Dastards.
As a consolation prize, I will pay 210k for said property.
haha, a contact of mine offered $200k for a 2bdr unrenovated property on 700sqm nearby and got laughed at
Note: the valuers valued the land at $130k,
Ill take 10 please!
Logan: Getting a bit too hot?
- Thread starter Corey Batt
- Start date
haha, a contact of mine offered $200k for a 2bdr unrenovated property on 700sqm nearby and got laughed at
Note: the valuers valued the land at $130k,
Ill take 10 please!
Heh.
Land values are terrible in so many cases. One val I got back on a 800sqm property came back at 95k. Sub'd 300sqm blocks sell for 100k. Go figure.
How do you find Kingston in comparison to LC? Much of muchness? Venture into Woodridge?
I hear you!!
Yonks ago, central was like $5k higher then Kingston and woodridge, now they are considered all the same, but as they say "central will always do best!"
Woodridge is ever so bit rougher (think riots last year) but is closer to the city and train station, however has small pockets of flooding prone, whilst kingston is further away quieter, but has the freeway,
much of a muchness to be honest!
I do feel the prices have increased in the area of Woodridge although not back to the level of 2010 in my opinion. I have been looking in the area again and a few I have rung up about have gone under contract. This could be real estate agents are not putting "under contract" up on the web so web and phone contact will be made.
That aside I agree there are some areas within Woodridge that have some issues as I'm sure many other areas could say the same thing. In the 3 years I have had my place their has been no issues anywhere near where I am.
Currently I am getting 360 per week and 7.5% yield. So far I have only had the place vacant for two weeks. Coming up for renewal in March and it is my understanding the tenants are happy to continue on, naturally until the new lease is signed that's not set in concrete.
Would I buy again in the area, yes if the right place came up and the numbers worked.
In my opinion I would not call it hot although it is moving in the right direction. Going by the real estate there are 12 people looking per property.
There are still deals out there just need to be a bit quicker to secure one is all.
Brian
That aside I agree there are some areas within Woodridge that have some issues as I'm sure many other areas could say the same thing. In the 3 years I have had my place their has been no issues anywhere near where I am.
Currently I am getting 360 per week and 7.5% yield. So far I have only had the place vacant for two weeks. Coming up for renewal in March and it is my understanding the tenants are happy to continue on, naturally until the new lease is signed that's not set in concrete.
Would I buy again in the area, yes if the right place came up and the numbers worked.
In my opinion I would not call it hot although it is moving in the right direction. Going by the real estate there are 12 people looking per property.
There are still deals out there just need to be a bit quicker to secure one is all.
Brian
it depends on your strategy. some (like myself) only buy before its going up or just started to, eg 5-7pm on the investment clock
while others are happy to buy between 7pm-12am which is following the herd and safer in that respect.
Logan and surrounds I think is booming, obviously no where near in terms of volume/interest as west sydney, as its a smaller more quiet market,
however in terms of investment clock, I think its about 8-9pm at the moment,
properties going under contract within hours,
asking prices literally increasing overnight, id say asking prices have increased by 10%
while others are happy to buy between 7pm-12am which is following the herd and safer in that respect.
Logan and surrounds I think is booming, obviously no where near in terms of volume/interest as west sydney, as its a smaller more quiet market,
however in terms of investment clock, I think its about 8-9pm at the moment,
properties going under contract within hours,
asking prices literally increasing overnight, id say asking prices have increased by 10%
Hi Exotic
I agree and think we will see interest like we saw in Western Sydney in the Logan areas, say close to the end of 2014. In the interim, there are still some really good buying opportunities.
Then, over to Ipswich ...I would think ...
Will be in Brissie on Fri/Sat.... there is also some fantastic buying 20 klms North of Brisbane CBD! Hoping to bag 2 there.
If this stuff in Sydney they would command 650k minimum. I expect to pay 300-350k.
If this stuff in Sydney they would command 650k minimum. I expect to pay 300-350k.
House, townhouse or unit, what's your preference?
really? you think bris is going to experience a west syd type boom in 12 months?!?!?!
im going to make a call and say the biggest gains have already happened in the second half of 2013, and we will see similar or even slower growth compared to Q3/4 2013, all throughout 2014,and possible 2015, but the gains will slow down, as brisbane is a smaller and catching up market compared to say syd/melb
Interesting, I don't necessarily disagree either - certainly potential for this to happen.
Where would you target right now if you're looking for short term gains in the slummy sub 300k bracket Aust wide?
fully lost.
I beg to differ on the yield on houses are 6% plus at the moment. I think you are only getting 4.5% in Sydney due to price increases.
I feel that existing house will offer the better return as I am looking in built areas 20-25 klms.
I feel that existing house will offer the better return as I am looking in built areas 20-25 klms.
OK...yes the rates are a bit higher in Brissie. About $500-600 when water suplpy and council rates are added. But real the elephant in the room is that on a $650k house in Sydney the land content is about $450k if you already have a few investment properties and already have breached the land tax threshold you are up for 1.6% in tax for every dollar over the $400 threshold. Assuming you are over already the threshold that is going to cost about $7200 just in land tax! I already pay over $10k in land taxes.
But even without Land tax a $650 property in say Glenwood in Sydney will cost you the following
Rent Income @ $580pw is $30,080
Expenses:
Interest assuming $600k loan @5% I/O is $30k
Council rates $1100
Water Supply charges $500 (water usage by tenant)
Insurance $1000
Management Fees (@8%) - $2400
Other costs (repairs, etc) - $500
TOTAL Expenses is $35,500
Thus the Sydney shortfall is about $5420
The same property in Brissie will cost about $325k and will cost
Rent Income @ 370pw is $19,240
Expenses:
Interest assuming $300k loan @5% I/O is $15k
Council rates $1400
Water Supply charges $800 (water usage by tenant)
Insurance $600
Management Fees (@8%) - $1600
Other costs (repairs, etc) - $500
TOTAL Expenses is $19,900
Thus the shortfall is $660!
Hope I can buy there....market is hot for houses.....
But even without Land tax a $650 property in say Glenwood in Sydney will cost you the following
Rent Income @ $580pw is $30,080
Expenses:
Interest assuming $600k loan @5% I/O is $30k
Council rates $1100
Water Supply charges $500 (water usage by tenant)
Insurance $1000
Management Fees (@8%) - $2400
Other costs (repairs, etc) - $500
TOTAL Expenses is $35,500
Thus the Sydney shortfall is about $5420
The same property in Brissie will cost about $325k and will cost
Rent Income @ 370pw is $19,240
Expenses:
Interest assuming $300k loan @5% I/O is $15k
Council rates $1400
Water Supply charges $800 (water usage by tenant)
Insurance $600
Management Fees (@8%) - $1600
Other costs (repairs, etc) - $500
TOTAL Expenses is $19,900
Thus the shortfall is $660!
Hope I can buy there....market is hot for houses.....
Sorry to pick on you again Sash
$650k property v $325k property? biggest difference is interest $15k
Are you making this comparison of KM's from CBD and Land Size?
Did you see the article in The Australian newspaper yesterday? See below .....
The article also showed a chart as to predictions for the Top Performers and the Worst Performers for 2014, but I couldn't cut and paste it, so here it is typed ........
Best in 2014
Dutton Park, Brisbane up10%
Redbank Plains, Ipswich up 10%
Inner West, Sydney up to 10%
Toowoomba, Qld up 8%
Penrith, Sydney up 8%
Cairns, Qld up 7%
Worst in 2014
Kilburn, Adelaide down 5%
Tuggeranong, ACT down 5%
Melb CBD and Docklands down 5%
Gladstone, Qld down 3%
New Farm (apartments Qld) down 3%
Pilbara, WA neutral at 0%
Make of it what you will .....
Mystery ...
Yes the properties in Brissie are 18-23 klms out and sit on 600-780 sqm blocks. The prices have not risen a lot maybe 3% in the last 12 months.
The Sydney ones are about 37-42 klms out and have already experience significant gains (about 100k). The block sizes are 400-500 sqm so smaller blocks. They are also newer than then Brissie ones.
The Sydney ones are about 37-42 klms out and have already experience significant gains (about 100k). The block sizes are 400-500 sqm so smaller blocks. They are also newer than then Brissie ones.
Sorry to pick on you again Sash
$650k property v $325k property? biggest difference is interest $15k
Are you making this comparison of KM's from CBD and Land Size?
