North Lakes Again – Thinking Outside the Square
Regarding North Lakes in Brisbane’s Northern Corridor, a listener wants to know if I have reviewed my decision to no longer build at this estate.
This is a very timely question.
We stopped building in North Lakes because, as a huge success, the estate is nearing completion. Demand is exceeding supply and land prices are going through the roof with $300k for a 400m2 lot.
What’s changed?
My research has shown that the optimum residential investment property is a 5-bed or 4-bed plus utility room on a 450m2 lot.
A smaller lot would cost about $250k. This beautiful 5-bed home of 240m2 will cost $364k to build; a total of about $614k.
The rent valuation is for between $580 and $620 per week. As my figures are always conservative we have used $580 per week in our cash flow.
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The Layout
There is a formal entry with large front door opening to a foyer with a feature wall warranting a large painting or photo. The ground floor has a separate laundry and toilet with vanity. A gourmet kitchen, expansive dining and living area and a separate media room both opening to an outdoors alfresco area. There is also a large storage area under the staircase.
And upstairs …
The master bedroom and ensuite stretch across the entire width of the house. The other four bedrooms are a generous size, with another bathroom and a third toilet.
Keeping the figures simple
More next week …
Steve Taylor
If you prefer to listen here is my radio interview on Emerald 4HI:
DISCLAIMER
Steve Taylor & Partners blog is opinion and not advice. Readers should seek their own professional advice on the above subject. The figures stated in this article were accurate at the time of publication. For up to date figures, please contact our office.
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