Margate Qld (Redcliff area)

[sash]

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.

Has anyone who is on the ground locally have a view of who is buying in this suburbs. I bought mine as a buy and hold with a view to putting a two storey structure to take advantage of the potential Ocean views...

 

[RedPanda]

Hi Sash,

It seems from your post that it's a house close to ocean (as you expect ocean views). May I ask how far is it from the ocean. Is it east of Oxley? Because if so, you got an amazing deal in 252K.

Cheers

 

[sash]

No it is not East of Oxley but sits high....about 500-650m from the beach.

A two storey house will get Ocean view. It seems that there a few large houses going up on that street to realise the views.

I will post before and after pictures of my reno over the next few weeks.

Hi Sash,

It seems from your post that it's a house close to ocean (as you expect ocean views). May I ask how far is it from the ocean. Is it east of Oxley? Because if so, you got an amazing deal in 252K.

Cheers

 

[RedPanda]

OK. I thought so. I don't think it is possible to pick up anything east of Oxley under 300k. How is the market nowadays since you have just bought. Did you feel the values are stable or moving up/down. Sorry about putting your question on yourself. ...by the time someone answers yours.

 

[karina]

$252k sounds like a great price for margate.

 

[sash]

Karina, Roopam

Yes....I think I got a great buy...even if it is only 405 sqm in land. A renovated property which is slightly smaller in terms of house and the land was more level went fro 306K.

I felt that the FHB are keen to get in there. THe new bridge is coming aling nicely. A quick drive around Margate, Clontarf, and Woody Point reminds me of Cronulla or Manly....just a lot cheaper. For 400k you are getting really good properties.

In 5-10 years...I think the area will become quite expensive. At that point I will develop a nice double story house to maximise the views. Even now a new house with decent view and double storey is going for about 550-650K!

OK. I thought so. I don't think it is possible to pick up anything east of Oxley under 300k. How is the market nowadays since you have just bought. Did you feel the values are stable or moving up/down. Sorry about putting your question on yourself. ...by the time someone answers yours.

$252k sounds like a great price for margate.

 

[Cherry Pro]

Congrats Sash on your new purchase. Think you've done well by scoring that price.

My next IP will be in Brisbane and I'm considering that area as well.

Before and after pics will be appreciated.

Cheers,
Amelia

 

[investor_eddie]

Congrats on the purchase Sash. If you don't mind me asking, what was the advertised price?

 

[RedPanda]

Karina, Roopam
I felt that the FHB are keen to get in there. THe new bridge is coming aling nicely. A quick drive around Margate, Clontarf, and Woody Point reminds me of Cronulla or Manly....just a lot cheaper. For 400k you are getting really good properties.

In 5-10 years...I think the area will become quite expensive. At that point I will develop a nice double story house to maximise the views. Even now a new house with decent view and double storey is going for about 550-650K!

I second your views on the area. IP magazine says Redcliffe is the cheapest bayside suburb in Queensland. I would go on to say that it is probably the cheapest bayside suburb in Australia within reasonable commuting distance to a capital city. And I bet won't remain like that for long.

Congratulations on a great purchase.

 

[josko]

Good on you Sash,

Glad to hear the bridge is coming along nicely and always great to hear investors re-affirming my opinion on the area.

Regards JO

 

[vbplease]

Looks like a similar one for sale?

http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=56349956&s=qld&tm=1243306550

And based on the re agents photo, if you raise the house, the beach will appear only 3m away

 

[LynnH]

Where do the agents get their descriptions???

The one highlighted above (by vbplease) is described as a "very old 2 bedroom 1 bathroom beach shake".

Cheers
LynnH

 

[sash]

Hi All,

Thanks for all the encouragement....

I am working on another one in the Redcliffe area.....but I think this will not be as quick....

Also, I plan to reno this place I bought for 5K........and my plan is not to do it myself....I will just watch! Already have a few tradies working on quotes...

Will post pictures once done.....

The current market is like a kid in a candy store!

 

[sash]

You Snooze YOu Lose

Hi there....found another one last night about 10pm....called this morning and it went under contract on the same day.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=72525054&s=qld&snf=rbs&tm=1243382673

This would have been a fantastic buy....though I doubt the owners would have reduced the price by much. Still would have loved to have snatched this one!

Oh well next time!!!

 

[josko]

You are right Sash,

This is a great buy. Especially at Woody Point.

The kitchen doesn't look too bad considering the age and condition of the house.

Rent would have to be around $250-260/week maybe. Not the best for cashflow but great value for Capital Growth.

Regards JO

 

[RedPanda]

Agree. Would have been a great buy for the price. I wish I could buy more in Redcliffe right now

 

[Witzl]

i wish i had more equity to make another purchase.
Alas, i am at my limit. Otherwise i would definitely be looking in redcliffe.

 

[vbplease]

Rent would have to be around $250-260/week maybe. Not the best for cashflow but great value for Capital Growth.

Though it's not very often you see a 2bed house getting a gross yield of 5% on the advertised price.. I guess when the numbers are so low, the rates etc will reduce the net yield a fair bit.

oh, have you guys heard? The QLD land titles office have just reached their allowable quota of Redcliffe properties purchased by NSW residents and won't accept any more

 

[sash]

I am not limited by finance but the lack of "bargains"....they just seem to fly out the door!

 

[Angel]

What do you experts think of Redcliffe ATM? Remember i am a newbie so please be gentle!

I looked through a few houses this week but there are so many choices!

Clontarf is cheap compaired to what I am used to seeing elsewhere, I have been advised to go for Scarborough rather than Clontarf. Any info greatfully accepted.

Do you buy the cheapest "dive" you can get as close as possible to the beach with the goal to demolish and rebuild in the furure, or buy middle of the road, or upmarket, or what? I have been told that ANYWHere on the peninsula is no more than 2 klms from water, so anything will give CG. I have my doubts, i want maximum cg.

We are low-income earners so cash flow is a consideration, and only moderately familiar with the entire area.