Street full of government housing?

[sumterrence]

Hi guys,

I came across this property that I thought was relatively cheap compare to other houses and did a quick search and found out that the whole street is own by the government.

The seller is also the government housing department as well.

What are you guys thought on this?

Judging from the photos it seems neat, would you guys try to nego a lower 0 rice or be realistic and offer a price close to the asking price?

Cheers,

Terrence

 

[Moneyman_85]

can you buy the whole street for a discount

 

[chindonly]

My preference would be to stay away if its all Dept Housing.

Too much in one area.

Unless of course there are some outstanding features that make it a great investment in that area.

On the other hand, if they are all for sale, you will get considerable gentrification at some point.

 

[sumterrence]

So what happen if the surrounding streets were showing a decent capital gain? Would I get the benefit if I buy the gov housing? Say to increase the loan in a year to realize roughly 60k equity gain?

 

[D.T.]

Where was this?

 

[sumterrence]

It is in QLD near brisbane

 

[Joeyv]

Where was this?

Hogarth road elizabeth south

 

[ej89]

How did you find out the whole street was housing commission?

 

[sumterrence]

I did a search with the property analysis tools and it will tell you who's the current owner of the property, it also allows you to search just the street name, that's how I found out.

 

[depreciator]

If you're the first to buy there and the government are planning to sell more of them, you might be onto a good thing. That street will change.

Scott

 

[Jamie M]

Scott makes a really good point.

If your research is telling you that the housing is being offloaded to the market - then the area is possibly ripe for gentrification.

Cheers

Jamie

 

[sumterrence]

Thanks for the feedback guys, you guys have reassured my decision, now lets hope the gov are not pain in bum to deal with, I've been told by the agent the gov usually very slow in responding...

 

[depreciator]

I would assume they're unlikely to want to negotiate on price.

 

[quoc]

I did a search with the property analysis tools and it will tell you who's the current owner of the property, it also allows you to search just the street name, that's how I found out.

Hi Sumterrence

I also would like to know how many of the houses on a street I am buying is government owned

would you please share the analysis tool you are using

 

[Jamie_]

The difference I've seen with government housing in built up areas is they can be VERY slow at selling these off. As they will generally never evict a person, they will stay there, forever on housing allowance until they die. So whilst they may sell off one property because someone has passed away or they've lost their tenant (generally if the property needs significant repairs and is ready for a knockdown) it is generally very slow...

There is one site in WA where they knocked down 10 or so houses are are selling off the land but i haven't seen them do it like that in awhile

 

[sumterrence]

Hi Sumterrence

I also would like to know how many of the houses on a street I am buying is government owned

would you please share the analysis tool you are using

Hi, haha the tool I'm using is PriceFinder

 

[sumterrence]

The difference I've seen with government housing in built up areas is they can be VERY slow at selling these off. As they will generally never evict a person, they will stay there, forever on housing allowance until they die. So whilst they may sell off one property because someone has passed away or they've lost their tenant (generally if the property needs significant repairs and is ready for a knockdown) it is generally very slow...

There is one site in WA where they knocked down 10 or so houses are are selling off the land but i haven't seen them do it like that in awhile

Yes I agree with you because the surroundings hardly have any activities, the activities are so low that about 1 house sold every 2-3 years lol, good thing is only two streets out of so many street were gov housing and I believe the area is about to set off very soon!!

 

[Jamie_]

Yes I agree with you because the surroundings hardly have any activities, the activities are so low that about 1 house sold every 2-3 years lol, good thing is only two streets out of so many street were gov housing and I believe the area is about to set off very soon!!

I've got probably 5-6 govt housing homes in my street of 20 houses, all old people that you don't see, apart from the places looking a little run down, at least we don't have any pests