QLD Petrie - University / The Mill Priority Development Area

Beauty mate. Congrats. Sounds like a very very good investment. I'm looking up there maybe as my next purchase. Even Petrie, Lawnton, Bray Park, Bald Hills, Bracken Ridge, Strathpine etc....all looking good to me as well.

Actually I'm liking the entire of Brisbane and surrounding councils North and South/East corridors. Just had 2 of my investments in South East lease extended for another 12 months with $10 increase in rent

 

Yields are great too. I'm getting approx 5.9% for my Petrie property and 5.4% for my Deception Bay property.

 

even geelongers themselves are investing in Kallangur

 

The developer incentivisation should kick things along a bit in addition to the Priority Development Area status. Yet to see details of the discounts to infrastructure contributions.

Infill Development Incentivisation - Moreton Bay

 

About to settle on my first IP in Strathpine next month. Was worried about the price initially and paying market value but great prospects as B&H to 2020. My buyers agent also had Lawnton & Kallangur earmarked on his list.

Any recommendations on building a granny flat for student accommodation or not worth the outlay for risk of hindering CG? This was initially a big attraction for me looking into Moreton Bay council but have come across a lot of negative opinions on the GF strategy.

 

Is your property in the areas rezoned as Urban Neighbourhood or Next Generation Neighbourhood?

( you can look that up here - My property look up - MBRC Planning Scheme )

 

Suburban Neighbourhood according to link above. Does this have an impact?

 

This just means your property is a regular residential property and not in one of the newer higher-density zoning areas.

 

Planning continues for The Mill Priority Development Area. This one covers additional clearing and earthworks to prepare the site.

The DA is here: MasterView 2.0 Application Master

 

From a CAP growth perspective from rezoning do you want to be walking distance to the university? If you are too close, if the need arises could the government issue a clearance notice with a security clause which means you can't go to courts? Or stay reasonably away to avoid such issues?

From another angle, would suggest getting 2 or cheaper 1 bedder properties appreciate instead of one property with sub-division possibilities?

 

The gentrification of Petrie is gathering pace, albeit slowly.

This DA for 45 Dayborough Road.

@keithip

 

I drive past that every day, doesn't fit the suburb at all... Has that been approved do you know?

 

There has been a significant rezoning of the immediate area because of the University. Lots of medium to high density will go into the area over the next decade.

Give it at least 12-24 months for redevelopment to start. Perhaps 2-5 years for it to accelerate.

Won’t have been approved yet.

 

Agree it does not for the suburb, however a uni will change things. People need places to live and if they are temporary (ie just there for the semester) they want different things to residents.

Think there is traffic chaos now. I can only imagine what it is going to be like, and that in itself will change demands.

Actually makes me think about the apartment developments in North Lakes. Who wants to live in them? Surely if you are living that far out then you want a house. Well, obviously not, some people who live and work in the area simply want the convenience of apartment or townhouse living.

 

A bit off topic. When we were looking for North Lakes rentals for our Millenials to live in a few months ago, there were hardly any vacant apartments. They were too expensive for students. The boys wanted an apartment across the road from the centre of NL and all the convenience it offered. With the new Uni, you will get future demand for apartments within walking distance, even if the thought of them is quite foreign to the older residents. The Uni precinct is going to look like Chermside and North Lakes, not the cultural desert it is at the moment.

 

It will be quite different. Large parts of the town area and the area adjacent to the station have been rezoned for buildings as high as 27m.

Some of the rezoning also suits townhouses.

 

Works commenced

Early works on Petrie Mill underway

 

Have they actually started? Article says they were due to start last week.

 

Very interested in the concept that building a uni is a panacea. I do understand a precinct (eg. health precinct in gold coast) but is a uni going to drive a property boom? I thought what it bought in were hairy unreliable students who behave like koalas (eats roots and leaves).

 

That would be the typical Bogan response from someone who has been watching too many Hollywood movies.