Hi Everybody, I need a help.
I am looking investment properties in VIC & QLD.
I had been to a real estate agent yesterday and he showed me couple of properties. They’re L&H packages. One is in Melton, VIC and another one is Caboolture, QLD. The agent was saying the property in Melton is for $323K, 600sq metre. There is one estate being developed named “Arnold Creek”. Would this be a good investment considering the growth Melton has had for few years?
Caboolture property is also L&H package. Around 750sq. metre. It is a part of Laguna Waters. I am planning to buy a water front house. He’s saying the price is around $470K.
I would appreciate feedbacks.
Thanks in advance.
Just make sure he really is a Licensed Real Estate as it would be unusual for the agent to be Licensed in both Victoria and Qld.
Are you sure he is not from a marketing firm offering you these areas where both properties are brand new and the amount of kick back commission he would receive from the developer is difficult to assess.
Normally what happens is that you end up paying over the odds for the property.
Just get your mortgage broker to undertake a valuation of the property prior to go to contract.
Richard Taylor | Australia's leading private lender
Hi I’d like to comment on the Melton Property. Firstly I think $ 323 seems at lot. I know H/L package as usually around 200-250 K on 400m of land. Second hand homes are around 200 +. I don’t know Arnold Creek. Capital growth is slow in Melton. Personally I wouldn’t invest there. I live nearby. On a positive there are plans to move Moonee Valley racecourse to Melton. It will be finished soon. This might increase the values???
As Richard points out, the guy may not be an REA but a marketer – watch out for 2 tier marketing. Do your own independent research on the areas of interest, spend a few dollars on getting a couple of property reports for each area, speak to some of the Local agents, view their websites and possibly engage a buyers agent to do the running around for you (unless you have the inclination to fly the 2000 km between capital cities).
Thanks guys. I really appreciate your help.
Robert, in fact I thought $323K seem to be too high. Thanks
Richard & Scott No Mates: If I decide to go ahead, I shall definitely get the property reports. I shall also get the valuation done before I exchange the contract.
Any recommandation regarding Buyer's agent in Caboolture area??
Once again Thank you guys for your input.
Cant recommend a Buyers Agent but Lee Doyle at LJ Hooker Caboolture has always looked after clients of mine well.
Might be worth a call as he knows the area well.
Richard Taylor | Australia's leading private lender
I agree with the melton price. It is to much the median price in Melton is alot lower and what you have been quoted is to much.
I work for a firm called Hocking Stuart in Werribee.
At the moment we are expericing a high demand of people to rent down this area and the prices of the houses are fairly fair.
Please fill free to contact me on 0454 001 757 or email me at [email protected] for any information you may require.
thanks
Johann PsailaJpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hey, I think the cost is reasonable, as far as I know, one of my friend there in VIC had told me that he had invested into real estate there and the cost was about $350 for 600 Sq metre, So, it seems to be reasonable. Also, me too into real estate investing in VIC, Do you have any ideas about getting home loans in VIC or in QLD, I am searching for the details of home loans over here, but it is hard to find out, if anyone here advice me on that, which will be very helpful to me, In between, when I had gone through some online property listing site, I had found some property in VIC for $300 where the area is 700Sq metre, but not sure about the environment over there
Hi Lewis
What is it you are trying to find out when it comes to Home Loan information.
Maybe i can answer some questions for you.
Richard Taylor | Australia's leading private lender
Im in the town accross from Melton, Sunbury and you can get a hell of a lot better. Rents in this area not brilliant
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