Queanbeyan for +CF?

Viewing 15 posts - 1 through 15 (of 15 total)

Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 3, 2004 - 8:59 am
I’m currently living in the ACT and considering investing in Queanbeyan. Does anyone have any experience in Queanbeyan or thoughts on the place?
Regards,
Si
TeacherK6
Member
@teacherk6
Join Date: 2003
Post Count: 164
April 3, 2004 - 3:44 pm
Hey there Sibo,
I remember looking into Queanbeyan 3 or 4 years ago. price of a 1 br unit, $19-20K price of a 2 bedder, usually under $25K… how things have changed!!!
Now i havnt been there looking at property, but from what i can gather there is a huge over supply of units there, thus the previously mentioned low prices… so u may be a long time between tennents, and the rent will be greatly negotiated.
Just my thoughts
Jason
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
April 3, 2004 - 3:54 pm
Yes, Sibo, I think you might be at least 18 months – 2 years too late to get a pozz CF place in Q’beyan. Last time I looked, prices were about equal to wollongong. Dunno what they’re like now though. I stopped looking at canby’s poorer cuzz about a year ago- too exxy for what they were.
kay henry
Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 3, 2004 - 11:38 pm
Thanks Jason and Kay. I really appreciate that advice
Regards,
Si
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
April 4, 2004 - 1:15 am
Sibo,
I did some looking on realestate.com.au, and there are a HEAP of older-style units for sale at cheaper prices (under 85k). Check out the size of them though- whist they say 1-bedroom, a further look has some of those ones at around 32sq metres. That is VERY small.
Good luck hunting )
kay henry
Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 4, 2004 - 3:18 am
Thanks Kay. My wife and I are thinking of buying one as a PPOR, renovating, and achieving positive CF on a quality property when we leave. It seems renovation may be one of the only ways to build +CF these days.
Regards,
Si
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
April 4, 2004 - 4:04 am
Note that 1 bedroom flats in Queanbeyan were going for under $40K about 18 months ago – so under $85K may look cheap, but the Queanbeyan market has had it’s big rise.
I don’t expect much from Queanbeyan for another 10 years.
Look at the history, demographics & services PLUS the price of new homes & units in the ACT
Cheers,
Aceyducey
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
April 4, 2004 - 4:44 am
Sibo,
Another thing to look at in those (circa 1965 era) unit-intensive areas of queanbeyan is the rents- sheesh, they’re low! $95 for a one-bedder? *boo* *hiss*
Having said that… actually, when I relooked at Q’beyan last night, there ARE still cheap places to be bought. Much cheaper than goulburn and surrounding areas.
Best of luck with it, Sibo [strum]
kay henry
Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 4, 2004 - 5:08 am
Thanks very much for the advice all. From my point of veiw I would rather own my own place at least than pay rent. As long as prices dont recede it’ll be valuable choice, and it renovations make it +CF when we leave, all the better!
Regards,
Si
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
April 4, 2004 - 1:26 pm
Originally posted by Sibo:
As long as prices dont recede it’ll be valuable choice, and it renovations make it +CF when we leave, all the better!
Sibo,
Check the history of Queanbeyan – retraces are quite common.
Cheers,
Aceyducey
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
April 5, 2004 - 12:28 am
Sibo, I agree with Aceyducey.
When we looked at Qbyn about 3 years ago, the agent told us that the two bedders going for $40K were $80K a few years before that.
Now some of them are up in the $160-200K mark, and I expect any fall in the market will be felt quite hard in Qbyn.
Cheers
Mel
Tinkerbell
Member
@tinkerbell
Join Date: 2004
Post Count: 26
April 5, 2004 - 1:54 am
Hi,
I bought a unit, my first IP in Queanbeyan almost two years ago. Whne i bought it everyone told me that there was no capital growth, but seeing as though it had very high positive return that didn’t bother me. Although i got it valued in October last year and it had more than doubled in value.. not bad [biggrin]
It is a two bedroom and i am on the third tenant, it has never been vacant for longer than a week so the demand is good. Check size, a lot of Queanbeyan units were built very small, try and not go under 50sqm (yu’ll be suprised how many there are!)
If you need a real estate i would suggedt Ian McNamee and steer clear of Realty World.
Good Luck
Tink
Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 5, 2004 - 4:28 am
Thanks everyone! This is great advice, I’m really pleased I posted this topic! Does anyone know if absolute rent values have receeded in the past in Queanbeyan?
Regards,
Si
Tinkerbell
Member
@tinkerbell
Join Date: 2004
Post Count: 26
April 6, 2004 - 12:10 am
My rent has gone from $110 when i bought it in 2000, and is now $160… before that i’m sorry i don’t know. But with the prices they’re asking for the units now, they are not self sufficient…
Hope that helps, best of luck
Tink
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
April 6, 2004 - 6:15 am
Keep in mind from Tinkerbell’s post that she bought at the right time – during a boom!
The buying conditions have changed.
Cheers,
Aceyducey