Crestmead QLD

[brains]

A friend of mine bought a land & house package in Crestmead QLD about 4 years ago for $140k. (rent $170/wk)

I had a look at realestate.com.au and there arent many properties at that price or above and the cap. growth seems pretty lame. Either they were scammed 4 years ago or its just a totally dead area for growth (or both)

Current rental returns at the bottom end are about 7-8% gross which is ok, but why no cap growth?

Does anyone know the area and can comment.

 

[Bill.L]

Hi Brains
We looked at Crestmead and put in a low offer on a property there about 6 months ago. We negotiated a bit but eventually got guzumped by someone else.
Anyway I have noticed that some of the properties we looked at are still for sale. Things seem a little slow in moving there.
The area appears to be a long way from most decent facilities ie shopping centres, transport etc. There is also a lot of tenanted props, and the rent seems relatively low compared to other outer areas of brissy. We were told by locals that the area is bad for termites and now fire ants!. Don't know how true this is though.
I saw in one RE window over a dozen properties available for rent in Crestmead alone and this was a very high vacancy level compared to other areas.It's probably why I stopped persuing this area.
Good luck with your hunt, but my preference is a little closer to the main Brissy-Gold coast corridor.

Bye

 

[Kenib Rich]

Woodridge take a look!

Brains and other interested parties,

I note that you have done a little research on Crestmead. My wife and I also looked at buying here and decided against it, even though the prices are low. It doesn't appear flash at this point but who knows.

We decided on Woodridge which is north of Crestmead and closer to Brissie (half an hour by train it has a train station) and 20 minutes on the Freeway. When we decided to buy early in January we thought we may have missed the boat we got 2 nice little brickies 3 b/rooms for $100k, August 2002 the same thing was around $80k. Since then we are at least satisfied with $170 p/wk rent and our agent down there thinks we would have made 15-20k.

Check it out this is one of the few areas left in Brisbane at these prices.

KR.

 

[XBenX]

I have relatives that live there - along w/ half of brisbanes housing commission residents

From other brisbane type ppl it doesnt have the best repuatation....

Those are nice yields - yet to put things in perspective they bought their house in 1980 (for what they assured me was a steal) for $60K - now, 23 yrs later its worth $100K

Having said that Im also checking out the area when I head up that way next month.

Ill report back what I find.

 

[natmarie73]

Check out Slacks Creek while you are up there. It is the "buffer suburb" between woodridge and Springwood and has some nice houses and a better class of tennant. Some areas on the northern end near Underwood are still a bit dodgy but not as bad as woodridge or kingston. I bought a lowset 3 bed rendered brick (mock spanish style) in July for $85000 and have not done a thing to it besides put up a nice gate. Now valued at around $120000 - $130000. wont go much higher than this in the near future but not bad for 6 months. Rents at around $160 a week due to being on a main road. Other highset houses in Slacks Creek are getting up around the $150000 - $170000 bracket which I think is over valued for the area.

I think Crestmead's low cap growth can be attributed to it being further away from the freeway and railway line than Woodridge, Springwood etc.

Nat.