Our Brisbane purchase case study becomes even more interesting as we get closer to finding the property that meets Luke’s buying criteria ($350,000 budget; properties within or around 5 years old and cashflow neutral to positive at 70% LVR —he was buying in his self managed Superannuation fund)
But before we walk you through the part where we look at property deals in North Lakes and Rothwell (Luke’s narrowed down choices), below are the links to the rest of this ongoing series to refresh your memory:
So from a wide choices of locations at the start, Luke narrowed down his choices to North Lakes and Rothwell. Now these two locations have growth prospects in terms of projects in the pipeline—the most anticipated of which is the rail extension from Petrie to Kippa-Ring. New rail stations are planned at Mango Hill, opposite North Lakes on the other side of Anzac Avenue and Rothwell). This meant potential increase in services and facilities related to retail, commercial and community facilities.
Let’s take a look at the types of properties in North Lakes and Rothwell. While geographically close to each other, these two locations have different “feel” when it comes to the types of houses dominant here.
North Lakes is more of a family suburb type. As such, it offers facilities catering to families such as schools and shops. At $300k mark, one can get a newer property here that has 3 bedrooms; $350k for a 4-bedroom property. This estimate varies depending on the position of the property within the suburb and the size of land the property is on, the condition and features of the property.
Rothwell, on the other hand, offers more affordable housing. Because of this, the demographic here is different from North Lakes’. It’s a bit rough around the edges, to say the least.
Rothwell doesn’t have the big facilities North Lakes has but it’s proximity to the the latter enables residents to utilise those facilities of North Lakes.
North Lakes It Is
After inspecting and analysing properties in Mango Hill, North Lakes and Rothwell, Luke decided to zero in in North Lakes.
After doing another round of property inspection, Luke decided on making an offer on a 4-bedroom, 2-bathroom property in a more established part of North Lakes. This property used to be a display home so it had details you would normally see in display houses – nicer finishes, high ceilings, special features.
We’re drawing nearer to the even more exciting part of Luke’s property purchase journey—making an offer! Make sure to stay tuned as we discuss in Part 6 of this series, the specifics of this upcoming deal.