brisbane market
- Thread starter mogul
- Start date
Rents have and are still going up.....long term always will be, same with the prices!
Is it too late to buy? well that all depends on your chosen stategy/s.
Whats your strategy?
Brissie market is freaking me out a little ... I was planning on buying another IP here in about six months - I like to buy locally 
- but I'm getting the same creepy out-of-control feeling I got back in 2002/3 when prices went berserk ... that it's all about to flatten out ...
eg, had my house (PPOR) valued at $340K in July - this was reasonable and in line with the market, probably a $40K increase from January. In the last week I have seen several similar places on the market locally for $430K. That's taking it too far ...
Guess what I'm saying is do your DD.
And watch out for REAs. Another house around the corner from me sold for just under $400K about six months ago - it should have sold for $320K, or less - the REAs were really stunned that it sold - they knew the price was over the top - they sold it to someone out of state who didn't know the real value. Now, it might be worth $400K. Maybe.
DJ
- but I'm getting the same creepy out-of-control feeling I got back in 2002/3 when prices went berserk ... that it's all about to flatten out ...eg, had my house (PPOR) valued at $340K in July - this was reasonable and in line with the market, probably a $40K increase from January. In the last week I have seen several similar places on the market locally for $430K. That's taking it too far ...
Guess what I'm saying is do your DD.
And watch out for REAs. Another house around the corner from me sold for just under $400K about six months ago - it should have sold for $320K, or less - the REAs were really stunned that it sold - they knew the price was over the top - they sold it to someone out of state who didn't know the real value. Now, it might be worth $400K. Maybe.
DJ
Debt Junkie.
If it sold for $400k, what was it originally listed for if it was only worth $320. Also what area was it in.
I have found that rent rose quickly at the beggining of the year and as properties are coming off leases they will be raised, i think an average of 30-40 is from what i am hearing , normally from clients complaining about increased rent.
I'm waiting to sell, just waiting for construction to finish, the difficult thing is it will make land hard to find because of the prices.
If it sold for $400k, what was it originally listed for if it was only worth $320. Also what area was it in.
I have found that rent rose quickly at the beggining of the year and as properties are coming off leases they will be raised, i think an average of 30-40 is from what i am hearing , normally from clients complaining about increased rent.
I'm waiting to sell, just waiting for construction to finish, the difficult thing is it will make land hard to find because of the prices.
i look to buy and hold but id like to get a place with some good cg and yield. am also looking to be qiute aggressive so am thinking of purchasing about 3 properties.possibly near cabolture area. just dont want to do it and find out ive goota hold for the next ten years before i see any gains
It was listed for $412K, they dropped it to $398K after several months and sold at asking price. (I hope not to anyone on this forum). Suburb of Jamboree Heights (buses, no train) - one street back from the main road. It was a miniscule (and yes, I'd been in it) three bedroom lowset house on a small block, overlooked on all sides. Nice interior, but if that was the reason for the high price then then had overcapitalised ... I think one bathroom.
That's the thing - I think the owner was trying it on and attempting to get some interstate interest - none of the locals were interested because we all knew it was overpriced (including the REAs) - at that time you could buy a two level, two carport, three bed up, two bath, granny flat downstairs with a swimming pool for that sort of price, in a quieter street. Not anymore, though ...
DJ
its getting to the stage that it's very difficult to price property as an agent...prices have been moving so quickly that the old rules of looking back through 6 months of local sales doesn't apply...many agents (including us) are taking property to the market without prices and getting astonishing results.
good for the sellers and our profiles, bad for those trying to get into the market though
good for the sellers and our profiles, bad for those trying to get into the market though
Any figures UC? Always enjoy the on the ground feedback from agents.
I'm certainly not noticing any price drops, the sub 300k house market seems to be vanishing here if not already gone in N Bris.
Have been impressed with what new unit stocks seems to be selling for, it doesn't make sense to me that people would pay that instead of heading a few k further out and getting a daggy house on a chunk of land, but I guess a lot of people are prepared to pay a large 'shiny' and 'latte' premium.
Our Mt Gravatt office has recently recorded 53 people thru an open home. Also has had properties sell with 6 contracts taken to the owner. Another one sold for $55,000 above list price.
Similar stories from our Go Gecko Grange office and Boondall has just made 16 sales in just their 3rd month since opening. Most of those sales had multiple offers.
I just sold a Qldr in Banyo last night at full price of $550k in just over 1 week. As a local and former Banyo High student, to think a property could sell for over 500k in Banyo is just astounding. Never thought I'd see the day.
Kev
www.gogecko.com.au
Similar stories from our Go Gecko Grange office and Boondall has just made 16 sales in just their 3rd month since opening. Most of those sales had multiple offers.
I just sold a Qldr in Banyo last night at full price of $550k in just over 1 week. As a local and former Banyo High student, to think a property could sell for over 500k in Banyo is just astounding. Never thought I'd see the day.
Kev
www.gogecko.com.au
Good to see there are some REAs on here...
I've just received the first set of books to become an REA...can't wait!!! All the background info...
I've just received the first set of books to become an REA...can't wait!!! All the background info...
not another bloody agent on here!!!
congrats on taking the step mate - well done...sing out if you need a hand with any of the course, some of it can be fairly confusing at times
cheers
UC
congrats on taking the step mate - well done...sing out if you need a hand with any of the course, some of it can be fairly confusing at times
cheers
UC
just for those interested...
talking to some developer contacts today - Warner lakes land prices have cracked the 250k mark with a sale of what was described to me as a block in the low part of the estate (read crap block by the builders out there)...things are pumping along very nicely thanks very much!!!
On the top end of the market - we just listed a 900k+ job in bridgeman downs, first open today and got hammered with buyers looking at it - awesome response...
on the lower end, one of our other guys picked up a house in bald hills - put it on the net in the early 300k's and had two cash contracts on it within the day, both purchasers sight unseen - AND had 24 groups through at todays open...
GHPC my ar$e...have several new appointments coming up this week too...seems as though some locals are getting keen on selling in the pre-Christmas period. with the activity we are seeing - might be a good idea.
cheers
UC
talking to some developer contacts today - Warner lakes land prices have cracked the 250k mark with a sale of what was described to me as a block in the low part of the estate (read crap block by the builders out there)...things are pumping along very nicely thanks very much!!!
On the top end of the market - we just listed a 900k+ job in bridgeman downs, first open today and got hammered with buyers looking at it - awesome response...
on the lower end, one of our other guys picked up a house in bald hills - put it on the net in the early 300k's and had two cash contracts on it within the day, both purchasers sight unseen - AND had 24 groups through at todays open...
GHPC my ar$e...have several new appointments coming up this week too...seems as though some locals are getting keen on selling in the pre-Christmas period. with the activity we are seeing - might be a good idea.
cheers
UC
My investment house close to BNE CBD (also a development site) has increased massively in the past 12 months. And this is without a DA on it.
I am kicking myself for not listening to myself last year. I wanted to buy another house in Brisbane, close to the CBD.
Got talked out of it by a "wealth creator manager", aka sales agent for managed funds. Sold the funds few days ago before the major dip in the market, with a small loss.
Had I bought the house in the area I was looking at, I would have another $100,000 more in equity.
Oh well, I've just learnt on my mistakes.
Lessons for me:
do not follow the advice of a commission based financial planner/sales agent,
listen to myself and my gut instinct,
just because the planner is attached to a "high profile" company and name, it does not mean he/she will act in my best interests,
I know of none wealthy people who got wealthy through managed funds,
most of the rich in BRW made their money through property and business,
ok, perhaps property meaning commercial property in BRW.
However, resi property is a great investment over time, provided it is in a good area.
As for me I found out I have no stomach for the stock market.
Property is the choice for me.
I am kicking myself for not listening to myself last year. I wanted to buy another house in Brisbane, close to the CBD.
Got talked out of it by a "wealth creator manager", aka sales agent for managed funds. Sold the funds few days ago before the major dip in the market, with a small loss.
Had I bought the house in the area I was looking at, I would have another $100,000 more in equity.
Oh well, I've just learnt on my mistakes.
Lessons for me:
do not follow the advice of a commission based financial planner/sales agent,
listen to myself and my gut instinct,
just because the planner is attached to a "high profile" company and name, it does not mean he/she will act in my best interests,
I know of none wealthy people who got wealthy through managed funds,
most of the rich in BRW made their money through property and business,
ok, perhaps property meaning commercial property in BRW.
However, resi property is a great investment over time, provided it is in a good area.
As for me I found out I have no stomach for the stock market.
Property is the choice for me.
