QLD Ormiston/Cleveland

Discussion in 'Property Analysis' started by DevKZ, 7th Sep, 2017.

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  1. DevKZ

    DevKZ Well-Known Member

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    Hi guys,

    What is the best way to find out the estimated price for new home?

    If it is new town development, it would be easier to figure out, but what if a new home is built in a sort of 20-30 years old village and it is built on the sub-divided land?

    I normally go to Onthehouse.com.au: Your Home for Property Research to find out but this is a brand new..so not really useful..

    Anyone has got a better way?

    Thanks,
     
  2. Plutus

    Plutus Well-Known Member

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    Personally I don't think there is a good online data set or tool for that area. You're going to need to pour a tonne of time into looking at listings & sales results to get an idea of value.

    Its also really 3 (if not more) markets with fairly different value ranges.
    • Ormiston - Block size tends to be larger, more "heritage" homes
    • Cleveland general - fairly standard Redlands suburbia priced lower than Capalaba, higher than Victoria Point
    • Raby Bay - Cleveland postcode but totally different $$$ on/near the canals or near the marina
    A few other misc points:
    • Block sizes in new vs old are wildly different. as a general guide, a 4 bed, 2 bath, 2 car in most of the 90's blocks = 800m2+, the 2000's stuff is 600-700m2, the new stuff is usually 400-500m2.
    • Price scales up in general with proximity to water. In general it tends to go down in the gated/strata communities but not always.
     
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  3. DevKZ

    DevKZ Well-Known Member

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    Thanks a lot for your reply.

    This is a brand new, built only in a month ago. Block size is 375m2. House is 203m2 (including patio & entry) - 4bd 2bath 2cars.

    I have not seen any block being on sale under 320k in Ormiston..

    Is Ormiston is better suburb than Cleveland? Lets not talk about water front - luxurious house.. This is a normal standard house (better than rental house quality) and not near water front.

    More details:
    Close to Ormiston bus station - 1.1km
    Close to Ormiston Colleage - 800m.
    In the middle of Cul de sac road
    North facing
    A Single story house
    Flat land
    Not near flood area at all.

    Would this help to estimate the price?
     
  4. Plutus

    Plutus Well-Known Member

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    not seeing any on sale has more to do with the lack of that property type out there. If you go for a drive around, its mostly big block family homes, developers have been busy infilling the back of thornlands and the huge strip between Thornlands and Victoria Point (insane volume of new builds out there right now)... This would make me personally wary of touching a new build out there right now, but do your own DD.


    Better is subjective, but my 2c as someone who owns a property out there & has a lot of family out that way is that the pecking order is Aquatic Paradise (waterfront Birkdale) > Raby Bay (waterfront Cleveland) > Birkdale > Alexandra Hills > Ormiston > Cleveland > Thornlands > Victoria Point > any of the islands (Most of them, especially russell I would not touch with a 10 foot pole)

    Between the two, Ormiston has a more affluent reputation (really nice old homes in quiet streets on big leafy green blocks), Cleveland has more shops, etc though.

    To be blunt, busses out that way are crap. The train is okay but its still a fair hike to the city.

    Ormiston is a great school. I didn't go there, but it is consistently #1 or #2 in that area for academic performance. It could be very beneficial if your target tenant is likely to be someone who has kids that may go there. Keep in mind though that it's a roughly $10,000/year per student school, so probably would need to be a rental targeted at a middle - upper middle class household.

    My guess is they are asking mid to high 400's? I don't think I've seen a new build 4/2/2 under $475k listed, but I don't really pay close attention to the new stuff.
    My gut feeling is that they are probably going to be better for maintenance & maybe yield, personally I'd be chasing a 700+sqm block though. Really not a fan of how compact the new builds are & there is going to be thousands more over the next few years. For that $475k ball park if you don't buy new, you can get a block nearly 2x the size with much bigger bedrooms.
     
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  5. DevKZ

    DevKZ Well-Known Member

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    Sorry - its actually train station.. I mis-typed..

    And the price is 600k. There are two new houses next to each other.. One of them was sold 610k on June this year.. This is other one which built a bit later than that.. I am thinking its just a bit much?
     
  6. Plutus

    Plutus Well-Known Member

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    $600k sounds excessive to me, the fit out must be incredible as I'd hazard a guess most of the value there is in the structure.
    That sort of money gets you something a bit older like this:
    53 Wellington Street Ormiston Qld 4160 - House for Sale #126256150 - realestate.com.au

    or this:
    53 Wellington Street Ormiston Qld 4160 - House for Sale #126256150 - realestate.com.au

    Which are both over double that block size. You'd have to place a hell of a lot of value on new build or the build fit out to fork out that much cash on a block of that size.
     
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  7. DevKZ

    DevKZ Well-Known Member

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    Thanks for your reply.. That's huge block indeed..
     
  8. Tom Rivera

    Tom Rivera Property Manager Business Member

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    view.com.au is a new tool and it's awesome, check that out.
     
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  9. DevKZ

    DevKZ Well-Known Member

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    Thanks Tom!
     
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  10. Brittany Grace

    Brittany Grace Well-Known Member

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    I am pretty sure I live in the street you are talking about!
     
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  11. DevKZ

    DevKZ Well-Known Member

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    Oh really? How is that street like? There seems lots of house are being re-built at the moment and still quite a bit of old houses around too... Is that street safe and quiet? suitable for family?
    Is it too close to shops/malls in Shore street? Normally if a house is too close to a mall, often there are some burglars around. How would you describe this area?

    Its quite hard to come up with estimation in Ormiston suburb as it is a relatively small suburb with not many comparable homes..
     
  12. Brittany Grace

    Brittany Grace Well-Known Member

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    Well to be honest it's actually a really nice street, everyone was friendly and heaps of kids play on the street. Surprisingly it is a really busy street between 5-7pm when everyone is coming home from work, school sport ect. Our house currently has a sold sign up in that street and will settle this Friday.
    Our neighbours are just about to subdivide which we thought that could affect our house, so we quickly tidied it up and sold. Right up the end of the street they are also subdividing which will be about 5 townhouses and keeping the existing home on the block.

    Value for money there is a 2 storey home in the street beside, I would go for that one! Its been on the market for about 300 days, it's a bit dated but with a little tidying up would be a really nice family home.
     
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  13. dabbler

    dabbler Well-Known Member

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    Best way is to work out what the land is worth by itself & then ask some kit home builders what they charge for a certain size house complete, this will get you in the ballpark.

    If you look at enough listings, sales and go to enough opens, you should be able to nut it out without speaking to anyone.
     
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  14. dabbler

    dabbler Well-Known Member

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    I love Vic point, but near the point.

    But IMO all the Redlands from Thorneside down to Cleveland has some fantastic looking places to live and all seem family friendly, the only downside I see if the council rates.

    Much older & crappier looking places and streets Nth of Tinglapa creek, but they are being replaced pretty quickly for the most part.
     
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  15. sliderc

    sliderc Active Member

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    "The pecking order is Aquatic Paradise (waterfront Birkdale) > Raby Bay (waterfront Cleveland) > Birkdale > Alexandra Hills > Ormiston > Cleveland > Thornlands > Victoria Point > any of the islands (Most of them, especially russell I would not touch with a 10 foot pole)"

    Ive lived in the Redlands for 5 years now and own a few investments in the area. My perspective on the pecking order is as follows:

    Raby Bay (Canals) > Wellington Point (Waterfront) > Raby Bay (Waterfront) > Birkdale (Canals) > Birkdale (Waterfront) > Ormiston (Waterfront) > Wellington Point > Ormiston > Upper Alexandra Hills > Cleveland > Thornlands > Capalaba > Lower Alexandra Hills

    Just my thoughts.
     
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  16. DevKZ

    DevKZ Well-Known Member

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    Thanks for sharing your idea!