QLD On the ground in Brisbane

Just thought I'd post some observations from on the ground in Brisbane over the past few weeks.

Being from Sydney I did a fair bit of research prior to heading up and was focused on everton park/hills, Stafford, mitchellton, keperra, ferny grove in the north and carina, mount gravatt, Salisbury, macgregor, sunnybank and Runcorn in the south.

First couple of trips up I did heaps of driving and trying to get familiar with all the suburbs as well as attending lots of inspections.

Put offers in on properties in everton park, keperra and ferny grove. All of these offers were made within a few days of properties coming on the market and 5-10k OVER asking price. All three properties sold well above what I offered. Talking to agents I got the impression that most properties were selling for 5-10% above advertised price.

After spending a lot of time in sunnybank/Runcorn I decided to focus there (main reason being it is a hub for the Chinese and anyone from Sydney would know the influence this has had on prices in the Epping, Eastwood, ryde areas). Ended up buying in Runcorn for $465k (advertised price 449k). I Actually purchased unseen. I was on the computer basically as the ad came on at lunchtime and had it under contract by that evening (in which time the agent had received 5 other offers).

Moral of the story. If something comes on reasonably priced make a strong offer and snap it up! The market is definitely heating up and well priced properties are selling quickly.

Cheers

Dan

 

Dammit don't steal my strategy!!

Anyway congrats. You didn't happen to buy the one on Methil did you?

 

Similar observations to my own (over the past 2 months, 5-15km south of the CBD).

Bread and butter houses going in a matter of days for above asking price.

Plenty of first home buyers and increasing interstate investor activity.

 

Haha sorry jaybean!

Nah 25 bruna street. Valuation and building and pest came in all good today so pretty happy!

 

Yeh Steve the guy that drove me to the rental car depot said they are getting invaded by Sydney siders haha.

 

I can't even find any trace of it online, I assume you asked the agent to remove it.

Anyway that's surprisingly cheap. Good buy. I've found a lot of agents doing their vendor's a disservice by not knowing the market. That could have gone for $500k easily (I know the area very well, just bought in Runcorn myself). But I bet you're not complaining

 

Did you fly to Bris or the Gold Coast?

I had a passenger in one of those rental car drop off vans at the Gold Coast ask me if I'd been at open homes that day. He'd just bought a place. He was from Sydney as well.

 

Hey jaybean it's on domain. About 5th or 6th from the top for 449k. Don't think it even made it on to realestate.com. Yeh it seemed like a good deal to me. It's dated inside but solid with only a couple of minor things needing repair.

Steve I flew into Brisbane. Alot of the agents also commented that they had been selling to a lot of southerners.

 

HA! I see why it sold so cheap. Out of town agent. I scored a similar deal last year for the same reason. Why on earth would anyone not find a local to sell is beyond me. You should be over the moon, very solid price. I would buy that.

 

I've been looking in this general area for a while, Mitchelton and Stafford have increased a fair bit, so looking a little further out. Things definitely selling quickly out that way.

 

Thanks jaybean! Always good to get some validation.

Azazel i saw a new property come online for 415k around lunchtime which looked great value so I booked an appointment with an agent to view at 5pm. 5:30 came around and no sign of the agent so I jumped online to double check if I had the correct address and it was already under contract. That was in keperra.

 

They also did the vendor a huge disservice by not putting up the address. It's right near the shops, which would have sent another few offers their way. These agents are clueless.

 

Be interested to know who you used for building/pest inspections on the northside of Brissy and if you found them any good? Looking to possibly sell one of my Brissy IPs and would like to get the once-over before I put it on the market...

 

Jacque i used Brisbane pre purchase inspections. They were really good. Along with identifying any defects they included heaps of photos and an estimate of what it would cost to fix each problem.

 

Thanks guys!

 

Agree that Brisbane is heating up - lots of young investors too. I had a few other sharks circling a property I was after on Saturday. Lining up at the car hire at the airport I had several other investors in the line in front of me.

Even if my trip last weekend doesn't end up resulting in a purchase I still got more on the ground knowledge and the attention of a few agents who understand what I am after.

 

great to hear....
i dont like crowds. but even though i wont be going over the thought of it still sickens me. is there a ratio of punters to how much over the price goes? @Steven Ryan surely youve done some calcs or have the data

 

I've bought, settled Monday of last week. I reckon that's the end of me buying for now so I'll just sit back and relax and watch you guys fight like seagulls over chips shall I...