Bargain in Goodna

C

Cam1

3 bedroom, 2 bathroom brick house on 782 sqm that sold for $285K in 2004 sold at auction on Saturday for $250K :eek: The property is well above any flood level but, no doubt, the flood in January has adversely affected the selling price.

http://www.domain.com.au/Property/For-Sale/House/QLD/Goodna/?adid=2009060496

After carpeting the bedrooms, the house would rent for at least $300/week. What would such a property sell for in a comparable suburb of Sydney or Melbourne that has a railway station & is about 20km from the CBD?

I have regularly browsed this forum for several years but hadn't registered until I saw the selling price on this & thought I should share it with the Somersoft community. There have been several other flood free properties selling for less than they did several years ago in Goodna & surrounding suburbs.

Unfortunately, we're at the limit of our serviceability at the moment so I can't make any offers :(
 
Read that same article and did a bit of a search... yes there are certainly some bargains on the market at the moment. And I believe more in the coming 12 months.

Holly
 
Cam1 said:
Unfortunately, we're at the limit of our serviceability at the moment so I can't make any offers :(
Click to expand...

Welcome

do u mean at ur personal serviceability ( ie cant actually afford it) or the lenders / brokers you have talked with ?

We oten find tha if your personal serviceability is ok, then there is often a way to make it work

ta
rolf
 
Rolf Latham said:
do u mean at ur personal serviceability ( ie cant actually afford it) or the lenders / brokers you have talked with ?
rolf
Click to expand...

Personal serviceability. One of our rental properties flooded in January & our insurer did not cover the type of flood that occurred in the area. Also, because of the type of flood, the landlord insurance did not cover the $8000+ in lost rent since. :( We no longer insure our properties with this company.

I hope that such value is still around when we can afford it. However, the following infrastructure improvements & facilities in the area will probably have been completed by then:

1) Ipswich Motorway upgrade between Dinmore & Goodna

http://www.tmr.qld.gov.au/dinmore2goodna

2) A new small shopping centre in Redbank

http://www.qt.com.au/story/2011/06/10/shopping-centre-redbank-brisbane-rd/

3) New cyclist & pedestrian facilities - funded by the federal government as part of the motorway upgrade.

http://www.tmr.qld.gov.au/~/media/ec8986b9-b852-4be3-9c3c-279111ec8e29/01325d2gcyclepedestrianlr.pdf

4) Goodna Creek Bikeway (stage 2). Further stages will extend it to Redbank Plains Reserve

http://www.ipswich.qld.gov.au/about_council/media/view_release/?action=viewMediaRelease&id=3061

http://www.tmr.qld.gov.au/~/media/3741dab0-ec64-42d1-a4ca-fd6723ae8bf0/ipswich_goodna.pdf
 
Bargains aren't always good buys... If it's cheap maybe it is because nobody wants it... If nobody wants it now, why will people want it in 10 years?

If there's a valid reason behind that question then sounds okay... If it's just a 'bargain' then probably nothing to get excited about at all.
 
It would probably rent for $260-$270 per week in it's current condition.

I wouldn't be selling such a property at auction in the current market. If it was advertised for sale at $200K, it would sell quickly - unless there is termite or some other damage.

Vacant blocks of half the size in the area sell for more.
 
Ive had a good long chat with suncorp. You can go online and get a quote depending on the position for flood insurance. Some houses are regular price, some I was told might go as high as $8k for insurance.
 
R377 said:
Ive had a good long chat with suncorp. You can go online and get a quote depending on the position for flood insurance. Some houses are regular price, some I was told might go as high as $8k for insurance.
Click to expand...

$859.32 - Full Landlord Insurance in Redbank Plains through CGU. Happy days!
 
wylie said:
I wonder why it went so cheap?
Click to expand...

I'm not sure either. On the surface, it looks like a great deal. The site is not subject to flooding, however there is an overland flow path that runs through the adjoining lots. Perhaps during heavy rainfall, the site is subject to overland flow.
 
I personally think the word “bargain” is over used. They are actually rare.
If you buy a property and you think it is a bargain, why did no one else buy it?

Like it or not, at the time of the purchase you were the only buyer prepared to buy the property at that price.

After all, a property’s value is only what a buyer is prepared to pay.
 
Jake Milne said:
Bargains aren't always good buys... If it's cheap maybe it is because nobody wants it... If nobody wants it now, why will people want it in 10 years?

If there's a valid reason behind that question then sounds okay... If it's just a 'bargain' then probably nothing to get excited about at all.
Click to expand...

I thought exactly the same thing.When you buy at these discounts look for the reason,also when you want to exit,are you going to be in the same boat :confused:
 
I spoke to the selling agent who said that the house needed a new kitchen & bathroom installed. The spa was not installed - just sitting in place. He said that the car port has been removed & there is no termite damage.

The agent said that the buyer aims to renovate & resell. The agent thought about $50 000 may be needed and the buyer expects to sell for $250 000+.
 
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