What do you guys think ??
I’m looking to buy a positive (or close to) geared property but damn it’s becoming difficult !!
I missed out on a nice near new 3 bed townhouse in Mackay last week, now another one in the same block is up for sale – for 35k MORE !!
I live in Sydney but have no chance of buying anything here – my place is probably around 400k and to be honest i can’t see myself selling as what i want here would be 5-600k +
I want to simply “buy and hold” enough places (5 or 6 is enough, 10 would be better !! [
] ) so that in say 15 – 20 years i can retire on a reasonable income…It’s getting tough to find anything that meets my criteria though – any ideas ??
At present i want to spend anywhere up to around 150k on each property and have the necessary deposits and finance ready to go to buy 2 or 3 straight up… Any tips on where to hunt ?? Am i limiting myself by looking mainly at Nth Queensland ?? (I want to retire up there)
I’m concentrating on Mackay/Townsville at the moment, should i open my eyes to other areas ??
And is it crazy of me to think that when interest rates rise (the Gov HAS to be thinking about it right ?? Given the ever increasing spiral of house prices ??) there might be a glut of mum and dad “investors” looking to be bail out ??
Cheers,
Paul…g’day paul.
the great thing about queensland is that it still has a fair bit of growth left in the cycle
even if its not quite positive cashflow i have a feeling capital gains could be good for atleast another 2-3 years.
the babyboomers are coming your way
Aussierogue – you’ve hit 200 posts, well done [^][^]
Fatboy, keep looking. There are definitely good options for that money available, maybe try Gladstone, Hervey Bay, Maryborough too.
Good to see you are planning to join all us good guys north of the border!!
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Melthanks melanie. i see you have powered ahead!!!
ref brisbane area
i remember seeing hot auctions around 3 months ago and they profiled a small island just near brisbane where you cld buy a 3 bedroom house for 70k. people lived there and commuted to brisbane everyday to work….
anyone know the island??? thats gotta be +ve cashflow???
There are quite a few – Russell, Lamb, Macleay and of course Stradbroke that are all populated but with varying degrees of housing quality, water & services supply etc. Keen to check those areas out myself actually for investing opportunities so don’t tell too many people ….
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MelMel
We won’t tell anyone[
]!BTW, are you mortgage broker Melanie from the MAPS group.
Cheers
LeighK[]Read, learn, grow but most of all do it.
Hi Fatboy,
We live in the Mackay area and I agree that the market here has gone up in value heaps in the last 12mths.In the previous 6-8 years there was very little growth in value of residential properties. In some years the growth was -ve. There has been lot of growth here recently with new mines opening which brings a great deal of money to the area, and due to the rosters in some of these mines many families live in Mackay and the men commute weekly to work.(My husband is about to do this again. We did it previously for 2 years.)There is also agreat deal of other industry which support the mining industry and Mackay is the main area which services this. There are still great deals to be had and as the rental market is so strong here the returns are good. (we rent out our IP, which we bought for 125k last year, for $190 a week. Had the place revalued last month to buy our next IP and was valued at 140k) Keep looking, good units and townhouses are easy to rent and if you stay away from the northern beaches areas the prices are not too bad.I live in the northern suburbs of qld and look mainly at the larger towns up north, As far as the islands are concerned, i heard that the morgage insurers dont like you borrowing more than 80% for a property on a island. I could be wrong but there was some reason against it.[
]Hey aussierogue, I think the island/s you may be referring to are the ones off Redland Bay. They have skyrocketed in price as has Redland Bay. Doubt you’d find anything positive but a great place to invest.
Cheers
Marty
g’day marty – that was the one – whats its name??
Hi Aussierogue
It was Macleay Is I also saw the show
ErikaThat was quick Aussierogue. There are some small islands there, but I’m pretty sure the one you are interested in would either be either Russell Island or Macleay Island. You might want to look into Coochiemudlo Island too. Sorry I can’t pinpoint the exact one for you (I saw that Hot Auctions show too),just slips my memory, but I think it would be one of these ones. Hope this helps.
Cheers
Marty
macleay is the one
cheers
Shhh – be berry berry quiet, we’re hunting wabbits … or should that be sandflies ?!? Doh.
Yes the banks are reluctant to lend more than 80% and no Enjo Lady I am not MAP Mel, I am Home Loan Connexion Mel on my way to Macleay – just kidding – honest!!
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Mel
[email protected]Tread carfully or you will get your feet wet[
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There has been problems with some properties on some of the islands, especially Russell. Where people have bought land and found out that they can not build on them due to drainage problems and also some people have bought houses that were built on the problem blocks before the drainage problems were identified.
Russell Island is the place where blocks were sold to unsespecting investers who later found out that they where below the high water mark. []Instant pool twice a day[!]
] ) so that in say 15 – 20 years i can retire on a reasonable income…
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