REDCLIFFE MANIA

Hi All
I just wanted to ask a question.
I have a 2 beroom unit in Townsvile i paid abround $175,000 for about 1 year ago.

Slowly i have been doing a few things up like the back area and a paint job, a few light fittings and stuff. 

What i want to do now is get the property revaluated and acces the equity to buy another. ( just starting here )
So to buy my second.

For arguments sake lets say it comes in at $200.000 can i then get a separate $25,000 loan in a separate account to use at my will, for say a deposit.
Can i find a second home, place the deposit on the home and get a completely separate mortgage for that IP which hopfully the tenants will cover + my origional $25,000 loan and expenses of coruse to make it CF+

What i want to achieve is to avoid having the bank use my first PPOR as security.
I have spoken to them and they are sure i will have to use my PPOR as security and that i cant get a separate $25,000 because it will be tied to my origional mortgage.

Is this the case and if not how do i approach the bank and tell THEM excactly what i want.

I guess that is more than 1 question but any help would be highly apreciated
Thank all

Milly, all I can say about Residex is that their forecasts have stood the test of time and they have always got it right. There are many ways to skin the cat using Residex to identify locations is one of them as is centrally located so each to their own, there is no right and wrong.  Me personally I use their research to identify location and then look for an IP in that area.

Any ideas about positive cash flow or growth properties in other areas of QLD. Any recent stories please. I will be headed up there over XMAS to Brissie and Noosa and Toowoomba. Any suggested suburbs/properties to look at?
Cheers

I really think you almost need to go rural for cf+….OR, add grany flats etc. to an existing residence for extra rental income…good luck with it though…I like Hughenden as a "possible" cf+ area.

Thanks Anrobel.
I have sent you my email
many thanks.

Thanks Andy
Mate that is helpful . Why do you like hughenden? Do you have any examples to check out.
I will have a look and see what I can find.

Cheers

Thanks bardon,
I will be sure to check it out over the next few weeks. Good luck with your investing.
All the best

bardon you said
"Milly, all I can say about Residex is that their forecasts have stood the test of time and they have always got it right."

I dispute that.  How do you know that? How long have you been using residex?
Those top areas may well continue to grow but not at the level that is current.
What I am saying is that ALL the best land in the world has been built on. (usually the catholic church has the best view on the highest land in town….closer to god and all that) .

I still say the figures of top performers in SEQ are skewed because those areas were farms 10  yrs ago. Of course the cap growth has been   great. But I don't believe it can be maintained.  Those top performer are all glossy new homes but you have to get in your car to get a newspaper.and petrol set to rise again. Also soon enough the houses loose that 'newness' that people love/

YOu can talk about forthcoming train lines (redcliffe have been promised it for 130yrs) and other infrastructure but have you actually seen the size of queensland? and the amount of taxpayers?  victorians can boast beautiful trains and roads throughout but gees it's not big enough to get lost in! QLD is a vast state and everyone wants a piece of the pie.  Urban sprawl is not what the gov't wants.

There has been a lot of talk about booming chermside (about 15k's out from CBD) The reason it is so popular is that so many of the properties on lots as small as 420sqm can be pulled down and replaced by four townhouses. Most chermside properties are post war so no worry about heritage listed colonials.

It's just occurred to me that residex reports predictions are for the next 5 to 8 years so Barden you are probably correct and i have wasted my time adn yours by arguing. I'm a buy and hold investor so of course I'm looking for a longer time span. So I'll stick to the older 'burbs that have stood the test of time.
milly

Milly, no dramas I didn't say that Residex was the only way to go only that I use it as a guide for suburb selection whatever method you use is up to you and it probably stacks up to.  I am interested in future growth not previous so if they were farms 10years ago that doesn't matter to me.  I got my first QLD residex report in 03 and have managed to get various updates since and if anything they have understated growth in the QLD suburbs they report on I know that there has been problems in other states.There aint anything wrong with Chermisde either or any of the other SEQ suburbs that are mentioned in this forum its all good so each to their own I dont think there is a right or wrong way. I to have inner city properties closer than Chermside and am well aware of the advantages of inner city investing in Brisbane.

Yes I know how big QLD is I have travelled it exstensively and also lived in Bris, Cairns and Townsville and worked in most areas including Ballera, Karumba. Mt Isa, Roma, Dalby, Karunda, Emerald, Mackay, Gold Coast as well.  But I do prefer SEQ for investing in fact in 03 when Residex was tipping regional QLD I didn't buy there but with hindsight wish that I did..  I have lived arounnd most of Australia including Victoria and QLD is light years ahead when it comes to regional travel as they have airports with scheduled flights to regional towns you cant do that in Victoria unles you charter an aircraft. Driving to the shops for the paper is something that the majority of ozzies do cant see them stopping that in the short term.  I walk to the shop for the paper though and always have but I aint an ozzie my wife and neighbours drive.

I didn't talk about future infrastructure but in the area that I recently bought Ningi the Main road has had major upgrade approved with construction complete in 08 which will include lane duplication all the way to the gateway arterail whcih is also scheduled for widening, the nearby marina has been purchased and there is a major upgrade planned for that to as well as luxury apartments etc. and is also adjacent to Pumicetone passage a listed marine park  I got a 1/4 acre block next to the creek it was the land size and water feature that got me. 

So if Residex is not for you thats cool I am sure there are many good investment areas that are not included on their list that will work out very well for you.

I'm off to get the paper now and yes I am walking.  Last Sunday I went on teh weekly pilgrimabe to get the paper in Oxford St Bulimba and guess who I bumped into coming out of the church Kevin Rudd I shook his hand as well (wet fish handshake and no eye contact by the way, not a good sign) and I was on the telly.  If I had driven I would have missed out…………………………..

Kevin and family were driving for the record.

Well bardon Ive no wish to continue to argue with you You seem to know what you are doing. Not simply relying on one report.

m off to get the paper now and yes I am walking.  Last Sunday I went on teh weekly pilgrimabe to get the paper in Oxford St Bulimba and guess who I bumped into coming out of the church Kevin Rudd I shook his hand as well (wet fish handshake and no eye contact by the way, not a good sign) and I was on the telly.  If I had driven I would have missed out…………………………..
hahahaha It doesnt take long to get into the swing of being a polli. Of course he isn't looking at you. He's grinning for the cameras.You don't mind being a prop if you got  your few mins of fame.

now btw way …..I would  love a property at bulimba.

and thanks hleung for pointing out my error. Of course Chermside isn't 15k's from the CBD. I tend to think in terms of time to get places. And driving and parking in the CBD takes me 15 mins from chermside.