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Buy Australian Property Investor magazine and read about the couple who’ve bought in Ipswich. If you can get the returns, go for it. Ipswich is set to become and extension of Brisbane like Penrith and outer areas of Sydney.
How I am kicking myself for selling my +vely geared property in Deception Bay 18 months ago (for $115,000 which I thought was good!). Interesting how the tide turns.
Mel
Congratulations on your property purchase. I take it your property is a unit. Many pundits are tipping Brisbane still has a couple years of reasonable growth left with something like 1000 people a week moving to south-east Queensland. Having said that, many area saying the unit market is oversupplied. Depending on whether you and your husband have a house you live in with reasonable equity in it, I would probably keep the unit and make sure you target +vely geared property from now on. I have a few negatively geared properties, but they are in such good growth areas, I am trying to find other ways of pushing on whilst retaining these properties. A happy medium! Good luck.
Thanks Chris. Yes, I’m thinking of taking photos as evidence and getting something done. No, I didn’t see the story and that is horrific. Fortunately, no-one is living in my property and I would be reluctant to put a tenant in if I kept it (it’s a brand new house) . I figure if I have done all I can and there is no action, I will just have to do it and hope to hell I don’t cop a fine!
Thanks for the advice kay. I would be satisfied with 5 weeks and yes, I will be replacing the property manager. Not impressed with the overall effort. Even for the assessor to take a month to get there was pretty rank. Yes, floorboards underneath. I have the rest of the house with polished floorboards, but always maintain in Melbourne’s winter, it’s nice to get out of bed and put your feet on some carpet. Flood prone zones…..well, yes, lesson learnt. Guess I won’t be here for the next 1 in 100 year episode!
Thanks for the advice kay. I would be satisfied with 5 weeks and yes, I will be replacing the property manager. Not impressed with the overall effort. Even for the assessor to take a month to get there was pretty rank. Yes, floorboards underneath. I have the rest of the house with polished floorboards, but always maintain in Melbourne’s winter, it’s nice to get out of bed and put your feet on some carpet. Flood prone zones…..well, yes, lesson learnt. Guess I won’t be here for the next 1 in 100 year episode!
I suppose one of the things we should try to do (although when you’re buying and buying there never seems to be much spare cash) is to have a stash of cash (or unused credit) for that rainy day when you have 2-3 months of no tenant, a $4,000 bill to re-wire the house because you got hit by an electrical storm or in my case, a good sense of humour when you happened to have a rental property which was hit by the 1 in 100 year flash flood which hit Melbourne last November….disgruntled tenant who has not paid rent and is being evicted, very slow assessors etc. Preparation is the key! Good luck.
