Forums / Property Investing / General Property / Urban Renewal Houses are great buys

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  • Profile photo of caseycasey
    Participant
    @casey
    Join Date: 2002
    Post Count: 34

    We were very lucky last year in November to buy an Urban Renewal home at Woodridge Qld for $85,000. The original contract had crashed and we were next in line. I bought virtually sight unseen . I said I’d take it just like that hadn’t even seen it.
    This was of course just before prices started to sky rocket.
    This type of house now sells for about $140,000 only 11 months later. There are still some houses being renewed but are going very fast. Sell as soon as they come on the market.
    Urban renewals are a very good buy.
    They are ex housing commission houses that have been completely renovated.
    There is polished floorboards, new kichen, new bathroom, new fences, new gardens and new carport.

    Profile photo of ANUBISANUBIS
    Participant
    @anubis
    Join Date: 2003
    Post Count: 559

    Hi Casey. Forgive my ignorance regarding Qld. Are they in housing commission suburbs or spread amongst all suburbs? Where I grew up they lumped them all together until a few years ago when the housing commission started buying cheap houses in regular areas.

    Profile photo of caseycasey
    Participant
    @casey
    Join Date: 2002
    Post Count: 34

    Hello
    Woodridge is a mixture. Most of the HC houses were grouped together. These UR are very good as the whole street gets a makeover and it looks really good

    Profile photo of MelanieMelanie
    Member
    @melanie
    Join Date: 2003
    Post Count: 382

    I’ve also heard some great stories about Woodridge properties increasing in value, good on you for investing there despite it’s bad reputation. I think the whole south-side along the railway line is going up and up at the moment.

    [:)]
    Mel
    [email protected]

    Profile photo of MiniMogulMiniMogul
    Participant
    @minimogul
    Join Date: 2002
    Post Count: 1,414

    “They are ex housing commission houses that have been completely renovated.
    There is polished floorboards, new kichen, new bathroom, new fences, new gardens and new carport.

    hahahah!!
    Now I know the official name for what i did to my second IP!

    Profile photo of caz_in_perthcaz_in_perth
    Participant
    @caz_in_perth
    Join Date: 2003
    Post Count: 29

    These areas are great!

    I bought in Medina shortly after the Kwinana (WA) area had been “renewed”. Sold it for a nice profit to buy my current property – and to a buyer that hadn’t even inspected inside. He can’t be unhappy though as it came with a good tenant and would have already gained between contract date and settlement!

    In Perth these renewals have been in Kwinana, Armadale, Balga and surrounds and if I was buying again soon I’d be snuffling around for where the next “urban renewal” project was going to be. I think Satterly are the developers in WA if anyone wants to do some digging.

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636

    One of the problems with Urban Renewals is that they can only be bought (first buy) by an owner/occupier and not investor. They can be resold later to anyone wanting to purchase.

    Enjoy
    AD [:0)]
    (Andrew)

    It is good to have an end to journey toward, but it is the journey that matters in the end.

    Profile photo of --Brett--–Brett–
    Participant
    @–brett–
    Join Date: 2003
    Post Count: 20

    In WA anyone can buy the ‘Urban Renewal’ properties. Caz, you still buying in Kwinana? I’m building an IP on a block in Parmelia, Department of Housing sold it to me 6 months ago for 27k with 6k worth of building incentives. Now these’s no full size house lots avaiable unber 40k.

    I think there’ll be a heap more growth there as they progressively build the bus station neat the shopping centre and then the train line in three years, and it still has good rental yields (not quite 11 second stuff).

    Brett

    Profile photo of mishy78mishy78
    Member
    @mishy78
    Join Date: 2003
    Post Count: 2

    Hi Brett
    How do you hear about these deals/offers? They sound fantastic!

    Mishy

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