Hello all,
New user and very inexperienced so please be gentle but I welcome all constructive feedback.
I am looking to buy my very first property in Brisbane and my current thinking is to live in it for a year and then place it to be rented out. So far I have only been interested in houses with 3 bedrooms and 2 bathrooms, about 8 - 12 kms away from the CBD and in close vicinity to public transport, shops/cafes with decent land size about 600 square metres. My budget is about 550-600k.
There has only been a few properties that match the above criteria and they go like hot potatoes. The one that I was close to getting unfortunately I terminated the contract as the house on closer inspection was in very poor condition with termites & asbestos.
Just like how everyone has been complaining, the market is very expensive and I feel it will only get worse so I feel its better to get in sooner rather than later.
Hence I feel like I should revisit my criteria so the questions that I propose to those that have traveled this road before and seek their nuggets of wisdom:
- should I seek houses with one bathroom & 2/3 bedroom as my options would increase greatly?
- for those that have such a property (2-3/1/1), are the tenants generally good? (pay rent on time, tend to have longish contract) [the reason I elected for 3 bedrooms was that I feel a small family would stay longer]
- or am I just being totally unrealistic and my idea is horrible lol?
Thank kindly to those who respond.
You could buy a house in Everton Park that met your criteria. I'm not sure what rental returns are like, but it is 8klm from CBD. It has good bus transport to city, train in two neighbouring suburbs, the suburbs around it have gone up in price while it has lagged behind. It has had a bunch of cafes open recently and has a new dining precinct called Park Lane opening soon.