thinking of investing in DURACK, brisbane

*((i made this post in another thread but thought i'd make my own thread))*

im so glad someone has brought this up (in another thread) as ive been following real estate around there for the last few years to see what its like compared to other neighborhoods such as darra, oxley, archefield, acacia ridge etc. (and even forest lake&springfield- which i personally am not that interested in)

being a town planning student (im 22) i've been taking note of all the developments and ammenities around this area and have come to the conclusion that DURACK is the place i hope to invest in for the following reasons:...

-whilst darra and oxley have the train line, the prices have gone up alot there and there seems to be alot more indutrial sites (i also work in Darra). Durack is more residential, and is basically integrated with oxley as the golf course is in durack.

- plenty of (new) bus stops around durack

- oxley golf course (off Blunder Rd.)

- fairly large shopping area with supermarket, dentist, videostore, tavern, resturant, some other shops, etc.

-took me 13-15 minutes to drive to CBD

-not much crime (i know a guy who lives in inala and he reckons its not as bad as people think- just has a bad reputation still. "durack" doesnt have the same stigma as inala)

-oxley hotel currently being completly redeveloped (its massive).

-2 service stations

-huge bunnings warehouse

-a fast food place (redrooster)

-mechanic

-2 other resturants or sumthing (cant remember, just drove past)

-some townhouse development in cintra st. (i'd go for a house with land though)

-
*this is getting too long so i will just wrap it up.....

in summary. i think Durack would be one of the most undervalued suburbs that i've researched and if you go on Realestate.com.au you'll see that every property in durack under say 320k is "under contract/offer" within a week. that, if nothing else has gotta say something. i saw a 3 bed house a few days ago on 635sqm with a pool and 2 bathrooms, so i enquired about it today and it had already been sold/contract for 278k!! (so annoyed). and a year ago i would've thought that was way overpriced.http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=104036428&t=res

its probably fair to say that you cant beat inner-city houses (i also have an IP in Paddington) but prices have gone up so much that i wouldnt be able to afford the repayments on places around there now, unless i wanted to buy a 1or2 bedroom apartment or sumthing, but my dad wouldn't let me even if i wanted to as "its all about the land". my parents are my biggest critics and pretty much rain on my parade whenever i talk about this or that suburb etc (they own alot of innercity property). but even they said "talk to the bank".

so anyways if anyone has anything to add please do as i'd love to hear some opinions to see if my observations are accurate.

i might also make this the start of a new thread seeing ive typed so much

mike
 
I work at Oxley, and am amazed at all of the townhouse development along Blunder Road. Was amazing to watch the old pub being pulled down as well.
When I have to go into the city for work, from my Oxley base, it is around a 25 minute taxi ride, and that's normally in peak morning traffic.
Corinda just down the road has got an excellent cafe culture (that is where we normally go for our Friday lunches) and some of the old houses that have been restored are magnificent.
Bit out of my price range at the moment (Corinda AND Durack)
 
I agree fully.
I used to work in Mt.Ommaney and houses that came up in Durack always sold very quick as they were always well under the price of the surrounding suburbs.
I still own an IP in Jamboree heights so i watch the area closely and have seen good properties come and go in that area. They always seem to sell well, as well as rental vacancies there are very low.

cheers
 
does anyone know how to calculate the yeild? someone told me its just weekly rent divided by house price? but im getting some messed up numbers.
 
Mikey,

Yield = Gross rent per annum/purchase price and all costs x 100 (to give you your percent in a whole number

eg (15000/(250000 + 15000)) x 100 = 5.66%

hope this helps

OSS
 
gday. just a quick update. i bought a 3 bed 1.5 bath house on 650sqm. and it just settled a few days ago. was supposed to get $260/week in rent but the property manager reckons i can get $300 for it now. so i will let u know what it ends up renting for.
 
Which street was it in mikeyk and how much did you pay for it? I saw a few houses went up for sale near my property and they were sold in under a week. There's one on Akama Rd thats been on sale for over a month now but its an owner seller since the for sale sign looks home made so probably not enough advertising.

My property on Durella St went up by 17% in the last 6 months. Its like a mini boom.
 
Durack is cracking! Market is moving fast there now.
I have been watching with interest, I have an IP in Jamboree Heights, and the whole area is gathering pace nicely!

Cheers,
 
well thats good to hear. hey i just calculated my yield at 5.44% but im not sure what a good yield is? can anyone tell me whats good or bad in brisbane?
 
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