Not a bad deal in Sunnybank, QLD

[jerrybee]

http://www.realestate.com.au/property-house-qld-sunnybank-119927917

If you can make it liveable for 50k you'll get some good CG. It looks infested with mould at the present time so it's hard to say just how fundamental the problems are. A 3 bedder in that location in decent condition generally runs at around 600k.

Note that Owen is one of the best agents in the area and is likely to drive the price up. But if you're feelibg lucky, 480k is pretty cheap IMO. Might even be worth landbanking this one, just 300m up the road are multimillion dollar builds.

 

[hugh72]

Good location and land size but as you said its in poor condition and needs a lot of work. It will be interesting to see how much it goes for.

 

[jerrybee]

If you could give it a complete makeover for 100k even that might be worth it. 580k fully renovated would still compare favorably to an older house in good but unrenovated condition for around the same price. Would be worth checking out I think for anyone who lives nearby. I'd be less inclined to take a punt remotely. But damn - that price.

 

[Azazel]

If you could give it a complete makeover for 100k even that might be worth it. 580k fully renovated would still compare favorably to an older house in good but unrenovated condition for around the same price. Would be worth checking out I think for anyone who lives nearby. I'd be less inclined to take a punt remotely. But damn - that price.

With "Offers over" houses in Brisbane are generally always selling for well over that amount. Turton's a bit of a busy road. It's an awkward corner block with a bus stop structure out the front. Strange floor plan, kitchen off the bathroom, all the way around to the dining/living. Wouldn't be surprised if it was a 2 bedroom once upon a time.
AND It's on the wrong side of town (ex-Northsider )
Less than 1km to the train is good.

 

[jerrybee]

AND It's on the wrong side of town (ex-Northsider )

There are great deals on both sides of town.

But if you're making a play for that hot Asian money, there's literally only one side of town.

 

[Azazel]

There are great deals on both sides of town.
But if you're making a play for that hot Asian money, there's literally only one side of town.

I got distracted after "hot Asian"...
Anyway, Sunnybank is already well over its previous peak. If you already bought, good times, but not somewhere I'd be looking at now.

 

[sanj]

I don't know brisbane well but remember heading to sunnybank a few years ago to have some ramen, popped into the local agents offices and prices did seem pretty affordable. Is that the main asian hub in Brisbane?

 

[jerrybee]

I don't know brisbane well but remember heading to sunnybank a few years ago to have some ramen, popped into the local agents offices and prices did seem pretty affordable. Is that the main asian hub in Brisbane?

It's really the only Asian hub. It's not like Sydney where you have Chatswood, Hurstville, Eastwood etc.

 

[sanj]

Ah ok. There are a lot worse places to invest in then.