I have just returned to Brisbane after quite a few years abroad. Although I have been keeping track of Brisbane price properties during the past few years via the internet, I would have to say that I am shocked at the state of the current property market.
In the space of a week I have contacted about 50 real estate agents and looked at about a dozen properties in the Brisbane area and much to my dismay, I have yet to find even one property that would clasiify as a solid investment.
At present the median house price is between 330-340k but having seen 10-12 properties in this price range, I would have to say that I wouldn’t even put my dog in them. I would like to know how other investors/buyers are looking at the current market and if they are finding value where I may be too blind to see it. Help Needed!!!Curious about what suburbs you looked at the properties you mentioned. Last house we bought cost $460K in Coorparoo nearly a year ago . Would have rented for $240 per week according to agent. Would probably not have bought it except it adjoins another IP and gives us a development opportunity down the track. Paid market value (in my opinion).
Nearby house, similar condition and same land size sold last month for $469K so I feel we bought well enough.
Was clean and wasn’t as bad as “wouldn’t put my dog in it” but very tired and old lady style decorating – urghhh. We painted through, pulled out a wall to make the living area more open, painted the original kitchen and put new benthtops on, new bathroom, polished the floors, sheeted the enclosed verandah with VJ sheets. Spent about $17K – worked like dogs.
Now looks much more appealing and fresh (still ugly from the outside until the verandahs are opened at some stage) and easily rented for $310. We have a fantastic tenant on a twelve month lease, but rents are rising and we will get more when we renew the lease.
I like Coorparoo but know that for the same money we could have bought a much better house further out, brick, 4 bedroom, two bathroom, all mod cons etc etc etc. It always amazes me the prices paid for inner city, but I do understand some people don’t want to live further out.
Wylie
Hi all
You should see the ones I looked at in Perth for $300 – 350 k
YUK YUK YUK [baaa]
I jumped out of the investment arena and into reno trading apartments. much more fun and no tenants to worry about.
Celeste
You must be logged in to reply to this topic. If you don't have an account, you can register here.
