QLD Is it risky to buy a house in Rochedale

Hi folks,

I have been thinking of buying a house in Rochedale for PPOR.

Lately even a duplex (4bd 2bath - more than 200m2 floor size) being sold over 770k there.

Also normal 4bd 2bath 2 story houses have been sold at least low 800k..

I was told from a couple of real estate agents that lately there are a number of buyers rejected from bank for purchasing a house in Rochedale. Especially chinese buyers from 4 major banks. (This is literally what Chinese real estate agents said).

Does this mean that it is too risky to buy houses here? Banks started to realise that there are so much bubble on Rochedale house prices?

Anyone knows what's really going on here? What's the story?

Any advices or information would be greatly apprieciated.

Cheers,

P.S By the way I am not Chinese. I just like new towns.

 

How much land for the 'normal' 800k house there?

 

the cheapest single block is 460k at the moment.

 

460m2?

 

nope.. size is vary. for 320m2- 340m2 block, the cheapest one is 460k. and depends on aspect it can be more.. but not less than 460k.

 

Are you worried about growth or the risk these houses are overpriced?

I'd go for more land in another suburb in that general area...

 

You're not going to get a block in a comparable burb in the general area for much less. You could go well south into Bogan or well west to Acacia Ridge to get something considerably cheaper, but it won't be comparable.

Rochedale has a lot of greenfields land to be developed. Which is a both a strength and weakness compared to it's more developed neighbours.

 

Clearly you are looking in the new estates near Gardner Road? You are paying a premium as these are very popular with Asian buyers who can't afford or get what they want in Sunnybank.

Cheaper options in nearby areas.
Marg

 

Yes. I am aware of that. But lately this is what happening..

 

Totally agree with you, Ed Barton.. I have not seen any block being sold between 380k and 420k with similar location.. 17km from city, Close to motorway & Express bus way and new town in South Brisbane... Please share with me if you know any area which meet those things... I am really keen to know..

 

If I was going to buy in Rochedale, I would buy acreage

 

this post isnt to hear what you want dude... if you really want to mention that then it might as well put some proper reason with it at least?

 

I thought it was obvious dude - land bank.

And, as your PPOR, the gain is CGT free, dude (in case that wasn’t obvious)

 

Its one of those area that asian's love.

So it will be overpriced a bit. It is next to a dump.

 

Thanks dude

 

Are you looking to build or also existing? I got the impression you wanted an existing property but the topic seemed to move towards land prices.

Regarding land, I was sitting here ready to echo the previously mentioned sentiments that Rochedale is an artificially inflated market and not a good buy for a PPOR on a small lot- but you're right, there doesn't seem to be much in the way of cheaper land options around there. You probably don't want to go south or east because that takes you into Logan or away from the highway which I'm assuming is an important factor. North and west are equally as expensive, if not more.

There are definitely cheaper house options around though. What are your criteria for choosing an area?

 

Thank God! Finally I got someone who understand my intention of post!!

I know and totally agree that Rochedale is over-priced. But around Rochedale suburb such as Belmont, Carina Height, Carindale, Mackenzie and etc.. they are not that cheap either.

I am looking at both buying a newish property or building a house (package) at the moment. (4bd 2bath - not much care about school zones)
For Example, a new house(225m2 floor) on 305m2 block is being sold at 790k-810k in Carina Heights. Carindale is more expensive than that..
Even looking at Belmont, 9-10 years old house with the same spec in 400m2 block, sold 740k-750k.

Overall, its just 50k or 70k over-priced.

You are right - you read my mind. I am not considering Logan at all.. East is too far...

 

Just depends if you are wanting equity in the property straight away or happy to ride the wave. Least you have your eyes opened and know it is overpriced but think long term. Density is only going to continue to rise. Rochedale will be the new Annerley with closeness to the city in years to come.

I have grown up around Greenbank my whole life (33 this year) and everyone used to comment that we lived in the bush. Now it gets comments of only 45 minute drive to the City plus residential blocks being developed out here much to my dislike but its progress and people need a place to call home.

 

That's a hard one, sticking to the theme of 'nice' suburbs, you could look in the Mount Gravatt's and Robertson but they're all still quite expensive and very much established- hard to find land or new builds.

Have you considered the Bayside- Tingalpa, Wynnum's, Gumdale, Wakerley, etc? You don't want to stray too far off the highway because the road networks as you head towards Cleveland probably wont suit you, but there's quite a bit of new development going on up there that should attract you. It's not a great example, but seeing as it's at the top of my head, there's a nice Ausbuild development in Gumdale at the moment. Circa-$750,000 will get you a 250-300m2 home on a 600-700m2 block. It's not really cheaper than Rochedale but at least the land is larger...

 

That's right.. I looked at Gumdale and Wakerley. Wakerley has got a few lands releasing and young houses (less than 5-7 years old). But they are not cheap again even though you go a bit further than Rochedale.. Still starts from 750k or a bit more.. Slightly bigger land > 400m2 as you said...