QLD Brisbane or Melbourne

Good to hear your feedback. Likewise, I would like to think I get good value from a buyers agent in the form of negotiation and/or off market access. I am thinking of utilising Empower Wealth Group. Any feedback?

 

No idea about Empower. We’re looking in Melbourne next and I’m planning on using either Cate Bakos or Lisa Parker. Haven’t used either before, just going off what people have said on here.

 

All the best with your next purchase in Melbourne. I've heard good reviews about Cate Bakos for what that is worth.

 

Empower Wealth is the company behind the property couch podcast. Seem good operators based on feedback.
I’m sure one of either Lisa or Cate (can’t recall which) is ex Empower before they went out on their own.

Beware you will be up for land tax in Melb as well (check new thresholds) given comments / concerns raised about land tax in Qld.

 

Cheers Craigc. I will have to have a look at the land tax in Melbourne. I will be getting subjected to a significant increase in land tax if I purchase another in qld. I will do a comparison. Thanks.

 

my land tax in melb just went from $780 a year to $2000 on a 1000 sq block

 

A Buyer's Agent isn't going to achieve anything in the current market, they've no off-market property nor can they negotiate price.

Paying the BA 1.8% (15k) for securing a property is over the top. A couple of months of research is more than enough to find the right state/suburb instead of paying 15k to buyers agent.

 

In similar position like OP, however my budget is 620K. Do you think someone with that budget has possibility on the outskirts of Melbourne ?
Research shows that rental yield is not as good as Perth or Brisbane ? Hence, I believe the holding cost would be higher for next 2-3 years.
Thanks.

 

That’s true if you live in the city you’re buying in, but if you don’t you have to take multiple trips there to look at properties anyway - hotels, planes, take out, possibly days off work - all adds up.

 

No you don't. I live in Melbourne and bought in QLD without physically inspecting the property. Did my own research online, got the agent to do a video walkthrough and then had a B&P done. Has been a fantastic purchase with high rental yield and great CG so far. Everyone is different though so I guess its an individual preference.

 

Also from Melbourne and did the same last year, very happy with a 4-2-2 10-year old brick house in QLD. It's all about risk appetite, doing due diligence and making a move if everything stack up.
Doing exactly the same now although with some upgrades in the property (20 year-old 3-2 brick house), mostly adding 'white goods' to attract best tenants and making good rental yield.

 

Agree if you're buying a ppor for peace of mind , still 1.8% or 15k fees is just ridiculous. That money can go towards loan repayments with interest rate 6%.

Buyers agent in current market conditions doesn't add any value - there are no off-market properties and with houses selling above asking price they won't be able to negotiate as well. Hiring a BA just for inspection, checking flood etc. isn't worth it.

 

When would you recommend using a BA then?

 

If their fees are below 6k or you've that disposalcash, anything above 6k not worth it and no one should waste their money. It is not rocket science to find out where to buy (state/suburb). Multiple people in this discussion have bought houses in Brisbane/Qld from other states

 

Good Job, could you please advise if you used property manager for renting ? how was easy to find a tenant?

 

Yes Melbourne is a better proposition medium and long term at this point. Hasn't done much for a while.

 

Perth 4 years ago had done 'nothing' for a very long time Melbourne has 'not done much' for a while.
There's a distinction.
Melbourne won't do a Perth type boom.
It's just a value proposition at the moment as it has underperformed.

 

I think Melbourne offers better opportunity than Sydney at the moment if you look at the long run relative positioning. I think there's more gains to be made in the medium term from a dollar in Melbourne than there is from a dollar in Sydney.

 

I believe this too. I know Melb is flat at the moment, but it is all the more enticing to buy for long term now (land tax issues aside) for capital gains.

 

Everyone is rushing to Perth and qld…herd mentality. But buying when a market is flat has great buying opportunities and we assume the melb market will grow at some stage…it will go into its growth cycle at some point no doubt.