Russell Island

[markpatric]

Wondering what are the thoughts regarding medium term growth on Russell Island.
I realise there have been earlier threads on the subject but it seems to be coming of age the whole bay island area, with populations far outstripping growth predictions.
Russell now has a very flash set of new shops, new pool, police station etc and resorts are planned.
Blocks of land there are very low priced and most way above sea level, much of the island higher than brisbane itself so I have heard.
How can great land in such close proximity to North Straddie be so cheap?.

 

[marg4000]

Because no-one wants to live there???
Marg

 

[markpatric]

The fact that the population is growing at twice the rate expected doesn`t reflect that opinion.
It has always been viewed as a matter of time before a bridge is connected or that the islands will see a big capitol gain, I am wondering if this time is close as where else can you get a block of land for 30K? so close to Brisbane and the Gold Coast.

 

[Propertunity]

When I was just a kid 40+ years ago, my aunt & uncle purchased a block of land on Russell Island. The developers at that time were talking about a bridge too. I remember it being discussed around the dinner table.

Maybe it will happen, maybe it won't - just speculation If you are going to speculate on these things then I suggest you only play with 10% of your wealth to do so. If it comes off fine. If it doesn't then you can survive to speculate another day on 90% that you still have.

 

[Nic0]

Most wouldn't cut it for me, I would check to see if those blocks are above the water line during a king tide, i looked at Russell Island when i was living in Brisbane but decide to stay away.

 

[ianvestor]

How can great land in such close proximity to North Straddie be so cheap?.

Because geographical proximity does not equal chronometrical proximity.

People are always saying how 'close' the islands are but forget to mention how excruciatingly slow the ferry ride is.

So it may seem close, but it's the equivalent of being much further out because of access delays.

Of course, a bridge would sort that out.

 

[Buddybee]

We have some rello's that rent on Russell Island because it's cheap. It cracks me up that when they go to the Mainland to do some shopping, or for appointments they say they are going to back to Australia

Cheers
Buddybee

 

[Spectre]

I've had clients buy on and off those islands for ages. Buying in is usually nice and cheap but the majority of them have had issues when they've gone to sell. Extended selling periods, having to drop your list price a whack when the brisbane market was going up.

The talk of the bridges has been around for years, but many of the locals dont want the islands bridged.

Of course, when the zombies attack Cleveland shire, you would be safe as I dont think zombies cant swim. So thats a plus.

 

[markpatric]

I am having a case of dejavu!.
I remember when I bought in Rocky almost all said it was a waste of time for every reason under the sun, also kingston, bundaberg the list goes on.
I agree with speculation being unwise, and agree that it also is wise to only use a small portion of your wealth in these cases but I have a gut feel about Russell Island in particular.
Seems there are a lot of old tales regarding the island which are far from fact.
The water taxi these days is very quick and a real fun comfortable ride, when I went a few weeks ago there was not an empty seat!.

 

[Hoffy]

The fact that the population is growing at twice the rate expected doesn`t reflect that opinion.

What does that actually equate to as a growth rate??? Double of not much, is still not much. If there was strong demand, the blocks wouldn't be 30k.

There is a massive difference between this place and all the others you mention - Rocky, Kingston, Bundy.

 

[marg4000]

The bridge to Stradbroke has been talked about for as long as the train line to Redcliffe.

Stradbroke has magnificent white sandy beaches and great surf, Russell has a few sandy beaches and the rest of the coastline is mud, mangroves and mosquitoes.
Marg

 

[markpatric]

What does that actually equate to as a growth rate??? Double of not much, is still not much. If there was strong demand, the blocks wouldn't be 30k.

There is a massive difference between this place and all the others you mention - Rocky, Kingston, Bundy.

What it equates to is exactly what it is, the bay island population is growing fast.
There is definately a glass half empty mentality toward the area, just as there was for years with places like Rocky/Bundy/Kingston.
There might be a massive difference to some given the huge growth of Rocky etc but I know where I would rather live if I had to.
It is a complete misnomer that successful investors buy where price growth has already occured.

 

[marg4000]

There is absolutely no reason why you can't have a successful IP on Russell Island. Just because a lot of people won't touch it is NO reason for you not to. As always, do you research and crunch the numbers.

And if it works for you then go for it.

Personally, I would consider it a long shot. But if it does work out then the results could be spectacular.
Marg

 

[Ol School Skata]

...Buying in is usually nice and cheap but the majority of them have had issues when they've gone to sell. Extended selling periods, having to drop your list price a whack when the brisbane market was going up.

This tells me that there could be some desperate sellers so I would negotiate hard when there are listings for sale.

Having no bridge is definately a plus if the zombies attack.....is there a graveyard on Russell Is?

OSS

 

[our obsession]

Spectre:

Of course, when the zombies attack Cleveland shire, you would be safe as I dont think zombies cant swim. So thats a plus

OSS:

Having no bridge is definately a plus if the zombies attack.....is there a graveyard on Russell Is?

OSS

They can fly a short distance, sort of launch themselves and latch on to your throat. It's not a pleasant experience.

Russell Island sounds wonderful MP, quiet, idyllic, island life, I'm sorry I missed visiting it....will catch up. Sounds like my kind of island.

 

[Spectre]

Having no bridge is definately a plus if the zombies attack.....is there a graveyard on Russell Is?

OSS

Thats the bowls club

 

[mrsdawnrazor]

I have an IP an Macleay, nice capital growth in 2 years, great tenant, good CF

It was our first, it was cheap and has never been a problem. Not a get rich quick scheme but a good start that has enabled us to get IPs 2, 3 and 4

Horses for courses - depends what you are looking for. Always has a high rental demand, but you need to beware the Bogans and the lazy PMs