How much is this Salisbury property worth?

[darkliger]

Guys, I'm looking at this property at the moment (for IP) and wondering if you all could tell me how much you think it is worth?

http://www.realestate.com.au/property-house-qld-salisbury-118265335

Is Salisbury a good area for capital gain? Are there better areas I should be looking at?

I was looking into getting an IP at the beginning of the year and put in several offers for properties in Logan which all fell through. I've been idling since then but recently thought I should pick up my act and look at property again.

About myself:
Single, Renting, No IP/PPOR, Age 28
Savings - 90k
Income - 100k

Strategy:
Buy and hold for long term capital gain (10 years).

Thanks

 

[Corey Batt]

Let's flip this around. Why do you think its a good property?

What's your strategy toward investing and what is your goal? Answer those questions and I find clients quickly work out if its a 'good' or 'bad' property. Sometimes a property can be good or bad, depending on their goals.

Once you nut that out and you think the fundamentals stack up, it comes down to price. If you have a savvy investment orientated finance broker, they will generally have access to tools such as Residex which can assist in trying to make a judgement on the value of the property, as well as answer questions related to suburb growth, demographics and trends.

If you'd like a residex report on that particular property, feel free to PM me and I can generate one for you.

 

[darkliger]

Thanks CJay, will PM you

 

[willair]

Very close too the Uni walking distance, walking distance to Aldi,and high
speed bus transport ,I have a mate that lives in the street for 30 years plus,, good area,and rooms rent out there for good prices to overseas students because everything is in place for them,just trying to work out by the height of the door with the add on under the house is it the legal set-up maybe it is ..

 

[Corey Batt]

Thanks CJay, will PM you

Hi Darklinger, it appears you may have disabled being able to receive replies to PM's.

If you could PM me your email address, I can send the report through.

 

[darkliger]

Thank you for your reply willair. I'm not sure if the add-ins are legal or not. I will do some investigation.

Sorry CJay, my private message function was broken, it's fixed now though. I've sent you a PM too.

 

[RetireRich101]

I would not know the price as I dont know the suburb well, but appears Vendor have been trying to sell on and off for last few years.

Unless the Vendor circumstances changed with this time selling, I would think he is milking the market. However I don't think he's situation has changed as it has been on the market for 74 days, which is high in Salisbury...

Hope this helps.

2010 (63 days on the market unsold)
OFFERS AROUND $610,000 then
HIGH $500,000

2010/2011 (73 days on the market unsold)
OFFERS OVER $560,000, then
$539,000

2011 (173 days on the market unsold)
$530,000 then
OFFERS OVER $499,000

2014 (74 days on the market to currently)

 

[darkliger]

Unless the Vendor circumstances changed with this time selling, I would think he is milking the market.

This is really interesting, it feels as if the vendor is just testing the market. Can't believe he was asking for $610 000 in 2010.