You can make an offer heaps of different ways, phone, text, email, etc, but I think it's better on a contract at least you know the owner will see it just make sure you have a way out if you think you need it. There is a cooling off period, you can also have subject clause, subject to finance, subject to build and pest inspection, subject to council approveal, etc.. I think another very good thing to have is a contract expire time/date.
Redcliffe/Scarborough or North Lakes?
- Thread starter HillsGirl
- Start date
Do not need to be high income earners, my partner is studying fully time and we are on pretty much 1 wage, we will be buying our 4th soon.
Just make sure you minimise your outgoings, and don't have kids
North Lakes (QLD)
Our recommendation is new four bedroom houses in the North Lakes (QLD) area. We are seeing capital growth rates at over 8% so far this year on properties we have bought there.
The rents are up by $40 per week from this time last year. The longest delay in renting a new property (that we have experienced) is 12 days from completion. Most of the new properties are tenanted within 2-4 days of completion. Most agents having a waiting list.
Going forward there looks to be a continued shortage of developable land over the next 10 years. We are seeing subdivision stages (30-50 blocks) selling out in 3-5 weeks from release. A year ago these were taking 3 months to sell out.
Example of current pricing in the North Lakes market:
Projects to note include:
Days on Market 88
Stock on Market 0.17%
Vacancy Rates 0.3%
Internet Search Interest 34 (www.realestate.com.au)
Rental Yields 5.45%
Sales (over 4 QTR's) 150, 172, 222, 355 (RP Data)
Our recommendation is new four bedroom houses in the North Lakes (QLD) area. We are seeing capital growth rates at over 8% so far this year on properties we have bought there.
The rents are up by $40 per week from this time last year. The longest delay in renting a new property (that we have experienced) is 12 days from completion. Most of the new properties are tenanted within 2-4 days of completion. Most agents having a waiting list.
Going forward there looks to be a continued shortage of developable land over the next 10 years. We are seeing subdivision stages (30-50 blocks) selling out in 3-5 weeks from release. A year ago these were taking 3 months to sell out.
Example of current pricing in the North Lakes market:
- Land 420m2<>$244,000
- 4 bedroom house (220m2) <>$220,000
- Rents <>$430-440pw
- Mango Hill
- North Lakes
- Griffen
Projects to note include:
- North Lakes Westfiled redevelopment
- Costco retail development
- North Lakes Business park which is to employ 20,000 people over the next five years
- $1.2 billion Moreton Bay rail link to be completed in 2016
Days on Market 88
Stock on Market 0.17%
Vacancy Rates 0.3%
Internet Search Interest 34 (www.realestate.com.au)
Rental Yields 5.45%
Sales (over 4 QTR's) 150, 172, 222, 355 (RP Data)
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Do you mind providing the source to the vacancy rate? SQM research has it @3.8%.
I've been keeping an eye on houses in Redcliffe around $400k for a few months now and I wouldn't say you've missed the boat (assuming there is one to be caught).
When I was doing some initial research late last the year 1 year the median house price growth was 5% and the year before that 8% (according to Residex) so I guess things have been picking up but on the other hand the 2010 median house price was just under $380k (from 123 sales) and last year was $384k (from 165 sales). Not much movement there.
I don't think houses are moving that quickly and I also don't think prices are rising quickly as well so I'd say you've got some time up your sleeve.
When I was doing some initial research late last the year 1 year the median house price growth was 5% and the year before that 8% (according to Residex) so I guess things have been picking up but on the other hand the 2010 median house price was just under $380k (from 123 sales) and last year was $384k (from 165 sales). Not much movement there.
I don't think houses are moving that quickly and I also don't think prices are rising quickly as well so I'd say you've got some time up your sleeve.
I would say be careful
Been watching it for 2.5 years, bargains are gone
You could of easily got a 3 bedder on 600sqm for 250 - 280 back then
Now 350
I think before all the Everyone get caught up in the hype just remember that redcliffe is actually a lower socio economic area and it will take time for the residents or new residents to push growth
I would buy in the area but it's all investor competition - like Logan so I'll pass for the minute
Sustained capital growth requires incomes - not there yet
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Prices are moving, I have been watching the house market for the last year or more. Most of the lower socioeconomic housing is located on the western side of Woody point, Redcliffe and Scarborough. Along the coast line there are beautiful houses however still a few beach shacks in amongst them. I think if you want to buy out of the socioeconomic area you should be looking "East Of Oxley". From what I have seen all the bargains are gone however I still see what I think could be a good buy from time to time.
I think it is mainly investors driving the market atm however when the train line is complete I would think this would change to owner occupier interest and with the property prices in Brisbane increasing not only would the coastal community be a nice sea change but a cheaper alternative. That's was the reason I invested in the area.
I think it is mainly investors driving the market atm however when the train line is complete I would think this would change to owner occupier interest and with the property prices in Brisbane increasing not only would the coastal community be a nice sea change but a cheaper alternative. That's was the reason I invested in the area.
No mate, you don't need to complete a contract to make an offer. You just make an offer then the agent should take that to the sellers.
Some agents want it in writing and usually an email will do.
Once price and terms are agreed then the agent will have a contract generated and send that to you. I suggest you get onto a decent QLD conveyancing solicitor to look over it for you to make sure all your conditions are there.
QLD has just gone through a process where all contracts have changes, we've gone from REIQ contracts to POA contracts and people are still getting used to them so the chance of errors is higher.
Regarding your areas, North Lakes has some big ticket infrastructure coming in over the next few years as well as the Costco that has opened and I think an Ikea? There was also a new bridge connecting some nearby land estates etc. All this adds value and prices are doing quite well already. Bayside isn't getting the growth that North Lakes is.
You may also want to look at Dakabin, Rothwell, Mango Hill etc. All nearby North Lakes and should benefit from the growth 'spill over'.
Some agents want it in writing and usually an email will do.
Once price and terms are agreed then the agent will have a contract generated and send that to you. I suggest you get onto a decent QLD conveyancing solicitor to look over it for you to make sure all your conditions are there.
QLD has just gone through a process where all contracts have changes, we've gone from REIQ contracts to POA contracts and people are still getting used to them so the chance of errors is higher.
Regarding your areas, North Lakes has some big ticket infrastructure coming in over the next few years as well as the Costco that has opened and I think an Ikea? There was also a new bridge connecting some nearby land estates etc. All this adds value and prices are doing quite well already. Bayside isn't getting the growth that North Lakes is.
You may also want to look at Dakabin, Rothwell, Mango Hill etc. All nearby North Lakes and should benefit from the growth 'spill over'.
Yes we did end up buying.
We had an offer accepted on a 3 bedder in Redcliffe, but I was spooked by the Building report, so I pulled out.
We ended up buying a 4 x 2 x 2 house in North Lakes for $396k.
So far so good, tenanted for $400wk.
Still nervous, but happy that we took the plunge. Hopefully the second one wont scare me as much
We had an offer accepted on a 3 bedder in Redcliffe, but I was spooked by the Building report, so I pulled out.
We ended up buying a 4 x 2 x 2 house in North Lakes for $396k.
So far so good, tenanted for $400wk.
Still nervous, but happy that we took the plunge. Hopefully the second one wont scare me as much
Yes we did end up buying.
We had an offer accepted on a 3 bedder in Redcliffe, but I was spooked by the Building report, so I pulled out.
We ended up buying a 4 x 2 x 2 house in North Lakes for $396k.
So far so good, tenanted for $400wk.
Still nervous, but happy that we took the plunge. Hopefully the second one wont scare me as much
What exactly spooked you in the building report that made you pull out? I'm currently in the midst of deciding whether i want to go through with a contract due to an unfavourable pest and building report too. We are gathering quotes and seeing if the owners will agree to fix them all. Not sure whether that is reasonable or not, or whether i should just pull out. The house i'm talking about is in Aspley.
It was a two storey place in Redcliffe, one of the ones with an outdoor staircase leading up to the front door.
the report said that the stair case was not "legal" and we would have had to completely remove it and replace
In hindsight probably not that big a deal, but being interstate I didn't want the hassle
the report said that the stair case was not "legal" and we would have had to completely remove it and replace
In hindsight probably not that big a deal, but being interstate I didn't want the hassle
Fair enough. That probably would have spooked me too. I guess being interstate it is a lot scarier. I have one property in Sydney i was nervous about purchasing a year and a half ago.. and now i'm looking at buying in Brisbane and i'm still nervous. I've been watching the Brisbane market and have seen some movement in price already, so i'm also hoping its not too late. I prefer Brisbane as a city rather than Adelaide. I'd probably also consider the gold coast too with the commonwealth games coming
Was that the house on klingner road??
