QLD How much is this property worth?

Discussion in 'Property Analysis' started by OTmg, 10th Jan, 2017.

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  1. OTmg

    OTmg Well-Known Member

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  2. Realist35

    Realist35 Well-Known Member

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    Any thoughts on this one guys?
     
  3. Stoffo

    Stoffo Well-Known Member

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    That wall paper has got to go :confused:
     
  4. ndpjai

    ndpjai Well-Known Member

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    IMO, 538K-542K. Depends on the current market demand, could be 3-4% more than the price mentioned.

    Plus 15K work needs to be done especially wallpaper removal, kitchen, bathroom cosmetic renovations. Can it be rented for atleast 450 per week, again depends on the demand but its just behind the main road :(
     
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  5. Phase2

    Phase2 Well-Known Member

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    It's list price is $500k on the website...
     
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  6. Realist35

    Realist35 Well-Known Member

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    Owners asking 500-550. The amount of work required seems to be significant. Your thoughts?
     
  7. bobbyj

    bobbyj Well-Known Member

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    Sold for $455,000 November 2013
     
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  8. Realist35

    Realist35 Well-Known Member

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    Would you be able to explain your valuation?

    I compared it to other recent sales in the street and to me it's not worth more than 500k. Especially when compared to this one:

    10 Sollis Street, Geebung, Qld 4034 - View Sold History & Research Property Values - realestate.com.au

    To bring it on par with 10 Sollis I'd need to spend 40-50k (including deck, as 10 Sollis has one). If bought for 500k, total capital invested would be 550k. Not worth it.
     
  9. Phase2

    Phase2 Well-Known Member

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    plus stamps.... not sure, but I don't think final valuation would be worth it for me.
     
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  10. Realist35

    Realist35 Well-Known Member

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    500k would not be worth it?
     
  11. vudu

    vudu Well-Known Member

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    I'll have a crack.

    470-500. However likely to be negatively geared if rented as an IP. And you would have to achieve reno's for less than 50K. Suburb seems to be on the up currently.
     
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  12. Ran Gus

    Ran Gus Well-Known Member

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    At a guess fair value would be just under $500k, considering it needs a new kitchen, bathroom, painting and flooring.
     
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  13. OTmg

    OTmg Well-Known Member

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    Phase2- Given the amount of work, looks like it may not be worth it.

    Bobbyj- I checked the yearly growth for Geebung from:
    - 2013 - 4.1%
    - 2014 - 13.1%
    - 2015 - 3.2%
    - 2016 - 5.7

    So it sold for 455k in Sept 2013 that means that if it grew year to year with the suburb it should be about 568-569k.
     
  14. OTmg

    OTmg Well-Known Member

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    Vudu- I would say the suburb is pretty good if you got a budget under 550k;)
     
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  15. ndpjai

    ndpjai Well-Known Member

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    If you can get for less than 500K then its a decent deal but i doubt the vendor will sell. This property is been sold twice in the last 7-8 years and recently for 455K in Nov 2013, not ideal for IP unless you can manage negative gearing as rental potential is 430K per week after renovations as its very close to main road. But the suburb Geebung has got a healthy demand.
     
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  16. vudu

    vudu Well-Known Member

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    Thanks, was mentioned vendors were looking for 500. If negotiated to 485-490 with a DIY or well considered reno < 550 should be achievable. Growth seems steadyish so likely no more risk than many other markets.
     
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  17. Phase2

    Phase2 Well-Known Member

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    Problem is I can't find any examples of renovated places... If I was spending $500k plus $50k for a reno, I'd want it to be valued around $600k

    You've also got places like this selling nearby:
    38 Norbiton Street Zillmere Qld 4034 - House for Sale #123527390 - realestate.com.au
    for $499k.
    Sure it's Zillmere and a bit further from the train, but who would pay another $100k to live 50m down the road?
     
  18. Realist35

    Realist35 Well-Known Member

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    I see where you're coming from. However the Zilmere property is only 3 br compared to the 4 br Geebung house? How much would one extra br be worth?

    Also Zilmere block is 30sqm smaller. That's extra 15k considering $500/sqm?
     
  19. Sea Eagles88

    Sea Eagles88 Well-Known Member

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    why is it a lot of houses in the northside do not advertise with a price or they say over XXXX ?
    This is effectively a silence auction isn't it ? Where people throw in their offers, and whether you get accepted or not depends on the expectation of the seller.
    And I guess even if the offer is accepted, the agent will keep entertaining buyers with the possibility of sale not going through and/or a higher offer is thrown in as a backup
     
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  20. Realist35

    Realist35 Well-Known Member

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    Exactly what I was thinking!