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virgo said:Very tempted.....
Interesting mkt Brisbane ATM some areas cheaper to buy than rent....
Where, where, where Virgo ? I'm hanging out to hear the details. Most places I've looked are poor yields. Only good yields iveseen are flood affected areas
Most places I've looked are poor yields. Only good yields iveseen are flood affected areas
Prior to purchasing, what date did you put on making a profit by? Sounds like you purchased badly.
Not the best source if you are looking for this forecasting! What agents are excellent for is a reasonable survey of 'current' market conditions
Ditto! I'm looking in Brisbane too would like to know where you are referring to virgo.
Woodridge comes to mind at first. It was not flood affected either. Of course this comes with an added bonus of being in a low social economic area.
A quick search on Eagleby and there are a few possibilities there too.
This of course was done with a quick search on Real Estate looking at both advertised prices and rents. The real story could be different.
I was referring to the ascot property (which i do not intend to buy) not my own portfolio re carrying expenses. My own properties have much higher yields.
As for purchasing badly, probably most people that bought in Brisbane in 2007 / 08 "purchased badly " from a cg perspective and most that bought in Brisbane in 2001 "purchased well". All with the benefit of hindsight which is 20 / 20.
Yeah my last purchase in Brisbane in 2007 I bought for $328k...today it sits around just under $400k I reckon.
Congrats if you did that with no work at all. If you put sweat equity into it well then the price reflects that. Incidentally, you are probably not in the same category as "most people".
Brisbane recorded the strongest monthly growth since December 2009 this month. The +1.49% result in March has Brisbane in the black for the year with 0.33% growth in the index.
The turnover has been healthy since December 2011 and not surprised to see this monthly result and the market near balance in prices, the last few weeks have been a little slower but still much better than last year.
I will raise the possibility of a result for Brisbane this year in the mid-high single digit % wise for growth, this is a strong month and I have said to many people offline that if we get a strong quarter watch out to see what happens with all of those people waiting with finance approvals (many around!).
The interest rate cut/s probably aren't going to hurt either.
Hi guys,
working the north brisbane market - I can confirm that is going absolutely nuts...in terms on anecdotal evidence i can offer these that we have sold or are selling...
clayfield - 2 bedroom 30yo unit sold november 06 for 235k - rental appraisal indicates 250pw
brand new house and land in Taigum - lowset 4bed aircon - preconstruction prices 366-410k rental around 350-400...
land only in the same estate starts at 180k but backs onto the Gateway Mwy (after a fence, some scrub and a big ditch) - but for rental purposes??!!
pre construction units in McDowall (www.evvien.com.au) selling from 385k - will be finished by june 08 - already around 20 presales - should rent for around the 400 mark without much problem - prices are going up once construction starts and again on completion (about 40-50k in total)
Cashmere - 4 bed three year old home vendors bought oct 06 for 585k its just gone to market at 660k and has offers already
Warner/cashmere/joyner - several new land estates going in lots being sold off the plan and by ballot at an astonishing rate.
Eatons hill - 13month old owner built home - appraised at 650k (and that was a stretch) - sold it for well over 700k
Mcdowall - three bedroom lowset on a main road - sold in two days for 337k, rents for 350k
Everton park - 809m2 dev site just sold mid 500k's - a new high for the area (by 100k) - it will get units on it very soon - developer will sell them for about 380-420each
Bridgeman downs - 10yo two storey, sold 12months ago for 620 - resold few weeks back for 800k
Lutwyche two bed units we manage just went up from 290-320pw in rent - would sell for around 280-300ish - maybe a bit more now i've thought about it with the way things are
there are millons more examples but the point is that good property is hard to find and selling stupidly fast...re returns - 6-7% in raw terms is not hard to hit at all and above 5% is now very common. land prices on average in Nth Bris have gone up about 20k for a 600m2 block in the last few months - good blocks even more.
I have some hectare development sites in Bridgeman Downs priced in the 1-2mill mark - they are not advertised and the developers are still beating down my door...word of mouth is the best advertising - doesn't cost a cent
the numbers we are getting through opens are frightening and we can't keep vacant rentals for more than a few hours before they are snapped up and good rentals and sale homes are often gone within a few phone calls
its a great time to be in the market...for this part of town, i'm not sure even the boom was this good!!
cheers
UC
100 percent agree. It's more "the market has bottomed and is going to climb back up over the next 24 months" that gets me. REAs can tell you what current conditions are. But they can't tell you what is going to happen in six months time.
To answer my own questions, if there was an easy fix to the European debt crisis they would have done it by now which can only mean that tight credit conditions will be with us for awhile. Thermal coal prices have been slowly falling for 12+ months which means the mining boom is still a boom but is slowing at the moment. Thermal coal is used to generate electricity so global electricity demand must be down which means a slowing global economy. So with tight credit conditions and a slowing global economy there is not going to be a house price boom any time soon. But don't expect a REA to tell you that.
The closure of Norwich Park mine should be a wake up call for anyone that thinks the mining boom is going from strength to strength.
What are peoples thoughts on Acacia Ridge for the long term - say 7 to 10 years
There is a nice neat little residential pocket.
Also, Salisbury - it seems to be very handy for transport.