As some of you may know, I have been researching the Brissy market of late and was advised at the time to hold off for a while. Can anyone advise on what the latest is in this area. $400K range, houses.
Brisbane market. How's it fairing?
- Thread starter The_Bludger
- Start date
Not much moving down this way in the $400K range from what I can see lately. In fact, the only properties that seem to be selling are in the FHB price range - hardly surprising. There seems to have been a few more auctions than usual, particularly in the upper price bracket, and some more expensive properties going for bargain prices. Again, to be expected if people have had margin calls etc.
Of the other areas where I've been looking, units in the Nundah area and surrounding suburbs (inner northside) are being advertised at about $30-50K above prices that were being asked late last year - don't know what clearance rates/prices achieved are like as I've decided against purchasing there atm.
FWIW, had lunch at Redcliffe last weekend with a group of ladies who are property investors, including 2 who are Redcliffe locals (and who own property there). Their opinion was "Properties are selling for absolutely ridiculous prices to FHBs and interstate investors who have no idea of prices." (Their words, not mine!) Their view is that prices will fall quite a lot when the FHB frenzy subsides. As I said ..... FWIW!
Cheers
Lynn
Of the other areas where I've been looking, units in the Nundah area and surrounding suburbs (inner northside) are being advertised at about $30-50K above prices that were being asked late last year - don't know what clearance rates/prices achieved are like as I've decided against purchasing there atm.
FWIW, had lunch at Redcliffe last weekend with a group of ladies who are property investors, including 2 who are Redcliffe locals (and who own property there). Their opinion was "Properties are selling for absolutely ridiculous prices to FHBs and interstate investors who have no idea of prices." (Their words, not mine!) Their view is that prices will fall quite a lot when the FHB frenzy subsides. As I said ..... FWIW!
Cheers
Lynn
Heard the same thing is happening in Deception Bay and Caboolture....very little under 260k now!
LynnH
Ridiculous prices by who's standard. To someone in Sydney, Brisbane prices are dirt cheap when you consider similar distances from the CBD..
You cannot compare Sydney distances to CBD to that in Brisbane and say that they are equivalent or are relative to each other. The main reason for this is population and density differences. You see Sydney has around 4 times the population therefor 10km would equate to 40km in Sydney.
Of cause I am making a very genaralised comment to illustrate a point. I am not sure if this theory has been floated before however, it is a personal view I have held for some time now.
Anyway, some food for thought.
some asking prices just humor me
last week few houses popped up with asking prices of 420-430k (that's for 2 bdrm which is not sub dividable)
there's plenty of 3bdrms places of much better quality around for under 400k so i don't know what the agent is hoping for
this is example:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=32001542&s=qld&snf=rbs&tm=1234994061
last week few houses popped up with asking prices of 420-430k (that's for 2 bdrm which is not sub dividable)
there's plenty of 3bdrms places of much better quality around for under 400k so i don't know what the agent is hoping for
this is example:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=32001542&s=qld&snf=rbs&tm=1234994061
Your example is a 700+ M2 block with a house for $430k
Compared to a vacant 400m2+ blocks in the area with no house for similar money, it almost looks like a good deal
http://www.realestate.com.au/cgi-bi...r=&cc=&c=25016425&s=qld&snf=rbs&tm=1234998117
http://www.realestate.com.au/cgi-bi...r=&cc=&c=25016425&s=qld&snf=rbs&tm=1234998117
Dave
Investor888
Whose standard? The 'standards' of two long-term investors who live - and invest - in the area. The two ladies concerned have both bought properties in the Redcliffe area in the latter half of last year.
Strannik,
It sounds like vendor expectations to me!
That sort of thing seems to be quite prevalent down this way of late, too.Cheers
LynnH
I think Broadwater Road is a fairly busy road so I probably wouldnt bother with that price for Mt Gravatt East. But I wouldnt go so far as to say the price is massively unreasonable - just that it should be possible to find deals slightly better.
WOW. thats some high expectations on price. Mate of mine recently bought (a month or so ago) on same street a couple of blocks closer to logan road. House is comparable but mates place is on LMR zoned land and he paid circa 360k. house 2 doors down from him also sold around that mark.
From what I have seen (I jump on RE.com daily - gotta get out of the habit), there is quite a bit of stock around.
Zillmere seems to be moving a little at the lower end but then again 12 mths ago you couldnt buy in there for under 400k. Now lots of places are going for 350k and even less.
Wynnum, Tingalpa there seems to be quite a bit of stock around but prices seem to be fairly stable, perhaps they have come back a little in the past 12 mths.
Zillmere seems to be moving a little at the lower end but then again 12 mths ago you couldnt buy in there for under 400k. Now lots of places are going for 350k and even less.
Wynnum, Tingalpa there seems to be quite a bit of stock around but prices seem to be fairly stable, perhaps they have come back a little in the past 12 mths.
Zillmere
So would you recommend buying in Zillmere - I mean if it's lost $50K in a year is this a sign of the "Correction" that i've heard people talking about? Will it get worse for Brisbane?
I am thinking of buying together with my sister as an investment with the aim of using any potential equity to allow us to then buy our own homes each...but if we are looking at getting into negative equity there's no chance we'll be able to borrow against the IP to purchase PPORs in 3-4 years...
any advice?
So would you recommend buying in Zillmere - I mean if it's lost $50K in a year is this a sign of the "Correction" that i've heard people talking about? Will it get worse for Brisbane?
I am thinking of buying together with my sister as an investment with the aim of using any potential equity to allow us to then buy our own homes each...but if we are looking at getting into negative equity there's no chance we'll be able to borrow against the IP to purchase PPORs in 3-4 years...
any advice?
You are comparing different ends of suburb. The block you pointing to is probably around 3-4 km closer to the city than the house i showed. Plus the house is on a main road which connects logan road with mount gravatt-capalaba rd and gateway mwy.
second block is more like it, but again - they are dreaming
if you see the only block which is under contract right now, you will see what the price of them is
this block for example has been on the market for at least half a year, possibly more:
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=56427429&s=qld&tm=1235040765
it already had couple of price cuts.
now if you compare that house for 430 with this house for 390 which is couple of blocks away and has 600 odd sqm of land:
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=22264034&s=qld&tm=1235041041
you can see that those guys are dreaming
i've been watching the area quite closely for a while now, as i plan to buy PPOR in this area. that house popped up last week along with the other house with such unexplained price. maybe the agents count on FHOBs to buy it at any price.
i would understand it if it was sub dividable, but as far as i know you need at least 810 sqm in this area to be able to do that.
and yet why is it the places I want to buy are still exxy?
redcliffe area is bad i.e nth lakes and surrounds...nothing is moving and absolutely loads of houses for sale. A house that cost $550k to build ended up selling for $450k...a massive achitecturally designed house on a big block. They got such a bargain.
yet there's like 2 pages of townhouses in runcorn and surrounds excluding woodridge under $350k. Rental here is such high demand that unfurnished t/h are renting for $370 and furnished at $450 p/w....I was hoping to pick up a bargain 3br t/h at about $270, furnish it and have + cashflow. Not a chance.
Also hoping to pick up a bargain 5br mini mansion in Kuraby, 8 Mile Plains area for under $600k....max 3yrs old. Not a chance either..still quite a few at $700k+ to over $1mil. There's never anything good to buy in this area!
redcliffe area is bad i.e nth lakes and surrounds...nothing is moving and absolutely loads of houses for sale. A house that cost $550k to build ended up selling for $450k...a massive achitecturally designed house on a big block. They got such a bargain.
yet there's like 2 pages of townhouses in runcorn and surrounds excluding woodridge under $350k. Rental here is such high demand that unfurnished t/h are renting for $370 and furnished at $450 p/w....I was hoping to pick up a bargain 3br t/h at about $270, furnish it and have + cashflow. Not a chance.
Also hoping to pick up a bargain 5br mini mansion in Kuraby, 8 Mile Plains area for under $600k....max 3yrs old. Not a chance either..still quite a few at $700k+ to over $1mil. There's never anything good to buy in this area!
I own property in Zillmere and don't think that it has gone down that much, if at all. There may be a "correction" in some of the expensive suburbs but it's not happening in the cheaper or middle suburbs.
Hey sue, we're in the same stomping ground, I'm looking at the runcorn area as well and doing the same thing, i.e. seeking CF+ townhouses
My sister recently got a 3br townhouse in calamvale, $290K renting for $350. Runcorn is not too far away so I'm hoping for something similiar or better.
