QLD House on street with apartment complexes? (Brisbane)

I had a look at a house for an IP that is on a street with quite a few unit complexes, I guess this has a negative effect on the value, would you buy a house in such a location? Suburb is Everton Park North Brisbane and there are a mix of qlders and apartments (mostly older, some newer)

 

You need to ask yourself what is your reason of buying....
Generally Rental-yield for houses is lower than Units/Apartments.
In the past you might buy the house hoping to sell it later for development or subdivision.
But if the area is already full of them now, the chance might be lower.

A link would help others to give their opinion.

 

Thanks for the reply, I thought about land banking but as you said there are already units in the street and the land size is only ~750sqm here is the link:

50 Barrymore Street, Everton Park, Qld 4053

 

I don't know the north side too well,but is the whole street zoned the same,if it was then land-banking depending on holding costs may work well,.imho..14-20k for the old super66 fibro roof replacement for starters..imho

 

Negative yield so holding costs quite high

 

I think the whole street/ area is zoned the same, lmr, not sure how much value that adds, if any?

 

A few years ago I would have said this is in the most beautiful part of Everton Park. @willair is far more experienced than I am, and these days I cannot comment on whether this is going to be a good or a bad idea. Be aware that all the vacant land down to the creek is currently under environmental study or something similar - big development going in on the old farmland. Another major development with towers is approved for across the main road behind Woollies.

 

Everton Park is quite a good area. The land appears to be zoned LMR, not sure if LMR2 or 3. Anyhow, could have potential for development such as townhouses or units. The block appears to be irregular shaped. Best thing to do is have a chat with a Town Planner, eg ASI Planning, to see what are the possibilities. You can always put a subject to due diligence clause in an offer.

You could give the house a very basic reno to make it more livable to rent out whilst you work on development plans, and develop later.