Reno and sell for 600sqm lots middle ring Brissy

Discussion in 'Investment Strategy' started by Sackie, 6th Apr, 2019.

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  1. Sackie

    Sackie Well-Known Member

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    Great sale price for a renovated 600sqm lot, single storey, 1 car fit home in HPW. For all those folks who own older homes on similar lots bought awhile ago. This could be an interesting Add Value proposition. Need to assess on individual basis of course . Personally I think this sets a good precedent for the area for contemporary renos.

    15 Ontario Street, Holland Park West, Qld 4121


    @PropertyInsight wondering if you could do similar to the Camp Hill home.


    #APRAcouldntFakdisSale
     
    Last edited: 6th Apr, 2019
    Sackie, 6th Apr, 2019
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  2. Leeroy93

    Leeroy93 Well-Known Member

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    Great result. Planning to do a two-story knockdown rebuild in the area on a lot in ~5-7 years. Subdivision may even be possible depending on council at the time. Good to know there may be options either way.
     
    Leeroy93, 6th Apr, 2019
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  3. wylie

    wylie Moderator Staff Member

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    It helps that Ontario is one of the premier streets in HPW. That is a very nice renovation. Wouldn't have been cheap.

    I'm amazed at how much the lenses distort the room sizes. That outdoor room is a case in point. I wish they wouldn't do that. Unless you realise beforehand, you would go in expecting a huuuuuuuuge area and realise it is the fish eye lens doubling the space.
     
    wylie, 6th Apr, 2019
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  4. Sackie

    Sackie Well-Known Member

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    @wylie what's your view ( from a local) on Kneale and Hockings street. I got pups in that area. Supposed to be very good streets
     
    Last edited: 6th Apr, 2019
    Sackie, 6th Apr, 2019
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  5. Sackie

    Sackie Well-Known Member

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    Any city views if you go up?
     
    Sackie, 6th Apr, 2019
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  6. Leeroy93

    Leeroy93 Well-Known Member

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    Maybe glimpses of the skyline at the top of the second level. Some creative drone footage may help sell the dream though ;)
     
    Leeroy93, 6th Apr, 2019
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  7. wylie

    wylie Moderator Staff Member

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    They are very good streets. Great views. Do your places get the views?
     
    wylie, 6th Apr, 2019
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  8. Sackie

    Sackie Well-Known Member

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    No city views but they are both very elevated so get full suburban views and views of mount gravaat.

    Do Brisbanites care for that much?
     
    Sackie, 6th Apr, 2019
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  9. Marg4000

    Marg4000 Well-Known Member

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    City views always attract a premium.
    Marg
     
    Marg4000, 6th Apr, 2019
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  10. Sackie

    Sackie Well-Known Member

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    Yes Id expect so. More so curious about suburban and mount gravaat views.
     
    Sackie, 6th Apr, 2019
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  11. Marg4000

    Marg4000 Well-Known Member

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    In all reality, calling Mt Gravatt a mountain is a bit of a stretch of the imagination!
    Marg
     
    Marg4000, 6th Apr, 2019
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  12. Rich2011

    Rich2011 Well-Known Member

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    How much profit do you think there was in it?
     
    Rich2011, 7th Apr, 2019
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  13. Sackie

    Sackie Well-Known Member

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    Hard to say. They paid 650k for the house so depending on their renovation costs. Maybe 20% give or take. What I'm surprised to see is a 1.2m sale price in HPW for a renovated 4 bedder with 1 parking, no views and 1 storey . Great price imo.
     
    Sackie, 7th Apr, 2019
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  14. Propin

    Propin Well-Known Member

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    Propin, 7th Apr, 2019
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  15. Plutus

    Plutus Well-Known Member

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    Absolutely stunning renovation, but whoever paid $1.2m for this needs their head read.
    That puts you into the price point of something like this:
    1 Nelson Street, Dutton Park, Qld 4102
    Which is less than half the distance to the CBD (2.7km to centre of CBD vs 6.7km), or if you're dead set keen on a 600+ sqm block:
    2 Brisbane Corso, Fairfield, Qld 4103

    That's on Brisbane Corso, 3.5km from the CBD, literally directly across from the river & a more prestigious location. If you were an absolute sucker who paid $900k for a "high 800's" property that has been sitting on the market for ages (vs low balling in the 700's and probably getting it around $800k), that would still leave you with $300k to put in a pool that modern fusion add on that I'm suspicious is built from shipping containers?, or you could probably do a detatched pool house / studio


    Edit: the only scenarios that make sense to me here are:

    1. Bank of mum & dad funded someone buying in the same street, money/value wasn't a concern
    2. someone from interstate/overseas got fleeced
     
    Plutus, 7th Apr, 2019
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  16. wylie

    wylie Moderator Staff Member

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    My thoughts -

    The Fairfield house needs total renovation to get close to the other houses.

    Dutton Park house is lovely but in a busy location, though a few doors from the main road I guess. The position doesn't appeal to me.

    Baupaume Road, wouldn't want to live on that road. That is a big discount.

    Ontario is dress circle. It and a few surrounding streets always have (and always will) command a premium. People dream of living in one of those streets and pay for the privilege.
     
    wylie, 7th Apr, 2019
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  17. Sackie

    Sackie Well-Known Member

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    spot on.
     
    Last edited: 7th Apr, 2019
    Sackie, 7th Apr, 2019
    #17
  18. Marg4000

    Marg4000 Well-Known Member

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    Marg4000, 7th Apr, 2019
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  19. Propin

    Propin Well-Known Member

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    Curious why you think it’s at the hollow at the bottom of the hill? I think the green bits on the map are the bottom of the hill
     
    Propin, 7th Apr, 2019
    #19
  20. Marg4000

    Marg4000 Well-Known Member

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    Hard to tell from that little map. I may be thinking of the wrong part of the street.
    Marg
     
    Marg4000, 8th Apr, 2019
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