One bloke said it. Wouldn't worry too much.
http://www.propertyobserver.com.au/queensland/nov-13-suburb-spotlight-toowoomba/2013111266317
Chinchilla or Toowoomba
- Thread starter kkang
- Start date
One bloke said it. Wouldn't worry too much.
http://www.propertyobserver.com.au/queensland/nov-13-suburb-spotlight-toowoomba/2013111266317
What Roachey said. Beat me to it by seconds LOL
Hi,
First post here but did read similar as you were talking as below. I'm taking it with a grain of salt though at the moment.
http://www.propertyobserver.com.au/queensland/nov-13-suburb-spotlight-toowoomba/2013111266317
Hi,
First post here but did read similar as you were talking as below. I'm taking it with a grain of salt though at the moment.
http://www.propertyobserver.com.au/queensland/nov-13-suburb-spotlight-toowoomba/2013111266317
Last edited:
Toowoomba - Demand Vs Supply
Hi Roachy,
Thank you for reply. Being in Sydney, I would love to buy bit old, renovate and rent..or build new one....but staying in Sydney, I got options limited.
Forgot to mention that that Duplex Pair in Harlaxton I mentioned, I will have houses on separate title once build is done. I can sell one house if want to...
Bit of flexibility, but worrying factor is suburb. Last 12 months growth for Harlaxton is sounds positive...Do we think that this suburb is going to improve going forward...?
Comments from others too appreciated.....
Hi Jenko,
Thank you. Are you referring to below thread about oversupply..
http://www.propertyobserver.com.au/queensland/nov-13-suburb-spotlight-toowoomba/2013111266317
This article explains the difference between Toowoomba and Gladstone... Since 2007, people are talking about oversupply. It never happened yet. This time there are plenty of dwellings around CBD and in surrounding suburb. but the expectation is billions of $ infrastructure should out weigh that.... Comments please......
Thank you....
Hi Roachy,
Thank you for reply. Being in Sydney, I would love to buy bit old, renovate and rent..or build new one....but staying in Sydney, I got options limited.
Forgot to mention that that Duplex Pair in Harlaxton I mentioned, I will have houses on separate title once build is done. I can sell one house if want to...
Bit of flexibility, but worrying factor is suburb. Last 12 months growth for Harlaxton is sounds positive...Do we think that this suburb is going to improve going forward...?
Comments from others too appreciated.....
Hi Jenko,
Thank you. Are you referring to below thread about oversupply..
http://www.propertyobserver.com.au/queensland/nov-13-suburb-spotlight-toowoomba/2013111266317
This article explains the difference between Toowoomba and Gladstone... Since 2007, people are talking about oversupply. It never happened yet. This time there are plenty of dwellings around CBD and in surrounding suburb. but the expectation is billions of $ infrastructure should out weigh that.... Comments please......
Thank you....
Caught in Chinchilla
Dear friends,
I have just joined this forum to share my experience in Chinchilla. I was very excited last year after reading all the developers selling stories and decided to build a 4 br home for $395k.
(1) First of all the builder built the house smaller than they showed me at the beginning. Their flyer said a home of 221m2, but when the sent the contract out, the area changed to 180m2 in small letters in the plans without even notifying myself. I signed the contract with good faith and they built the house 180m2. I realised after the house was built and when tried to rent out the agent said the house is too small for $550/wk. Then I checked and found the error. I contacted the builder and they said it was a human error. I would have never signed the contract if I knew the house is that small. Now I am stuck with it, however the agent managed to find someone paying $550/wk
Dear friends,
I have just joined this forum to share my experience in Chinchilla. I was very excited last year after reading all the developers selling stories and decided to build a 4 br home for $395k.
(1) First of all the builder built the house smaller than they showed me at the beginning. Their flyer said a home of 221m2, but when the sent the contract out, the area changed to 180m2 in small letters in the plans without even notifying myself. I signed the contract with good faith and they built the house 180m2. I realised after the house was built and when tried to rent out the agent said the house is too small for $550/wk. Then I checked and found the error. I contacted the builder and they said it was a human error. I would have never signed the contract if I knew the house is that small. Now I am stuck with it, however the agent managed to find someone paying $550/wk
Caught in Chinchilla
(2) then after 6 months, the tenant wanted to move out saying his company lost the contracts so he would have no job.Then I looked at all the reports again and found chinchilla growth has slowed down considerably...it used to 45 vacant properties, but now there is 188. the tenant then wanted to negotiate the price down and I have bring it down to $480 to keep the tenant. the agent told me the area slowed down a lot and plenty of properties are vacant.
So friends donot believe the developers/sellers without proper checking otherwise you will be caught like me. Can someone advice what can I do with the builder ripping me off with smaller house? can I go to court?
(2) then after 6 months, the tenant wanted to move out saying his company lost the contracts so he would have no job.Then I looked at all the reports again and found chinchilla growth has slowed down considerably...it used to 45 vacant properties, but now there is 188. the tenant then wanted to negotiate the price down and I have bring it down to $480 to keep the tenant. the agent told me the area slowed down a lot and plenty of properties are vacant.
So friends donot believe the developers/sellers without proper checking otherwise you will be caught like me. Can someone advice what can I do with the builder ripping me off with smaller house? can I go to court?
CKR: There are brand new houses in O'Brien St in Harlaxton that have sold for $250k so I think someone is giving you inflated figures.
Kang,
I can't help you if you are only looking for a quick gain as I have zero knowledge in that area of investing. The vacancy rate in Toowoomba hasn't been over 1% for as long as I can remember so if you can implement that into your strategy, I'd look into it. The story with Toowoomba is as follows:
In regards to residential zoning, there used to be two main zone types, with the higher density one called 'Mixed Housing'. The latter allowed duplexes while it was rare for the lower density zone to allow anything more than a single house. On the 2nd of July 2012, the new planning scheme was introduced which allowed two dwellings - detached or not -on the majority of Tbar blocks. The very low density of outer areas are being preserved however there is a push to increase the amount of available housing in Toowoomba. The new planning scheme was designed by a committee that was half from the State and half from the Council. While the state pushed for higher densities, the town planners weren't too keen but of course the State won. On a side note, some DA's that fully complied with the new planning scheme(I know from experience) and were submitted immediately after it came into effect were denied by disgruntled local town planners.
The two main zones in Tbar are Residential Choice and Residential Living. 'Living' has replaced the previously low-density zone, and as I mentioned, you no longer require a DA to build two dwellings on these blocks, just a BA. Res Choice is the higher density zoning and from memory, each dwelling requires 166 square metres. They are encouraging six storey residential buildings in these zones, near the CBD, and three storeys a little further out.
It took all of the second half of 2012 for people to cotton on to the possibilities made available by the new planning scheme so land was still cheap. No one buys around Christmas/New Year but 2013 saw big price increases in anything that had space to build one or more additional dwellings. The prices of regular houses on undevelopable blocks aren't moving and the market is dominated by developable blocks - both easily devloped(expensive) and hose that require varying amounts of creativity(a little less expensive). If you get creative and do your feasos there are massive gains to be found.
All of this developing is leading/has lead to an oversupply/large supply of units and I don't see rents going up in the near future however it is not hard to build positive cashflow properties. Toowoomba is coming around to units and as more people move there from capital cities(presumably for affordability reasons) they are being accepted more and more.
The second Toowoomba range crossing has been approved and construction is scheduled to begin mid 2015. I anticipate a lot of workers looking for rentals from this time for a period of three to four years which will push rents up.
Sorry if that was ridiculously long. I know nothing about forum etiquette.
Kang,
I can't help you if you are only looking for a quick gain as I have zero knowledge in that area of investing. The vacancy rate in Toowoomba hasn't been over 1% for as long as I can remember so if you can implement that into your strategy, I'd look into it. The story with Toowoomba is as follows:
In regards to residential zoning, there used to be two main zone types, with the higher density one called 'Mixed Housing'. The latter allowed duplexes while it was rare for the lower density zone to allow anything more than a single house. On the 2nd of July 2012, the new planning scheme was introduced which allowed two dwellings - detached or not -on the majority of Tbar blocks. The very low density of outer areas are being preserved however there is a push to increase the amount of available housing in Toowoomba. The new planning scheme was designed by a committee that was half from the State and half from the Council. While the state pushed for higher densities, the town planners weren't too keen but of course the State won. On a side note, some DA's that fully complied with the new planning scheme(I know from experience) and were submitted immediately after it came into effect were denied by disgruntled local town planners.
The two main zones in Tbar are Residential Choice and Residential Living. 'Living' has replaced the previously low-density zone, and as I mentioned, you no longer require a DA to build two dwellings on these blocks, just a BA. Res Choice is the higher density zoning and from memory, each dwelling requires 166 square metres. They are encouraging six storey residential buildings in these zones, near the CBD, and three storeys a little further out.
It took all of the second half of 2012 for people to cotton on to the possibilities made available by the new planning scheme so land was still cheap. No one buys around Christmas/New Year but 2013 saw big price increases in anything that had space to build one or more additional dwellings. The prices of regular houses on undevelopable blocks aren't moving and the market is dominated by developable blocks - both easily devloped(expensive) and hose that require varying amounts of creativity(a little less expensive). If you get creative and do your feasos there are massive gains to be found.
All of this developing is leading/has lead to an oversupply/large supply of units and I don't see rents going up in the near future however it is not hard to build positive cashflow properties. Toowoomba is coming around to units and as more people move there from capital cities(presumably for affordability reasons) they are being accepted more and more.
The second Toowoomba range crossing has been approved and construction is scheduled to begin mid 2015. I anticipate a lot of workers looking for rentals from this time for a period of three to four years which will push rents up.
Sorry if that was ridiculously long. I know nothing about forum etiquette.
Chinchilla is bit like Gladstone there is a huge oversupply and still sprukers are flogging high yield "cash in your pocket" properties. Who would of thought developers/ builders/ sprukers couldn't be trusted? Just put it down to an expensive lesson in property investing. A better way to learn is from someone else's mistakes
.So are you going to ride out this bad period?
If you want to see how you could get caught out buy into a mining economy based town at the wrong time check out this thread..
http://somersoft.com/forums/showthread.php?t=95962&highlight=gladstone
You might want to consider the difference between constructing an LNG plant / facility as opposed to running / maintaining one. Once it's built the workers disappear. The staff levels to operate these plant are fractions of the required labour to build them so any talk of a substantial labour force for the next 20 years is flawed. Again look to the transition Gladstone is undergoing as we speak.
Chinchilla is bit like Gladstone there is a huge oversupply and still sprukers are flogging high yield "cash in your pocket" properties. Who would of thought developers/ builders/ sprukers couldn't be trusted? Just put it down to an expensive lesson in property investing. A better way to learn is from someone else's mistakes
So are you going to ride out this bad period?
I think I have no other option..I donot believe my property will be sold on the cost price....yes you are right this was an expensive lesson
I have heard that there is 400 applications in Toowoomba Regional Council for units in Toowoomba. This would mean, if they are at minimum a duplex that is at least 800 units to be built.
Some real estate agents have told me that they have concerns about the number of units coming onto the market.
Time will tell.
Some real estate agents have told me that they have concerns about the number of units coming onto the market.
Time will tell.
I was thinking of making toowoomba my next purchase. I know developers have targeted it pretty hard, hence my concern.
My thoughts were for a duplex site close to cbd to hold, build in 1-2 years and hold one half long term, 3x2x2. What do people think?
