QLD Is Chermside worth to buy a new apartment?

Hi, everyone. I and my sister would like to buy our first home. We are very interested in the location in Chermside. There's a brand new apartment 3 bedroom 2 bath 2 car park. Apartment size 115m2 and sell for $67,000 and body corporate around $4300 per annul.

Because we are very new about buying the house. And not sure if this property going to be an investment property in the future will be worth it?
I have done some studies that could be Chermside is a high risk area...
We are looking for a property 10 km to CBD..
So I would like to ask everyone's here experienced advice.
Many thanks.

 

Hello Jamie,
I have visited Chermside many times in those 8 storeys apartments.
All around the Westfield, they have a master plans to convert that area into high density apartments.
There won't be any shortage of apartments in that area for the next 10 years.

Note: I have project manage many of those 8 storey apartment development over the years in Chermside.

 

At that price, I'd buy as many as I possibly could.

 

oops, sorry. It should be $670,000.

 

In that case, RUN!

On a serious note, I definitely wouldn't do it.

I would only buy Houses in Brisbane for investment purposes. That's just me. If I was forced to buy a unit though, I definitely wouldn't be buying brand new units, making the developer happy. He's already sucked out all the financial value of the asset for a very long time.

And to top that all off, the planned supply for the area will give buyers dreaming of CG a further walloping..badabim badabum badaboom!

Risk ain't worth it for me. No reward upside I can see worth the risks.

 

I wouldn't buy it at all. I remember when chermside units were selling brand new for $450k then after a few years were re selling for $330k after sitting on the market for months. I was an RE agent at the time and couldn't believe how many agencies had them on the books. Some agencies were even flicking the listing over to their new agents to have a crack at selling them. This was around 2017.

I had a couple of units and townhouses down the coast at the time and decided to get the hell out of them. Took a small loss on one but slept heaps better once settlement went through. People do make money on units but it's tricky and not as consistent as the growth from houses on land.

 

Also buying jointly with sister.
If / when you need to move out or have a family or whatever, it's a pain.

 

It's a handy location to live in. Its probably not a good investment for capital gain though

 

Yeah nah. Brisbane is the wrong city for buying units. As is Adelaide, Perth, etc.

Only play with houses in Brisbane. Units would be very far down the list of places the majority would be looking to buy or rent in Brissy…if not the bottom.

 

i would avoid units.

life lesson - first place i bot in 2014 was 925k sydney penthhouse unit in north shore. i could have bot a house on 800m2 for that price then. i fell in love with colorful brochurs and marketting. the old boring house was on land, but no colorful phamplets

fast forward 8yrs. my unit is worth 1.2mio at best. same house sells for 3mio+