Teneriffe apartment in renovated building, which has 60 units.2-bedroom, split level apartment (on top floor of bulding), ensuite in main bedroom, bathroom downstairs for second bedroom. Unit is 9 years old. New carpet in both bedrooms, polished wood floors throughout, high ceiling. Walls recently repainted throughout, and fittings & fixtures in bathroom replaced as new. Views across river to Hamilton. Set up inside for Foxtel & broadband. Washing machine, dryer in unit. Under cover, lock up garaging for 1 car with unit. Building has gym. Currently being rented to long-term tennant (over 2 years so far & wanting to stay)for $260/week. Rates, Body corp, other outgoings total about $60/wk. Current owner wants $300K for unit (other in the same building have sold for more).
I know this doesn’t meet the 11 sec rule but it seems like it could be a good investment anyway. I knwo there are lots of inner city apartments around but I have done some research on the New Farm /Teneriffe/Newstead area and although reports are mixed, it seems like the opportunity for capital growth in this area could make this investment worthwhile? Do these numbers and/or my thinking make sense? Am I forgetting anything?
[8D]
hi,i live in a teneriffe apartment just curious which apartments you are describing ?i can help maybe
not sure of name of building but it is located at 85 Commercial Rd (cnr Alfred st). Any advice or help you could provide would be appreciated. please let me know
cheers[
]I have a 2 bedroom/2 bathroom unit in New Farm which we bought new about 3 1/2 years ago. It has no views and I am getting $265 a week for it. So with views across to Hamilton it must be worth more than $260.
The $3,000 outgoings sound a bit high though. We are only paying just over $2,000.
Have you checked out Bulimba?
‘Eat rich food, barbeque a yuppie’
Hi Rubgyfan,
I like the prospect of being able to get higher rent!! Do you think with the softening market and given that we have a good long termm tennant, it would be wise to leave the rent where it is? Or do you think we could realistically expect to ask fo rmore rent???
cheers,
Interface[strum]Hi Interface,
My partner has a 2 bed, 2 bath unit at Teneriffe that was valued at $320 000 last October. It’s 3 yrs old and a/c but has no views. If you have water views, and the place is a decent size and in good condition 300K sounds pretty good. We recently put the rent up from $260 to $270, but I think you have to be a bit careful with this in that area, (particularly if you have a good long-term tenant) because there are so many units going up in the areas of Newfarm (eg near the Powerhouse) and Teneriffe – meaning that there is plenty of choice for tenants if they don’t like your price.
Re buying in that area, another plus to keep in mind is the new development going in down the road at Newstead, on the old Boral gas site. This is going to include riverside walkways/parks, shops/restaurants and more apartments – most likely this will add to the value of the surrounding areas.
I lived in Teneriffe for three years – it’s one of the more cool places to live in as far as Brisbane is concerned – personally I think it’s a great suburb to buy into.
Ciao,
AnastasiaThanks for your feedback Anastasia. I certainly feel more confident about looking further into buying in this area. My brother has lived in Teneriffe and New Farm and he said it was a great suburb too. Anyway, will let you know how I get on.
Thanks again,
Interface.
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