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I actively sell in both of these suburbs.
Both are great suburbs, I would say that Norman Park is probably a more tightly held suburb, with Morningside having a larger number of units, and also a higher number of approvals currently underway or in the pipeline.
Morningside has done really well recently has buyers are priced out of the Bulimba, Balmoral and Hawthorne markets. There really are 3 specific areas of Morningside and we find that prices vary quite substantially depending on where the property is located in the suburb and what type of stock it is. We are seeing prices really accelerate in Cannon Hill which is classed as "the next ring out" from Morningside which all speculation aside should lead to continued price growth in Morningside. There are always tenants looking to rent in Morningside, as it is an established rental market with the large number of units, however there is also more stock for them to choose from which may affect the rental yields, in particular in a softer rental market.
Norman park is also divided into several different areas, although there is probably less price differentiation across the suburb. There would be more townhouse stock than unit stock from a multi unit dwelling point of view, with the high end house sales in Norman Park typically consistantly outperforming high end Morningside sale prices, with a higher number of prestige property sales. There is a large amount of competition for entry level houses in both suburbs, but less competition from a rental point of view in Norman Park.
It really does depend on what you are looking for in your property purchase. Are you looking for a standalone house with good capital gains, or looking for something that you can potentially build units or townhouses on in the future. We are finding that anything with development potential is selling for high prices at present to developers who are looking to purchase and build immediately, which is meaning that the holding income for properties that are bought for future development aren't making sense for those buyers that need a decent holding income for their investment strategy. Houses bought for capital growth as a stand alone home are seeing strong competition from first home owners, however may show a better yield for those looking for or needing a larger holding income.
In a nutshell though, both suburbs are performing well, and it really comes down to how individual properties in those areas suit your investment needs.
My 2 cents worth!
Thank u so much for your detailed response
I was looking for stand alone house as an ip with good capital growth
If it was on a large block with development potential, even better, but i suppose it would depend on the price and yield
With Norman Park and Morningside
1. which type of property rents best . i.e. house, townhouse
2. how many bedrooms and bathrooms and car spaces is most popular i.e. 3/2/1 or 4/3/2 for eg
3. any special internal and external features proving essential for tenants
egbackyards, study room etc
4.differnce in avg prices and current rental yields for the two areas
I was also considering Moorooka as a second ip option
just your thoughts on that also
many thanks in advance
Moorooka is significantly different in many ways than Norman Park and morningside, and if these two are too expensive I'd look at their neighbouring suburbs as they have similar look n feel and demographics.
Thank u so much for your detailed response
I was looking for stand alone house as an ip with good capital growth
If it was on a large block with development potential, even better, but i suppose it would depend on the price and yield
With Norman Park and Morningside
1. which type of property rents best . i.e. house, townhouse
2. how many bedrooms and bathrooms and car spaces is most popular i.e. 3/2/1 or 4/3/2 for eg
3. any special internal and external features proving essential for tenants
egbackyards, study room etc
4.differnce in avg prices and current rental yields for the two areas
I was also considering Moorooka as a second ip option
just your thoughts on that also
many thanks in advance
thanks.
i was considering moorooka as a second ip in addition to possibly norman park
do u think it has good capital growth potential in % compared to norman park?
thanks
thanks ryan
what r these properties roughly going for in the 2 suburbs assuming 600sq metres
Mid to high 6's on a 400ish block for a presentable home is good buying for Norman Park, 600's will push into the mid to high 7's easily for a good spot. Main road properties will sell for a little less.
http://www.realestate.com.au/property-house-qld-norman+park-117529195
http://www.realestate.com.au/property-house-qld-norman+park-117334911
Morningside can be had a little cheaper, look at cannon hill for better value. I sold a presentable house in a cracking street for just over 600 on a 607 m2 block for a 3 bed 1 bath in immaculate original condition.
http://www.realestate.com.au/property-house-qld-cannon+hill-117936291
I can take this post down if anyone sees it as self promotion, I just wanted to use examples of properties from the area that have sold!!!