QLD Does anyone know anything about Wishart as a suburb for an IP?

Ok, I'll have a bit more of a looksie. I usually move on when I see high demand market that high, but maybe there are a lot of lookie lou's.

 

Maybe its a case of lots of looking and procrastination and only a little action currently as there is no fear of missing out

 

I lived in Wishart as a kid, grade 3 until grade 10.

Went to Wishart primary. Was a good school.

Went to Mansfield state high. Was an okay school.

Wishart itself is a nice quiet suburb. Good access to the gateway motorway, good access to garden city, and not too bad of access to the pacific motorway into the city.

No train line, but get yourself to garden city and there is a massive bus station plus the bus way into the city.

I lived in Copenhagen st. All that area was nice and quiet. Just old brick homes. Can't really think of any bad areas in the suburb. I guess just watch the main roads because they are all very very busy.

 

I live close by to Wishart. It is a top family suburb.

I helped a work colleague buy a property there last year off market for $400K. He wanted to send his kids to Mansfield High as it has a reputation as being one of the best public schools on the Southside.

He just finished 20K in Reno's and is worth $515K.

The area is going off at the moment though as the above graphic shows - might be a bit hot ATM for investors.

Not everyone works in the city so don't fixate too much on the commute. MT Gravatt has plenty to support local employment.

 

I agree that not everyone works in the city same as not everyone works.

However for me having easy access to the city will make my property more appealing than one that isn't so much.

I would live in Wishart but in terms of IP I wouldn't consider it, however each to their own on what they want in their INVESTMENT property.

My actual home (not where I currently live but my home) would be somewhere in templestowe here in Vic and not in Watsonia where I currently live. Which is like comparing Burbank (where I grew up) yes Burbank has horrible public transport and is even further away from the city but this is my home not investing. If you mentioned Coopers Plains I would be more agreeing with it as a suburb, close to Garden City still, has a train station, yes it is harder to get to the coasts than the Wishart but again people might go to the coast once a week max but they spend 5 days going to the city. Trains are not really effected by road issues however buses are, so trains are more reliable.

Same with Templestowe, it has horrible public transport but I wouldn't consider Templestowe as a suburb for IP.

 

I guess to summarise my opinion on Wishart great area for families, good schools ect, very hot ATM so you will pay a premium.

I have 2 X IP's in Coopers Plains myself. Tenant's are a different demographic to those you'd attract in Wishart. Coopers Plains is great for all the reasons you stated, plus it's an ugly duckling suburb going through gentrification. More potential for upside in the short term IMHO.

 

Dan,

I've been interested with the amount of 'no' responses. It's a touch too far out for me, but otherwise it would tick most of my boxes. I'm one for buying properties that people then want as their PPOR's, but until now I haven't been too concerned with yield.

Distance from the CBD for many of us is not for work, but for the amenities - the closer to the CBD the closer to Southbank, Newfarm, West End... and a number of other places that most of us spend our social time (but can't afford to buy houses in).

PS. I've made a veritable nothing, yet.

 

Attended an auction in Wishart two weeks ago - http://www.realestate.com.au/property-house-qld-wishart-119853793

Ended up selling for $517,000.

Very well attended auction, around 100+ in attendance, 8 active bidders. Lots of families, in particular Asian and Indian families - suspect the good school had something to do with this.

Prior to the auction, the guesstimate was around $450,000 to $480,000 so suspect the area is definitely heating up. Quite a few locals walked away from the auction shaking their heads in disbelief over the price. Still nothing compared to Sydney

Cheers,
Michael

 

It's essentially a family suburb and one where I would suggest the demographic might be slightly older than 20 something so proximity to the CBD for social activities probably doesn't matter too much but undoubtedly many would commute to the CBD for work.

 

The fact that Wishart is gaining so much traction shows me two thing:

1) My research was pretty good . I looked at distance from CBD, Demographic and reviews of the area (This came about from researching crime rates for the area) from people that live there.

2) I am probably too late to get into Wishart .

From the replies I have also added Transport and schooling to something I need to research in an area as a potential IP .

 

Hey @Dan Donoghue - Wishart looks like a suburb that has all the right things going for it. Though once it hits the $500k mark, I think it would be quite challenging to get a good 6-7% rental return that would cover it's costs. I would suspect this suburb would be good for buying for capital growth over the long term.

Also I saw one with dual occ around the area: http://www.realestate.com.au/property-house-qld-wishart-120607209 maybe that could be a consideration?

 

Yes, I think a reasonable yield for a standard house there would be 4.4 %-5.0%.
Mt.Gravatt Capalaba rd is seriously busy most of the day with a high number of trucks frequenting it, I personally wouldn't consider a property located on it.

 

Wishart is in the catchment for Mansfield High, which is perceived to be one of the best schools in Brissie. We've got two lots of friends who moved into the area before their kids were even in primary school, just so they could get into the catchment.

Helps that it's a nice well regarded area as well, perfect for families with two cars etc, but as an investor I feel it's just a bit far from public transport, shops etc... And from anecdotal evidence the horse has well and truly bolted.

 

I don't think you're too late getting into the suburb. Yes, it's moved, but there is still quite a bit of growth ahead due to good fundamentals.