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Thread: 10 acres... 30k?

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    God/dess Lysondra's Avatar
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    Default 10 acres... 30k?

    I sw an offer for 10 acres of land in an area I think will start to build up quickly in ten years. Of course this means I'll be sitting on land and fees for ten years.

    It's in between Gatton and Brisbane, closer to Brisbane, for you Aussies.

    It's thirty grand, not farming quality and only one (main) road goes to it as of now.

    What am I not thinking of? Is this a bad idea? What might I be missing?

    ????


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  2. #2
    mermaidnz
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    Default Re: 10 acres... 30k?

    gatton? lol where on earth is that?!

    does it have a dwelling on it? its hard to get a loan for porperty without somehting on it (i think,heard that somewhere)

    if you spend another $30k for a relocatable home to stick on it- presuminig at already has sewerage/water etc connections, then rent it out to someone super cheap in return for them to care for the land or somehting?

    is it flat or hilly? have you considered getting a soil sample anyways- it might be ok for animals?

    dont forget the ever important LIM report too

    as for what will happen in 10 years with brisbane greater area property, no opne can really say.

    but a 30k investment doesnt sound like too much of a loss?

  3. #3
    aussiepunkshocker
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    Default Re: 10 acres... 30k?

    I dont know alot about this but a friend of mine bought land once without looking at it and thinking that shed researched everything she neededto know about it. it turned out to be the size she expected but on the side of a VERY steep hill.

    Im guessing drought could be a problem though I dont know wherethe fuck Gaton is and the fact that it could be in an area where no one else may ever want to set foot. Can you build on the land, are you allowed to live there, is it on top of a toxic dump, how far away is it from hospitals, and general civilisation -can you drive there and back on a tank of fuel, can you buy petrol, how easy is it to get water etc, if the lands no good for farming, why is that, how does that effect the bigger picture. Whats the road like getting there, will council upkeep it or will they let it go turn to rubble like has been known to happen elsewhere? Umm, thats all I can think of... with any luck though you could be onto something good (-:

    I googled gatton - 90 ks from Brisbane sounds ok.

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    God/dess scarlett_vancouver's Avatar
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    Default Re: 10 acres... 30k?

    If you've seen it, and there's nothing ridiculous with the topography like Aussie mentioned...no landfill or nuclear dump site underneath...not an ancient burial ground or something...

    I'd totally go for it. 30k for 10 acres is a good deal even if it was in buttfuck nowhere.

    A good test question for you is whether you'll be staisfied with the purchase if it does not perform as you're expecting. Like, could you happily build a home on it and live there? Or will it be a waste if you can't subdivide in 10 years?

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  5. #5
    BrunetteGoddess
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    Default Re: 10 acres... 30k?

    I agree. It's a GREAT deal.

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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    Gatton is in between Toowoomba and Brisbane. So it's 1/4th the way to Toowoomba, at most.


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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    Quote Originally Posted by scarlett_vancouver View Post
    If you've seen it, and there's nothing ridiculous with the topography like Aussie mentioned...no landfill or nuclear dump site underneath...not an ancient burial ground or something...

    I'd totally go for it. 30k for 10 acres is a good deal even if it was in buttfuck nowhere.

    A good test question for you is whether you'll be staisfied with the purchase if it does not perform as you're expecting. Like, could you happily build a home on it and live there? Or will it be a waste if you can't subdivide in 10 years?
    I, personally, couldn't live there... but my mother in law said she'd LOVE to retire to this piece of land as it seems perfect for that type of home-buying... I was thinking of saving up to start building retirement-type homes on it.


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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    Quote Originally Posted by aussiepunkshocker View Post
    I dont know alot about this but a friend of mine bought land once without looking at it and thinking that shed researched everything she neededto know about it. it turned out to be the size she expected but on the side of a VERY steep hill.

    Im guessing drought could be a problem though I dont know wherethe fuck Gaton is and the fact that it could be in an area where no one else may ever want to set foot. Can you build on the land, are you allowed to live there, is it on top of a toxic dump, how far away is it from hospitals, and general civilisation -can you drive there and back on a tank of fuel, can you buy petrol, how easy is it to get water etc, if the lands no good for farming, why is that, how does that effect the bigger picture. Whats the road like getting there, will council upkeep it or will they let it go turn to rubble like has been known to happen elsewhere? Umm, thats all I can think of... with any luck though you could be onto something good (-:

    I googled gatton - 90 ks from Brisbane sounds ok.
    Oh fucks fuck... I think I was thinking of somewhere else... there's another town in between Toowoomba and Brisbane.... it's closer than that.. like 20kms away.


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    Default Re: 10 acres... 30k?

    there is a UQ campus at Gatton. it's still west, and still probably suffering very badly with the drought.

    any good solicitor would do all the relevant searches for you anyway, so you can always pull out if it turns out to be a dog.

    i just wonder what someone would do with 10 acres between Gatton and Brisbane....
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    God/dess GoldCoastGirl's Avatar
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    Default Re: 10 acres... 30k?

    The only problem with buying land as an investment is there is no income, and therefore you cannot claim any of the holding costs as a tax deduction.


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  11. #11
    aussiepunkshocker
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    Default Re: 10 acres... 30k?

    Sounds like a really good idea. Of course it depends on zoneing etc.
    People I used to know bought cheap arsed land in Northern NSW which was just for farming. The zoning changed and they were able to subdivide into $250,000 lots 10 years later. I like to think this can still happen!
    My mum used to work in real eastate here when beachfront blocks in Surfers Paradise were being sold for 200 pounds, lol.

    Quote Originally Posted by lilithmorrigan View Post
    I, personally, couldn't live there... but my mother in law said she'd LOVE to retire to this piece of land as it seems perfect for that type of home-buying... I was thinking of saving up to start building retirement-type homes on it.

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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    It IS gatton I was thinking of.. but it's closer to brisbane along that highway... actually 35km or so away.

    And it IS suffering form the drought pretty bad. That's why it's not farming grade. Its not a dust bowl of land by any means, but it is pretty dry. It's got grass and a random cow walked by when I looked at it... so it's LIVABLE.. just.. kinda drought-y. Which I hope would have changed in ten years.


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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    Quote Originally Posted by GoldCoastGirl View Post
    The only problem with buying land as an investment is there is no income, and therefore you cannot claim any of the holding costs as a tax deduction.
    ..why would I want to? It's not THAT much money and I'm pretty much just planning on sitting on the land anyway and probably selling the rents an acre or two for much more when they plan on retiring so it already covers my costs in the future.

    The risk of losing a 'tax deduction' is far outweighed by the benefits of this property value increasing steadily over the coming years.


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    Default Re: 10 acres... 30k?

    Quote Originally Posted by GoldCoastGirl View Post
    The only problem with buying land as an investment is there is no income, and therefore you cannot claim any of the holding costs as a tax deduction.
    You can't claim the costs (rates, insurance, spraying & mowing) as you incur them...but you can claim them against the profit you make when you eventually sell the land.

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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    That all being said... does anyone think I'd have a better chance at being a citizen if I owned Aussie land? Does a person get points for that?


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  16. #16
    aussiepunkshocker
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    Default Re: 10 acres... 30k?

    ^^^I hope so! Its worrying really, I wonder sometimes just how bad things can or will get.
    I love the random cow walking by though :-D

  17. #17
    aussiepunkshocker
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    Default Re: 10 acres... 30k?

    I have no idea if this would help your citizenship but Im guessing it wont make any difference at all. it might if you had millions of $. (Based on various news items I remember hearing in the past.)
    Last edited by aussiepunkshocker; 04-20-2007 at 10:43 PM. Reason: to add.

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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    ^They have plans to build dams in that area in the next ten years... so if I make a gamble, it could really really pay off.

    And like mermaid said 30k isn't a huge loss in the long run when it comes to investments. What is that, 1/2 of what I make in a year?!

    Even so, the Gatton and Ipswich area are both expanding in that direction so it could be valuable.

    I just really wanted to know if I was forgetting anything - but Naut reminded me I could always get myself a good solicitor to hash out the details.

    The cow was effing cute. Belonged to a neighbour who actually had farm quality land.


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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    Quote Originally Posted by aussiepunkshocker View Post
    I have no idea if this would help your citizenship but Im guessing it wont make any difference at all. it might if you had millions of $.
    500k and you can stay in the country under a certain visa... so yes... :/

    Basically if you have enough $$, Australia goes "SPEND IT HERE!" so you can stay.

    And hey, maybe this'll earn me 500k.


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  20. #20
    Yekhefah
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    Default Re: 10 acres... 30k?

    Australia's drought problems are only going to get worse, not better. And you might not have the legal right to purchase that land; certain properties can only go to citizens or permanent residents. Check with your immigration lawyer and a real estate lawyer (yes, BOTH separate people). Also look into how the land may legally be used and don't count on that changing in the future.

    If it's usable for what you want to do with it, and you have the right to own it, then sure. Real estate is a great investment. But you'd probably be better off buying a home and building equity while you live there, rather than renting from someone else and putting your money into a questionable area where you wouldn't want to live.

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    God/dess GoldCoastGirl's Avatar
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    Default Re: 10 acres... 30k?

    I'm seriously thinking of investing in Darwin this year. After my last trip there and seeing all the construction etc .. and i now KNOW the place.. as in which neighbourhoods are 'bad' at the moment and so forth... so when a house in MOIL is for sale.. i actually know where that is in relation to everything.. yeah.. well.. we'll see... i could live up there for a year and then move back to the coast here.

    there's some sort of loophole there in re property investment (or i think it is more about the capital gains tax) where i can live in it for a year and then rent it out for six years and in the seventh live in the place again for a year or something.

    just thinking out loud. ignore me.

    i say go for it. 30k is not that much. Would you buy it all with cash or have to get a loan for the cash? If you had to get a loan... well.. you had troubles with getting a loan for your boobs... it might just not meant to be until you can qualify for loans etc. ???


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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    ^ The people selling the land will take a 3k deposit and payments over the course of 3 years, which I can more than handle.


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    God/dess Lysondra's Avatar
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    Default Re: 10 acres... 30k?

    Quote Originally Posted by Yekhefah View Post
    Australia's drought problems are only going to get worse, not better. And you might not have the legal right to purchase that land; certain properties can only go to citizens or permanent residents. Check with your immigration lawyer and a real estate lawyer (yes, BOTH separate people). Also look into how the land may legally be used and don't count on that changing in the future.

    If it's usable for what you want to do with it, and you have the right to own it, then sure. Real estate is a great investment. But you'd probably be better off buying a home and building equity while you live there, rather than renting from someone else and putting your money into a questionable area where you wouldn't want to live.
    Thing is, I wouldn't... but I know people that would. Michael's parents have strongly hinted that they'd buy a house there if one was built for them because they love the land and area.

    BUT, like you said.. the drought. There's plans for that area.. but there's been plans for Brisbane for HOW LONG now? That's pretty much my main concern.

    I'll have to check about my rights to purchase the land. It would be sad if I couldn't just because I'm not a citizen.. I fucking love this country MORE than most of the yabbos here!


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  24. #24
    aussiepunkshocker
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    Default Re: 10 acres... 30k?

    Exellent! I didnt realise it was only $500k.

    You could look into land regeneration anyway if you were really keen. Steve Irwin did it, other people too. Theres a companies that sell volcanic rock dust which is chock full of nutrients umm well lets not get off track, lol.


    Quote Originally Posted by lilithmorrigan View Post
    500k and you can stay in the country under a certain visa... so yes... :/

    Basically if you have enough $$, Australia goes "SPEND IT HERE!" so you can stay.

    And hey, maybe this'll earn me 500k.

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    God/dess Nautilus's Avatar
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    Default Re: 10 acres... 30k?

    have a look at FIRB for requirements for foreigners purchasing property.
    http://www.firb.gov.au/content/faq.asp you would have to go through FIRB if you are not on the right visa/citizen.

    there is more than one way to skin a cat in this regard, it depends on who you know and what they will do for you. i heard of a dude who got his citizen friend to buy the house for him to avoid FIRB complications... highly, highly dodgy if you get caught, but it can be done.

    it sounds to me like the owners want out pretty badly to space the payments over 3 years, given the current property climate. if you're serious, get all your searches done before you commit to the contract.

    it will cost you a few hundred to get the searches you need but at least then you will know:

    1) zoning
    2) flood history (ironic i know, but you don't wanna be on a flood plain)
    3) road plans
    4) dam plans (which may go right through your joint)
    5) power and so very much more.

    be wary, is all i'm saying. there are some desperate folks in the west because of climate.
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