I was using sarcasm, i gave up on Sydney 12 months ago and bought in Brisbane.
sceptical about QLD
- Thread starter bonanzawealth
- Start date
I was using sarcasm, i gave up on Sydney 12 months ago and bought in Brisbane.
What are the indicators besides people hyping it?
The state is still in massive debt, inexperienced government, rising unemployment...
Take this one as an example. This was one of the last cheapies available in this area. There were others in bad spots, main roads etc... but they all still sold.
Is this really worth $85,000 more from before to after? This would probably list for "Offers over $440,000" now. Do people really think this is going to be worth $500,000 in a year?
Before:
http://www.realestate.com.au/property-house-qld-keperra-115870003
After:
http://www.realestate.com.au/property-house-qld-keperra-118298655
Is this really worth $85,000 more from before to after? This would probably list for "Offers over $440,000" now. Do people really think this is going to be worth $500,000 in a year?
Before:
http://www.realestate.com.au/property-house-qld-keperra-115870003
After:
http://www.realestate.com.au/property-house-qld-keperra-118298655
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Why does there need to be indicators? You think we all sit at property traffic lights waiting for the green light before purchasing? Maybe you and few others do but alot of people buy houses because, well, they need somewhere to live and once they have the money for deposit they go and do it, not everyone hangs around somersoft worrying about this
Azazel;1284645 The state is still in massive debt said:
It last sold for $409k, show me something on just under 600m2 for similar price in a state capital at a similar distance from the CBD outside of BN or Adelaide and you may have a point. The previous sale in 2014 looks like a steal?
The difference is nearly anyone could afford this IMO, and it's not on a main road.
Not everyone invests with a time frame of a year
Indicators are actually quite good, compared to other capitals- including stronger rental yields, low entry prices, a diversified economy that is growing, slower but still growing population growth, still large amounts of resources, strong appeal to downsizers and retirees/baby boomer market ( which is expected to be a big market in the future) etc.
On the downside, yes debt is still a bit of an issue and that will take some time to be sorted out - the new govt is already planning some asset sales to potentially pay down some debt ( maybe different assets) up there I think..and unemployment is high is certain areas- in the Brisbane LGA- its not high, its more a problem in the regional centers such as McKay, parts of cairns, etc. and also some further out areas from Brisbane such as ipswitch, inala and parts of logan.
Comparing it to the prices in Sydney will have some people get stuck I think.
I looked at it when it was originally for sale. There were plenty of other better ones at the time. I wouldn't be surprised if it was originally a 2 bedroom. It's pretty small. The land also needs to be 600m2+ in that area to be able to do anything with.
And by a year I mean the growth projections, they don't seem realistic to me. Going by the sales on the ground, the growth has already happened.
Don't get me wrong, I like Brisbane and lived up there for ages from Mitchelton, Paddington, Mitchelton, Southport (GC), Newmarket, Wilston, Everton Hills, Red Hill.
I wouldn't like to see people who aren't familiar with the further out areas seeing old/original houses being put on the market at current (inflated) prices and thinking they can do it up and make money easily.
The time to buy was 3 years ago and now as we can all see it's history repeating itself, with all the sheep from Sydney coming to graze and push up the prices.
At $321k it would have been a great buy
partly, but partly not. A lot of the sheep from Sydney have also grazed in places like orange and dubbo in NSW, thus driving up the prices there a few yrs back. Some sheep have come to qld- a lot of them, especially the older demographic, to sunshine coast, cairns, and parts of the GC. Not so much in inner-mid Brisbane.
My sample data is not huge but interestingly the percentage of NSW based buyers of Qld investment property has dropped markedly since the election. The NSW based Buyer's agents I deal with all the time have also said that their new clients numbers that are interested in buying in QLD is down. Maybe waiting to see if there are any dramatic tax/duty changes or just waiting to see what the economy is doing.
My numbers overall are still increasing but the NSW buyers are making a smaller percentage. WA buyers seem to moving in at the moment.
My numbers overall are still increasing but the NSW buyers are making a smaller percentage. WA buyers seem to moving in at the moment.
when you consider the 9% in and out costs, reno, holding costs etc and then tax on the profits it would've probably been just as profitable to have held the property instead of flipping it imo and a whole lot less work.
As a bLind guess probably in region of $25k which then you pay tax on
Well I guess your grass down there must also be quite tasty
I have actually been looking to purchase in Brisbane myself.
The biggest concern I have about QLD in general is employment. It is an economy that is predominantly based on raw products and mining and more volatile than ever.
I can justify why Sydney can grow so much because of the fact that it has a far bigger and diversified economy plus better weather plus universities plus better tourism options as well as being a big hub for transport and better and bigger regional options within NSW. The same cannot be said about Qld.
We have been on the qld government panel to supply them with IT labour for the past 2 years and they didn't even have a single job being hired that went outside of their normal process. Every time you speak to govt departments up there you can't help but to see they are broke and have no budget for anything. It got so bad that they were asking us to pay them in order to remain a supplier to them. We eventually wrote to them and told them that there is really no point in having an accredited supplier while they dont have any money to spend.
Natural disasters is just another problem on top of already existing problems.
Mainly for this reason I have held back on buying in Brisbane. If the situation remains this way I really cannot see why Brisbane can have a similar boom that Sydney and Melbourne have experienced
The biggest concern I have about QLD in general is employment. It is an economy that is predominantly based on raw products and mining and more volatile than ever.
I can justify why Sydney can grow so much because of the fact that it has a far bigger and diversified economy plus better weather plus universities plus better tourism options as well as being a big hub for transport and better and bigger regional options within NSW. The same cannot be said about Qld.
We have been on the qld government panel to supply them with IT labour for the past 2 years and they didn't even have a single job being hired that went outside of their normal process. Every time you speak to govt departments up there you can't help but to see they are broke and have no budget for anything. It got so bad that they were asking us to pay them in order to remain a supplier to them. We eventually wrote to them and told them that there is really no point in having an accredited supplier while they dont have any money to spend.
Natural disasters is just another problem on top of already existing problems.
Mainly for this reason I have held back on buying in Brisbane. If the situation remains this way I really cannot see why Brisbane can have a similar boom that Sydney and Melbourne have experienced
