QLD Mitchelton, QLD 4053

Discussion in 'Where to Buy' started by Mulianto, 11th May, 2017.

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  1. Mulianto

    Mulianto ~~

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    Hello everyone,

    I am new to this forum even though I did read SS 10 years ago. I just bought a house sight unseen for investment. The land has development potential, looking to buy next adjoining lots next door if price is a bargain.

    I am not a developer or had a lot of experience building. Just holding for Capital Gains while I can borrow using overseas income given a low 5% rates (already got loan pre approval and I am probably one of the last applicants cause the bank will stop lending to customers with overseas income).

    Now, I think this suburb has all the fundamentals, good schools, lovely park, train lines, shopping center. However, Myer has left Brookside, Target is coming back, and no anchor tenant to replace they might build apartments on it. Sizzler is closing down as well. Would all these affect anything? Need locals opinions.

    I still have around 1.5 million left for my budget...

    Should buy somewhere else or put all my eggs in this great basket?
     
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  2. monty

    monty Well-Known Member

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    I wouldn't read anything into Sizzler closing. They've closed almost all of them in Australia.
     
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  3. ndpjai

    ndpjai Well-Known Member

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    Hi

    I'm not a local but have an IP at Mitchelton. The suburb has a lot of potential fundamentally in the medium term. Lots of big land parcels are sub-divided in 400sqm lots and new houses are been constructed and sold in 700-800K range.

    800sqm lots are been sold in mid 600K range.

    Since you already have one in Mitchelton and for $1.5m budget I would prefer buying 2 * 700-750K houses with land component closer to Brisbane in different suburbs in north\south purely for risk mitigation. But if you dont have time to do research then go for Mitchelton.

    Would prefer expert locals @Whitecat and @JDP1 to suggest you something.

    Good luck.
     
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  4. Taibooz

    Taibooz New Member

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    Hi Mulianto,

    Can I ask which street is your property located in Mitchelton ?

    Taibooz
     
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  5. Mulianto

    Mulianto ~~

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    Thanks for the suggestion. Seems like knocking on the neighbour asking them to sell is quite complicated also...

    I just bought one in Osborne Road
     
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  6. Whitecat

    Whitecat Well-Known Member

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    Go north of Samford Road near the train station. Check flood maps. You can't lose. Will always be in demand
     
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  7. Mulianto

    Mulianto ~~

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    Is Osborne Road in the flood map? Where to find the flood maps?
     
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  8. Mulianto

    Mulianto ~~

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  9. Angel

    Angel Well-Known Member

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    I believe the Brook Hotel is to be redeveloped.
     
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  10. BarneyRubble

    BarneyRubble Well-Known Member

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    Looks like much of Osborne Road is flood risk:

    http://floodinformation.brisbane.qld.gov.au/fio/

    Be a little sceptical on the results, it makes all of Brisbane appear to be in a swamp. If you can ask a local about their experiences.
     
  11. Tranquilo

    Tranquilo Well-Known Member

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    [QUOTE="ndpjai, post: 402043, member: 5534"

    Would prefer expert locals @Whitecat and @JDP1 to suggest you something.

    Good luck.[/QUOTE]
    @Whitecat helped me alot I would get in touch. Great guy also.
     
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  12. Mulianto

    Mulianto ~~

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    IMG_0584.PNG
    Attached the online map, should I be concerned?
     
  13. Angel

    Angel Well-Known Member

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    Hello Mulianto
    Your house is elevated and positioned back from the front of your property. The apparent risk is overland flow near the road. If you are to build units in the future, the council is likely to insist on car parking on the ground floor (to the best of my knowledge). That creek is notorious for rising up to and over the footbridge.
     
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  14. monty

    monty Well-Known Member

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    Do you have any more information on this, Angel? I did a quick search and couldn't find anything. I did see that there is a proposed development at 1A Northmore. Three towers 8 to 10 stories high. Definitely not a fan of towers that high in that location.

    Do you mean the foot bridge near the pony club?
     
  15. Mulianto

    Mulianto ~~

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    The council plan allows parking under ground... Two apartment buildings several lots away have under ground parking, so it shouldn't be a problem?
     

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  16. Mulianto

    Mulianto ~~

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    Disregard, my
    I think maximum of 5 storeys on Northmore, see attached.
     

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  17. monty

    monty Well-Known Member

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    Five stories I could handle (grudgingly). I got the 8 - 10 from this developers PDF pamphlet.
     
  18. Mulianto

    Mulianto ~~

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    Ohhh, yes that area can build up to 10 storeys, see the pamphlet again.
     
  19. Angel

    Angel Well-Known Member

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    What pony club? The footbridge on the pedestrian walkway/cycleway across the road from Teralba Park, near the pedestrian crossing lights.
     
  20. monty

    monty Well-Known Member

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    There is a park at the end of McConaghy (which Goolgle Maps labels McConaghy Street Park) that used to be a pony club.