Upper Mt Gravatt, QLD - falling?

[Strannik]

Was browsing the properties for sale on realestate.com.au and noticed a substantial amount of houses for sale below 400k. 6 months ago you'd be hard pressed to find anything at all in that range.

Signs of prices starting to fall? I'm planning to buy a PPOR in about half a year, and like that area. Anyone reckons it will be a good time to pick up a bargain?

 

[dta28105]

I have the latest Residex report and Upper Mt Gravatt showed a 20.5% increase in 2007 for house to an average price of $403K. Units increased by 15.7% to an average of $330K. Rental yields were around 4.7% for houses and 5.3% for units.

Still a good bet I reakon

Regards

Dan

 

[GIDDO]

Speculation on my part; but maybe some mum and dad infestors are listing their rental houses now. A lot of rentals are below median price, thereby bringing down the median if more are listed.

 

[seank]

A lot of rentals are below median price, thereby bringing down the median if more are listed.

were is your evidence to support this? I live in Mount Gravatt seems quite the opposite to me.

 

[Strannik]

Mount Gravatt is generally more expensive than Upper Mt Gravatt.

When i was looking to buy a house in the last quarter of 2006, there were plenty of places around 280-350 mark. Then around middle-end 2007 there were none, and only a few below 400. Now it seems there are more around 350 mark.

 

[HandyAndy888]

Mount Gravatt is generally more expensive than Upper Mt Gravatt.

When i was looking to buy a house in the last quarter of 2006, there were plenty of places around 280-350 mark. Then around middle-end 2007 there were none, and only a few below 400. Now it seems there are more around 350 mark.

This mirrors my experience. I keep a watch on houses around this price and the Upper Mt Gravatt area keeps popping in and out of my re.com alert for houses under 400K.

 

[NedKelly]

I have the latest Residex report and Upper Mt Gravatt showed a 20.5% increase in 2007 for house to an average price of $403K. Units increased by 15.7% to an average of $330K. Rental yields were around 4.7% for houses and 5.3% for units.

Still a good bet I reakon

Regards

Dan

I don't believe half the rubbish these survey guys produce. If you want to know what is really happening to prices you have to look at individual houses. If you go to onthehouse.com and look at the street you are interested in then you can get a much better idea of growth.

For example I did a quick look at Mount Gravatt and found this house:-

38 BENTHAM ST Sold for $542,000 on 04-08-2007
38 BENTHAM ST Sold for $680,000 on 30-12-2005

That shows a drop of 20% over 18 months.

 

[Ross Sondergeld]

$680,000 on 30-12-2005 down to $542,000 on 04-08-2007 --- INCORRECT !!!

I don't believe half the rubbish these survey guys produce. If you want to know what is really happening to prices you have to look at individual houses. If you go to onthehouse.com and look at the street you are interested in then you can get a much better idea of growth.

For example I did a quick look at Mount Gravatt and found this house:-

38 BENTHAM ST Sold for $542,000 on 04-08-2007
38 BENTHAM ST Sold for $680,000 on 30-12-2005

That shows a drop of 20% over 18 months.

Terrible example !!!
Parties were related... transaction was a transfer by a third party.

38 BENTHAM ST, MOUNT GRAVATT
Lot 101 on RP 69388
Land Area : 607 m²
Sale Amount : $542,000
Sale type : Transfer by Third Party
Sale Date : 04/08/2007

 

[ruroshin]

I don't believe half the rubbish these survey guys produce. If you want to know what is really happening to prices you have to look at individual houses. If you go to onthehouse.com and look at the street you are interested in then you can get a much better idea of growth.

For example I did a quick look at Mount Gravatt and found this house:-

38 BENTHAM ST Sold for $542,000 on 04-08-2007
38 BENTHAM ST Sold for $680,000 on 30-12-2005

That shows a drop of 20% over 18 months.

yeah as Ross pointed out I wouldn't rely too much by what onthehouse.com say, a lot of houses exchange hands to family members for discounts. Seems to happen a lot in asian community at least that has been my experience.

If its not done through a REA then you gotta follow up and find out who the parties involved were otherwise the price doesn't reflect market price.

 

[NedKelly]

If its not done through a REA then you gotta follow up and find out who the parties involved were otherwise the price doesn't reflect market price.

Do Residex do that?

 

[dreaming]

I have come to the same view with Rochedale area, from about the 400's to the 370's. but rents still seem to be on the up.

 

[boomtown]

Im not seeing it Brisbane inner ring yet. Im seeing a lot more lower quality houses but not lower prices. Im looking forward to it though...