QLD Thoughts on Moorooka being Sydney's Redfern?

Moorooka for those who don't know Brisbane is 8-10ks from CBD and is sometimes known as little Africa. Large African, Middle Easter and Indian populations with many shops and restaurants catering to their ethnic backgrounds.

Last weekend I was invited to dine at a Persian restaurant in the suburb and once there it hit me that having lived in Brisbane for over 20years, I had never once frequented a shop or restaurant in Moorooka. It got me thinking about the suburbs Real Estate and after a quick search I was astounded at how cheap some big lot homes are going for. Under 600K for 800+sqm around 10K's from CBD w no flood zone?

Don't get me wrong there are plenty multi million dollar home's especially on the hill sides with views of the City, but does the suburb have a "bad / distorted" reputation as Redfern once held as ...well frankly a predominantly "non white suburb"? It seems to me this is a major reason why these large lot's are not selling for 800K plus like other suburbs in the similar 10k radius from the CBD?

If that is so, would it then be a smart decision to snap up an IP for the long term hold, and hope gentrification takes place over the coming years changing the suburbs perceptions and price?

 

Moorooka has big chunks that will flood so make sure you do your research.

There are plenty of spots there with development potential if you are willing to land bank them til it’s viable

 

Depends how long you are willing to hold. I had similar views to you 10 years ago and brought. And I’m still waiting for pay day (well not entirely true. It has gone up, just not as much as I’d hoped).

Some areas are a DCP (which can be good as no townhouses but bad because you can’t develop) some parts flood, some areas have way too many town houses for my liking, some parts have large beautiful homes. The suburb really is very diverse. In general, the part to the west of Beaudesert rd has lots of townhouses and I’d stay clear. The part to the east of Beaudesert rd and to the north is very nice (and a bit pricey). The part to the east of Beaudesert Rd and to the south has a lot of small rundown houses on large blocks.

 

Lol. Wasnt there a thread of here comparing Mooroolbark to Marrickville about 5 years ago? Don’t think it’s moved dramatically. I was looking at it for investment but never bought. I think the new medium density developments are keeping a lid on things. But haven’t looked into it much tbh. My guess is there are other suburbs with more OO appeal. The main thing it has going for it is closeness to city but it’s on a very busy thoroughfare. Happy to listen to more experienced views though.

 

That's a good restaurant that one in Moorooka..
Not sure about the comparison to Redfern vs Moorooka as a lot that were living in that area now live out Inala and surrounding suburbs..

Investment wise the only one's to Target are the small unit complexes on above 800sqm,s with 4--6 unit's .. House's are a whole different ballgame and depending on the location and zoning are very expensive ..
The positive side is transport is excellent both bus and train..
Private public schools, Bunnings at Rocklea, ALDI at Salisbury basically everything one needs..

One of the daughters purchased 2 -2 bedroom in blocks of 5 above 800sqms all brick one was completely renovated over the past 2 years ..Both those has been rented from day one ..
Both were less the the title holders paid several years prior so all in all apart from slow capital gain rental wise they have done very well..
Imho..

 

If you can buy right, the problem is that the money you spend there your almost better of coming in closer and buying in Carina Mount Gravatt or Mansfield.

 

Closer to what?

 

Why? Would you please say a bit more on the mentioned suburbs?

 

Sorry I was suppose to write closer to the Brisbane CBD. Pending your budget you could get a property at the same price in Mount Gravatt or Mansfield. These suburbs have amazing schools (Top 5 schools in Brisbane) and they have great access to the Brisbane CBD.

 

Carina
- Buyer's can purchase a 4 bed 2 bath for $800k or more.
- Stanley Rd gets you directly into the CBD within 15 min.
- Proximity to Camp Hill which is now becoming more expensive so buyers are opting in to go three streets up.
- My personal on the ground knowledge and talking to buyers.

Mount Gravatt
- Proximity to Wishart, Mount Gravatt and Mansfield School.
- Proximity to the CBD.
- Blue Chip Suburb.
- Land Values. (Land can cost up to $550k for a 400m2 bock).

Mansfield
- Mansfield School.
- Proximity to the CBD.
- I would prefer to get into the above two before considering this suburb.

That's roughly why I would pick the above rather than Marooka for investment purposes.
Most of my knowledge is from going to open homes and talking to buyer's. I really specialize in South Brisbane.

 

Ah ok, Moorooka is actually closer to the CBD than those suburbs. But yes, they have better schools and IMHO are nicer areas

 

I just Googled it and yes it is lol. So sorry for getting that mixed up.

 

I think it would hold it's value quit well over the long term.

 

I think I would, personally.

 

You don’t think Mansfield would be quite sort after once this commences? I guess it is staged though and no time frames. BCC City Planning Committee Approves Mansfield Tavern Site Redevelopment - Carindale News

 

Wow!! that is the first time I have seen that. Thanks for sharing.

 

I don't consider Mount Gravatt a Blue Chip suburb either. Most Blue Chip suburbs in Brisbane are dominated by traditional character housing that are protected from demolition. Mount Gravatt has mostly post-war properties with a median value of around $680K.
I guess the definition of "blue chip" is open to interpretation

 

I agree with you Melinda, if we start classifying Mt Gravatt as blue chip suburb we’d have to start calling 70% of the suburbs in the Brisbane City Council LGA blue chip as well.

 

Funnily enough Moorooka has a lot of pre-war houses and DCPs