Rocky , The next Big Thing ??
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Moving right along, on the subject of Rocky, an article in the Courier Mail says the median price in Park Avenue where I bought has gone up from $85,000 to $107,000. 
Some areas have done better, some not so good but prices are moving up without a doubt for the first time in a long while!.
Some areas have done better, some not so good but prices are moving up without a doubt for the first time in a long while!.
markpatric said:Moving right along, on the subject of Rocky, an article in the Courier Mail says the median price in Park Avenue where I bought has gone up from $85,000 to $107,000.
Some areas have done better, some not so good but prices are moving up without a doubt for the first time in a long while!.
Moving right along, again, your IP interest and experience marcpatric who has acreage in west (?) brisbane ? tick tick tick......
ab
Markpatric ( or anyone else )
For the benifit of the non Brisbanities amongst us would you be able to list the price changes in Rocky from the courier mail.
See Change
For the benifit of the non Brisbanities amongst us would you be able to list the price changes in Rocky from the courier mail.
See Change
Hi sc and all
Here is a link to another story - same topic
http://www.thesundaymail.news.com.au/common/story_page/0,5936,8752544^2765,00.html
cheers
ani
Here is a link to another story - same topic
http://www.thesundaymail.news.com.au/common/story_page/0,5936,8752544^2765,00.html
cheers
ani
Quote from The Sunday Mail
"The state's most dramatic house price rise for a locality was recorded by tiny Lamb Island in Moreton Bay, where seachangers and retirees helped prices almost double. The median house price was $146,000 – a 94.7 per cent increase on 2002."
Dind't realise you were also buying in Moreton Bay.. see_change..!!
"The state's most dramatic house price rise for a locality was recorded by tiny Lamb Island in Moreton Bay, where seachangers and retirees helped prices almost double. The median house price was $146,000 – a 94.7 per cent increase on 2002."
Dind't realise you were also buying in Moreton Bay.. see_change..!!
They're a bit particular on the pronounciation of Berseker ( Burr-s-ka, emphysis on the first syllable ) in Rocky . You quickly get corrected if you get it wrong. The range of "mountains " between Rocky and the coast are the Berseker ranges, named after an original explorer or settler.
It has nothing to do with the mental state required if you want to live in the area
See Change
It has nothing to do with the mental state required if you want to live in the area
See Change
Aceyducey said:
Happy with progress so far. I havn't had any revals or agents opinions done re any of my purchases , however I am aware of one memeber who recently had their three IP's valued at about 50% up on purchase price.
Talking to agents , prices in the lower end of the market have moved 40-50 K since I started this post.
I suppose that would be classified as good short term capital growth
The agents are complaining of increasing problems getting listings, and any thing priced at the market is selling . There are a few vendors who are trying to get more than the market is currently prepared to pay , who are finding their properties are not selling.
The market hasn't been affected by the doldrums affecting southern areas and has continued to move while others have languished.
See Change
Rockies goin` off!.
Prices in Rocky are going berserker lol, I just read that properties are very hard to buy in Rocky right now as investors are beating locals to it.
Rocky in the last quarter had the highest prices growth in Aussie.
Time for someone to eat crow I reckon.....as they say.
I bought a great house in Park Avenue for $65,000 6 months ago and now the median there is $ 125,000 and rising, how high will it go?, any guesses?.
Seachange, could Rocky possibly match the growth of Logan?.
Prices in Rocky are going berserker lol, I just read that properties are very hard to buy in Rocky right now as investors are beating locals to it.
Rocky in the last quarter had the highest prices growth in Aussie.
Time for someone to eat crow I reckon.....as they say.
I bought a great house in Park Avenue for $65,000 6 months ago and now the median there is $ 125,000 and rising, how high will it go?, any guesses?.
Seachange, could Rocky possibly match the growth of Logan?.
markpatric said:
Markpatrick
If you look at my original post , on the second chart , you will see that normally Rocky is more expensive than Logan. Obviously Logan is more likely to be subject to a change of "status " in the area simply because it is easy commuting to the major city in Queensland. Rocky isn't going to change in it's inherant nature , while Logan can ( though that would be open to debate
)Most areas have at least doubled in their median price in the current cycle and I would be suprised if Rocky doesn't do that ( from my charts it has doubled in previous cycles ) . I would take that doubling from the peak of the previous cycle rather than from the low of the trough in between. If you bought around the trough in logan , you'd be looking at over a tripling of the value by now . Many houses in logan changed hands in the 50k range 3-5 years ago and there's not much under 170 at the moment.
Previous median peak in Logan was around 80 in the early 90's and now is comfortably over 160.
Talking to agents in Rocky at the moment they report ongoing tightening of the supply and ongoing increases in price. I don't think it's reached any sort of peak as there are still plenty of places on the market . It's just agents up there are used to having more houses available than what they have at the moment. The only price range that there is a shortage of is the under 100 K and the properties in that price range are really " Dodgy Brothers " stock that you'd be silly to touch unless you really know what you're doing. ( these were selling well under 60k when I was looking ).
Median Prices in North Rocky were around 100K at the top of the previous peak so for a median price , then 200k would makes sense as a target , but many people have bought houses that are not of a median price standard. My guess is it would be a highset, in good condition, 3-4 Bedrooms , double garage, without internal stairs, not in flood area and not on one of the busy street.
I've noticed that prices tend to move in steps rather than in a straight line, and my gut feeling is we're about to have a step up in Rocky.
See Change
Hi, I am new to the forum (new to investing for that matter) but have been reading it for a few months now. In particular this Rocky thread. I find it interesting how your IPs have increased in value so much in 6 months.
I have a house (don't laugh) in Berserker St, Nth Rocky which was purchased 11 years ago. Just had it valued last week and the value has increased by $15k in that time. It is a 2 bed with a sleepout not in a flood area and has been very well maintained. Can't figure out why it hasn't had the same capital growth.
Have also been viewing the RE sites recently looking for another IP to buy and can't believe the asking prices for some properties. As I have lived in Rocky for most of my life, I know the area well and think some properties are overpriced.
A little frustrated to say the least.
I have a house (don't laugh) in Berserker St, Nth Rocky which was purchased 11 years ago. Just had it valued last week and the value has increased by $15k in that time. It is a 2 bed with a sleepout not in a flood area and has been very well maintained. Can't figure out why it hasn't had the same capital growth.
Have also been viewing the RE sites recently looking for another IP to buy and can't believe the asking prices for some properties. As I have lived in Rocky for most of my life, I know the area well and think some properties are overpriced.
A little frustrated to say the least.
O2Be Free
This to me emphysises the importance of timing . First house I bought in Concord West in Sydney did bugger all for the seven years I held it. Paid just over 200, Put in a reasonable amount of work and money ( not over capitalised ) and got an extra 30 k for all our trouble ( Over what we put into it but not including our labour ).
Have just signed a contract to sell a house in Logan for 100 K more than we paid for it 20 months ago.
Anyone who says it's time in the market and not timing that matters is missing out on an important tool in leaveraging their wealth.
BTW depending on the Valuation , can be conservative as they're relying on recorded sales which can be 3-5 months behind what is actually happening in the market. Was it a Bank Valuation of from an agent. There are a couple of agents ( well at least one ) who still don't seem to have realised what is happening and are IMHO understating values. If you want to get a better idea of what is going on, check out the houses that are for sale, and then follow up with the agents to see what they actually sell for. I for one would be interested in hearing feedback from someone who is actually living in Rocky. You're in a much better position to monitor the market.
I've found an element of disbelief with some of the agents in rocky over what is happening , but the same also happened in Logan.
See Change
This to me emphysises the importance of timing . First house I bought in Concord West in Sydney did bugger all for the seven years I held it. Paid just over 200, Put in a reasonable amount of work and money ( not over capitalised ) and got an extra 30 k for all our trouble ( Over what we put into it but not including our labour ).
Have just signed a contract to sell a house in Logan for 100 K more than we paid for it 20 months ago.
Anyone who says it's time in the market and not timing that matters is missing out on an important tool in leaveraging their wealth.
BTW depending on the Valuation , can be conservative as they're relying on recorded sales which can be 3-5 months behind what is actually happening in the market. Was it a Bank Valuation of from an agent. There are a couple of agents ( well at least one ) who still don't seem to have realised what is happening and are IMHO understating values. If you want to get a better idea of what is going on, check out the houses that are for sale, and then follow up with the agents to see what they actually sell for. I for one would be interested in hearing feedback from someone who is actually living in Rocky. You're in a much better position to monitor the market.
I've found an element of disbelief with some of the agents in rocky over what is happening , but the same also happened in Logan.
See Change
Good point regarding the timing SC.
I think when we purchased initially we paid top dollar and since then with market fluctuations we are back in front again.
By the way, I wanted to commend you on the research you have done. You pretty much hit the nail on the head with Rocky's characteristics of population and style. My husband and I have been living in London now for 4 years and found it a little surreal reading a full description of our old home town from the other side of the globe.
Just spoke to my RE Agent in Rocky. He confirmed the continuing high demand from Southern investors and dwindling supply of houses.
Any ideas on a bank/lender that would be suitable for a aussie investor living in London?
I think when we purchased initially we paid top dollar and since then with market fluctuations we are back in front again.
By the way, I wanted to commend you on the research you have done. You pretty much hit the nail on the head with Rocky's characteristics of population and style. My husband and I have been living in London now for 4 years and found it a little surreal reading a full description of our old home town from the other side of the globe.
Just spoke to my RE Agent in Rocky. He confirmed the continuing high demand from Southern investors and dwindling supply of houses.
Any ideas on a bank/lender that would be suitable for a aussie investor living in London?
I've got a place right on the border of Berserker and Frenchville (good area). I have no real plans for the property, and just bought it for possible (expecting small) capital gain over the short term, but primarily for the yield that will get better with time. In fact Rocky does not have a real strong history of capital growth so when I went there looking around I factored in virtually 0% for capital growth.
Anyway, I called up a couple of real-estate agents today and they were saying that prices are still charging forward at the moment.
I was asking about prices for three bedroom highset gable homes (in very good condition) in the area. One guy did a search on past sales for me and quoted 7 sales within 1 km of my place in the range of 136K to 192K most coming in at about the 150 - 160 range. I was surprised at that, its more than what I thought. Is any one else surprised at that?
The other thing is the rents, my research suggests (based on the above home) about 140 - 150 pw maxing out at about 155pw (remember this is a home in good condition). But the realo's were saying 180pw. That also surprised me. I'm not getting that rent currently!!!
Normally rental increases are slower to go up than house prices. If rents are up around that amount then they went up quickly, or I was wrong in my understanding of the medium. What are you opinions on this?
Now that the meat works are officially opening again I think that Rocky has a few reasons to keep going strong. Do you think that there is a chance for Rocky to drop back in prices eventually? I cant see it happening, I suppose it depends on how hot the market gets. I think if properties did drop back in price later after things settle, I think some of the real cheapies that you see on the market now will be the hardest hit. Mostly because of location. Some of them are in seriously bad areas.
My opinion is that location is a little more important in Rocky than some places. I just had that felling when I was hunting around the area.
Regards,
Panda
Anyway, I called up a couple of real-estate agents today and they were saying that prices are still charging forward at the moment.
I was asking about prices for three bedroom highset gable homes (in very good condition) in the area. One guy did a search on past sales for me and quoted 7 sales within 1 km of my place in the range of 136K to 192K most coming in at about the 150 - 160 range. I was surprised at that, its more than what I thought. Is any one else surprised at that?
The other thing is the rents, my research suggests (based on the above home) about 140 - 150 pw maxing out at about 155pw (remember this is a home in good condition). But the realo's were saying 180pw. That also surprised me. I'm not getting that rent currently!!!
Normally rental increases are slower to go up than house prices. If rents are up around that amount then they went up quickly, or I was wrong in my understanding of the medium. What are you opinions on this?
Now that the meat works are officially opening again I think that Rocky has a few reasons to keep going strong. Do you think that there is a chance for Rocky to drop back in prices eventually? I cant see it happening, I suppose it depends on how hot the market gets. I think if properties did drop back in price later after things settle, I think some of the real cheapies that you see on the market now will be the hardest hit. Mostly because of location. Some of them are in seriously bad areas.
My opinion is that location is a little more important in Rocky than some places. I just had that felling when I was hunting around the area.
Regards,
Panda
Logan's Run ( and Rocky )
Today in the Courier Mail , under the title of ,"Property Owners gear up for Logans Run " is the the following comment about Rockhampton
"But the Northern Beef Capital of Rockhampton has become the realestate Capital recordng the largest largest property value increases in the State for the Quarter "
"Median Prices have risen 11 % for the Quarter " ... " Reaching $132,500"
One agent reports listings selling within Days and one house had four contracts on it within 24 hours
Apparently the meat works have started advertising for new employee's as they are now due to open up ..
Panda , rents have certainly moved up over the last 6-9 months with 150-160 being standard for a good house when we were buying.
See Change
Today in the Courier Mail , under the title of ,"Property Owners gear up for Logans Run " is the the following comment about Rockhampton
"But the Northern Beef Capital of Rockhampton has become the realestate Capital recordng the largest largest property value increases in the State for the Quarter "
"Median Prices have risen 11 % for the Quarter " ... " Reaching $132,500"
One agent reports listings selling within Days and one house had four contracts on it within 24 hours
Apparently the meat works have started advertising for new employee's as they are now due to open up ..
Panda , rents have certainly moved up over the last 6-9 months with 150-160 being standard for a good house when we were buying.
See Change
Not the same story but covers some of the same info
http://news.com.au/common/story_page/0,4057,9565732^952,00.html
See Change
http://news.com.au/common/story_page/0,4057,9565732^952,00.html
See Change
For the benifit of the non Brisbanities amongst us would you be able to list the price changes in Rocky from the courier mail.
Sea Change - Here's what appeared in the Bris weekend paper re Rocky's stats for March 2004 Qtr.
(The headings should show as follows:
Mar 04 Qtr - Dec 03 Qtr - % over Qtr - 12 mths to Mar 04 - % change over yr.)
Danny D.
Sea Change - Here's what appeared in the Bris weekend paper re Rocky's stats for March 2004 Qtr.
(The headings should show as follows:
Mar 04 Qtr - Dec 03 Qtr - % over Qtr - 12 mths to Mar 04 - % change over yr.)
Danny D.
