if it’s your preference.

Happy to offer opinion on specific properties via private message.

 

A few houses came up in my search in Collingwood Park (up to maximum $375k):

73 Collins Street, Collingwood Park, Qld 4301
https://www.realestate.com.au/property-house-qld-collingwood+park-138196062

^^ if you can nab something like this in your budget, go for it. Unlikely though, this’ll be low 400s I think. Worth a try anyway, some agents are shockers and let houses go for cheap just to get a quick commission. Usually it’ll be out of town agents using terrible photos - aim for those.

1 Burrel Street, Collingwood Park, Qld 4301
https://www.realestate.com.au/property-house-qld-collingwood+park-138305550

^^ this is closer to what I expect you’ll be able to buy with your budget. But you’d want to do it asap.

35 Namatjira Drive, Collingwood Park, Qld 4301
https://www.realestate.com.au/property-house-qld-collingwood+park-138122446

^^ this one too, not a particularly nice property and on a main road

And over in Redbank Plains (barely anything available for your budget, plus it’s not nearly as nice an area to live, but great foot in door, will do well):

86 Frawley Drive, Redbank Plains, Qld 4301
https://www.realestate.com.au/property-house-qld-redbank+plains-137592010

And over in Ipswich city (it’s moving very fast, find a crap agent who won’t field offers and you’ll have luck for something nice in price range - but make sure you check flood maps!!!!!!):

7 Amie Pl, Raceview, Qld 4305
https://www.realestate.com.au/property-house-qld-raceview-138200314

4A Chermside Road, Eastern Heights, Qld 4305 (a premium area and up high, but under offer)
https://www.realestate.com.au/property-house-qld-eastern+heights-137872398

 

That Raceview one would be a bargain if under 400k. Guessing $369k is a click baity price though.

Should be $400 week rent for that one

edit: I see it’s under contract

 

Yeah I just noticed it’s under contract too. Will be interesting to see what it went for!

 

Collingwood Park. Not too far from the Greater Springfield Hub which has a lot going for it.

 

Thanks for the reply Hamish, Heinz and ApplesAtHome.

I'm going forward with the inspections in collingwood park and raceview both.

Hamish, I tried to DM you but couldnt start a conversation for some reason, would you be able to dm me?

 

Remember as well that if it is going to be your PPOR, that is very personal to you.
Check out those areas and see which ones you like, inspect some similar properties in those areas to get a feel for it.

No point buying something as a PPOR if you are going to hate it and want to move out in 6 months.