Buying around Brisbane

[Hoolign]

Hi all i have been looking at some properties around south brisbane area. Are there any suburbs that are still cheap to look out for that anyone has been researching?

I have been looking mostly around north gold coast but there seems to be some good value ones on outter brisbane suburbs. any suggestions?

im looking for under 300k properties.

thanks guys

 

[LynnH]

You could try the western suburbs of Acacia Ridge, Darra and Durack - all these suburbs have median prices in the low $300Ks, so you should be able to find some sub $300K properties.

I'm not familiar with these areas, but there are some forumites who have properties around these parts - perhaps they could add a little more info.

Cheers
LynnH

 

[Hoolign]

I have seen a few in woodridge which is close to the train station and the are 260 - 300k. older houses but many with hard wooden floors and huge renovation potential.

one im looking at is asking 262k and rental return is 295pw

that seems like great yield,,, bit of work and i think it would achieve 310 p/w?

but im not too sure about woodridge?

 

[Adria]

WE have bought one at crestmead 245k (settled a week ago) Needs work about 5-10k which we are happy to do.
Another one same area was listed around $260k

An immuculate place at Woodridge was for offers above $290k price had all ready dropped and noticed it's still on the market. It had mountain views, if you stood in the right place in the back yard!

So I would say yes!!!

 

[Ms Jade]

Gosh, that sounds cheap. Is there no FHB frenzy in that area??

 

[Hoolign]

going to inspect one in loganlea, 270k, brick house on a 760square meter block.

3/1/1

doesnt need any work butwould probably do some basic landscaping, fresh paint for that extra few $$$

 

[Adria]

Gosh, that sounds cheap. Is there no FHB frenzy in that area??

Yeah we did hunt for bargins, orginally listed 280K, each time we saw the real estate the price was lower and then her husband who took us back for another inspection thought it would sell around 250K

As for FHB, no idea really.
I have posted that we are reletively new to this game, we could prehaps have done more research.
We live in the area bought about 3 yrs ago and probably made at least 100k on it, my sisters have both bought in the area less than 12 months ago, both newer homes ( this one is post war, high set, wood cladding) one bought around $330k, the other $360K (we believed they paid too much)

At the end of day, what is the worst that can happen, we make a small loss, (and i truely believe that because of what we have done) sell and LEARN A LOT

 

[sue78]

there are some good deals atm but you have to get in fast.

around 8 mile plains, runcorn, kuraby, sunnybank area 2 br townhouse @ $260k would rent for $320 p/w but if you furnish it cheaply it would rent at $450p/w.

My friend's paying that much for a furnished 2br t/h and it's the market rate. In entire complexes of 50+ t/w, they may only have a few furnished ones.

You will never have trouble selling or renting in this area and prices are not really dropping, maybe in the $700k range.

 

[Adria]

going to inspect one in loganlea, 270k, brick house on a 760square meter block.

3/1/1

doesnt need any work butwould probably do some basic landscaping, fresh paint for that extra few $$$

Hey Hoolign, how did it go?

 

[Qlds007]

I agree.

Maybe I am a Western / Northern Suburbs snob but i have one or 2 properties in Brissie and would never buy in the areas mentioned.

 

[Chatto]

Woodridge is thought of as one of the worst suburbs of Brisbane.

Agreed, but have also heard of long term tenants looking after properties quite well, tenant selection is critical here.

Samoans and Aboriginals there. Now a few Sudanese have come.

Please steer well clear of inuendo or I will get offended.

There are some good value properties on the southside, with places like Sunnybank doing well. A good PM is what you need to look after them.

I am definately not complaining about the returns I have achieved on the southside.

 

[Gatoblanco]

I agree.

Maybe I am a Western / Northern Suburbs snob but i have one or 2 properties in Brissie and would never buy in the areas mentioned.

So Richard
What are the suburbs to buy in in the western northern suburbs that give an equivalently good yield?
I wouldnt want to live in Woodridge either. I grew up in a Woodridge equivalent and I know how depressing it can be, not to mention dangerous, but in an earlier post someone mentioned a property renting for 295 that was for sale for 260 or something like that. That is a pretty good investment isnt it??

 

[Hoolign]

Hey Hoolign, how did it go?

Well all went well. Drove up yesterday and had a look around kingston/ loganlea. Must admit that loganlea was much nicer and about the same price.

we have put a contract on the property for 270k rental return is $310 - 320 p/w as is, and we are thinking of doing some very basic garden landscape work and minor work on outside of house.

spotless clean inside, new carpets, flooring and paint already done. not a cent to spend

its only about 2 minutes from the train station, small group of shops and bus stop. and also on a no through road so very low traffic.

I also noticed a lot of development going up nearby with townhouses, duplexes etc.

and capital growth from the area after doing a few property reports is very promising.

So all going well, this will be investment property #1

 

[Gatoblanco]

So I saw on P&I that property would only cost about $100 per week to pay off. Less on interest only.
Sounds like a pretty good investment.
I reckon houses that cost 270k wont drop much in value either because they are so cheap already. THey have demand from FHBs and investors.
I am thinking hmmm doesnt sound like a bad idea.
Not far to get to the Gold Coast from there.
Close to train is good too that will help with value

 

[Hoolign]

Well IO payments + rates comes to $307p/w

hoping for (in process of getting rental appraisal to confirm) $310- $320 p/w rental. looking at doing some minor renovation work in the near future too

so the yield at this stage looks good, plus capital seems alright also, i checked historic prices on this proeprty and has increased from 170k to 270k in 5 years, and steady growth before that also.

so fingers crossed that our finance comes through ok and hopefully be IP #1

talk of another .25% intrest rate cut next month and posible 1% over the next 12 months should push it positive. but thats all speculation at this stage

 

[Strannik]

woodridge is a hole with good rental returns
house values are low since people who can afford higher prices would never buy there, and those who live there cannot afford higher prices

that area starts to clean up as all the people who gave it bad name move out further from brissy as they cannot afford it anymore

 

[grubar30]

Hooligan,

Acacia Ridge, Darra and Durack = low-end, socio-economic

it's cheap for a reason

Do you want to invest or live?

If invest, then who cares where you buy right....good yield = happy as larry...but dont expect strong captial growth, even in the best of times

But maybe you want to live, then fair enough too....just get used to VB commodores, hoons and welfare bludgers

And btw ----> there's no rush to buy whatsoever....we're only in the biggest economic sh*tstorm since 70 years ago.

Bottom line ---> sit back, let the misery of unemployment kick in and then cherry pick all you want.

 

[soyabean]

Hooligan,

Acacia Ridge, Darra and Durack = low-end, socio-economic

it's cheap for a reason

Do you want to invest or live?

If invest, then who cares where you buy right....good yield = happy as larry...but dont expect strong captial growth, even in the best of times

I used to have the same belief, and missed some big CG. There are people who have made a lot of money investing in these areas.

 

[Hoolign]

Well i put the property under contract for $270k. rental appraisal of 300 - 310pw

its purely investment and checking pricing history this property has had fantastic CGover the last 8 years.

so ticks in all the boxes so far

should find out from the bank in the next week or so

 

[willair]

Well i put the property under contract for $270k. rental appraisal of 300 - 310pw

its purely investment and checking pricing history this property has had fantastic CGover the last 8 years.

so ticks in all the boxes so far

should find out from the bank in the next week or so

Well done, just have to ask what type of property and location is this a house or a flat?,now that you have it on paper..willair..