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Bunnings being built too! Supposed to open by Easter 2019! :)
https://southburnett.com.au/news2/2018/12/15/1-9m-kickstarts-bunnings-construction/
https://www.southburnetttimes.com.au/news/revealed-when-kingaroy-bunnings-will-open/3487071/
I have 4 investments out there. Any action in the area is welcomed…. They have never really performed that well.. Bought them cheap enough but I wouldn’t recommend it to anyone… If a mine or some other secondary employment opened up, that would change my thinking
Wind farm is being built down the road. The company that owns the proposed coal mine looks like they’re trying to sell it. Have to see what happens!
I reckon Canungra might do ok out of the Commonwealth Games.
So, Ajay, what did you end up doing?
You could scan through the medians in the real estate investment mags, and highlight the ones that look interesting. Actually, you might also like to check out “Your Investment Property” online. Lots of useful info there. Good luck!
Further to that, there is now more info on the planned Kingaroy Bunnings.
https://www.southburnetttimes.com.au/news/bunnings-draft-plans-available/3206059/
To be clear, I’m not saying that Beenleigh or Canungra are better or worse picks than any other given area. Just saying that they’re worth evaluating. Good luck!
I’ll mention something else. A major problem with having a place far away is organising repairs. Basically, you can’t easily do minor repairs or evaluate big ones there yourself. Property manager will probably be happy to organise it for you, but it costs money, and they sometimes want stupid things done, and if you’re far away you can’t really drop by conveniently to see what the problem is. I had a 4 hour drive one time to nail two boards to a fence, which I was told was falling down or something. Another time, they wanted me to hire a gardener for $150 to trim a bush. I recall ringing them, baffled, and asking what was so wrong with a bush that it needs a $150 haircut? Oh, you think it’s a bit messy? Ok, if it’s bothering the tenants, they can trim it. An inch below the ground if they’re so inclined. Another time, I noticed in an inspection photo that an upright had fallen off a staircase. I don’t think they emphasised this in particular; it was just in a photo on the inspection report. They might have had a small mention under the photo, but I nearly missed it, and I regard stuff like that as a big problem that they should have confirmed I knew about. Problems like this seem to occur a lot less if you can easily drop by the property in question. Anyway, good luck!
Well, Beenleigh’s on the train line, so convenient to public transport. Infrastructure includes 2 fair sized shopping centres. Logan Hyperdome is also just down the road. An abbatoir is a major employer. BMX track present. Suburb is on the highway, roughly halfway between Brisbane and Gold Coast, so probably something like 30-40 minutes to either if the roads are reaasonably clear. Town centre recently revamped to make a new town square that you’re not allowed to smoke in. New coffee shops and suchlike seem to be popping up; the place seems to be becoming gentrified. There are at least two schools about, and about 5 or 6 trendy gyms. Market on the weekends; Sunday, I think. Houses usually have decent sized yards, and many of them are selling below 300k. Some units are selling for well below 200k. Yields are currently reported as 5.5% for houses (http://www.realestate.com.au/invest/house-in-beenleigh,+qld+4207), and 7% for units (http://www.realestate.com.au/invest/unit-in-beenleigh,+qld+4207). Obviously, those figures vary from place to place, and I don’t think they take expenses into account (e.g. rates, body corporate etc). As for demographics, try here and scroll down: (https://www.realestate.com.au/neighbourhoods/beenleigh-4207-qld).
Would definitely suggest a competent property manager to vet tenants though. Whilst the place is beginning to gentrify, there are still plenty of bogans about. Also, check the flood maps available from the Logan Council website. I nearly bought a ground floor unit there that probably flooded during the last big rain, but I am very glad I passed on it based on structural.
Anyway, again, these are just my thoughts. Obviously, do your own analysis.
Good luck!
Well, if you use it to reduce the interest on your existing mortgage while you work out what to do, you could probably do a lot worse.
Just my thoughts. Obviously, do your own research on it.
Sorry Steven, I know nothing of Morayfield. Not interested at all in Beenleigh or Canungra?
Canungra is a relatively lower priced town that still has pretty good yields and is not far from Surfers Paradise (say around 40 minutes). Not much for sale there at the moment, but it might get a boost from the Commonwealth Games next year. Logan area, maybe check out Beenleigh. Solid growth there last few years, on the train line, and I doubt you’d have trouble finding tenants. Regional, Kingaroy might be worth a look. New wind farm approved 50km down the road, new coal mine planned very close by, new Bunnings awaiting development approval, and yields over 6% at the moment.
Just my thoughts, obviously do your own analysis! Good luck!
So for the last few years Kingaroy has hovered around 400 houses for sale on http://www.realestate.com.au, with 10-20 under contract. Just recently it’s dropped to only 356 for sale, and 330 not under contract (http://www.realestate.com.au/buy/property-house-in-kingaroy%2c+qld+4610/list-1?includeSurrounding=false&persistIncludeSurrounding=true&misc=ex-under-contract&source=location-search). I notice that in addition to their planned coal mine and nearby planned wind farm, they’ve got a Bunnings awaiting development approval (https://www.southburnetttimes.com.au/news/hardware-franchise-lodges-kingaroy-development-app/3188004/). And currently still yields over 6%! (http://www.realestate.com.au/invest/house-in-kingaroy,+qld+4610)
Do you live in it or rent it out? Is it costing you anything or endangering anyone? Do you plan to tear it down in seven years anyway, regardless? Curious.
Good luck, whatever you decide.
I had something happen with a different major bank some time ago. I was buying my first house (PPOR) and was a bit strapped for cash. Got pre-approval, signed contract subject to finance, then asked the bank to knock off the $600 application fee, as some other lending institutions were doing it. Nope, no chance. I might have been able to go and get finance with another lender in time, but at the time I just wanted it to go through. Told them at the time that this would be the first and last loan I’d get from them if they didn’t knock off the fee. They were fine with that. I still keep a savings account with them, and since I sold the place, they’ve tried to market loans to me now and again, generally when I’m in there getting a bank cheque done to pay a deposit on a home or suchlike. I respond by telling them that story and asking if they’re going to refund me the $600 plus accrued interest, because that’s what it will take to get me to consider taking out a loan with them. They haven’t been interested so far, so stuff them.
You might check out Canungra. If it’s not positively geared, it’s close, and you can probably still get property there within your budget. Good luck!
Maybe Canungra? I’ve posted about it a few times in a different thread; check out my posts from July 2016 onwards https://www.propertyinvesting.com/topic/4384472-answers-to-where-to-find-cf-deals/page/26/. Seems to be doing well there at the moment, and usually about 45-50 minutes to Surfers Paradise!
Look, that’s just what I think, and that’s to be taken as a layman’s opinion; obviously you should do your own analysis. I do think the area is worth checking out though. Check out the amount of infrastructure, government spending, and new developments planned for the Coast, and then tell me Canungra won’t benefit.
Good luck man!
PS: Beenleigh has been going up at roughly 5%/year since we last spoke. Told you that area wasn’t a bad spot! :)
Thank you!
So Ajay, where did you end up buying?
Stick with Eagleby…Gold mine waiting to happen. Its percentage growth and yield is higher than surrounding areas. There is however a benefit that not many suburbs can lay claim to….Eagleby is completely surrounded by water(Albert and Logan rivers) with ocean access available. Riverfront acreages are owner occupied by the most influential people in the Beenleigh area. Stick with Eagleby…Stick with water.
But the prawns have that white spot disease! I’ve seen movies that start like this… :P
