QLD Brisbane suburb: Zillmere properties

Hello all,
I would like to ask which is the better value for an investment property in Zillmere, Brisbane:-

• Purchasing a 3, 1, 1 brick and mortar good condition house for offers over $425K on a land size of 400m2. Closer to Carseldine rail line. Potential rental returns of $390 per week. I have concerns that the selling asking price is not reasonable (CoreLogic estimated value: $421, 545). I got evidence that houses in the same street or one street over sold for less than $430K in the last two years.
• 2, 1, 1 poor condition weatherboard house for offers over $410K on a land size of 779m2. Close to Taigum shops and public transport. Potential rental returns of $300 to $320 per week.
• 2 1, 1 poor condition weatherboard house for offers over $429K on a land size of 607m2. Closer to Zillmere rail line. Potential rental returns unknown. I have concerns that brand new townhouses being built nearby would affect the potential rental returns on this property.

Many thanks in advance.

 

Not enough information provided to see what you are trying to achieve by buying any of them??
Capital Growth?
Rental Yield?
Adding value by renovating?
Hold for how long?
Forget CoreLogic estimates - they are a guide only. 2 years ago figures are irrelevant. Need to be last 3-6 months at least to be considered comparable.

 

Great to see Zillmere promoted. I think it's a good spot. Get close to rail and get a house

 

Option 2.
There are still many zoned LMR properties that are undeveloped in Zillmere.
You should also consider Boondall.

 

The 3br would probably be a good bet for rental demand given that's what 52% of the suburb consists of and the 2br are priced similarly.

The third one on 607sqm looks to have good potential for development with the LMR zoning. Shift the house forward and build in the back?

But the land size and interior reno potential (living room into bedroom?) for the second one makes it the trophy taker in this ambiguous competition

 

I've always liked Zillmere because of its potential being so close to Chermside and not that far from CBD. I'd prefer options 2 or 3 due to their land size. If you are thinking of developing the properties, I'd definitely go for option 2. However, there is no mention in your thread about whether properties are in a zone where units or townhouses can be built.

 

I like it too, but was too hot and beaten to everything, was hot as over 6 months ago...... whats is it like at the moment on the ground ?

 

Thanks for replying. I am afraid I know nothing about what to look for to make sure I picked the best property to start my investment portfolio. Yes I would like high rental returns over capital growth to help with my cash flow. I hope to add value over time. Definitely not in the first few years- apart from regular house maintenance. To hold it long time i.e 20+ years. Where can I go to get accurate house selling figures?

 

Brilliant idea! I didn't think about interior reno potential for the third option. It certainly does make sense to have the living room into a third bedroom! But it will cost money to do so haha.

Why is it so important to see if a property title allows LMR zoning or not? In Zillmere?

 

I hope to learn more about Zillmere from you all on the Property Chat. Is it true that as a buyer in October 2016, we are a bit too late to get onto Zillmere property boom? The fact that house prices went up about a year to eighteen months ago? No wonder why the houses prices seems weird for this area...

 

Just off the top of my head I would think that block size is too small that far out.
I would be looking for something a bit bigger, maybe with some development potential some time in the future.
Something that small sounds like it's already been subdivided.

 

400m2 is not too small for Zillmere. Can't do much with it though but it wouldn't necessarily put me off for an ip depending on price.

 

@MsSassy27 have you consider Bald Hills?

We have IP in Bracken Ridge, but did research couple suburb surround it. You can still get 3BR house with 600sqm ish around the same budget.

That will give you opportunity to subdivide/duplex it in the future. Personally I don't like cookie cutter type (townhouse, villa, small house) in Zillmerre. I also feel that suburb less owner occupier, but agree there is opportunity as mentioned on couple statements above me.

 

Zillmere has a higher concentration of public housing in the suburb compared to the surrounding suburbs so you really need to pick the right areas/streets for future CG.

As someone else said Boondall may be a better option, especially with the Gateway Motorway upgrades that will open the area up.

If you compare Zillmere's median in 2010 (peak of the last boom) compared to Boondall it has moved a lot more.

Zillmere 390K --> 455K --> 16.67%
Boondall 427K --> 469K --> 9.84 %

Also another suburb worth considering could be Deagon as it hasn't moved either, there are plans to upgrade the Gateway Motorway/ Deagon Deviation merge. The suburb is situated close to the water as well so there's also a scarcity factor in the medium to long term.

 

Might not be too small for someone to buy.
But not too many options to create value for an investor.

 

Boasts great security

(Even agents dare not enter)

388 Zillmere Rd Zillmere Qld 4034 - House for Sale #127990430 - realestate.com.au

 

what could you build on 500m2 LMR?

 

What are the odds- walked past this one today (staying at the hotel on the cnr)... I really cant grasp the change in SE status street to street in Zilmere- it seems all over the place. But this joint across from the industrial area is top of the dodgy characters!

 

That house should be used for the sequel to The Castle!

 

I inspected this place by virtue of being close to it one day. What a dump! The house is a complete write off in my opinion. There is no saving it as it practically shifted to a degree doors and windows don’t close anymore. Cracks everywhere. Demolish and rebuild. Much better value looking elsewhere I think.