Howdy
This is my first post, I have looked briefly through the other forums, so forgive me if this topic has already been discussed.
I am looking at a property in the Redbank Plains area, I have been looking at http://www.realestate.com.au for property and how much rent is etc. Is there any other website I can look at for research, or is there anyone up that way that can shed some light on how much is too much?
I know the area is taking off up there, is there any other suburb that you would suggest to look at within the Springfield area?
Cheers
KristyI too have just recently offered for a property in RBP, the best way to determine rent to to check either 1. Realestate.com in the rentals section OR 2. Go to the Local realestate agents (even windows) and do some covert operations hehe.
Best of luck.. better be quick, the savvy investers are buying up!
Mat.
Try checking RPData's website. You can find it on the http://www.realestate.com.au website. This site offers various reports at a cost of around $60-$100. The Property investment report offers rental info and a sample report can be downloaded.
Scully
Hi Kristy,
My wife and I have recently returned from a buying trip to Ipswich area are where we purchased 2 investment properties. One in Goodna and the other in Redbank Plains. You have to move quickly as anything under $275,000 is going under contract within hours or a couple of day's of being listed.
A basic 3 bed brick, 1 bath with carport type property on 500m2 plus block in reasonable condition have been be listed from $249,000 plus, but new listings seem to coming on a bit higher in the past couple of weeks as demand increases. We managed to negotiate 4% off the price of one and 8.5% off the second as it needed more work and I felt it was overpriced, but I would imagine agents are telling sellers to hang tight as demand from buyers is very high. Rent is around $230 -$250 per week for these types of properties.
The rent return for the area seems to be about 5% or a little more at present although I believe we could see more increase as demand becomes even tighter for vacant properties. The management agent we are going through has a few hundred properties on it's books and only 3-4 on the vacant list.
Take note of the real estate companies in the area from realestate.com.au and call and speak to the rental departments to get a clear idea of what type of property rents for what.
Stick Collingwood Park, Bellbird Park , Redbank and Springfield on your search list …. Oh yes, …. a couple of properties we looked at were getting some structural cracks inside and large cracking in the ground outside due to the drought, .. so make sure you get appropriate building checks done especially in the Springfield Lakes area.
I hope this sort of answers your questions.
Martin
Hi guys
has anyone checked out inala, or does anyone know anything about it, I was looking at ipswich and all the suburbs between there and Oxley, and Inala seems to be cheap and closer to the city.
I know there isn't a train line and it has a bad reputation but as the west corridors grows wouldnt Inala become a sought after suburb, I guess not deep Inala but close to the Ipswich motorway.
Cheers
TomHi Tom
Inala was on my hit list, but we just happened to find properties in Goodna and Redbank Plains recently (read above). I think Inala is a older ex-housing commission type suburb, but it is definately and older suburb with older homes, but that wouldn't worry me.
A good article was written in API magazine… It was the October 2005 issue (just looked in my files)….. worth buying the back issue and having a read. It talks in depth about Inala, Darra and Goodna. 5-6 page report in the "The States – QLD" section at the back.
Martin
Hello
Thank you for your replies, one of my concerns also about that area is that they have no water, though I suppose you still have to live somewhere and it is going ahead there so it must not be too much of a problem.
Thanks again
Kristy
hey Kristy
Another place you can have a little look for rental info or at least median rents is on the RTA web page. It usually gives you a medain weekly rent for and area
Chris
I live in Chapel Hill about 10 KM's from Redbank Plains and this week alone have applications from 3 separate investors buying in the Redbank Plains area.
One of the problems is that all of the last cheaper homes in Brissie are going by the way side so it is a matter of where to go next.
Dont think you can go too far wrong with the right property.
Richard Taylor | Australia's leading private lender
My Parent inlaws have just sold in Redbank Plains and have moved to Hervey Bay. I helped fix up the property for sale. The cracks we had to fix were atsronomical. This is ue to the lack of water in the ground but moreso the fact that Redbank Plains is built on coal mines. The ground is that bad you could put a long handle shovel down the hole and stil not his bottom. The house down the street is completley split in two. These are homes that are about 25 years old. I think it would be a great area to invest but what are the short to medium costs involved in maintaining these properties. Its only getting drier and that sort of damage is not covered by insurance and it costs a lot to demolish houses and rebuild…….
Hi Tom
Inala is growing in value (I lived in Oxley for 8 years up until January this year – now live the next suburb over). As the prices are increasing, the riff raff are also unable to afford the rent / house prices so are moving on. I would say the house prices have pretty much doubled in the last couple of years.
There was also a report that they are going to build a train station at Richlands which will service the Inala are – I can't remember the timeframe though.
Also Inala is only about 15kms from the city so nice and handy for people who have to commute to work – while waiting on the train line people can catch buses or drive the 10 minutes or so to Oxley Station (or one of the other ones). If you can find a suitable house in there I would seriously consider it if you can make the numbers work for you.
Linda
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