QLD Bay Area Wellington Poinn

Hi PC crew,

Hope you are all well!

I just bought this property below:

34 Tulloch Drive Wellington Point Qld 4160 - House for Sale #126669410 - realestate.com.au

Bought for 535 k thought a pretty good buy!

Just wanted to know what is thoughts on the area and development wise! I visited the area and there is so much room for growth etc.

With improvements in transports services so people see growth in areas such as these?

Matt

 

Hi Matt,

Nice area, its a nice pocket in there with a lot of owner occupiers.

I was looking there and missed a couple of places that were just outside my price range (on Prunda and Burwana (off tulloch), ended up finding another nice owner occupier estate down the road at Hilliards Park estate.

As for development, I haven't seen a huge amount, the Redlands is a strange beast that I havent quite come to grips with. There's less industry then Logan/Brisbane however much more of family/parks/schools feel.

Seems the majority of industrial development occured when Capalaba built up a while back. Plenty of residential development happening out at Victoria Point/Thornlands however, without the Train line, my intuition tells me for investment, your better off having access to the Trains along the coast up to Cleveland. I dont think they will ever extend the line past cleveland, more likely they would cut north off the gold coast line out to viccy point/redland bay..

The Toondah harbour at Cleveland has been chugging along, however I couldnt tell you what effect this would have on the area. I get the impression the redlands council just dont have the money to play with, that BCC/Logan may have. This might be the cause of the net lower migration behind Logan/Brisbane however thats kinda what I love about it and alot of families love about it.

Love to hear anyones thoughts.

 

@sliderc has summed it up very well.

Wellington Point is a bit too far out from CBD. AFAIK its more for retirees at the beach area and weekend at the beach for local families. Redlands council probably doesnt have the budget to do anything. Capalaba which is the nearby " business hub "does have some economic activity but this area is a bit like Logan, slightly lower socioeconomic area.

There's not gonna be any improvement in transport in that area in the near future I reckon. Most people living there would be driving around. Most tourist/people/trucks would also bypass this area going from airport or port directly down the coast via the Gateway motorway.

Whats the yield like on this property?

P.S.
Half million $ properties always seem a good buy to investors from Sydney or overseas LOL...

 

Yield is 5% not not bad!

 

because for a half mill here, there are no suburbs in Sydney you can buy a median house for... not even in the Mt Druitt area!

What I like about the bayside... cooler in summer, very pleasant in winter. And if you want ocean views in Sydney it's more like 3 mill+ for a house.

 

Very true @Gockie was like 5 degrees cooler there yesterday!

 

Kinda tells you something doesn't it?

 

It's like people from China paying huge premiums to be in certain suburbs in Sydney. To them it seems cheap, to locals its crazy dollars.

 

Wellington Point is a great spot, much like most of the Bayside. The biggest problem is that the greenies wont let them put a proper road in from the city so access is restricted.

I think we're going to see some really solid growth in the next decade. With limited land and a reputation as a top family area, I'm pretty sure supply wont be able to keep up with demand. The region also hosts quite a few of Queensland's best schools.

Assuming it's an investment, are there tenants in place already?

 

Im invested in the bayside area and it amazes me how many threads there have been devoted to logan which is a rubbish area, ipswich - may as well be in another state, redcliffe - home of the fibro shack and houso central
Not one thread on property chat talking about redlands
People say its too far away! Wellington point is 35 minute drive from the cbd
Last time i checked redcliffe was much further!
The schools are the main drawcard to the area along with the bush surroundings.
Buying a house for 380 - 400 k in bayside which is full of owner occupiers is a no brainer compared to buying your 300k house in woodridge.
Owner occupier suburbs in melbourne start at 800k
House and land and rough areas are still 400-450

 

I should add that im not saying that bad areas dont come good but i think Brisbane isnt at that maturity yet.
I think the bad areas of melbourne and sydney only boomed when the population of the city and the high prices of better 'owner occupier' areas made it the only viable option for young homeowners. (Exception is well located suburbs - richmond, fitzroy etc)
Currently young or first time buyers in Brisbane can still afford to buy in 80% of brisbane and its surrounds.
When the population increases to a certain point and the owner occupier suburbs are no longer affordable your rough areas will boom

Rant over