Considering this one-Carina QLD

[JDP1]

Hi guys,

I am considering this property:

http://www.realestate.com.au/property-unit-qld-carina-114764971

Seems like its in a good area, and got the utility of 3 bedrooms as well. The backyard looks good. The land size is a bit small, but I think it might do for the price they are asking. Some good CG's in store I reckon for that price.

 

[Value Emperor]

Nice area, not sure about price, I think you'd struggle to get 5% gross yield and at what would have to be a fully priced 449k there's not going to be sufficient cg to cover holding costs.
I went to an auction a few blocks from here, a 3 bed house, passed in at 400k , sold for a little over this shortly after.
I personally couldn't justify paying the same for a unit that you can buy a house for.

 

[eeew]

Nice area, not sure about price, I think you'd struggle to get 5% gross yield and at what would have to be a fully priced 449k there's not going to be sufficient cg to cover holding costs.
I went to an auction a few blocks from here, a 3 bed house, passed in at 400k , sold for a little over this shortly after.
I personally couldn't justify paying the same for a unit that you can buy a house for.

Not sure I fully agree with you here. Most 3 bedroom, 2 bathroom, 2 car space townhouses in that area are a fair bit [ closer to 500k] just looking at realestate.com.au...the price seems ok I think, but as the OP said, the land size is a bit small - the re agents always make the pictures look large and spacious!! Id probably agree with you regarding the yields, but I do think there may be some cap gains to be had.

 

[Spades]

Hi JDP1,

Don't know why you'd put up link for a prop you were considering?

You either have doubts yourself,need reassurance,some negatives or for whatever reason.

I dunno but good luck with whatever you decide.

Cheers Spades.

 

[JDP1]

Hi JDP1,

Don't know why you'd put up link for a prop you were considering?

You either have doubts yourself,need reassurance,some negatives or for whatever reason.

I dunno but good luck with whatever you decide.

Cheers Spades.

Well...a bit of all you are saying:

1. I have looked in the area for comparable properties and found this to be cheaper than similar ones by a fair bit. Maybe something isn't right? don't know...

2. Yeah, I guess interested to hear others views on the area and CG potential. I think that area has good potential- and a genuinely good area as well.

3. The main negative I can see straight away is the smaller land component, but this might be compensated a bit by the location?

 

[strongy1986]

Didn't look at the property

But about 6 - 8 months ago you could of bought a 3 * 1 brick house on 600sqm for 350 - 380k

I don't see any value in a townhouse, no matter the quality of the build

 

[RPI]

How about this one, $50k ish more.

http://www.realestate.com.au/property-house-qld-carina-115645659

Could be split into 2 lots (assuming final version of new city plan in February stay same) and looks like you could keep the front house and just split the back off but I haven't measured it to confirm.

 

[INVSTOR]

How about this one, $50k ish more.

http://www.realestate.com.au/property-house-qld-carina-115645659

Could be split into 2 lots (assuming final version of new city plan in February stay same) and looks like you could keep the front house and just split the back off but I haven't measured it to confirm.

So when the final version of new City Plan comes out in Feb the new zoning will be applicable? Is much of The Southside being rezoned? It would be interesting to see if new development sites in Bris have huge growth as some are reasonably priced.

 

[JDP1]

Didn't look at the property

But about 6 - 8 months ago you could of bought a 3 * 1 brick house on 600sqm for 350 - 380k

I don't see any value in a townhouse, no matter the quality of the build

My requirements may be different than yours.

I would never be interested in 600sqm old houses that require significant reno.

Whilst these old post war houses on large land blocks will deliver better CG than other forms , I simply do not have the inclination, skills, nor time to do the renovations. I am looking for 'plug n play' investments- ones that you can move into and not have to do much at all.

 

[strongy1986]

My requirements may be different than yours.

I would never be interested in 600sqm old houses that require significant reno.

Whilst these old post war houses on large land blocks will deliver better CG than other forms , I simply do not have the inclination, skills, nor time to do the renovations. I am looking for 'plug n play' investments- ones that you can move into and not have to do much at all.

They didn't need to be rennoed

Even though people are saying Brisbane has only moved a few percent I'm sure there are people who bought older houses on 4 - 800 blocks 6 months ago who will be sitting on a 15% equity gain
The bargains have mostly gone

As for what you want- why can't you just pay someone to do a renno? Townhouses will always be worth less in the long run. Look at Sydney and melbourne
Yet your willing to pay the same as a house because you want to not have to worry about it

Seems like flawed thinking to me, but it's better than doing nothing I guess

 

[JDP1]

They didn't need to be rennoed

A lot of post war houses do need reno. e.g. Look at the link in this thread another poster has put.

Even though people are saying Brisbane has only moved a few percent I'm sure there are people who bought older houses on 4 - 800 blocks 6 months ago who will be sitting on a 15% equity gain

Pretty much all asset classes have moved a bit not only houses on land.

The bargains have mostly gone

compared to syd most of Brisbane is still a bargain.
The price rises to date, as you have mentioned, have not been substantial like Sydney, so that suggests there are still bargains, and in all forms

As for what you want- why can't you just pay someone to do a renno?

$$$

Townhouses will always be worth less in the long run. Look at Sydney and Melbourne

Depends on location, and a host of other factors really.

Yet your willing to pay the same as a house because you want to not have to worry about it

Seems like flawed thinking to me, but it's better than doing nothing I guess

Such decisions are also based on immediate personal circumstances and lifestyle and not purely based on CG/return in the long term.

 

[zimby]

Nice area, not sure about price, I think you'd struggle to get 5% gross yield and at what would have to be a fully priced 449k there's not going to be sufficient cg to cover holding costs.
I went to an auction a few blocks from here, a 3 bed house, passed in at 400k , sold for a little over this shortly after.
I personally couldn't justify paying the same for a unit that you can buy a house for.

Definitely better deals out there.
Body corp is not listed which usually means it is fairly high.
They can be a good investment tho, we purchased a 3 bed 2 bathroom in Taringa for 372k a couple years back, bank valued at 420 recently.
We are adding a room which should add another 10-15k for 5k work.
Rent 465 and prob 485 after reno

 

[JDP1]

Hi guys,

I am considering this property:

http://www.realestate.com.au/property-unit-qld-carina-114764971

Seems like its in a good area, and got the utility of 3 bedrooms as well. The backyard looks good. The land size is a bit small, but I think it might do for the price they are asking. Some good CG's in store I reckon for that price.

this one is under contract already..hehe

Plenty of others though...i think for now ill just make a cuppa and watch the cricket.