Coorparoo

[Sharkie]

Hello Everyone I stumbled upon this page whilst researching property advice
I am looking at Units up to 400k in the Coorparoo area.
Does anyone know of any streets that I should be looking at or ones to avoid?
Being from out of state so my knowledge of the area is Nil
Ideally wanting to buy close to the Brisbane CBD as possible.
I prefer Units as less maintenance etc required as opposed to houses
Would anyone recommend that I do not buy at Corrparoo and choose elsewhere?
I am looking for a good capital growth down the line whilst having a reasonable Yield
Thanks in advance!

 

[Bran]

I tried to buy a house there yesterday, but the owners have an inflated sense of price and it will be listed this week...

II wasn't too wrapped in anything near the train station, or that side of Old Cleveland Rd towards East Brisbane. However, these might be where the yields are, but I was looking as an owner occupier so don't know.

The dress circle is Welwyn and anything nearby that seems fairly nice. Another rule of thumb is that the 'star' streets are nice (but the converse not necessarily true).

People other than me would know it better...

 

[Roosterman]

I've been living in Coorparoo for about six months now. I chose the area because I liked the fundamentals - close to the CBD, excellent schools in the area, a "cafe culture", easy access to the freeway to Gold Coast.

I would agree that the areas north of Old Cleveland Rd seems to be the area to avoid, I am in the "hilly" area south of Old Cleveland Rd and north of Chatsworth Rd.

It is important to check flood maps (as it is for any Brisbane purchase). Google "BCC flood map"

Vacancy rate here is around 2.4% which is slightly in landlords favour. I am thinking of buying an IP (unit) in the area but looking at 70's small blocks. There are a few of these around $350-$400k that rent for $350-$400 per week, so not a spectacular yield.

In the short to medium term I think the development of the old Myer site on Old Cleveland will lift the area and provide more of a community feel.

I bought a townhouse here last August for $565k and had it revalued a few weeks back at $625k, so it appears the market is moving after 5 or so years of nothing. Most of those 2 bedders around the $350-$400k mark were selling for similar prices 5 years ago.

 

[starter]

What's wrong with the area north of Old Cleveland Rd exactly?

 

[Roosterman]

Nothing "wrong" with it per se - it's just a more industrial part of the suburb - and it floods.

 

[starter]

Nothing "wrong" with it per se - it's just a more industrial part of the suburb - and it floods.

Thanks, did notice that the better yield was on that side so good to get some local insights.

 

[Waldo]

I

In the short to medium term I think the development of the old Myer site on Old Cleveland will lift the area and provide more of a community feel.

I'd be curious as to peoples thoughts on this development - will it put downward pressure (both price & yield) on the existing unit stock in Coorparoo? Is it going to lead to an over supply situation?

I must confess, I quite like units in Coorparoo.

 

[RPI]

My opinion is that it will drag others up, at least until completion. The pricing seems to be higher than established ones. With the facilities that go along with this development I think that it will not be an oversupply with it and Orion. If more come on in quick succession then that may be a different story

 

[wylie]

Hey Darryl. I've sent you an email earlier today regarding whether we can split a particular block, but I've phoned BCC today and they say no.

I'm not sure if you've seen the email, but you can ignore that part of it .

(Noticed you are online now, and thought this might be best way of reaching you.)

 

[JDP1]

I'd be curious as to peoples thoughts on this development - will it put downward pressure (both price & yield) on the existing unit stock in Coorparoo? Is it going to lead to an over supply situation?

I must confess, I quite like units in Coorparoo.

I think there is enough demand to meet the increase in supply in the area.