Brisbane house prices going crazy -now 20% per annum
- Thread starter Nth Brisbanite
- Start date
you don't know how many people want to buy land in this area...chinese people will pay cash for land in eight mile plains $400k but there's just no land available at all so it's no surprise that calamvale prices have been pushed up so much.
that's why woodridge is so cheap! if it wasn't such a $%^& it will be worth so much more...it's right next to kuraby and I believe land in kuraby is more valuable than calamvale.
but for $370k i'd be looking at the land estate in runcorn on Persse Rd, if there's even any land left. there's also some land available soon on the corner of underwood and logan rd. But this whole area "dragon's back" is worth a median price of $550k because the location is brilliant.
I believe $370k is a bit overpriced...maybe not if they built those macmansions there like in the Stretton estate though.
so glad i got a block in kuraby for $155k. I would never sell it.
5.5% is a good yield for residential property but in the big scheme of investment possibilities it is pretty poor (7.1% at Bank of Queensland at the moment - risk free). No CG at the bank of course.
I know (knew) Redbank Plains well so that is why I am so surprised - it is a good 15 mins to Goodna station and then you 'might' get a park. No local public transport. Regarding Springfield Lakes - yes - I think you are right, that may make a difference. Things might be changing! I will admit that.
Regarding SE QLD suggestions, I wouldn't buy anywhere for the moment. I am a temporary bear ... When I compare incomes for SE QLD (particularly areas like Redbank Plains) against house prices I am absolutely floored. I wonder where the money is coming from? Might it be interstate 'investors' ?
I've just received some great news. 
A property I bought in Zillmere for $280,000 at the end of the last boom in December 2003 has just been given a bank valuation of $440,000. Some valuers have become very conservative lately so I'm very happy with the result. I now have plenty more equity which can be used for further purchases.
The house is very average. Zillmere is 12 kms north of the CBD. It is still known as a working class suburb with many housing commission type homes.
Brisbane and its surrounds is certainly in the middle of a boom. The recent interest rate increases is not going to slow down the growth that much. I'm going to keep buying because I think that you'd be crazy not to.
A property I bought in Zillmere for $280,000 at the end of the last boom in December 2003 has just been given a bank valuation of $440,000. Some valuers have become very conservative lately so I'm very happy with the result. I now have plenty more equity which can be used for further purchases.The house is very average. Zillmere is 12 kms north of the CBD. It is still known as a working class suburb with many housing commission type homes.
Brisbane and its surrounds is certainly in the middle of a boom. The recent interest rate increases is not going to slow down the growth that much. I'm going to keep buying because I think that you'd be crazy not to.
I share the enthusiasm of this thread and will benefit from future growth in N Brisbane. Also I think you can make almost any time a 'good time' to buy when you create instant equity through such things as skilled purchasing, renovations and developments and so on.
Residex House Price data for Brisbane has the last 12 months till the present showing 18.5% growth for Brisbane, so the 20% figure mentioned in this thread is not without basis. I would be interested in standard deviation figures for house CG growth which I can't find on the residex site.
Who knows what will happen in the future? Yields are historically low, credit is historically very easy, rates are perhaps still a bit low, demand is high, supply is stunted, vacancies are low, comparitive value to other capitals appears fair. I would just go with longer term averages for any assumptions and work from there, I enjoy 20% growth years but wouldn't be betting on them happening too often.
Residex House Price data for Brisbane has the last 12 months till the present showing 18.5% growth for Brisbane, so the 20% figure mentioned in this thread is not without basis. I would be interested in standard deviation figures for house CG growth which I can't find on the residex site.
Who knows what will happen in the future? Yields are historically low, credit is historically very easy, rates are perhaps still a bit low, demand is high, supply is stunted, vacancies are low, comparitive value to other capitals appears fair. I would just go with longer term averages for any assumptions and work from there, I enjoy 20% growth years but wouldn't be betting on them happening too often.
I just bought (Start September) - I just hope I didn't buy when my place was at it's peak. I'm new at Investing so it's probably the case. Just means it'll take that extra big longer to make up the equity.
I bought in Annerley, so I'm hoping the constructions/improvements/expansion down the road from me (Wollongabba) will benefit me. I'm also hoping the shops around the corner from me will be demolished and made into a Newmarket style cafe/smaller shops/resturants (ie. the area near new market hotel).
I bought in Annerley, so I'm hoping the constructions/improvements/expansion down the road from me (Wollongabba) will benefit me. I'm also hoping the shops around the corner from me will be demolished and made into a Newmarket style cafe/smaller shops/resturants (ie. the area near new market hotel).
From what i'm told all the old shops from the petrol station at Annerley back to the hotel will go under the bulldozer over the next 2 years so I think the C-G is still on the upward trend in that area,plus being that close to the Hospital,and QU,and the CBD....willair..imho.
I don't think you can go wrong in Annerley, Bangers. Basically it is still generally tired and run down, but very close to the city. Which means it's a perfect candidate for urban renewal down the track.
Just had a bank valuation done on my Aspley property. Came in at $480,000. A year ago it was valued by another bank for $375,000, an increase of close to 25%.
I've just rang up an agent trying to buy land on the northern outskirts of Brisbane (eg Caboolture, Narangba, Burpengary). Hardly anything available for investors. It is very frustrating at the moment.
I've just lost a block of land because I couldn't get the finance on time. They are putting it back on the market for $20,000 more. A friend of mine also lost 2 blocks for the same reason. Developers are not willing to give extensions to finance because they know they can put them straight back on the market and sell them to people who are desperate to get blocks of land.
I'm still convinced that Brisbane house prices are going crazy.
I've just rang up an agent trying to buy land on the northern outskirts of Brisbane (eg Caboolture, Narangba, Burpengary). Hardly anything available for investors. It is very frustrating at the moment.
I've just lost a block of land because I couldn't get the finance on time. They are putting it back on the market for $20,000 more. A friend of mine also lost 2 blocks for the same reason. Developers are not willing to give extensions to finance because they know they can put them straight back on the market and sell them to people who are desperate to get blocks of land.
I'm still convinced that Brisbane house prices are going crazy.
Thats the same logic that went into my head when I decided to purchase the property, which I admit may be $10-$15k above asking price at the moment.
It's got the hospital, 5KM from the city, awesome public transport and the green bridge etc.
I must admitt I have done very well as others here. I bought two properties at Milton 18 months ago at 300K each which I thought at the time were a steal and have almost doubled my money.... and they are both dumps (I haven't renovated them).
But I don't agree that prices are going crazy for all types of property, I just bought at Spring Hill at 300K less than the asking price of 1.2m (the property was on the market at 1.5m for six months reduced again big chuncks to almost 40% initial asking price) and I'm offered very little (below 2003 valuation) for my house in Sunnybank Hills which I'm going to bite the bulllet and flog off so I can buy closer to the city where they appreciate better.
The boom is not happening everywhere.
But I don't agree that prices are going crazy for all types of property, I just bought at Spring Hill at 300K less than the asking price of 1.2m (the property was on the market at 1.5m for six months reduced again big chuncks to almost 40% initial asking price) and I'm offered very little (below 2003 valuation) for my house in Sunnybank Hills which I'm going to bite the bulllet and flog off so I can buy closer to the city where they appreciate better.
The boom is not happening everywhere.
