Brisbane prices - are they going up?

[wylie]

I noticed a week or so ago that according to the weekend newspapers, Coorparoo house prices have increased by 9% for the previous quarter.

I realise that often these figures seem to be plucked from the air, and wondered what the Brisbane SS people are seeing as far as price rises.

Do you think prices in inner 6km ring are rising?

Thoughts anyone?

 

[urban cowboy]

short answer, yep!

another one of my gigs (hehe yes another!) is assisting a financial planning firm source properties in the inner ring for their clients.

Paying close attention to the inner north, there is definitely some upwards movement. I can't really put a figure on it, but the prices are creeping and i have been surprised a couple of times recently by sales prices.

cheers
UC

 

[Andrew_A]

I would give a tentative yes as well, something seems to be happening in the last few months in my price range of interest <500k. Would be interested in more feedback.

 

[willair]

I noticed a week or so ago that according to the weekend newspapers, Coorparoo house prices have increased by 9% for the previous quarter.

I realise that often these figures seem to be plucked from the air, and wondered what the Brisbane SS people are seeing as far as price rises.

Do you think prices in inner 6km ring are rising?

Thoughts anyone?

Wylie,in the small area we invest in the inner southside of Brisbane from Rocklea to West End-Tarragindi,I would have to say that prices are not going backwards but they don't seem to be going foward,the "R-E,Agent
that lives a few doors down the road tells me things are very slow in the sales volumes,must be hard for him to go from 700k plus one year then find it very hard to crack the 100k mark poor bugger,once the BCC,change the block size,and height factors for small "Box" type multi unit developments then you will see a upswing in property prices for large blocks,but i guess we all know that simple rule..imho willair..

 

[james_w]

yep things seem to be moving a little around brissie in the lower end of the market.

 

[ricksta]

once the BCC,change the block size,and height factors for small "Box" type multi unit developments then you will see a upswing in property prices for large blocks,but i guess we all know that simple rule..imho willair..

Do you know of this happening? or is this just something you might see happening.

Cheers
Rick

 

[Sailesh Channan]

Middle ring of northern Brisbane has seen a spike in prices. Old houses on 2 lots where around $420k a mere six months ago are now fetching close to $500k now.

I think the $420k was a bit of a anomaly as similar properties in Redcliffe was priced at $450k.

This certainly makes my job of finding sites much more difficult. Even at $420k the figures did not stack up and now the returns will be even poorer. However, if you speculate that the market will move up then the profit will be in the capital gain....so place your bets!!!

 

[wylie]

Sailesh, I am curious to know how interested a developer would be in our 72 perch block with two street frontage in Coorparoo?

I would think that if the houses could be taken off the blocks, a developer would be very interested, and really am more curious to know whether the fact that there is a character overlay would be enough to put them off entirely.

Any developer would have to work around the existing houses, both of which are at the front of the blocks, giving a big area in the middle to play with, but with the nuisance of the two houses having to stay.

I gather that in the developments where town houses are built in the back yard and the front house is spruced up, that this is a serious negative for the developer, who would much rather a clean block.

What are your thoughts? We thought that "one day" we might develop this ourselves, or try to get a developer interested. Would most developers prefer to leave our type of block and find another block where they can remove the houses?

 

[evand]

Doe anyone know how prices are travelling around Caboolture? I have a few up there and would be interested to know.

 

[Perchy]

don't know about sales, but rental returns are good in caboolture
I just put my place for rent, since I had weeks before settle on another place, i put it up for rent 25$ more than my preferred amt thinking I will lower it to a realistic price closer to move date. Managed to get quite a few queries and got a tenant that makes more money than me

 

[urban cowboy]

Wylie without pre-empting Sailesh's response - I know guys that would fall over themselves to get there hands on what you have there...

Evand, things moving well in Caboolture there is a lot of new builds going on and that is good news for anyone with property there. I think it took a bit of a hit earlier this year on sales averages, but that may just be an aberration based on supply of product more than anything...there is a bit of land still around so the upwards pressure may continue for a little while.

cheers
UC

 

[Sailesh Channan]

Wylie
Buyers are out in full force at the moment and not all of them are interested in researching blocks. Therefore if you have to sell now could be a great time to sell.

However, if you are still in the wealth creation mode then hold on to these properties as they will continue to out perform ordinary properties. From a developers perspective it is easier to work on lots that can be cleared however, as these get scarce then developers will need to get innovative.

 

[Nth Brisbanite]

I've noticed an upward movement in prices in my immediate area which includes Aspley, Zillmere and Carseldine. Unrenovated houses which were selling for 380K a year ago are now getting at least 425K. A newish but modest house on a 450 square metre block in our street sold for 485K a month ago. The owners and the agent were pleasantly surprised with the huge interest on open day. In 2 open inspections, at least 25 groups went through.

 

[awesome wells]

Doe anyone know how prices are travelling around Caboolture? I have a few up there and would be interested to know.

I have one in Narangba. I would have valued it at $330 2 months ago, $350 now. Looks like the market is starting to move.

 

[evand]

...........Thanks guys.

Does anyone have an idea what a bog standard 3/4 br low set brick veneer around Cabollture/Morayfield would be valued at these days?

Perchy, yields till are around 5%, no?

 

[joanmc]

Hi Evand here is my take on Caboolture

1-2 year old 4 br, ens, DLUG 350+ will rent around 320.
If you go to tullawong older brick stuff can still pick up a bargain under 300 if you look hard, same with summerfields. rents would be better at tullawong because of the schools.
Waytown we just got another for 238K rented at 260, but that is high for waytown. Most waytown sells around 250k with rents 220-250.

 

[Fudge]

evand,

Prices seem to be building slowly. I have just purchased 4 dwellings in caboolture.

I still think you can get good value for money with purchasing now though, and there are still good buys to be had.

On one of the dwellings, I have increased rents by $45, which certainly helps the yield. (This one I admit was under market rent however). I am in the process of increasing rent on the remaining 3 another $20 each. (With the new Residential Tenancies and Rooming Accomodation Act now in play, we don't have to wait until the end of the lease until a rate rise happens.....or so I have been informed) This will bring them in line with the market rent at the moment.

I have just had a good 2hr meeting with my Property agent down there the other day to run through rents, etc......He said in terms of vacancy, he hardly has a property to rent on his rent roll. He said it is no problem at the moment to find tenants for a property.

In terms of.......Does anyone have an idea what a bog standard 3/4 br low set brick veneer around Cabollture/Morayfield would be valued at these days?........, I haven't bought houses, so wouldn't like to say. With alot of new properties being built now with 4 beds, ensuite, etc, there seems to be a bit out there on offer. I would say that if it were 'a little closer to the city' as in Morayfield, you would get a touch more..... (My thoughts only)

Wylie,

In terms of your property with development potential, I would 'think' that your property would be considered attractive (especially in Coorparoo). Remember with the new planning doc that came out this year, Anna bligh is saying that the properties within close proximity to the city, and also the potential business nodes (like Mount Gravatt, Chermside and Indooroopilly) will be increasing the density of the area to accomodate future growth.

So I think Coorparoo will become more valuable as the larger (easier) blocks get sold (....I guess this go without saying though)......

BTW what land size is 72 perches (sounds like your'e talking about fishing.....LOL)

 

[wylie]

Sorry, I am showing my age with the perches "thing". Two blocks, both 906 square metres.

 

[Strannik]

i'd say Brisbane is right on the end of upswing caused by FHOB and low rates
in southern suburbs a lot of stock has been moved during August, and there doesn't seem to be new stock coming, however judging by what property sell for vs asking price - sellers are quite willing to negotiate

 

[ianvestor]

Paying close attention to the inner north, there is definitely some upwards movement.

I'm guessing this doesn't include Ascot...

http://www.homepriceguide.com.au/sn...h&region_code=0404&state=QLD&source=propguide