What do you think about this Brisbane property?

[Patrick Brown]

Hi everyone,

I am looking to buy my first IP. I came across this property in Albany Creek.

http://www.realestate.com.au/property-house-qld-albany+creek-113107023

Property asking price - $350k


Research:
2012 surburb median house price - $473k
SQM Research 3 bedroom Weekly Asking Price - $413k
Suburb vacancy rate - 1.3%
SQM Research suburb Weekly Rent - $415

Any advice/ opinions will be highly appreciated.

Thanks in advance

 

[DaveM]

Its been on the market 2 months, I would say its either sold or has issues to be that price and on that long

 

[Brady]

Its been on the market 2 months, I would say its either sold or has issues to be that price and on that long

Could be as little as the overgrown trees out the front, poor first impression from the street pulling up.

Go have a look 1st hand

 

[Nth Brisbanite]

Even if there are few issues, at 350K, seems a good buy to me.

 

[Angel]

It has us perplexed too. Having known the house immediately across the road for 40 years, we can tell you that this house is the older section of AC and just not popular with the higher income earners. It is in the poorer section where there would be more rentals and lower income residents. Having said that, AC has everything going for it, as you can see from the map this property is just around the corner from a shopping centre.

Just talking to DH, we think it could be perceived as too close to the intersection of Keong Road and Albany Creek Road with the entrance to the Fruit shop and the new development on AC road spooking people. Capital growth I would think as the new shopping centre on the Hawkins land will be all boutique. The location would not put me off but then I don't try getting out onto Keong Rd at 7am.

One thing you have to consider around here is termites. But our guess is that it is "old fashioned".

Other houses on main roads around here have sold within two weeks of going to market.

 

[SRB]

Quite often see these little "bargains" left listed for sale well after going under contract - every inquiry is another email address for the agent to add to their "exclusive database of qualified buyers".

 

[Patrick Brown]

Quite often see these little "bargains" left listed for sale well after going under contract - every inquiry is another email address for the agent to add to their "exclusive database of qualified buyers".

You are right mate...I checked with the agent, this property is under contract. She offered me another one in the same suburb.


Thanks everyone for their input.