QLD On the ground in Brisbane

Based on the amount of flooding and the value, I'm going to have a guess. Rocklea?

 

Not interested, just curious about the suburbs that happens in...

 

Rocklea,4106..

 

It was just because of the flood ,because the people who lived there in their PPOR were given handouts from the Qld-Government sometimes up too $1000's of dollars and as soon as the money was handed out all the usual suspects would turn up and walk the streets,or the local hotels would have a serious increase in gambling in the local hotel ,easy come easy go the few property investors I knew who were not insured for flood were wiped out,but the prices are back to what they were in 2011 now and still trending upwards,you only have to walk 500 mts and the price goes up by 150k..imho..

 

No , I was surprised to say the least .
No wouldn't touch a flood prone property.
We checked the insurance on one property that was on the edge of a flood zone and with NRMA the insurance was 6K as opposed to 1 k for non flood , to equivalent to 20 weeks rent.....
We're told you can get insurance for cheaper , but if at some stage the insurance companies decide to re rate their risk assessments ....

I mean there's no chance of that is there ? insurance companies / banks NEVER change their policies do they ??

Cliff

 

Interstate investors are circling my house in Keperra admiring my garden makeover!

 

I Would be careful in saying this; you will scare off all Sydney and Melbourne investors
We are trying to hype brisbane and don't want to air dirty laundry..

 

This 3/2/2 sold at auction for $659k on the weekend. https://m.realestate.com.au/property-house-qld-runcorn-120257849

Solid price didnt expect it to fetch that much.

 

No, that doesn't surprise me at all. In fact that's pretty much exactly what I predicted for that property as I've had my eye on it. A little 3 bedder on Kalanda St sold for about 630k I think a few months ago when things were a bit slower. The little pocket just below Eight Mile Plains down to Hollywood St is gold, and generally valued at EMP pricing. It's not even worth comparing with the rest of Runcorn, better to compare it to EMP.

That being said, this is only a recent phenomenon. 24 months ago none of Runcorn was really sold at a premium.

 

I don't think I'm as knowledgable with the area as you jaybeab by the sounds of it.
I just assumed as it was part of runcorn it would go in the high 5's early 6's.

I'm still getting my head around why the median price of eight mile plains is $680k and Runcorn is $495k. Is it purely the location in relation to sunnybank? Am I missing something?

 

Sheesh. I'm not that familiar with Runcorn prices, but the area is bit ordinary isn't it? If you're in the right place at the right time, you can get a house in the inner North for that.

 

Quite a few things, in rough descending order:

1) Runcorn has always had a bit of a scum factor, and it's only starting to go away now due to a combination of A) older crap being knocked down and B) people being priced out of the more expensive areas finding Runcorn as a nice alternative. That little pocket under EMP in particular is newer, probably 30 years newer than the stuff below Hollywood St so it has an even less of a scum factor.

2) Warrigal Square Shopping Centre boosted the profile of the surrounding areas.

3) And I think more important for the longer term, Runcorn Plaza has been slowly transforming from a ghetto corner shop into a trendy restaurant area. If you know Sunnybank (Market Square) and have observed the slow transformation of Pinelands Plaza down the road, you'll know transformation from newsagents and bakeries to Asian restaurants is a very strong lead indicator that things are about to change for the better.

4) Eight Mile Plains is a very, very desirable area so there's a halo effect as mentioned in #1 .

5) Warrigal State School catchment - quite valuable.

6) Runcorn has always been flooded with townhouses but I think people are starting to realise that hey, no one is putting a gun to my head to buy a townhouse, there are actually houses here too.

7) Slowly over time the trains are starting to have value. 15 years ago trains literally ran every 60 mins outside of the peak hours. When I was younger we used to play on the tracks and no one would bat an eye...that's how slow and infrequent they were. It was an agonizing wait, and was never really an option people took seriously. Now that trains are more frequent and a viable form of transportation (although in Brisbane buses still rule, unlike Sydney & Melbourne).

 

Better they know now,then finding out the hard way like so many will, but I will not say nothing anymore I'm thinking next time I do the lawns,, put a 50 dollar for sale sign up on one of the flood jobs 500k wiwo,or vendor finance and see who ring up...

 

Perhaps there's a strategy that can come from this...

1. go to open house
2. tell everyone there the area floods
3. buy the house for lower price
4. profit

 

Thanks jaybean great info. Seems like you've been sround the area for a long while!?

Azazel yeh you're right. I'd personally much prefer to live closer to the CBD too but people pay $1 million plus for a project home on an average block in sunnybank too!

Ite similar in Sydney. People regularly pay $1.5 million for a house in Eastwood which is 25-30kms inland and I think 'man you can get a cheaper house 10minutes walk from the beach and similar distance to the CBD for that!'

With the Asian influence around Epping/Eastwood down here it often doesn't matter what a property is 'worth' if people want to be in the area they will pay whatever it takes to get there regardless.

 

Is it worth checking out daisy hill/shailer park? I'm heading up this wknd...

 

Yup lived there for a while.

As for distance to CBD, look at Glen Waverly in Melbourne. It's ages from the city but prices are insane. Sunnybank is like this. It's not in the inner ring but it's not going to mean a single thing for prices.

 

I would pick Daisy Hill as a slightly better location, but it has had recent growth and is well above its previous peak I think.

 

Daisy Hill and Shailer Park are nice family areas, Shailer Park houses on big blocks. For some reason SP seems to miss the worst of the Brisbane weather - I think the storms bypass around that suburb. Handy for Logan Hyperdome too.

 

Great thanks guys I'll check them out