Hi Everyone,
Good news…. My wife and I have just signed on for our first IP – yay. Finance approved, land settles in Jan 08, building finished by June and hopefully tenanted the day after :o) It's a 4Br 2 Bath Dbl Garage "turn-key" IP on 700sqm, located in Redbank Plains, 25K's S/W of Brissie CBD. Cost of IP $377K. The area seems to have all of the boxes ticked for growth over the coming years, but it will be negatively geared. All figures done and based on $340 p/w rent will only cost $40 p/w to have.
I was wondering if anyone has invested in the area, got any comments on it, tips for a first time investor or know any good agents in that vicinity?
Look forward to hearing from you.Mark.
Well done,
exciting times.
1. don't forget to arrange for a Depreciation Schedule to be done before the tenants move in, or hopefully you can get a full list of costings from the builder. This will help with the tax returns and cashflow.
2. don't forget to arrange Landlord's Insurance (as well as Building and Public Liability) before the tenants move in.
Hi Mark,
I have also been looking at Redbank Plains and I am a little concern as there are so many new houses going up – do you think it will lower the prices of the house in the future? Also how did you work out $40 per wk extra ??
New Money, congratulations. In the long term, you will do well. My son-in-law bought in the area and was pleasantly surprised to find out that it had gone up in value by over 40% in 6 months. It was a run down house which cost $205,000. Similar houses are now selling for over $300,000.
Amzdesigns thinks that there may be too many houses going up in Redbank Plains. The opposite is closer to the truth as there is a severe shortage of properties for purchase and rentals throughout SE Qld. I've been looking for land throughout SEQ and there is hardly anything available for investment purposes, even in areas such as Caboolture which is a long way from Brisbane CBD.
hi,
I'm also thinking seriously about this area – redbank,goodna,redbank plains,collingwood park.
You can still pick up a decent brick home for under 350k closer to 300k if you are lucky , which is not bad considering they're about 20-25 k's from the cbd.
Whilst being a local I'm not sure about collingwood park, correct me if i'm wrong but thats where Amzdesigns may be referring to in regards to many new houses forcing prices down,??? there seems to be many advertised in the mid 300 range.
Also a critical question I ask if anyone can help , which suburbs will benifit from the proposed motorway upgrade/ bypass, and which suburbs may lose value???
any help appreciated
seank wrote:hi,Also a critical question I ask if anyone can help , which suburbs will benifit from the proposed motorway upgrade/ bypass, and which suburbs may lose value???
any help appreciated
Hi sean,
The suburbs to benefit will be those next to the motoway and one suburb further away, along it's whole length. Just be careful about noise when buying very close. But improved transport will always attract people, and so demand for property will increase. Just buy in the areas where you can afford it, after doing your homework.Cheers,
JB
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