Springfield Lakes Qld ??????

O

onlyifamppowered

HI
I am looking at adding a property to my small collection at Springfield Lakes Qld 4300. Does anyone have anything there or have a feel for the area. It's got a lot going for in in my eyes. Railway opens this year, schools uni hospital ( being built) major shopping centre and more to come.
Speaking with local real estate agents the rental demand is strong and there is heaps more to come...
<350K will get you a 3 year old 3 bedder renting for 360+.
The area has everything from 2 bed room studio homes on 280 M up to 750K+ big places with lake side / views etc..
Anyone got a though on the area??
 
onlyifamppowered said:
HI
I am looking at adding a property to my small collection at Springfield Lakes Qld 4300. Does anyone have anything there or have a feel for the area. It's got a lot going for in in my eyes. Railway opens this year, schools uni hospital ( being built) major shopping centre and more to come.
Speaking with local real estate agents the rental demand is strong and there is heaps more to come...
<350K will get you a 3 year old 3 bedder renting for 360+.
The area has everything from 2 bed room studio homes on 280 M up to 750K+ big places with lake side / views etc..
Anyone got a though on the area??
Click to expand...

There's enough land out that way to continue development for at least 30 years, more like a minimum of 60.
 
On paper it seems to have a lot drivers.. Road access, train link, education, health etc
Development founded by Maha Sinnathamby who wrote a whole book about how it came about. My reservation is also the massive supply of land. Worthwhile to keep that in mind when considering capital growth potential
 
For 350k you can get something much closer to brisbane, with probably a much better yield. Honestly, that return based on the numbers you've given is really bad. Why are you looking that far?
 
HI
I am looking at this area because I believe it's close to making a big move, seems to have high rental demand and it's close to home for me. I live 10 min away and work in this area daily. I have always had property close to me for peace of mind. This is important to me.
In saying that I did not give thought to the amount of land nearby.....
Seems I may need to look more.
Any thoughts on other areas ?
 
Hi, when looking at the land supply just bear in mind the expected pace of release/ subdivision. There is usually a lag before subdivision so there may be some time before supply comes on stream which affects vacancy. Guess the supply comes down to the amount with approvals in the pipeline and when it's expected.
 
Thanks T33 for the advice
There is a huge amount of new land being developed and heaps being built. The positive is all the new blocks are very small and many town houses. Some blocks are <280m !!!!!
The bigger blocks closer to the lakes and main centre have been slowly going up in price I think more then they should. A little tired 4 bedroom place of 6-8 years old with 500m and 2 car garage can be found for 350K and should rent for close to 400/w.
Some cosmetic tidy up and I think some capital gains could be made.
Long term capital gains,,,, well after everything is finished (rail etc) it has to be good.
Rental return of 5% is do-able. I am having a hard time finding an area that I feel has so much to offer.. Still not sure now
 
South east queensland in general was advertised as a hot spot many years ago, and it has still yet to boom. In fact, some places the prices have gone down.

I looked at Springfield lakes many years ago. I even went there, had a coffee at a nice shopping center (was it called Orion?), but decided not to purchase. Luckily i didn't purchase there, but ended up buying in Goodna (it's been flat most of the time as well). Reason I didn't buy in springfield lakes was because of poor rental return, and uncertainty of capital gain. Also, it's too far for a capital city (brisbane). This is why I decided to buy a bit closer to brisbane with a better rental return. With south east being flat the last couple of years, I haven't lost much money as my rental almost covers costs, etc. but with a rental return of 5% I better get capital gains asap!

I agree with the others when they mention is due to plenty of land available. If you have a high density area and lack of land, prices will go up much faster.

if 5% is do-able and you're ok with losing money for the short term, maybe when the place booms you'll reap the benefits. who knows. But to me it's overpriced.

Apart from the rail station and one or two shopping centers, etc; what are the economic drivers? what are the industries?
 
H
The area has a hospital being built and specialist medical centres, uni and more education centres being built, good private and public schools. Several high rise office blocks for the business centre ( most still empty and more being built) . Getting a few more trendy food areas and parks. There is no real industry but land is set aside for light industrial area and several large buildings are underway.
Downside.
There is plenty of land around but a lot has been ear marked as green space. There is another estate ( mini city) planned for Ripley that is claimed to be the next mini city like Springfield lakes. I agree the market in SE Qld is flat but I hope turning soon.
There are areas closer to Brisbane and many are cheaper to buy into but are less desirable to live in. I like Acacia ridge as it's still cheap and some nice areas and 14km from CBD. I was interested to hear you brought in Goodna, a long way down my list due to it's reputation but an area that does have a lot going for it geography.
I was hoping to do something this year but time is fast running out.
To be cont....
 
Edmond Dantes said:
For 350k you can get something much closer to brisbane, with probably a much better yield. Honestly, that return based on the numbers you've given is really bad. Why are you looking that far?
Click to expand...

A client is settling a 2 broom colonial cottage on 405m2 in the greenslopes/stones corner/ Coorparoo are tomorrow for $371k. Much better buy for capital growth IMHO.
 
cu@thetop said:
A client is settling a 2 broom colonial cottage on 405m2 in the greenslopes/stones corner/ Coorparoo are tomorrow for $371k. Much better buy for capital growth IMHO.
Click to expand...
Would be interesting to know what the vendor paid,when you start to see settlement prices like that and maybe land-value per sqm value makes you think..
 
Darra?
Maybe
Closer to the city, Good access to main roads , rails , Lower entry prices, rent a little cheap too.
but another area I would not enter at night. Darra, Inala, Goodna etc all have their own reasons to make good areas for an IP. But not an area I think people would really want to live in by choice due to high crime rates, high unemployment and large areas of old run down housing. Many hundreds of old state government housing , many in poor states of repair. I work in these areas also and you can go to a house in these areas any time day and night and people are home, no jobs. I am unsure if low income/ high unemployment areas will really make good long term IP's.
May be closer to the city and have transport and other things going for them but not an area I think that capital gains are going to be positive any time soon. They may give good returns due to low entry prices and given time prices must rise,,
I mean no disrespect to these areas or the people but that's how it is from my view point with regard to investment.

I have always had IP's that I could live in if I had to. I grew up in Woodridge and could never see me wanting to live in that area again. It may be snobbish but I think this also holds true to rentals. I believe a rental in a slightly nicer area does attract a better rent in the long run and I hope gain better capital gains then a less desirable area..
I am going to look at Spring field ( older area next to Springfield lakes) and see how property prices and changed. Some parts of old Springfield are nearly 20 years old. be interesting to see if the new area theory on capital gains holds true..
Camra is another older area that is affordable but has some great homes and close to transport etc....
The right place is out there
 
I would suggest you look at the growth in Inala in the past years. I wish i own 20 ip's there! You need to understand that you are buying houses for people to live in. Forget about the "i would never live there" excuse. See the growth in slacks creek, inala, even darra. Mount druitt in sydney, etc. Compare inala growth with the beautiful springfield lakes. Which area would you buy based on numbers?

You've given yourself your own reasons to buy in s. Lakes. Go for it, it may turn up awesome capital gain, and you'll be reading this thread laughing. Good luck!
 
I live in Springfield Lakes and follow the infrastructure construction and prices relatively closely. I bought a brand new home (3 bed, 2 bath, 1 garage on 330m2 land 2.5 years ago for 355k. Prices have remained flat since then and have not seen an increase.

Rents are around the level you state, $360-380pw for a newish 3 bedroom home.

Hospital has not been started, land is earmarked for it in 'health city' the hill near Central Walk. They are trying to attract Mater Hospital. They are building a electrical substation very close which I believe is related to trying to attract the hospital. The rail as you say will be complete on December this year. They are duplicating the centenary highway from Springfield Lakes to the Logan Motorway interchange so there will be 2 lanes each way all the way to the city. This will be complete early 2014.

As others have said there is an abundance of land, will be for at least the next 30 years. As an investment I wouldn't buy here. Why would you when you're not getting good yields and your also not getting good capital growth prospects, what's the point? I'd be reviewing my investment goals and fundamentals further, to me yield or CG would be much more important than something close by. If you're worried about it getting trashed, that's what landlords insurance is for, driving past your IP all the time isn't going to achieve much because even if you saw something bad you can't really act as you're not giving your tenants private enjoyment/privacy.

If u have any specific questions on Springfield Lakes I can hopefully answer them.
 
Thanks to all for the reply's.

I am not new to this and have had the joy of a trashed house.
Was a good thing in the end as I got it nicely repaired better then new and was able to sell it for a nice profit. Good stuff land lords insurance !

My thoughts on SFL were due to all that is going on now and in the future. Seems I was over thinking something I should have known.
I have found a place in Goodna that will return 6.7% easy. Very keen vender and rents at 335/ week
My only concern is that less desirable area are going to be slower to get going.
However in saying that 15 years back I had a mate tell me about an auction of old housing commission houses. He said you must get in on this. He brought 6 in Inala for less the $400K total.
Two years later he cleaned up 2 and sold them and cleared the loan.
Those 4 remaining houses are dumps and rent cheap but are never empty.
I asked him today how they are going and he said they have not moved in 10 years. Still way ahead but no real gains since.
They will go again and if the tight bugger got a paint brush out they will do better.
My thinking is all SE Qld is due a move, is it not better to get something desirable or cheap and better long term gains.
I have had both and still like quality areas.
My place in Augustine Hts I purchased 18 months back is flat and would just be doing 5% if not for NRAS. Don't get me started on NRAS. Good idea but poorly managed in my case.
Being able to do my own repairs etc is why I like to keep them close.
Time I took the blinker's off and had a another look.
Thanks to all
 
Give me land ..give me land .. give me lots and lots of land.....hard to compete with a developer ,, forest lake took 20 years to have any real growth i saw it open in 1990 initial HLP price 85k bought a property there for 103k in 98( original price 85k 1992) sold it 2010 300k..which was about 5 years after //after the land availability was good advice in previous posts ,,,,Springfield is a fantastic development and a work of art in design, services and lifestyle for those who live there the railway will boost values for sure it is far superior to forest lake -- investment though mmm ? thats my view thx S
 
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