Does anyone have an opinion on Morayfield at the moment. Caboolture is growing and we are looking at a unit in a gated complex, 3 beds, 2 baths, 1 garage $200k renting at $295 per week. The BC fees are $2700 and the place is 7 years old. I really like it and the numbers stack up for what we are looking for. This will be our first investment property, and I think I just need to bite the bullet!
Would be running a mile on such a property.
BC fees equate to nearly 11 weeks rent and then you have to add on Council Rates and Water utility charge.
Morayfield has a poor track record when it comes to vacancy and the costs associated with gated communities just never go down.
Gross return might look good on paper but can be expensive when the value of the property goes backwards.
Get professional advice before investing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If your looking at unit's specifically, in that area, according to API magazine Petrie & Mango Hill are looking good around those parts. From memory median unit price is closer to 300k however.
Good Luck.
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