Heading up to brisbane in two weeks :)

[lonerwolfman]

Hi All.
So after a few months I've narrowed down my goal and have a good idea what i want to achieve by years end.

I have, currently saved up
60k Cash
30k in shares

I'm looking specifically for properties within the 10-15 range from the CBD of brisbane. Looking primarily at CG and am happy to negative gear for a little. Immediate goal is 1 property by end of FY and a second one by end of the calendar year. I'm weary of getting too close to the CBD as supply could outstrip demand in the coming years but that again is speculation.

Suburbs I've narrowed down are
Mount Gravatt east - House
Coorparoo - Unit


Common sense would dictate I should also look at surrounding areas/neighboring suburbs so i'll keep eyes open and keep researching.

Looking to keep costs around 450k or lower.

I'm not local nor have i ever visited Brisbane in my 28 years so i'm heading up there next Saturday for the day to check out some open houses and also get a general feel for the suburbs i'm keen on and a feel for the city. (be keen on meeting some folks up there too - free coffee my shout !! )

2 questions
Am i on the right track? should i be looking at other suburbs also given what i seek to achieve?

Have i missed the ship on any of these suburbs?

 

[Bran]

With regards to Mt Gravatt East, there is probably not too much in adjacent suburbs - inbound direction lies Holland Park West and Holland Park, both significantly more expensive medians, and less chance of a bargain. The other way we have Mansfield and Wishart, equally popular, and last time I checked a higher median than Mt Gravatt East. Driving through Mt G E becomes quite apparent the part that is being developed, renovated etc, and then the rest.

Good hunting. I've been very happy with my Mt Gravatt East house which has gone up nearly 25% in 2 years, but there are definitely bargains outside the higher density zoning. We are moving out in 2 weeks for a bigger house, but its a cracking location, and I'm excited about its future. I'm waiting to see what eventuates, and might knock down my house to build our family home and move back.

I've never been in the unit market, but the old style Coorparoo units are often quite sizeable, but I'm wary of all the new ones coming along Old Cleveland Road, from Buranda to Coorparoo.

 

[lonerwolfman]

Good hunting. I've been very happy with my Mt Gravatt East house which has gone up nearly 25% in 2 years, but there are definitely bargains outside the higher density zoning. We are moving out in 2 weeks for a bigger house, but its a cracking location, and I'm excited about its future. I'm waiting to see what eventuates, and might knock down my house to build our family home and move back.

Good to hear about the cg increase so far!

Where would these higher density zones be?

 

[Bran]

Good to hear about the cg increase so far!

Where would these higher density zones be?

The Mt Gravatt Central corridor is based on Logan Rd, thus this has the highest density and is mainly commercial. Behind this runs medium density, then LMR 3, then LMR 2/3 as it goes up the hill parallel to Logan Rd (on both sides I think).

The plan is available on the inter web

 

[Bran]

I'm not in a position to buy from under you (my newest place goes unconditional next week), so if you want me to check out any links or perhaps drive past and give you some feedback I may be able to help

 

[RPI]

If you have time when you are up then I would like to catch up for coffee, lunch or beer depending on the time of the day. Always like catching up with people and finding out what they are doing and why.

 

[willair]

Hi All.
So after a few months I've narrowed down my goal and have a good idea what i want to achieve by years end.

I have, currently saved up
60k Cash
30k in shares

I'm looking specifically for properties within the 10-15 range from the CBD of brisbane. Looking primarily at CG and am happy to negative gear for a little. Immediate goal is 1 property by end of FY and a second one by end of the calendar year. I'm weary of getting too close to the CBD as supply could outstrip demand in the coming years but that again is speculation.

Suburbs I've narrowed down are
Mount Gravatt east - House
Coorparoo - Unit


2 questions
Am i on the right track? should i be looking at other suburbs also given what i seek to achieve?

Have i missed the ship on any of these suburbs?

Maybe have a look at Yeronga-4104, the entry price may be a bit lower then out at MtGravatt and some of the big high rise developments that are starting will only push those properties in that small development zone higher,the same in Coorparoo is happening,Yeronga is bit more less on the development side walk or bus train too the cbd or qld uni ,Rocklea also has a few lmr sites that have been sitting for over six months with house rented for 350 per week that are flood free,good luck..

 

[Azazel]

Maybe have a look at Yeronga-4104, the entry price may be a bit lower then out at MtGravatt and some of the big high rise developments that are starting will only push those properties in that small development zone higher,the same in Coorparoo is happening,Yeronga is bit more less on the development side walk or bus train too the cbd or qld uni ,Rocklea also has a few lmr sites that have been sitting for over six months with house rented for 350 per week that are flood free,good luck..

Rocklea is no comparison to Mt Gravatt.

 

[willair]

Rocklea is no comparison to Mt Gravatt.

The only way to look at it is in value range,MtGravatt within that new rezoned HD High areas are all priced in like with future development,
Yeronga is a different area again ,then you have Rocklea right at the bottom of the scale if I was looking in Brisbane I would start looking at Rocklea then look at Moorooka Annerley Dutton Park and work each area
at least that will give you an simple idea on value..imho..

 

[Rixter]

2 questions
Am i on the right track? should i be looking at other suburbs also given what i seek to achieve?

1. Yes.
2. Upper Mt Gravatt, satellite cbd..

 

[Mick C]

I been eyeing the older units in Coorparoo as well...
- close to CBD
- Close to South bank
- Stuck btw universities
- New developments
- New OTP

^ Gentrification in play

Gonna spend 1 month going around south/north and east of brissy in July to see how the market is like on the ground ...so keen to hear your experience lonerwolfman

 

[Bran]

I been eyeing the older units in Coorparoo as well...
- close to CBD
- Close to South bank
- Stuck btw universities
- New developments
- New OTP

^ Gentrification in play

Gonna spend 1 month going around south/north and east of brissy in July to see how the market is like on the ground ...so keen to hear your experience lonerwolfman

Is gentrification the appropriate term for Coorparoo? It's as blue chip as Southside gets, no? And I've never linked the Universities and Coorparoo. In saying that, I'm banking on it going strong too

 

[Mick C]

gentrification is not targeted to "low socially economical areas only" ...in fact the blue chip areas normally has the best gentrification as they have the demand and money for it.

Ie Some " considered" blue chip areas in Sydney that's undergoned gentrification and boomed!
- Epping/ Mqcaaurie / Lane cove/ Ryde/ Surry hills/ Strathfield etc...

Some in Brissy ( even tho Brissys CG has been very poor in the last 5-7 years...)
- Newstead/ Fortitude valley/ Hawthorne....

 

[Bran]

I know what you mean, and I'm quibbling is all (I feel like I've been doing this all this frustrating day.)

 

[C-mac]

I too have been like a hawk on the Coorparoo market. Watching, watching..

 

[lonerwolfman]

I'm not in a position to buy from under you (my newest place goes unconditional next week), so if you want me to check out any links or perhaps drive past and give you some feedback I may be able to help

I might take you upon that, Thanks!

If you have time when you are up then I would like to catch up for coffee, lunch or beer depending on the time of the day. Always like catching up with people and finding out what they are doing and why.

Sounds like a plan!

Maybe have a look at Yeronga-4104, the entry price may be a bit lower then out at MtGravatt and some of the big high rise developments that are starting will only push those properties in that small development zone higher,the same in Coorparoo is happening,Yeronga is bit more less on the development side walk or bus train too the cbd or qld uni ,Rocklea also has a few lmr sites that have been sitting for over six months with house rented for 350 per week that are flood free,good luck..

Will look into these next few days.
from first looks the CG prospects of yeronga doesn't seem quite high when compared to mt Gravatt area. But will do some more digging

 

[lonerwolfman]

I been eyeing the older units in Coorparoo as well...
- close to CBD
- Close to South bank
- Stuck btw universities
- New developments
- New OTP

^ Gentrification in play

Gonna spend 1 month going around south/north and east of brissy in July to see how the market is like on the ground ...so keen to hear your experience lonerwolfman

interesting, if that may be the case then what is the current demographic in coorparoo?

 

[vbplease]

I too have been like a hawk on the Coorparoo market. Watching, watching..

Just wondering what others findings have been? In my opinion prices for units haven't moved for ages.. Example http://www.realestate.com.au/119190087 Meanwhile houses have risen 10-20%+

The increase in development is going to make the older units less appealing to renters.. The rental market has been pretty tough lately too.. Lots of renters have become owners with the low interest rates.

 

[lonerwolfman]

Hi All
Just an update.
Was in brisbane on the weekend
Landed 730am Saturday morning and left 7 Saturday night

Great trip with some great findings. Saw maybe 11-12 properties in Camp Hill, Coorparoo, Mt Gravatt, Mount Gravatt East and Bulimba.

JCamp hill looked like a nice neighbourhood compared to Coorparoo and Bulimba even nicer and given this both of the 2 bedder apartments I saw were north of 400k compared to the 2 bedders in coorparoo that were around 330-340k (Slightly lower north of old Cleaveland road and more expensive south)

The MT Gravatt places were all old houses, not sure if its just the ones i saw but it really made me think twice about the suburb. A lot of them looked like they could use a good 20k reno before renting them out again. I didn't see a single open house where the house was < 20 years old and didn't need some desperate TLC. Maybe i'm just being too picky or cautious as being out os state means i'd have to take some time off for a reno or hire someone to do it adding to the costs.

Questions

What are all the houses in the Mount Gravatt region old and fibrous? (or was I just unlucky?) ;-) Any nice roads/streets i should have looked at? I saw a properties on Tantallon, Cavendish and Creek roads

Bulimba - Seems like a blue chip upper middle class yuppie suburb? Thoughts on investment here? What are the growth prospects? I don't mind spending 450k on an apartment if the growth is there. Since 2011 the median property price seems to be stable and not really moving up or down. saw a nice place on Hawthorne road near oxford.

Camp hill - I'm getting mixed info on this area? Thoughts? Last few years the median property price hasn't really changed.

Coorparoo - Seems like a good investment. If I keep south of old Cleveland and find a nice road (any suggestions on streets/roads that are better than others) I should be fine.

 

[Bran]

Nope, but many are. The key for me was picking up one that didn't need a renovation, but would still benefit with a little.

As per my previous post, in Mt Gravatt East, if you started at Logan Road, and ventured east, you will see the developments are most dense near Logan Road, and peter out up the hill. Any/all of these parallel streets are pretty good up to the top of the ridge IMO.

My purchases are based very much on personal preference, in the notion that a steady stream of up and comers will happily take my place, thus my comments are a locals opinion only.

Creek Road and Cavendish Road are the other two main roads bordering the suburb, I personally wouldn't buy on either, but I'm averse to noise. Access to Cav Rd helps with transport though, the bus runs down Cav Rd to the busway.

I like the pocket close to Mt Gravatt Central shopping centre, with the views to Mt Gravatt lookout (disclaimer: and that's why I bought there).

Coorparoo is good, Camp Hill is good, keep an eye on Greenslopes in this region also - close to big employers Greenslopes Hospital and Princess Alexandra Hospital (both GFC proof) (Disclaimer: i bought here too )

The area from Buranda to Coorparoo to Carindale along Old Cleveland Road has been discussed, but will be the eventual recipient of the Eastern Busway.

I haven't even considered Bulimba/Hawthorn as it's a PITA getting in and out via the only road.

Good luck.