Wynnum East of the Railway line

[g1a2r3r4y5]

Does anyone in this forum know if Wynnum is a good investment location. I purchased this property roughly 2 years ago. It's 730m2, about 100-200 metres from the bay and directly opposite a creek (No actual Bay views).

REIQ said the suburb was undervalued compared to other neighbouring suburbs such as Manly and Lota. The Australian Property Magazine claimed it was a good hot spot to invest in. So I did my research and found the place I have now in Wynnum. I am from Sydney so I flew up to Brisbane to view the property an liked what I saw. At least of the wynnum area.

It is a 2 bedroom cladding house which is being tenanted at the moment, albiet by late payers.

When I purchased it, there was a lot of development of old houses being renovated in most of the streets in Wynnum east of the railway. Also there was hardly any rental property that people were renting in advance of the property becoming available.

It is close to the Port of Brisbane, its a Major Activity Centre, apparently earmarked by the SEQ development plans and there was redevelopment of the bay. There was even a chariotte formed to develop the area 100 metres from Wynnum Central.

As far as I know the old Coles store is about to be redeveloped soon.

There are two railway stations and Wynnum is approximately 1/2 hour drive to Brisbane CBD.

The bad thing is that it is in a flood prone area.

So does anyone know whether this was a worthwhile investment and when can I expect to see the returns. I wondered at the time of purchase why no one else was interested in the property when it was so close to the water and looked like it was in an up an coming suburb. Is there something that I don't know about this place? Is Wynnum still developing?

Garry

 

[BoatBoy]

Nah mate, that'd be a crap investment, i'll give you what you paid 2 year's ago.

Seriously, we've seen some pretty good gain's on some property around here, and we are west of the rail, and also get our feet damp.

That coles is without a doubt the worst place in the world, and has been for 10 year's, but there is plenty of other stuff happening, slowly, in the area.

Being 30 min's from Brisbane CBD during peak hour and having a good rattler service is a good thing as well, and from a yachtie's point of view, where else in SEQ could you live and sail from, but the Wynnum /Manly area.

Bit of a sleeper Wynnum me think's, and due for a surge, going on surrounding areas.

BB

 

[Rixter]

Garry, have you had it valued since you bought it?

If so, how does it compare to your purchase price?

Whats the zoning? Can it be redeveloped?

Have you had any floods since you have had it?

If not, when was the last time it flooded?

 

[LynnH]

Garry

As BB says - hang in there! Lots of redevelopment planned, close to 'the rattler' is a bonus with traffic the way it is in Brissy this last year or so, it's east of the railway line (supposed to be the best location) and a short walk to the bay - and in the beautiful Wynnum/Manly area!!! What more could you want?


Rixter

Last time it flooded was the last time SEQ had any rain! (How do you do a tongue-in-cheek icon?)

Cheers
LynnH

 

[g1a2r3r4y5]

Thanks for the information

No Rixter I have not had it valued since I purchased it. Is that just a matter of asking the real estate agent.

I haven't had any floods since I have had it and the last flood was the major flood in Brisbane back in 1974.

I believe it is zoned residential.

Garry

 

[Rixter]

Garry,

Im sure if you got an appraisal from a RE Agent you will be pleasantly surprised with the return you have already made providing you originally bought at or below fair market value.