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