Salisbury Brisbane

[Plumber]

Its time to add another property to the portfolio. I've been watching Salisbury for a year or so now. It has been possible to buy +ve geared properties here for some time but I havent had the funds to do it.

And now .. in the last month alone ... 30% of the properties listed on RE.com have sold or gone under contract !! New listings of 3 bed 1 bath post war timber houses are asking prices 25% more than this time last year. (345 k vs 430k)

I went to an open house on Saturday on a property that had just listed on Wednesday and was told it was about to go under contract .... in less than a week !!!

Is this the type of market activity that signals a sellers market and rising prices?

 

[ndpjai]

Plumber, definetely it seems a seller market atleast for this suburb, as i used to have an eye on this suburb for quite some time. Also, there are not good properties available close to station, probably you might get some near orange grove road. But certainly we can't get anything under 350K, if you want a free standing house.

 

[willair]

Its time to add another property to the portfolio. I've been watching Salisbury for a year or so now. It has been possible to buy +ve geared properties here for some time but I havent had the funds to do it.

And now .. in the last month alone ... 30% of the properties listed on RE.com have sold or gone under contract !! New listings of 3 bed 1 bath post war timber houses are asking prices 25% more than this time last year. (345 k vs 430k)

May well come down too the block sqm,s,you have Rocklea 300k,Moorooka 450k plus,Tarragindi 550k plus,that's within 3-5 klm,s of Salisbury,and there are still several splitters in Salisbury..

 

[INVSTOR]

Its time to add another property to the portfolio. I've been watching Salisbury for a year or so now. It has been possible to buy +ve geared properties here for some time but I havent had the funds to do it.

And now .. in the last month alone ... 30% of the properties listed on RE.com have sold or gone under contract !! New listings of 3 bed 1 bath post war timber houses are asking prices 25% more than this time last year. (345 k vs 430k)

I went to an open house on Saturday on a property that had just listed on Wednesday and was told it was about to go under contract .... in less than a week !!!

Is this the type of market activity that signals a sellers market and rising prices?

It sounds like the same property I was interested in but was away on the weekend. I just received an email off a RE estate agent saying times have changed over the past 4 weeks. Properties are selling at first home opens and you need to decide straight away if you want to purchase, not go away and think about it for a couple of weeks. They say it's a balanced market.

 

[Plumber]

It sounds like the same property I was interested in but was away on the weekend. I just received an email off a RE estate agent saying times have changed over the past 4 weeks.


http://www.realestate.com.au/property-house-qld-salisbury-110833375

this is the one ! Good and solid but with excellent reno / redev potential. Gone in 5 days !!

 

[amiaow]

I live in Salisbury and watch the market closely. The only time in the last few years it has been possible to buy a house for 350k has been if the house is better off demolished- I have viewed many of the sub-400k houses and they need serious work.

In my view, there has been a definite change of sentiment in the last couple of months- asking prices are going up, sold prices are going up (back to near what they were when we purchased in mid-2010), and most buyers are young couples buying first homes or family homes. The 5-6 bedroom side of things is also booming, with several >650k sold prices in the last 12 months.

Good properties at the right price don't sit on the market for more than a week or two. The ones that languish are those that need demolition, serious renovations or are simply overpriced. As a general rule here, you can get a good 3x1 house on 600+ sqm (need an 809 block to subdivide, but I reckon the 600+ blocks are good value as in a few years time they will be the big blocks in Salisbury) for 430-450k (though a few 470k sales recently with big back decks), 4br 2bath for low 500s, 5br 2bath mid 500s, 6 bed+ from 600 onwards. Queenslanders fetch a premium.

Without a serious deposit though, rental yield is still fairly low in my opinon. A 3x1 will generally fetch 360-400pw. I think there is money to be made from the student market with the lease of individual rooms, but this would best be done on the Griffith Uni side of Orange Grove Road.

Give it a few years I think we will be very lucky to see prices like these- this place is booming and the community spirit is huge- a lot of young people are moving to this area and many new shops & cafes are opening and are well supported by the community.

 

[Ed Barton]

I live in Salisbury and watch the market closely.

Are the new people moving to the area largely from a distinct ethnic background or is it a mix? Are the new arrivals to the suburb renters or OOs?

 

[INVSTOR]

It sounds like the same property I was interested in but was away on the weekend. I just received an email off a RE estate agent saying times have changed over the past 4 weeks.


http://www.realestate.com.au/property-house-qld-salisbury-110833375

this is the one ! Good and solid but with excellent reno / redev potential. Gone in 5 days !!

Yes, that was it. Stamp duty gets reduced today for PPOR, that should stimulate the market further!

 

[amiaow]

Are the new people moving to the area largely from a distinct ethnic background or is it a mix? Are the new arrivals to the suburb renters or OOs?

In my experience, the distinct ethnic background of people moving to the suburb is caucasian Aussie- every owner occupier I have met has grown up in Australia. They are usually University educated and both partners are employed full time (people tend to buy in couples).

New arrivals are a mix of OOs and renters as the suburb is popular with both FHB and investors (in my experience, many more OO than renters). We haven't had any new renter arrivals in my street or surrounding streets recently- it seems that everyone tends to stay a while.

 

[Plumber]

http://www.realestate.com.au/property-house-qld-salisbury-110833375

this is the one ! Good and solid but with excellent reno / redev potential. Gone in 5 days !!

Nope its not gone apparently ! Think I'll be spending Saturday at Salisbury doing the open house circus.