Forums / Property Investing / General Property / Brisbane Bay land that sells for $30000!

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  • Profile photo of Dave67Dave67
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    @dave67
    Join Date: 2004
    Post Count: 5

    Has anyone heard of Russell Island?
    Its the only place that I know of where you can buy land near Brisbane for that price. I think someone forgot to tell Queenslanders that Australia is just coming out of one of its biggest boom in history.

    Profile photo of kay henrykay henry
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    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    Are you selling some land in Russell Island, Dave?

    There are many places where land is cheap- either because there is huge amounts of land (rural) and no demand… or because the land might not be able to be built on for whatever reason.

    I am sure Russell Island is beautiful. But there’s land all across Australia where the land is worth 600 bucks for a 1/4 acre. In those place,s the houses are worth much more than the land.

    kay henry

    Profile photo of Dave67Dave67
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    @dave67
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    I am thinking of buying land on Russell Island. I understand that you can build on the island.

    Profile photo of Fast LaneFast Lane
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    @fast-lane
    Join Date: 2004
    Post Count: 527

    Dave, I would definately look into that, you might be on a winner.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Dave

    A well timed question.

    Yep you can build on Russell Island, well thats if you can find any builder prepared to put up the amount of sand flies and mozzies during the construction period.

    Oh yes and you wanted services did you. Ah Redland Shire Council inherited the collection of Rates from the Qld Govt some years ago and someone fogot to tell they were obliged to provide services for the exhorbant rates they charge each year.

    But you want you own little place in the Sunshine State, give it a week or 2 and the bridge will be complete so you can drive back to Brisbane when your block gets flooded each night as the tide comes in.

    Ah didn’t we tell you inspection are only encouraged at certain times of the day.

    Sorry for the degree of sarcasim but just ask any true brisbanite what his real thoughts are on the Island and those who sell Real Estate there.

    Cheers Richard
    richard at fhog.com.au
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

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    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Oh yes one last thing for your $30000 were you getting a double block !!!!

    Cheers Richard
    richard at fhog.com.au
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of brahmsbrahms
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    @brahms
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    Dave

    (hey what, by jingo by crikey, did you say property boom, not here in Qld by crikey – its just those southerners buying us out of house and home and pumpkin scones)

    Seriously, the reason you need to buy a double block on Russell Island is that the first block goes under water every high tide.

    These blocks are the finest examples of ‘water views so real you can reach out and touch it!!!’

    Invest the $30k with a currency trader at the NAB – your return and level of personal satisfaction will be similar….he he (imho)

    cheers

    brahms

    Profile photo of ErikaErika
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    @erika
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    Hi Dave
    Thankyou for giving me a good laugh, I had nearly forgotten how gullible people are when it comes to Russell IS. Maybe you should look at why the land is so cheap , compare it to other islands and be aware of that rising tide.

    Profile photo of Dave67Dave67
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    @dave67
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    Thanks Guy’s for your negative comments. I have just had in interesting chat with the REIQ (Realestate Institute of Queensland), and I was told that the few particular blocks that went under water on high tide are marked out on public available maps. 95 percent of the blocks do not go under water. And as far as building goes there are half a dozen builders on the island. May be you all should do a bit of home work rather than listening to rumours that stem from the 70’s, thats how great oppunities are missed. QLD the smart state. yeah right.

    Profile photo of kay henrykay henry
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    @kay-henry
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    Post Count: 2,737

    Dave- yeah, we sound mean- sorry about that- your Q was pretty innocent- I just didn’t know where you were coming from.

    Re Russell Island… I had a look on realestate.com.au a few days ago after you asked your Q, and the places do look a bit flood-prone, if one can assess that by the look of houses. They have that built-up so high look about them- like floody places I’ve seen (that’s the bad news). But the places are cheap, you’re right (the good news). The places I saw online looked a bit shacky (more bad news), but I guess you never get mansions at the lower end of the market.

    If it sounds good to you, you could go and check it out on a holiday. Sand flies sound awful to me, but then again, so do mines, and people invest in mining places- go figure.

    If you’re aware of where the flood places are, you sound like you know what you’re doing.

    This post has been good for me- I now know a little about a place I knew nothing about before :)

    kay henry

    Profile photo of HousesOnlyHousesOnly
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    @housesonly
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    Dave
    One of the reasons the land is so cheap there is obviously because it is an island and at present only serviced by ferries which makes commuting to the mainland and city quite inconvenient. The locals have been talking about the state govt building a bridge for ages (why wouldn’t they!) and if that does go ahead I expect the prices will skyrocket. However I personally expect this not to happen in the foreseeable future unless the population on the island explodes. So if you are prepared to gamble $30K it may just provide you with a good return. If the bridge doesn’t go ahead you may still make a small return over the longer term if you can bare the holding costs – may be worth it either way?? I dont know what the rental market is like on the island – anyone out there know (except REA’s).

    Profile photo of Dave67Dave67
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    @dave67
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    I have been looking around on Russell Island quite a bit since my last post. It seems that the average house rents for about $160 per week. Its not that high but considering the outlay I think its ok. And the weather and scenery here is amazing.

    Profile photo of baloobaloo
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    @baloo
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    Call me a cynic but this really does sound like an attempt at viral marketing….

    Profile photo of GeronimoGeronimo
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    @geronimo
    Join Date: 2002
    Post Count: 167

    Dave

    If you want an honest agent’s opinion(is there such a thing?) of Russell Island speak to Tetka Rhu at Raine & Horne Bay islands.

    Not sure of the no. but an old friend of the family who has been over there for years and knows the islands inside and out.

    Best thing to do is take a trip up and speak to some of the locals who (being on a nice quiet island) love to tell visitors about the bad areas and where to steer clear of.

    Good Luck!

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

    Profile photo of rainytownladyrainytownlady
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    @rainytownlady
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    Hi Dave,

    I think all those negative people are living in the 1970’s when there was a scam. We have bought a beautiful block on Russell Island. High and dry with breezes and n/e aspect. We are very happy and moving there in 1 month. We hope to build there soon and have heard of a company who prefab houses and bring them to the island just for connection of services. We have had some dealings with the council and found them helpful.

    Cheers,
    Jools
    [suave3]

    Profile photo of yackyack
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    @yack
    Join Date: 2003
    Post Count: 1,206

    Hey Dave

    Are you any relation to Raintownlady?

    Her only post had been on this tread?

    Hey Raintownlady

    You got anything else to add to propertyinvesting.com?

    Does anything else interest you?

    How do you get around the island? Where do you work? On the island or mainland? How long you been investing in property?

    Cheers

    Yack

    Profile photo of RodsterRodster
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    @rodster
    Join Date: 2003
    Post Count: 6

    Guys

    Here is a decent write up on Russell Island
    http://www.nup.info/redland/russellisland.htm

    By the time you read quotes such as:

    *There are no plans by present authorities to allow the construction of a bridge to any of the Islands. The bridge issue is as old as the land scam and the subject is raised regularly but no body seems to have the money or ability to actually construct it.

    ** Privately owned properties have reduced to about 15,000 as many owners have forfeited their “valueless” land back to the Council.

    *** If you are considering a home on the Islands or purchasing as an investment please be cautious. It is advisable to visit the Island and have a good look around first, talk to local residents. It is a great home for some people but sometimes it’s the little unforeseen things that make Island living unacceptable for other people ……. Like the mozzies, midges and sand flies! But they were here first.

    Scary if you ask me from an investors point

    cheers

    Angelo [cap]

    Profile photo of Dave67Dave67
    Member
    @dave67
    Join Date: 2004
    Post Count: 5

    I have finally decided to buy 2 blocks on Russell Island. Can anyone tell me if it is better to buy the blocks in my name only or in my wifes name as well in order to pay the least capital gains tax when we sell. Any input would be appreciated.
    Thanks

    Profile photo of brahmsbrahms
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    @brahms
    Join Date: 2004
    Post Count: 485

    obviously thats a question for your accountant – if at all possible buy a few more of those blocks – infact, i hope you buy the whole island and attach a couple of 330hp outboards to it and potter off…

    Profile photo of bellboybellboy
    Participant
    @bellboy
    Join Date: 2004
    Post Count: 4

    Hey Dave…Congratulations on your recent purchase of your two Russel Island blocks. I’ve only just heard the good news. You now qualify for Lifetime Membership in the Boston Bridge Club.
    And by the way I have heard a whisper that the Sydney Harbour Bridge is soon to be syndicated at $100 a share. If you would like in on this deal too just send a $100 down payment to Charles Ponzi Jnr C/- Bogga Road Prison, as he will be the Secretary when he gets out on Parole in 2020. Good luck with your investing. [blush2]
    Cheers from Bellboy

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