Forum Replies Created
Hi,
Hope you dont mind me asking what size land the property sits on are there any garages etc ?.
As a guide for you we have just finished 1 and half way through 2 homes in Point Cook the first is a 4bed all ensuite double garage study,living,media room with open plan kitchen dinning and family area it cost us $400000.
In Point Cook there are so many new developments and existing homes it depends on what you want from the home.
If its on a new development try not to get stuck with a load of IP’s around you.Good luck.
Thanks mkc,
I thought the Brisbane CBD was overpriced in December 2004 compared to other CBD’s they are going to phone in the next couple of days , I am thinking of putting in an offer 10% below what they priced in Dec 2004 instead of 18% above.
I will leave it an open offer then they can always come back to me and i just have to hope that i have not overplayed my hand, its following the advice of most people on the forum no matter how much you want the property Business is Business.Thanks.
Are these eastern markets falling all over we have been looking at a new apartment in Brisbane as a base in December 2004 it was $630000 for a 3 bed on the edge of the CBD it was only in new stages at this point.
Last week we where contacted by the development firm as building has just started and foundations laid they asked if we where still interested so i asked again for the figures and availability none of the 6 3bed apartments had been sold but they all had gone up in price ours was now $810000, a rise of $180000 in a year but they had not sold one apartment when i pulled them up on this they said the growth rate for Brisbane CBD was around 17.5% and this reflected there price rise ?.
Are these developers CRAZY or is it just me, who calls an interested investor 1 year on and says would you like to buy the apartment you wanted,by the way we have not sold any 3bed apartments but the price has gone up 28% i just had to laugh.But am i out of step is this right for Brisbane ?.
Thanks Alistair,
I think you maybe right i am comited now to the 3 developments in Point Cook which is a learning curve in it’s self with builders who complain about working when the temp is16deg saying it’s to cold then complaining last week 2 days where to hot. I think not finding a PM that can cover both areas maybe a sign that 3 developments is enough before buying a further 3 that would have to be run by a seperate PM. It just seemed so easy to buy all 6 propeties when they all fall under Melbourne you dont think that a good PM would not cover all of Melbourne, but as Michael said to provide the best service you concentrate on certain areas which is a good point when you consider the services and reputation’s of the larger firms that cover all Melbourne.Hi Michael,
Thanks for the help Pam and yourself have provided it looks like i may have to get 2 separate agents. This gives me a couple of questions i find myself asking which people with more experiance of Melbourne maybe able to help with:
At the moment i have only purchased in Point Cook and Tarneit south west Melbourne which you kindly passed on recomendations for. The property in North Melbourne is not signed for yet we are just near the end of talks getting ready to sign with a developer.
For our first steps into Melbourne are we spreading ourselfs to far with 3 devolopments either under construction or just getting ready to start construction in Point Cook and then buying 3 ready to go property in North Melbourne.
Do other investors think with just starting in Melbourne we are better of just concentrating on the Point Cook property with one recomended PM than jumping into 6 property that looks like we would need multiple PM’s.
Thanks for all your help and advice.MGR.
Hi thanks i did speak to his wife and they don’t cover the areas i needed they did pass on a name for Point Cook but then that firm did not cover the area 10Km North of the CBD.
If possible i would like to keep all the properties with one firm i did not think there would be a problem as its all classed as Melbourne, but it seems it may be harder than i thought.Hi Fernfurn,
The few Lots i have been looking at in point cook are large blocks over 750sqm with strict building codes etc, they all seem to be corner lots for some reason with a mixture of double and single storey homes mainly built by Simonds and Metro i think.
I know the cost of the homes i want to build are $235000 when i add the land at $180000 i am looking at $405000 i have seen the same type of 4 bedroom 2 storey houses for sale at $390000+ in the local area thats what made me ask is the price i am been asked to pay to high? when i compare it to some developments north of Melbourne and north east of Melbourne with house and land packages coming in at around $475000.
I have been told by many people that North and North east is much better than Point cook due to the heavy freeway blockages at Point cook during peak times in comparison to entry into the cbd from the north and north east and also the general area to the norh and north east is a little better to live in than the Point Cook area.
Investing in Melbourne makes Queensland look like a walk in the park even the property and land agents and sellers are a bit more cut throat than Queensland which i thought i would never say.Regarding the Melbourne market can anyone say if the Tarneit and Point Cook areas are overvalued with land lots priced around $180000 for a 740-800 sqm block, Would i be better looking to the northern or eastern sites.
I have been told that $243 per sqm in Tarneit and Point Cook is overpriced especialy with a house to build as well, any general thoughts about this area would be great as i have no hard experiance of the Melbourne market.Hi zen,
Have you tried family,friends or workmates also from the sounds of what you wrote you may not live in brisbane, the Brisbane IP market is cut throat and vicous before you enter into any possible partnerships make sure all the legals are done etc or you will be ripped off before you blink.
Good luck,
MGRThanks for the info i will give ANZ a try i am getting a bit sick of coming 26000miles to sign a 100point ID check.
That is why it is more frustrating i have Fax indemnity for all transactions but to open a new loan account or refinance existing projects even to to open a new savings or transaction account i have the same problem fly over to your branch you soon get sick of it.I did try some other firms a year ago but found a poor reception as i was overseas, would i be better off finding a decent Broker instead of doing things myself.
Thanks for all that great info sarge, we where looking at moorookyle but it was $180000 for the land and when you looked at Rose Grange and Tarneit Gardens it was $120000 for the same size lot plus all the house designs did not match they seemend to go from one extreme to the other.
We where told Monteray Central would be a better choice due to all the restrictions and planning constraints in place as they stockland said your $275000 house will not end up been built next to a shack it will have some thing of similiar quality next to it, they also played up the fact that Point Cook was a better place to live over Terneit i suppose they mean crime etc but i had to read that into it myself. They also pointed out how close Monteray was close to a beach and nice green fields and how the lot was 850sqm.
Thanks for your post i will have to dig a bit more from what it sounds like.
Thanks,
mgrI am in the UK and agree with what Mortgage Hunter has said the only problem i have found is that every time i want to sign for the loan i have to fly to Australia to do this in person as i am not a resident.
This is the same with my own bank Westpac back and forwards so i try and do a couple of properties at the same time.Good Luck,
MGRThanks i was told there are some new developments around Tarneit at the back of Hoppers Crossing would this be a better area.Only ask as someone said it was a brown field site for miles behind there but the developers have said after this development there are hills and green countryside can anyone confirm which is true,thank you.
Thanks for that i thought that if we put our current properties into a small company based in Australia that the business would be an Australian entity and would therefore not be subject to FIRB as the company would be registered in Australia and have a ABN and TFN and would be classed as a resident company allowing purchase of normal residential property, thanks.
HI Nico,
I am a UK resident back here in the UK I have had no trouble getting 80-70% IP mortgage loans through westpac with no problems and they have taken good care of me making sure i have not been ripped off.
Hope its of some help.
mgr.
Hi Bonnie,
Which state is your PM in as i am sure there are different rules for each state.
When you signed up with the PM did you not put in a review period where you could both decided if you wanted to carry on working with each other, our lawyers had a annual review put in to start 30 days proir to theannual review date, at this point we would either restart the contract or go somewhere else.
If you did not have this in there must be a termination clause where you have to give say 3 months notice, if you want rid of her that badly then it may well be worth paying her off.
Regarding ill feeling i would not worry about that the PM is probably not this is your money shes taking each month and she will continue taking it until you show her wh is in control, it’s your property not hers.
Good luck.
MGR
Good luck Byronet and you better start saving those $$$ because thats one hell of an expensive place compared to Oz.
If you want any property details and prices sent just drop us a personal message and i would be happy to send some pdf files with pictures and prices and local details.
I am not a propety investor in the UK and i would be more than happy to send details from different estate agents i have no ties or interests in the UK.
Goodluck,
mgr
I know you can’t compare price but you can compare house size,location etc and this is perfect.
My lawyers will look over everthing they are a pain about this type of thing sometimes they cost me deals due to there care of me,but thats why they get there over the top fees.
Good look with your move to the UK don’t know where your going but get those $$ saved.
thanks.
Have checked the website and spoke to them with the figures etc.
The price of the house a 2 story, 4 bed is $295000 for 40km south east of Melbourne at todays exchange rate thats half the price i have just sold my small 3 bed in the UK for and i mean small it is half the size of this house.
I could buy outright with my UK sales money but with moving to the other side of the world i want to keep a good reserve for those small things that crop up with a move this size.I was disappointed that my bank in Oz would not match the same deal considering they have on deposit twice the price of the house and have loans with massive equity on my IP’s in Brisbane.
Like you say i try to avoid tied brokers as the firms are normaly trying to get a kick back or price hike somewhere down the line.
The price compares very well infact i think its cheap by about $100000 it makes me want to flyout next week to get things tied up
Thanks.
Thanks for everyones help sounds like the property is over priced for the inner city apartment market in Brisbane, i think i should carry on my search elsewhere also sounds like i owe my investment manager at Westpac a few drinks.
Thanks.
mgr.
