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QLD Super bargin bought in brisbane over the weekend

Discussion in 'Where to Buy' started by nluo, 25th Aug, 2015.

  1. nluo

    nluo Member

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    Can you believe 26 Booyong St Algester (5 bed, 2.5 bath with 490 weekly rentals) was only sold for $445,000 under the hammer
    http://www.realestate.com.au/property-house-qld-algester-120329285

    Algester is an inner south suburb in Brisbane just 16km from CBD and adjacent to very sought after suburbs like Sunnybank Hills and Calamvale. The 4 bed house median price is 495k

    Over the weekend I received the auction result email from realestate.com.au, i was shocked and could not believe it was only sold for that price and thought it was wrong. But I just called the agent and got confirmed it was sold at that price. She was shocked as well she said the owner was in financial stress so had to sell. I wish i had been there......

    That must be the buy of the year, the buyer was so lucky.... Just wondering has anyone here been there and knew exactly what happened?
     
    Last edited: 25th Aug, 2015
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  2. nluo

    nluo Member

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    And seriously this one should be more like 545k..
     
  3. pugstar205

    pugstar205 Well-Known Member

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    Would've, Could've, Should've. :mad:
     
  4. Azazel

    Azazel Well-Known Member

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    Yeah, seen a couple go at auction (after the fact) for a really good price that would have been good to have finance organised for.
    Silly locals, get on the auction bus ;)
     
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  5. nluo

    nluo Member

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    Yeah indeed need to get ready for auction for the bargain haha. I normally saw auctions with being over price but this time it's truly a bargain.
     
  6. Azazel

    Azazel Well-Known Member

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    Most of them are probably not good buys, but there are a couple that sneak through with not much notice.
     
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  7. CU@THETOP

    CU@THETOP Well-Known Member

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    Someone, back on SS , said all of their real bargains were acquired at auction and I'm minded to agree. I know of two "steals"-that were auctioned.I was bidding at one but pulled out at my opportunistic bid point (needed work and I wasn't sure the cost for white ant repair) and another where the agents had listed it at 950k+ (more likely 800-850k) -new agents (out of towners) auction gets $615k!
     
  8. D'Mo

    D'Mo Well-Known Member

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    I've been keeping a close eye on algester due to its location & general appeal.. I also seen that property was going to auction but didn't look to check for it anymore as we'd just settled ..


    But I agree, that is a steal.. It's a hell of a lot of house !
     
  9. WTSUI

    WTSUI Member

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    That's pretty crazy... new townhouses in Calamvale already go for the $450k mark for a 4 bed so wow...
     
  10. nluo

    nluo Member

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    Wondering why there were no competitions in that low price. The auctioneer would have called "on the market", only 1 party bidding?
     
  11. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Unless there were hidden issues (e.g. structural, drainage, pest etc), looks like a good buy.

    Always got to be in it..
     
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  12. Leo2413

    Leo2413 Well-Known Member Premium Member

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    That's what I call buying BMV.!! nice one !!
     
  13. nluo

    nluo Member

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    lol it's BMV a lot!
     
  14. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Last edited: 25th Aug, 2015
  15. Heinz57

    Heinz57 Well-Known Member

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    Bought in Algester this year. Just around the corner a bit.There are still quality homes on nice blocks at good prices. I think it is a forgotten suburb.
     
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  16. Sea Eagles88

    Sea Eagles88 Well-Known Member

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    I was in Brisbane on the weekend and dropped by this Wavell Heights house auction

    http://www.realestate.com.au/property-house-qld-wavell+heights-120330145

    I had not intention of buying, just an on looker. Bidding started at 420K and passed in 500K. Only 2 bidders and very small turn up, 6 groups watching. Hamilton Rd is a bit of a thoroughfare. The house is nicely presented, next door is a small number of shops.

    considering average 4 bedder is 728K according to realestate.com, would anything under 550K mean this is bargain ? I'm not an expert on structural issues, but house looks more than reasonable, athough some floors seemed uneven, and this house is slighly low side of the street.
     
  17. HUGH72

    HUGH72 Well-Known Member

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    People don't generally buy median priced property in BN by auction that's all, it's still a little unusual and many are cautious or wouldn't consider it IMO.
     
  18. twistedstats

    twistedstats Well-Known Member

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    Generally not the case in Sydney but without being to an auction in Brisbane, is it because generally less bidders per property and its not the norm (so some people get put off by auction)?

    Properties advertised as "desperate to sell" or..."have to sell" at auction, attention grabbing tactic or potential bargain?
     
  19. PV13

    PV13 New Member

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    Super late response I know but I was searching for algester over priced and stumbled across this. I'm not sure that all is as meets the eye with this one, this property was on the market for 6-12 months a year or two before it went up again for auction and didn't sell. I would imagine that it would have got some interest during that time so I believe that there was something hindering it's sale. Maybe not such a good auction buy. The renovation does not look to be fully complete and never was, looks like they ran out of money and a lot of it looked DIY. I don't think Algester is a forgotten suburb at all, I've lived here since I was 6 bar 4 years that I moved away and I'm 33 now and every open house is jam packed. I think it's actually in quite an inconvenient location, especially if you work in the city, it's an easy 50-60minute bus ride in peak hour, it's quite bad actually. The closest train is banoon which is a 10-15 min drive in peak hour. There are a lot of townhouses popping up which has resulted in heavy traffic and somewhat of a thoroughfare on algester road. In saying all of that, it's a nice crime free area, nice parks, good schools, but if you work in the city you won't have time to enjoy your family because you'll spend 2-3 hours commuting every day.

     
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  20. TMNT

    TMNT Well-Known Member

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    Doesnt seem like such a bargain now that we are 5 months after the op!

    Who knows what it will be like in another 5months