Bargain in Goodna

Discussion in 'Where to Buy' started by Cam1, 18th Jul, 2011.

  1. Cam1

    Cam1 Member

    Joined:
    16th Jul, 2011
    Messages:
    15
    Location:
    Brisbane, Queensland
    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 :(
     
  2. R377

    R377 Member

    Joined:
    23rd May, 2009
    Messages:
    186
    Location:
    Perth
  3. RenoTeam

    RenoTeam Member

    Joined:
    15th Mar, 2011
    Messages:
    89
    Location:
    Victoria, Australia
    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
     
  4. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    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
     
  5. Cam1

    Cam1 Member

    Joined:
    16th Jul, 2011
    Messages:
    15
    Location:
    Brisbane, Queensland
    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
     
  6. Cam1

    Cam1 Member

    Joined:
    16th Jul, 2011
    Messages:
    15
    Location:
    Brisbane, Queensland
  7. wylie

    wylie Member

    Joined:
    29th Apr, 2005
    Messages:
    12,682
    Media:
    238
    Location:
    Brisbane Queensland
    I know nothing about that area. What do you think it would rent for "as is". What about with the floors polished and the deck checked and painted?

    I wonder why it went so cheap?
     
  8. Jake Milne

    Jake Milne Buyer's Agent (Vic)

    Joined:
    26th Jun, 2012
    Messages:
    1,037
    Location:
    Australia
    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.
     
  9. Cam1

    Cam1 Member

    Joined:
    16th Jul, 2011
    Messages:
    15
    Location:
    Brisbane, Queensland
    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.
     
  10. JT7

    JT7 Member

    Joined:
    19th Jul, 2010
    Messages:
    355
    Location:
    Hornsby Shire, Sydney.
    I've just picked one up in Redbank Plains. Numbers stack up well and so do the underlying fundamentals.

    Jack
     
  11. R377

    R377 Member

    Joined:
    23rd May, 2009
    Messages:
    186
    Location:
    Perth
    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.
     
  12. JT7

    JT7 Member

    Joined:
    19th Jul, 2010
    Messages:
    355
    Location:
    Hornsby Shire, Sydney.
    $859.32 - Full Landlord Insurance in Redbank Plains through CGU. Happy days!
     
  13. LJW

    LJW Member

    Joined:
    2nd Mar, 2012
    Messages:
    56
    Location:
    Brisbane, QLD
    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.
     
  14. thepeoplesagent

    thepeoplesagent Agent from the stars

    Joined:
    11th Oct, 2012
    Messages:
    213
    Location:
    Sydney, NSW
    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.
     
  15. jim1964

    jim1964 Part Time Sheep Farmer

    Joined:
    30th Jul, 2012
    Messages:
    1,548
    Media:
    5
    Location:
    South Oz
    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:
     
  16. Cam1

    Cam1 Member

    Joined:
    16th Jul, 2011
    Messages:
    15
    Location:
    Brisbane, Queensland
    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+.