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QLD Mount Gravatt East

Discussion in 'Where to Buy' started by Leo2413, 1st Feb, 2016.

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  1. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Just wondering what people's opinions are with regards to this properties facade, specs and asking price. Not from buying an IP perspective, but from an investor selling this stock perspective. (would also be great to hear from those developing in area.) @WilliamB opinion?

    Personally, I think the facade is overbearing and unattractive and some of the specs are good, some are terrible and the overall design and colors look boring for a price tag of 950k+ but I wouldn’t be surprised if it gets close to it or more.


    75 EYRE St Mount Gravatt East Qld 4122 - House for Sale #121369050 - realestate.com.au
     
    Last edited: 1st Feb, 2016
  2. Greyghost

    Greyghost Well-Known Member

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    I'm not sure what you are buying here for 950k?
    405sqm.
    Shoebox houses including either side.
    Your paying for the builders margin.

    Where is the value or upside?
     
  3. Heinz57

    Heinz57 Well-Known Member

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    Looks like Lego
     
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  4. larrylarry

    larrylarry Well-Known Member

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    Price seems high for a stock standard house. The windows in bedrooms are small. Nothing special IMO. The only saving grace is the view.
     
  5. wylie

    wylie Moderator Staff Member

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    Let's wait and see what it sells for. There is big money going into Eyre Street
     
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  6. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Yeah I'm sure it will sell for a good price. It's a niche market. What is happening is all the people with money, mostly owner occupiers who are priced out of the 3-5km from the cbd 1.4mil+ modern house market and want a modern, 2 level home are now buying the same in MGE, MG, HP, HPW and neighboring areas for around 1-1.2mil.
     
    Last edited: 2nd Feb, 2016
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  7. WilliamB

    WilliamB Well-Known Member

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    @Greyghost plenty of people are happy to pay a premium for a nice new home to just move straight into. Not everyone thinks like an investor. Not everyone will buy a median range home with expectations of adding value and increasing value, nor will they try to save by sourcing their own block and building themselves. They'll buy a nice new home in a good area and go back to lawyering or doctoring or whatever :D Dogbox is a bit harsh hahah, but not entirely untrue thanks to the design of the place :D

    @Leo2413

    I really hate to be negative here, I'm sure it's nice in person, but here goes...All in my opinion of course. We are all different. I don't know this market as well as others.

    I dislike the facade immensely. Not only does it look silly now, I think it will age horribly :D It also appears to look very similar to the house next door. If you are going for a facade like that, you'd want it to be very individual, not a clone of next door.

    I dislike the floor plan too :D For me, and I think probably most small families, the kitchen and living area are where we spend the bulk of our time, and it looks really cramped thanks to the position of the kitchen, leaving no living space that spans the width of the house. I think this is very important in small lot builds. For a 309m2 house you'd walk in and it would feel very small.

    They could have opened up the rear alfrecso roof structure slightly (you'll note the external roof slopes down front to back) and put in a steel bearer and had a nice open space rather than having those two large columns obscuring the view. Looking from the living room you see mostly column and bearer. Why not open that up more? They have a pretty nice view and really haven't capitalised on it at all.

    upload_2016-2-2_9-17-52.png


    upload_2016-2-2_9-17-10.png

    I LOVE the internal doors, the garage looks bigger than the normal 5.8 * 5.8 small lot which is a big plus. Specs are all as you'd expect, other than the fact the cornicing isn't square set which is pretty much expected nowadays. Other than that, pretty on the money IMO. Smart wiring could just mean a couple of cat 6/rg6 cables so that probably may not really be that big a value add :D

    Just my two cents. I don't like being negative really, but this to me looks like they have put F-All thought into the plan.
     
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  8. Leo2413

    Leo2413 Well-Known Member Premium Member

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    @WilliamB I completely agree with you. The facade is terrible as is the design and floorplan. I also hate the colors. As you said, they have put little thought into the place. Also they could have captured those views much better. The colors inside are also so blah...no contrasts..no nothing. Just boring. Also the fixtures and fittings in the bathroom as well as tiles and design is so ugly imo. Only thing i can think of is they had to compromise on some of that to make the numbers work profit wise.

    I much prefer this one to the MG one.
    Sold Price for 5 Iris Street Holland Park West Qld 4121
     
    Last edited: 2nd Feb, 2016
  9. WilliamB

    WilliamB Well-Known Member

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    That one DEFINITELY cost more to build, looks more "architectural", and to me is superior in every way. Really has that wow factor. I don't LOVE the facade, still to me looks like a kind of "special" transformer but much less offensive hahaha.

    The use of the void I think is a risk as it reduces usable floor space but if done well is a real wow.
     
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  10. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Yes and I think they can probably get away with the extra build cost becasue the suburb can demand higher prices compared to MGE. That one actually sold almost a year ago, but lets just say the team managing that sale were quite negative from begining to end imo. Advised their client to not take it to auction which I think was a huge mistake.

    Also not a complete fan of the facade, but much better than the other one i think. Can you give a stab at what you think both properties build cost might be? Very rough i know mate.
     
    Last edited: 2nd Feb, 2016
  11. WilliamB

    WilliamB Well-Known Member

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    It really comes down to the builder, but (including builders margins - ie "retail" cost) I'd be *GUESSING* $1,200-$1,300m2 for the first one, and maybe $1,400 - $1,600 for the second?

    It's hard to tell without really looking, but that'd be my guess. Main differences I can see being timber, tiling, balustrading and cabinetry which all looks more expensive, that adds up REAL quick.
     
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  12. Leo2413

    Leo2413 Well-Known Member Premium Member

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    The approx numbers you suggest is very similar to what my research was showing up. Also the builders I have been talking to are indicating the same type of figures you mentioned mate. When I do mine, we are really trying to design it in ways that will reduce the build cost, but not take away the WOW effect. Hopefully it will work.
     
  13. WilliamB

    WilliamB Well-Known Member

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    I'm looking forward to seeing the concepts mate!
     
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  14. Leo2413

    Leo2413 Well-Known Member Premium Member

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    As am i! Then please dont hold back, tell me all the crap bits and suggestions to make it better..architects can sometimes be full of talk but then design crap...hehe:D
     
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  15. WilliamB

    WilliamB Well-Known Member

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    Just ask ANY builder :D
     
  16. Leo2413

    Leo2413 Well-Known Member Premium Member

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  17. Bran

    Bran Well-Known Member

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    I think they have cut costs to produce what looks architectural, but when you look closely isn't.
    950k is too much. They won't get it. There are few comparables though.
    You can buy a big arse house near the top of Panorama Placce for 950.
    It's too soon for MGE. Coming, but too soon.
     
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  18. Leo2413

    Leo2413 Well-Known Member Premium Member

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    450sqm and not new.
    Sold Price for 8 Fortescue Court Mount Gravatt East Qld 4122

    405sqm
    Sold Price for 58 Hoff Street Mount Gravatt East Qld 4122

    405sqm
    Sold Price for 29 Eyre Street Mount Gravatt East Qld 4122


    @Bran what is happening imo is people are willing to pay top dollar for smaller dwellings that are close to new or new, very modern, 2 levels with some wow factor and architectural flair. If there are views then even better. It's happeing already, if you build the right product. But i agree with you in time, the numbers will work even more nicely than now.
     
  19. gman65

    gman65 Well-Known Member

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    Well the only thing I like about that property, is that it means the possibility of my own knock-down and build becomes quite attractive. Pink, green, and blue facade coming right up!

    That seems closer to Sydney or Melbourne pricing/size, not Brisbane... Sydneysiders building for ex-Sydneysiders? for somebody from there, they will probably think that sort of thing is reasonable. For many in Brisbane, they will see that at a high price and gives many many options right across the city. MGE isn't that flash, and it will take many years before it gets there.

    The whole creek/pine mountain road side has always been a quite different pocket of its own in terms of pricing.

    But that said, there have been comparables in that street, albeit just a few in the last 12 months or so, so it will sell eventually. Or a Chinese will blow in and not care.

    The view isn't even that great - can buy nicer river views for similar much closer in, some river right on your doorstep on occasions ;)
     
  20. Player

    Player Well-Known Member

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    Very sterile. Back yard looks like a lawn cemetery. Bath room looks like it's from a private hospital room ensuite.
    Façade can be changed in time. The colours aren't for me though