Hi,
After reading through many topics on this forum, newspapers and of course listening to all the ‘here-saying’ and ‘ personal opinions’ of many people, I am finding it very hard to get a solid position on the Brisbane property market. (Like many other people).
I bought my first place this time last year (value $350K) 8 km from city after much hard work in saving and 2 years researching of the market. Whether it was a good buy or not, I am not sure in today’s market. Last year we deemed is a very good buy.
However, I was out a North Lakes (Nth side of Bris) with a friend yesterday, (who is building her first house) and there was massive interest in not only BUYING an established home, but BUILDING. 90% of the people looking where very young (Early 20’s) obviously going after the $21K incentive + low interest rates. This frenzy seems so out of character for what is being reported in Aust. and Globally ie, crisis in job loses, interest rates going back up, inflation going up. What is going on?
I am looking at buying a second place (Not at north lakes but again within the 10km zone/ close to transport) as an investment but it just seems so unpredictable. I am looking at the below the $450K (low end of market) but feel the first home owners are keeping the completion very high, thus high house prices. I bring in a good income so serviceability is no problem.
Everyone is saying the doom-and-gloom is coming, but when, or has it already past us? What should I do?
What and where did you purchase for $350k? Seems like a good buy for a house at that price. did you have to do a reno?
mill s wrote:What and where did you purchase for $350k? Seems like a good buy for a house at that price. did you have to do a reno?Bought a very tidy post-war home at Chermisde on 405m2. Had basic renovations done to it already and presented very clean. Average street though with few below average houses around it. However, I was looking for a long time, but when this one came up, we snapped it up because we judged it a good buy.
Personally, I’d be keeping an eye on where the infrastructure is going, inparticular the new gateway project that is due for completion in a year or so. This has an extra 8k or so of onramps, check it out see where they are leading in from and find a property close to there.
Chermside is a decent suburb, and a major bus interchange so I wouldn’t be too worried about spending money there.
I just purchased in Scarborough (10k from North lakes on the coast), and I do think that North lakes is a decent place to buy. And NL is 10k to Petrie train station. In between north lakes and next train station is a suburb called Kallangur which has been semi-rural so lots of large blocks, close to PT, close to highway and also quite cheap – I think this suburb will do well in years to come.
All the talk around this area is about if/when proper public transport will come out this way, and personally I think North Lakes is getting so big it may very well happen in next 5 years. Certainly out west (Springfield lakes, towards Ipswitch I believe this almost a reality).
In Brisbane, I’d personally be looking at positive property. We purchased a house in Everton Hills in April 2007 for $365, just rented for $450 and it’s a 10 min drive from trains.
Cheers,
SPsnaper wrote:All the talk around this area is about if/when proper public transport will come out this way, and personally I think North Lakes is getting so big it may very well happen in next 5 years. Certainly out west (Springfield lakes, towards Ipswitch I believe this almost a reality)When it comes to public transport in Brisbane i wouldn't be holding my breath, just ask the Redcliffe residents who have been waiting for their proposed train line for 20+ years!
Bootlace wrote:snaper wrote:All the talk around this area is about if/when proper public transport will come out this way, and personally I think North Lakes is getting so big it may very well happen in next 5 years. Certainly out west (Springfield lakes, towards Ipswitch I believe this almost a reality)When it comes to public transport in Brisbane i wouldn't be holding my breath, just ask the Redcliffe residents who have been waiting for their proposed train line for 20+ years!
I do agree. Brisbane has massive amounts of infrastructure going on, but mostly only servicing the inner suburbs (up to 10km zone). Even though there are plans to extend further to outer suburbs, this won’t happen for many many more years.
I find the Qld Government Urban plan a good read, including it’s neighbourhood plans.
dbt,
while your right, the first home owner grant has kept that market bouyant, I would not say it has really forced prices up too much. There are still plenty of Developers and vendors looking to sell. Doom and Gloom isn't always a bad time to buy either. Make offers, they can only say no – and heres a tip, even if the salepeople tell you the vendors won't budge, chances are they will. Infrastructure and local gov. activity is a great way to gauge a place but is not the be all and end all either, a bargain is a bargain is a bargain and that can be anywhere. I am not saying cheap is good, but a bargain is good. if that makes sense. Homework is the key.
I read a post a few minutes ago and some one mentioned it is a looonnnggg time coming for price increases, while i am sure he was a little bit tongue in cheek and commenting in general on the current "crisis", it was not entirely accurate, depending (of course) on where you are, prices in some areas have not dropped much , if any at all. and some places have seen prices still going up – snails pace granted but still heading north. Certainly Brisbane is a strong market to come. Good Luck and remember do your homework.
Hi All
I've just joined this forum and like people who have posed on this tread, im interested in investing in Brisbane. I live in Perth and own 1 ip here but don't want to make a second purchase here.
We are looking to buy a town house and would like to stay in the 10k ring.
One suburb I've been investigating is Carindale, does anyone have any comment on this area.
On another forum some people are suggesting go out 15k and buy near the coast…. any thoughts.Thanks
Adamtk: Carindale is a good area. It has good public transtport (buses) with a major shopping centre close by. Camphill is the suburb closer into the city from it. That suburb at present is going through alot a reno's stage. Mainly people buying old homes raising them and building in underneath.
I agree with much presented in the underlying article…
The property market in Brisbane will face the same challenges which all the other major centres in Australia will.
http://www.brisbanetimes.com.au/articles/2009/04/27/1240684397986.html?page=fullpage
For starters be just as cuatious about listening to doom and gllom as you are with HOT Tips…..they can both burn you badly……
I search all over the place for data and consistently the most objective market data thats free is produced by quartile at http://www.quartile.com.au
Im also a specialist in Search engine technologies and i can tell you right now the property searches are running red hot……that does not necesarily mean conversion to sales, but the internet traffic has a correlation in previous trends. Right now the internet traffic is definitely on the climb, hardly indicating any doom and gloom. PArticularly for inner suburbs of brisbane….
I own a property in Fortitude valley and get regular updates and sales data from the surrounding agents, i choose to stay on thier email and mail lists for updates.. Right now there is a lot of low to middle stock selling…….
Will it all end with the FHOG ????????? who cares porperty is not that short term an investment…………
As for the crap on telly this week, since when has a proffessor of economics ever been able to make one sweeping staement that is true of all real estate micro markets operating on thier own supply and demand curves with localised employment and asthetic issues affecting prices, under and over supply of building and all the other micro economic factors…….
That proffessor just proved what a Pratt any proffessor who thinks they can categorise the whole austrailain market into one picture really is…….what a foool…..and the bigger fools believed it.
Theres no doubt the rising unemployment will ut pressure on some markets, but hey the other 98% of the working nation are still in jobs, still with rising wages and ever increasing tastes and desires, dont lose site that a recession is only negative growth for a while no matter how small – its not armageddan…..
Buy when the herd is running scared and sell when the herd is buying like there is no tommorrow….
UglyJoe –
It was the professors who predicted that the USA housing market would fall, not the investors. Not the analysts. Not the journalists. Not the real estate agents.
The investors got burned.
I was heavily invested in USA REITS (trusts which invest in real estate) and read Robert Shiller's book Irrational Exuberance in 2006. The next day I got out of every real estate fund. It turned out to be the top of the real estate cycle. I'm forever grateful to the professor.
My partner said that Professor Shiller was a nincompoop and stayed in REITS and the stock market. He's lost 70%.
These things take time to work through. Shiller's predictions were laughed at for 5 years. Then the bubble burst and he was proven correct.
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