Townsville Surroundings for $250K

Hi there,

We bought in Kirwan last year (got lots of equity straight up) and this year we were going to buy land in Condon and build but it would have been much more expensive than we wanted to outlay so backed out. Having said this though we believe it is a good area for an IP.
Kirwan property seems to rent fairly easily.when you mention outlying areas Kirwan and Condon are only a short 15 mins drive to the centre of town.
We are in a different situation as we buy land and build our IP’s. so cannot really assist with buying a older house.
However regarding our Kirwan property it rented immediately and getting $320 rent – property cost $295,000. Equity is already around $65,000. We should get further good capital growth in the area.
I know that should you build in Condon, land should be no more than around $105,000 for a 700 or larger block however building costs have skyrocketed for a decent 4 bed 2 bthroom house and may cost anything from $190,000 and up.Kirwan land a bit more expensive. Glenwood homes wanted $215,000 for a nice 4 bed/ 2 bath house.
All building materials come from either Brisbane, Sudney or even Melbourne so the freight really kills the house prices.
Sorry cannot assist with the older home scenario but why don’t you get to know a couple of real estates up there and get them to look out for what you are after.

Cheers

MIKALA

Hi,

I hope I don’t get anyone too hyped up in this comment, but would ask you to consider the below.

As a RE Buyers Agent who acts on behalf ONLY for the buyer, make sure you are aware of a copuple of things.

I have my roots in development, so I am aware of the way some places (eg: TOWNSVILLE, PERTH, S/E QLD etc) are recent hot spots that MANY ‘agents’ will have you believe they can find the right property for neg gearing/positive gearing or what not.

As long as you understand that there is a referral agents margin or usually between $15K – $50K (depending on their buying power) for someone to refer a property to you in one of these areas. The Sales Agents love this work and it is EASY business. Please be aware that often it WONT just be their typical margin (5% to $18K then 2.5% thereafter! – qld)

UNDERSTANDING THIS ABOVE POINT IS KEY TO UNDERSTANDING THIS TYPE OF INDUSTRY, AND HOW MUCH THE PROPERTY IS WORTH!!

Of course, I will hear from readers (my agents is good) but I am sure so is his commission.

I say this not to advertise of myself or put down any persons woth referral agents agreements, only that they exist.

I can say with integrity that much of our business finds a lot of clients into properties into these areas that we previously overpriced, and sold by a desperate vendor who purchased it 12- 18 months ago with too much of an agents commission factored in. That IS, we can still locate in these areas, just that much of what we are picking up NOW, was overpriced in the first place.

Those of you savvy with this type of investing will know what I am saying.

Key Tip: BE wary of property WITHOUT a margin, as this means that someone in the link is losing commission $$$ for every dollar that is negotiated!! Their argument will be that the place is just a darned good buy!!

Good luck in Townsville Dwong, it is a lovely place and there is some great property, it just be found through

1) getting on a plane, meeting a ‘sales agent’ and finding it in a weekend, or
2) buying it sight unseen

Regards

Gavin McPherson
Principal and Licensee in Charge
Oasis Property Buyers
1300 55 1980
0414576314
http://www.oasisproperty.com.au
[email protected]