QLD Brisbane looks good

Good spot, the Mt Gravatt Central area always seemed to have an older demographic but thats slowly changing. For many years with the expansion of Garden City the Logan rd retail strip became unloved and run down but that's changing.
City views from many elevated post WW2 houses there.

 

I was lucky enough to buy mine at $800/m2, I cannot get close to this again as far as I can tell

 

The Mt Gravatt Central shopping centre has just had a pretty big extension/refurb, with a new Woolies (or Coles) opening up in the same complex as the old Coles (or Woolies, I forget...)

The 'future Masters' site hasn't done anything yet...

 

I was talking to a developer mate over beers last night - he does 30ish unit builds near the CBD. He settled on a New Farm block yesterday with a 30 unit complex going in. I asked him about oversupply, his take is that he is not concerned with 30 unit developments. If he were doing 100 unit jobs in Newstead, South Brisbane, West End etc, he said he would be.

He's got a loooooot more money in the game than I, so I take some solace in that (mind you, it's all OTP)

 

It's probably the case that they might sell okay but finding a tenant will be someone else's problem.

 

Yours was a 2015 purchase, yeah? Would be hard to do better than this now unless there were some issues with the block (e.g. flood prone) or it was a monster site etc.

I can understand him being pretty comfortable. Outside of the CBD monstrosities, I don't see major concerns with oversupply in terms of hitting pre-sale targets etc.

Though I can see apartment/town house prices and rents very flat for some time.

Not a problem if you're building them.

Is a problem if you're buying them.

 

Definitely. He keeps none of them

 

Nope, 2009/10

 

@Bran, I meant 2014 but either way, that makes more sense!

 

Nice contact to have, I have been contemplating moving from buy&hold into small scale development in Brisbane for a few years but haven't made the jump yet.

 

I'm doing the same as we speak, early day exploring possibilities and strategy to get there

 

Yep - will do. I'll also start some on the ground research when it becomes a possibility to proceed.
Fortunately, Ive made contact with the developer next door who happens to share a mutual friend. I'm hoping to follow his progress as a case study. It is a near identical development to what mine could be.

 

Got this in my email. What would you do with that floor plan:
Real Estate Australia

 

I like the word fortunate over luck. You put yourself in that position, didn't fall into it.
Good to be in the position to learn from someone else as they're doing it.

 

Yep. Just need to raise some cash/equity asap (don't we all?). I might miss this cycle, but with a long-term tenant and minimal holding costs then that's fine. Looking to hold all if I can anyway, so as long as they rent.

Edit: And this is true. I've been stalking him from many fronts. Findly found him on linked in, with a common mutual friend, and approached that friend first. I still haven't managed to meet up with him, but that is because we are both busy and uncontactable!

 

Hi Az. The house in Keperra is the same age/style as my mother's house that we sold a few years ago. Most of the internal walls were brick. The bathroom would be the first to go if it was mine. In the three minutes I was looking at this ad, I'm thinking a duplex could be done.

 

Hey Angel, how much did you sell that for if you don't mind telling us?
Yeah, I'm not a massive fan of all that brick inside. Not much you can do with it besides painting over it, but you can still see the brick then.
I was thinking you could create a half hallway where the built ins are, split the 2 large bedrooms in half, they look pretty big, 6 bedrooms
Turn the rumpus into the main, the little 'bedroom' into walk in, laundry into ensuite. But who knows if the rumpus is all sealed properly, looks like it was external to the house originally. And the kitchen looks straight out there, would need at least a big skylight for the kitchen.
You're probably right, just rent it as is and knock it over when it becomes viable in the future.

 

I thought that was the issue. The internal kitchen.

 

Haven't checked this post for a while since I assumed it would be mostly pointless banter since no one is really going to be buying or selling over Xmas. A quick flick through the last 5 pages since my last visit confirms this. Can't wait until around Feb when thinks pick up again. Damn this Xmas stuff, it's getting in the way of things. Boom, hurry up!