Margate Qld (Redcliff area)

[urban cowboy]

it's dead as a doornail on the peninsula at the moment, very little moving and a few agencies really struggling - agents leaving the industry in droves. Some agencies sacking staff and/or closing their doors...

SO - could be a good time to buy, but IMHO don't rush in as I reckon there may be a few bargains to be had yet!!

just my take on what I'm hearing - others may disagree!

 

[sash]

The rent returns are very poor at the moment!

This has also caused alot of pull back by investors after the GFC FHOG.

I think prices are stable....basically you are buying at the same prices as 2009...so prices have pulled back a bit but not much.

Over the longer term the area offers potential.

 

[Angel]

Thanks everyone

I want more help!

I am seriously looking at a 3/1/3 house in Geebung on the weekend. Land is 690 sq metres, 500 mtrs from the train station and the preschool is at the end of the street. 5 minutes to Chermside Westfields and about 15 minutes to the airport.

Did I say it's on a corner allotment with the carport off a main road (not too busy, ok its Ellison Rd).

SAVE ME.

It is only $10 a week worse negative cashflow than the "needs work but it wont rent any more even if you renovate it" smaller and uglier house in Clontarf.

Any problems with Ellison Rd, getting in and out of the driveway at 7am? I really dont believe so coz my tennants will be either leaving earlier to work in the industrial estates or walking to the station.

Please let me know if I've missed something.

 

[Andrew_A]

...
Any problems with Ellison Rd, getting in and out of the driveway at 7am? I really dont believe so coz my tennants will be either leaving earlier to work in the industrial estates or walking to the station.

Turning space on the block, wide footpath, not as busy section of Ellison road, don't see a problem there.

Look for 3 to 4 bedroom conversion possibilities and specialist shorter term rental options (if disabled friendly) with that one.

400m to train, nice! Can't legislate who will rent there and what time they will leave their driveway though

 

[WinstonWolfe]

I am seriously looking at a 3/1/3 house in Geebung on the weekend. Land is 690 sq metres, 500 mtrs from the train station and the preschool is at the end of the street. 5 minutes to Chermside Westfields and about 15 minutes to the airport.

Did I say it's on a corner allotment with the carport off a main road (not too busy, ok its Ellison Rd).

I disagree with Andrew. It is a busy road at all times. As you know there's significant industrial estates close by....very significant. There's trucks and commercial traffic flowing through there all day, and it is a ring road of sorts connecting Gympie and Sandgate Roads.

You may have trouble getting more respectable tenants living on such a busy road. There's also a slight upslope running east west, so the trucks labor through the gears from the Bilsen junction, compounding the noise.

I wouldn't pay over 400 myself, and I'd rather pay an extra 50-70 to get off the main road. The house isn't anything special. Looks small. Hard to dress up in the future.

Only potential I can see is to combine it with the west side neighbour and do townhouses with rear access via the side street.

Remember about 95% of owner occupiers won't be interested in it when you dispose, because of the busy road and industrial estate.

 

[eyespy]

http://www.realestate.com.au/property-house-qld-deception+bay-106742133
what do you think of this one ?
is deception bay a cheaper area than margate ? how do the 2 areas compare ?

 

[v8duck]

I live in the area and haven't notice agencies closing their doors, quite the opposite in fact with several new agencies being opened in recent months. Clearly the staff have come from other agencies in the area.

Some agents prefer to just sit at their desk and let the listings and buyers find them, probably not a smart move in the current market.

Buyer enquiry rate has increased in the area over the last few weeks and contracts are getting signed.

 

[Edmond Dantes]

Well....I have signed the contracts on yet another property...this time it is at Margate in Qld in Redcliff area.

I picked it up for 252k....and plan to do a quick reno and rent it out. This should also take the valaution to about 310k.

.......

Hey Sash, I remember reading when you bought this one as I was looking at QLD. How has the performance been on this area?

 

[sash]

Not significant movement yet...still around 320k odd.

The market is moving up ....

Hey Sash, I remember reading when you bought this one as I was looking at QLD. How has the performance been on this area?

 

[rohan22no]

Love these threads that skip ahead 5 years in a single post like nothing has happened

Sash, can you please give us the story of the property since you've owned it? I take it you havent developed yet? Has the rent amount moved/improved? Have you done anything to add value and whats the plan for it going forward?

Cheers
R

 

[sash]

Owned it since 2009...

Bought for 250k....small 6k reno.

Rented at 265pw....worth only 300-320k...but market is now moving...

Love these threads that skip ahead 5 years in a single post like nothing has happened

Sash, can you please give us the story of the property since you've owned it? I take it you havent developed yet? Has the rent amount moved/improved? Have you done anything to add value and whats the plan for it going forward?

Cheers
R