Hello..
I have an important question (to me).. what do you all think about buying on the Redland Bay islands, like Russell or Macleay? Is it better to stick to Brisbane and Redcliffe areas or are the RB islands booming too? Any hints or points of view?
Romina and Luca (and bubba Nicolas)[oink]
hello romina and luca,
My personal preference would be to stay landside as the majority of the population and investors prefer these areas.But if it where for personal use or for the long term (20 years or more) then it could be worth investigating further. Prices are slowly rising in brisbane because of the amount of people and work available so for me i will stick to the mainland.
Dom [biggrin]
Try PMing Islandgirl she lives on Macleay Island and knows all of the local areas.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Thanks heaps guys!
Romina and Luca (and bubba Nicolas)
Hi
We have just bought a property on Macleay Island. The banks will only lend 70% on the island where they usually lend up to 80% on mainland property. Property is going up on the islands even the locals are buying up so it looks ok. We have intentions of keeping the property for quite some time so hopefully it will be fine. I am hoping it will end up something like Magnetic Island off Townsville or Scotland Island off sydney where some of the properties fetch over the mil $ mark.Angie7
Angie
Just to correct you.
Many lenders will advance 80% on the islands.
You are right you will not get LMI but i have done many deals at 80% of valuation
Richard Taylor | Australia's leading private lender
Thanks Richard,
I wished I'd known about the lenders who lend the 80%. For interest who are they?(for my next investment/refinancing etc)
I work for a lender and Richard is correct on this one. Some lenders may only take established house or construction loans as there is a lot of land purchases that have occurred on the island over the last two – three years.
If you are wanting a land loan I would say you would need to look around a bit more to obtain the finance at 75%-80%.
This is just "my point of view", but it is backed up by a bit of information. A friend of mine used to live on Russel Island and assures me that it was not ideal. While there are cheap blocks and some cheap houses, you must keep in mind that islands segregate people from mainland. Yes, at first thought you think, yes, but its only a short ferry ride, butu think about doing that ferry ride for a few years day after day after day, it would get to you perhaps. Also consider that there are insect problems on some of the islands. Just a few things to consider, that have kep thouses and especially land prices down on Brisbane prices…
You must be logged in to reply to this topic. If you don't have an account, you can register here.
