Hello All,
I am currently researching Redbank Plains QLD, was wondering if anyone has invested there, or knows a little more than I do as I reside in WA, potentially looking at an NRAS property, different sites etc say it is in the growth corridor etc just chasing a little more info.
Thankyou in advance
Hi Brokota,
Saying Redbank plains is a fairly vague statement. There are a number of good and bad areas within Redbank Plains. Do you have a specific place you are looking?
Redbank Plains has been a suburb that I was formally looking at.. I live about 20kms from the suburb. In my research I found the older areas are predominantly low socio demographic, a lot of immigrants and single parents with kids. There are some areas near the creek that aren't classified as flood areas however water can go inside houses.
Rent returns aren't to bad. I was looking in the 220k- 250k market and they were returning around the $300/week mark.
Much of that area is undermined many years ago and maps are just not available.. There was a collapse a few years ago and a whole street was resumed.
In the new areas of redbank plains, around whites hill etc, Houses are much nicer, often brand new. There is a large amount of development going on and plans to go on for a long time as there are a few mines opening in Ipswich. If you don't mind negitive gearing this could be one option but in my opinion, there will be an over supply in the area for sometime.
These house were priced 400-450k and were achieving $380 to $450 per week. I'm sure prices and rates have changed otu there since I last looked, so please take this info as my experience.
Hope this helps.
Seqel.
I don't know that much about the housing stock but over the years I have been involved with major road infrastructure that serves the area. The recent Goodna to Dinmore extension was a major roadway investment and I noticed just last week how well the traffic flows in that area. Should be a positive for the area if the commuting time to Brisbane and Ipswich has reduced.
I just checked some research about Redbank Plains and some interesting stats are:
49% of households are renting.
Median rents for houses are $310 per week
Median rents for units are $250 per week
Hey Guys,
Thankyou so much for the replies, to answer your question Seqel, the NRAS developer is building in Mount View Estate, have had a look and there is a 'Planned" railway station on the Brisbane line, so cant be a bad thing.
Question for M.Investigator – with 49% of households renting, this is a good thing for investors..? Or am I missing something?
Totally agree with you Bardon that with reduced traveling time to the major centres it has to be a plus.
Thanks again
That Mt View estate is in the newer section. It runs from the back of redbank plains across whites hill towards swanbank. Swanbank currently has a coal powered power station in it. I work for the local power authority and we have just done a large upgrade on the substation that provides electricity to that area.
From those upgrade maps I can tell that the development will be going on for years to come.
My concerns are an over supply in the market, but as I said earlier, if your happy with negitive gearing and depreciation its not a bad block of land.. with nice views of the mountain.
Thanks again Seqel,
I suppose with any large development, an over supply is a by product of it.
Looking at an NRAS propertyand got the numbers through on it today, bottom line is $85 CF+ a week after tax, with the median rent being $320. So has intrigued me some more.
Just aslong as the new area doesn't have the stigma of the older areas hopefully
Cheers
You must be logged in to reply to this topic. If you don't have an account, you can register here.
