I am planning on making my first property investment in Townsville sometime next year when I will hopefully be moving there for work. I am planning on either building a pair of 2 br Duplexes or maybe a 3 br house. Or maybe buying if I find the right property.
It looks like property prices are already down a lot in Townsville but there seem to be heaps of new land releases which seem fairly overpriced (200k for a 600m2 block).
Also I have been reading on the website of one development called The Village, it is previous government land. They have said that 15% of the land will be released to people with incomes of between 40k and 80k (I am a recent uni grad so I still fit into this range) at a discounted price. But they had no further details, does anyone know much about this?
Also anyone got any advice in general? Or suggestions for good builders? I would like to spend about 350k or less, possible?
I am planning on making my first property investment in Townsville sometime next year when I will hopefully be moving there for work. I am planning on either building a pair of 2 br Duplexes or maybe a 3 br house. Or maybe buying if I find the right property.
It looks like property prices are already down a lot in Townsville but there seem to be heaps of new land releases which seem fairly overpriced (200k for a 600m2 block).
Also I have been reading on the website of one development called The Village, it is previous government land. They have said that 15% of the land will be released to people with incomes of between 40k and 80k (I am a recent uni grad so I still fit into this range) at a discounted price. But they had no further details, does anyone know much about this?
Also anyone got any advice in general? Or suggestions for good builders? I would like to spend about 350k or less, possible?
Cheers guys.
What do you know about Townsville?
Have you ever been there and had a look for yourself?
You might get a great buy, but if you don't do your homework you will have more chance of doing your money investing in a regional city (large town) that you know nothing about.
Be very careful.
Any expressed market opinion is my own and is not to be taken as financial advice
Have you ever been there and had a look for yourself?
You might get a great buy, but if you don't do your homework you will have more chance of doing your money investing in a regional city (large town) that you know nothing about.
Be very careful.
Rather good advice Mr Fraser.
I am assuming your are rather young and with that comes inexperience and also thinking we know more than we really do. Why would you want to buy is behond me , it is the stinking hot arse end of australia . You might get a new or better job or offer in another year in another state , so why go and buy there. Just rent where you will be working for now, save your money , relax mortgage free and get a feel for the place. You have shown you are a bit young and dumb by wanting to jump into some place with all ideas and guns ablazing. While we do sort of like your attitude you need to take a few steps back , relax and have a good look around you. There is no rush for you to buy property and interest rates will be dropping further from here . You need to look and learn before you leap son , thats probably the best advice you should take for now.
Thanks for the advice. I agree that there is the risk of a falling property market, but no one can know what is going to happen. The main reason I am thinking of buying is that I work for the ADF and they have several schemes to provide assistance to people purchasing a house. Along with the other benefits from the government this adds up to around $30k initially and around $5k per year, as well as the fact that QLD doesn't charge stamp duty to first home buyers.
My theory is that if there is a property crash my losses will be largely mitigated by these benefits and also my next property purchase will be at a discount.
Peter, I don't know anything about Townsville and have never been there, but obviously I will be doing a lot more research and will have lived there for a few months before I buy.
Ted, Yes I am rather young. The reason for buying in Townsville is due to the fact I am moving there and can only access these benefits if I am living in the house. I will be putting down at least 20% and the mortgage will only be around 40% of my income. Also I have savings and shares so I will not be too exposed to one sector. I will take what you have said on board, the earliest I will be buying is around 12-15 months so I have a bit of time to think about it. Cheers.
Wisebear, good point. I am going to try and find a property that will actually make a decent rental return so if I can do that I would say it is an investment. I'm not really expecting anything in terms of capital gain so I wouldn't call it speculation.
Make sure you lowball them if and when you buy. Like tens, even hundreds of k. QLD is probably the weakest state for property.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
I am planning on making my first property investment in Townsville sometime next year when I will hopefully be moving there for work. I am planning on either building a pair of 2 br Duplexes or maybe a 3 br house. Or maybe buying if I find the right property.
It looks like property prices are already down a lot in Townsville but there seem to be heaps of new land releases which seem fairly overpriced (200k for a 600m2 block).
Also I have been reading on the website of one development called The Village, it is previous government land. They have said that 15% of the land will be released to people with incomes of between 40k and 80k (I am a recent uni grad so I still fit into this range) at a discounted price. But they had no further details, does anyone know much about this?
Also anyone got any advice in general? Or suggestions for good builders? I would like to spend about 350k or less, possible?
Cheers guys.
The area you are discussing is basically mud flats in an old industrial area beside the railway line, to boot, it is full of midgees and mozzies.
I know the area reasonable well from having lived in Townsville for a while... it is surrounded by other suburbs that have not got the greatest of demographic.
Personally, i would avoid the area... unless they have spent many $$$$ turning that riverside area into a fantastic parkland (even then, get the soil tested for heavy metals).
I'll be in the area in the next month or two so might drive past to see how it's changed.
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