Hello all,
While sitting here at the lonely hours of 0430 in an intensive care unit (as a nurse!) thought I just might throw a topic of discussion into the forum.
I live in the Brisbane/Gold Coast area and am looking to start a positive CF property portfolio, but fear that now is probably the worst time to buy with prices exceptionally high and the fear of a similiar tech stock tumble in property prices.
Also, I really dont have a great deal of capital to kick-start things as I just bought a unit in Annerley for me to live in (this was before I read Steves book) [
]Anyhow, just wondering what peoples feelings are about this location and if people are still finding positive CF deals, even with little outlay. I am interested in the unit/townhouse/apartment area of the property market. And yes I am a newbie at all this [
]Also, dont worry, my patient is still breathing! [
]Marty
[email protected]Well I live in Southren Brisbane, an I haven’t seen any CF+ properties within Brisbane/Gold Coast area for quite a while. I guess some experienced investors may still find some through contacts etc, but it is hard going.
Most people seem to be looking in regional area from reading many posts in this board (and Steve’s book of course). I have found some deals that look CF+ but they’re quite a distance from Brisbane, and I’ve yet to make the trek to check it out for myself.
Some say Qld has longer to run than other states as we started later, but personally, I think the sentiment driving the market will turn as soon as interest rates rise and southern markets flatten further.
It’s certianly time for caution IMO, but make no claims to be anything but a novice. Good luck.
It is said that there are still some areas of Brisbane that are CF +ve such as Inala, Woodridge, Beenleigh and the outskirts of Logan on the south as well as Narangba, Caboolture and a few others on the north although these are hardly suburbs of Brisbane. It is becoming quite difficult even in these areas but apparently still possible. I avoid these areas because of the higher degree of bad tenants and so have to attempt to find IP’s that are neutrally geared at best but in most cases slightly -ve geared. These are normally within 20km of the Brisbane CBD. Hopefully if the IP’s are newer then there will be very little maintenance and larger deductions for depreciation which bring them close to being neutrally geared. This along with the better capital growth associated with these IP’s means a much better long term picture for my circumstances. But it does however mean that I cannot amass hundreds of IP’s and retire from my job! It also takes much longer to get there using my strategy. But I feel that the risk is lower than rural areas. I will have to be content and patient until the next property bust until I can acquire many more IP’s using this strategy and hope that the bust doesn’t wipe out the equity I have in my current portfolio too much as well.
I have been looking in the suburbs you mentioned HousesOnly, and also in Acacia Ridge. There used to be plentiful CF+ve houses in those areas but I haven’t seen any for quite some time (as in the last 6 months). (Although I admit I claim no special skills when it comes to “finding” gems).
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