Hi Im yet another newbie to the forum site. I've been searching around for property locations to invest in and came across Redcliffe in Queensland. I understand there is a lot of development going ahead in the area. What I would like to know does anyone have any personal knowledge of this area and the general feel for the place. I already have an investment property in Greenslopes but because the place has performed so well I don't ever have to go and see it. I live in NSW and don't really have the chance to get up there and spend much time looking.
Any comments would be appreciatedThe problem with redcliffe is public transport (no rail line) and there are always loads of properties available for rent. I would not be buying a unit up that way as there is so much stock available and a few developers going bust. A good sized block of land will help in the long term but its main downfall is public transport and access to highways. I prefer investing south of the hornibrook bridge in places like brighton / sandgate where you can spend the same money and get access to all the above.
same money? ya dreamin!
neve, do a search for redcliffe & see all my previous comments
Redcliffe is great!
I have a unit up there which I picked up three years ago for $260k (current market value circa $300k). I have a long-term tenant in there who is currently paying $300/week (that's a 6% gross yield). Irrespective of there being no rail line in Redcliffe, there is talk of there eventually being one. However, whether that comes to fruition or not is another story. But the big plusses that Redcliffe had going for it are:-
1. A very strong and vibrant cafe/restaurant precinct. The area is quickly becoming very "yuppy".
2. BEACHES – Brisbane is not renowned for it's beaches…..however, Redcliffe has the best beaches in Brisbane that's a fact. In fact, it's the closest patrolled swimming beach to the Brisbane CBD.
3. The Hornibrook Bridge connects the Redcliffe peninsula to the rest of Brisbane. This bridge currently is being duplicated with it being completed in 2010. What this means is that the time it's going to take to get into the city and to the Airport is going to be drastically reduced.
4. Finally, given the Hornibrook bridge upgrade, there is the option of driving to Shorncliffe Railway station where they can catch a train into the city.Go Redcliffe – it's an excellent part of Brisbane and well worth investing in!
Hi Neve
Well I actually live in Redcliffe and am fairly familiar with the property market there. I drive to the train station as Victor suggested, and actually enjoy the whole trip. I could quite easily afford to live closer to the city, but choose not to for the lifestyle I have in Redcliffe. And yes, the bridge duplication should make a VERY big difference.
As for property developers going bust there, I've spoken to quite a few who are merely on hold for the time being until things settle down. In fact, a huge new development is being built right near the 'cbd'. Plus I spoke to an agent a couple of weeks ago who confirmed the market there for cheaper properties is still very strong.
I think you'd struggle if you were looking for high-end properties, as there's perhaps too many, but for lower-priced places I think it's great. I plan to focus most of my attention there in fact.
Oh, and there are rumours about a $500million hotel/marina being built in Clontarf. Whether this actually happens or not, we'll see, but if it does it should really make a huge difference there. Fingers crossed!
Let me know if you have any questions about the area.
Cheers,
Dave.
What a great site I've discovered. Thank you all for your valuable opinions. I had seen the information about the up coming development. I was looking at the lower end of the market as i completely agree with you Dave about there still being strong interest in that area. I'll keep it on the list and continue with my research. Are there any areas in particular that I should keep a watch out for. Like particular streets that the police may visit more often than others.
Dave do you have a name of who you think is the best managing agent in the area?
Victor glad to hear your investment is working out for you. The beach does look nice and I'm hoping to get up there in the next couple of weeks to have a good look around.
Crashy I'll check out your comments now
Thank you Neve
Neve,
Like you I live in NSW have an IP in inner south brisbane (woolloongabba) and the last purchase was in Scarborough up the rd from Redcliffe. I bought a 3 bed house in May 07 for just under $300k, rents for $320/w 200m from the water, growth hasnt been spectacular due to the last 6 months but long term I feel comfortable.
The area in general has had alot of media attention in the last 2 yrs, nearly ever second property mag you pick up mentions it potential, for eg, RPA Datas latest 2009 hotspot list has it at the top.
i think the comments above re unit is valid, there is potential for over supply due to large amounts of stock being built or in the pipeline which effects unit growth so if your looking at units I would recommend older style, preferably with some architectural merit, small block and as close to the water as possible. Remember the up side of lots of development is of course more infrastructure, cafe restuarants etc which has a positive effect on values, houses in particular.
The catch phrase for prime RE on the peninsula is east of Oxley, ie streets east of oxley st.
If your looking at houses, if you can, for long term growth i would look for large blocks equal or greater than 800m2 as these are sub-dividable but even better if its in the zoning that allows future multi rise on the site, eventually these blocks wil be like gold for developers in 10, 20, 30 yrs when the area is a mini sunshine coast.
Yes the new bridge will help growth further but there is also alot of other infrastructure being developed such as investment in shopping centres redevelopment of the forshore at woody point, many housing and development projects or all signs of future capital growth.
steer clear of main rds and avoid the more industrial areas on the west side of the peninsula.
There is quite alot for sale at the moment and some agents are expecting more to come on line in the next little while as there may be people still offloading due to the recession, so you have time and its a buyers market so I would just go up there drive around for a weekend as see as much as you can and make heaps of offers and play them of each other and come home with a new IP,
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