Forum Replies Created
Just be aware that a lot of houses which are enclosed underneath and self contained living quarters are not of legal height, and therefore these living quarters can't legally be rented out as such. Still possible with a private agreement i guess and I wouldn't imagine students would have a problem with it.
markintownsville wrote:My thoughts on Northshore is that there is too much land available in the immediate area. There are too many new houses for sale of a similar standard, on similar sized blocks, making them a dime a dozen and causing capital growth to be poor in the immediate future. Also, I have found yields to be quite low compared to some established places.Yep my thoughts too.
The only way someone could be doing quite well from buying H&L packages there is if instant equity is realised on completion which I'm pretty sure is not happening out there at the moment. On the plus side, it is right in the middle of the growth corridor that is the northern beaches and infrastructure spending is certainly happening.
steve.t wrote:My last broker opened a bank account in my Name that was in negative $ for 3 months of fees. I was shocked when I got a statement from the bankI cracked up when I read this.
My broker usually pops around with a bottle of rum, I think he's hoping I'll grab a couple of glasses and some ice.
JacM if you come for a visit I'd be happy to show you around, if I'm available of course, currently working month on month off in Gladstone.
Also for non locals, Townsville and Thuringowa were separate municipalities with their own councils and the area was referred to as 'the twin cities'. The councils merged in 2008.
JacM average annual growth over the last decade has been around 10%, dependant on area of course. Prices are still down from their peek around 2008, rental market is very tight as population growth is surging ahead.
I disagree with the comments about an oversupply of units, you must bear in mind that Townsville has a larger than average demographic of young people, partly due to the large army base and university ( soldiers and students a plenty) and there is a huge demand for this sort of accommodation.
Bugeye I see what you mean about Garbutt, definitely gentrification taking place. In the early days Garbutt was an industrial area, it's also very close to the airport.
RPI is probably the person you need to talk to, refer this post
https://www.propertyinvesting.com/forums/general-property/4347101
jmsrachel wrote:Speaking of text msgs, my tenant texted me last night (sunday) at 9.45pm because she wants the globes changed from 60 to 80 watts. What cheek!haha! Why not reply with a drunken text at 3:30 am informing her of a rental increase.
I think you're on the right track- definitely Gulliver, hermit park and west end are likely performers. I am very hesitant on Kirwan due to the large indigenous population and the crime and social problems that come with it ( I certainly wouldn't like to live amongst it!!). North ward I see as overpriced but also seeing potential there in old blocks of units on single title.
Agree about avoiding the new development area in Oonoonba. I personally am invested in the old Oonoonba right next door to all this development in the form of a duplex on 1012m2 (all blocks around here are 1012m2!!), as well as Gulliver (house) and Currajong (unit).
There are some great opportunities around at the moment, even for positive cash flow (rare for Townsville) and I don't think it will remain like this for long. All the growth drivers are there, I'm leveraging up and holding onto my hat!
Oh and 5 years at 8.54% !! That's incredible
Also, I would not get a valuation on the property from your current lender as it sounds possible that negative equity might be realised (property worth less than the amount owing on mortgage) in which case the lender could put their hand out for a lump sum to bring the LVR to an acceptable level.
I'm a duplex fan, have just bought one in Townsville ( I see u too are in Townsville), great yield, less risk if reliant on rental income as unlikely to have both units vacant at same time. I am in the process of strata titling the property.
Let's talk about the Townsville market, thoughts on market in general? Specific areas or property types? I'm picking up good indicators but as you are probably aware some areas are likely to outperform others.Very handy, thanks
Minimise costs and go for it!
You need to educate yourself and buy in a location based on your own research, not what someone tells you.
If you watch Steves November market update he advises against Nras and defence schemes, and almost against Vic altogether lol
Determine what suits you personally and how much risk you are comfortable with
Look at it as a good thing- You buy at today's contract price, but don't have to pay holding costs for six months.
Thanks guys, Shahin the units share a driveway and carport
If he's growing "herbs" at your house, there's a fair chance he's also smoking them there.
This is more than enough grounds for eviction in my books, however you would have to give him 30 days notice in writing I believe.
I recently made a purchase without seeing the property, I was away working at the time and the numbers were quite impressive so I negotiated a deal and got it over the line, all happy days. However the building and pest inspectors I used I have a rapport with from previous purchases and they were happy to give me their honest, detailed opinions over the phone which gave me confidence to move forward.
I think if the numbers stack up and you can find a thorough unbiased inspector, go for it.
Thanks Terry, my conservative estimate is 83% LVR after strata, and as I have taken a fixed rate, cannot pay down the principal to reduce LVR.
