Brisbane - Anectdotal Evidence of Market Changes
- Thread starter RPI
- Start date
No. I would not buy one because whilst you can do your own HC house up, there is nothing to say how long it will take for the neighbouring houses to be renovated.
However, there is a local area called the "jewel box" that I wouldn't have touched with a barge pole 20 years ago, and it is slowly losing the HC tag, because so many houses are now being renovated.
I've always wondered why HC houses (even those privately owned) never have a tree or a bush in the yard??? They generally sit right in the middle of large blocks with nothing in the front yard except maybe a car pulled to bits
.I have noticed a few Housing commissions being sold off in a suburb 8km from cbd. One street in particular.... they normally have aluminium windows replacing the timber ones and often you will find the fibro roof replaced with colour bond roofing. Internally is still fibro. Also just a house in the middle of a decent size block with no trees, garden etc..as wylie mentioned.
How do you estimate what they are worth now ? I can always estimate a rough price perhaps within 5 - 10% accuracy as each property is unique.
We're they units?
Interested to hear how you value the Annerley unit near $290k? After going to the open home I priced it near $250k based on its size and condition. Have you had a rental appraisal?
The market is moving...but base on what others are selling you can arrive at the price...
Yes
More like 285k......$250k..really..have let me know if you can get one for that price in Annerley...even with a 1 brm you will be struggling. The agent tells me it will rent for about 300-310pw. Lets see. Forget about size and condition...the current market demand will drive prices..
Yes
More like 285k......$250k..really..have let me know if you can get one for that price in Annerley...even with a 1 brm you will be struggling. The agent tells me it will rent for about 300-310pw. Lets see. Forget about size and condition...the current market demand will drive prices..
Regarding condition, I agree in a rising market reno or non-reno'd would become negligible. Not sure about cracking to loadbearing brick walls though.
For the size I thought it was a bit deceiving the agents marketing it as 2bed when the unit above (same layout) was marketed and sold as 1bed. It?s rare to see a 2bedder less than 60sq.m and one bedders less than less than 50sq.m.. these were less than 50sq.m
That is okay....I have one in Sydney..which bought for 90K many years and it is only 50sqm...today it is worth about 380-400k.
Lets talk in 3 years and see if it matters...
Lets talk in 3 years and see if it matters...
Regarding condition, I agree in a rising market reno or non-reno'd would become negligible. Not sure about cracking to loadbearing brick walls though.
For the size I thought it was a bit deceiving the agents marketing it as 2bed when the unit above (same layout) was marketed and sold as 1bed. It?s rare to see a 2bedder less than 60sq.m and one bedders less than less than 50sq.m.. these were less than 50sq.m
Sash, I don't mean to critique your purchase so much, but I think your claim of instant equity is unrealistic and buying site unseen in favour of using a BA as flawed.
When buying a site unseen you admit to discounting the square meters and condition, so exactly how do you value a property?
A sub 50sqm unit in Annerley isn't worth $285k, in fact I don't think its worth $265k.. more like $250k. This one just went under contract, assuming for the asking price (unlikely to get in a bidding war before its first open viewing). Its larger, is mostly renovated, has cheaper bc fees, and perhaps no wall cracking like Waterton St? I'd say worth $15k more than Waterton.
When buying a site unseen you admit to discounting the square meters and condition, so exactly how do you value a property?
A sub 50sqm unit in Annerley isn't worth $285k, in fact I don't think its worth $265k.. more like $250k. This one just went under contract, assuming for the asking price (unlikely to get in a bidding war before its first open viewing). Its larger, is mostly renovated, has cheaper bc fees, and perhaps no wall cracking like Waterton St? I'd say worth $15k more than Waterton.
Couple of things you might want understand:
1. I personally looked at both the Moorooka and Annerley purchses personally. I have not been brave enought to buy sight unseen.
2. The sq meters internally for Annerley was 58 sqms and Mooroka was 80sqm. I do admit that one of the rooms in Annerley was only 2.5 by 2.9 sqm so yes it is small. I only paid 5% deposit...so if was under 50 sqm it would not have been approved for finance!
Both have reasonably healthy BC funds of over 25k and 15k. Both have 8 of less units.
Curious about the Waterton Street ...how do you know about the cracks?
1. I personally looked at both the Moorooka and Annerley purchses personally. I have not been brave enought to buy sight unseen.
2. The sq meters internally for Annerley was 58 sqms and Mooroka was 80sqm. I do admit that one of the rooms in Annerley was only 2.5 by 2.9 sqm so yes it is small. I only paid 5% deposit...so if was under 50 sqm it would not have been approved for finance!
Both have reasonably healthy BC funds of over 25k and 15k. Both have 8 of less units.
Curious about the Waterton Street ...how do you know about the cracks?
Similar threads
