QLD Toowoomba?

@Icarus pm you. Cheers.

 

Is that house and land sold for 145k?? I reckon it has to be the land only. I've emailed the agent to ask the question.

http://glenridgeestate.com.au/wp-content/uploads/2016/02/GRE-Price-List.pdf

 

Great question, I assumed with land but looking at those prices I think I'm wrong

 

Let us know what the agent says.

 

It did sound too good to be true for house and land, however if the price for land on the outskirts is 145 K for only 255 sq m of dirt, they must be marketeers sourcing interstate buyers who are unaware of the local market and supply/demand dynamics. Come in sucker.....................

 

There are so many great opportunities in SEQLD at the moment that I wouldnt waste any of my land tax free threshhold on Toowoomba. I like Brissie, GC, Sunnie Coast and even Logan before Toowoomba.

 

I think people have missed the Toowoomba market buy in. 3 years ago was excellent buying.
@Inov8ive , what does Logan have going for it? Apart from cash flow. What does it really have? Everyone keeps bringing it up, but what's special about it?

 

Note that I said "even Logan" insinuating that it is in itself not the best place to invest in comparison with other SEQLD markets. As you said, it has good cash flow and it also has reasonable prospects for CG. It has a low market entry price, it has dual occupancy and development opportunities and it has a decent proximity to both BCC and GC. So basically it has a fair bit going for itself, it just has negatives as well.

 

Hi Barny, Did you have any luck with the sale or rental of your property?

Thank you guys for your input. Much Appreciated.

 

Hi mick, didn't end up selling. Wasn't happy with the prices offered and decided to keep it, it was close but not enough to what other properties sold for in direct size/location/condition. Stuffed up with the initial sale process, not staging to help sell it. Add went stale after 6 weeks and then low balling began.
Might try again in 6 months or just keep it longer term. Undecided.

The market has changed over the past 12-18months and lower based properties (<350k)are slow and flat. Lots of new stock coming onto the market, rents have dropped about 15/week now.
Opposite my house there's a large farm land, I believe it's going to be developed with a Coles and houses, and if that happens all new homes will be around the 400k+ mark, which in theory should push my property up in value. Will see what happens, not sure. If the oversupply continues it could get worse.
I see a flat market for the next 2 years. I could be wrong.

How did you go?

 

Hi Barny, I am still looking around for a bargain. Agents have declared the rental returns have taken a beating although all economic drivers are visible in Toowoomba.

If there is a great buy available, then the discounted rental return will be bearable for the next few years in my situation. I was having a look at recent DA's and they look good - for the developers pocket.

 

Does anyone know whether the new Melbourne-Brisbane train line (more money allocated in tonight's Budget) will pass through Toowoomba?

 

Hi Kieran, I went to a discussion with the mayor last week and that is something that he emphasized, yes, the rail line will pass through toowoomba. He also did mention that it is almost certain it will get the green light to go ahead. Is this something you think will positively affect the property market in toowoomba?

 

People waiting around for a bargain is exactly what my agent has said.
What else did the mayor say, anything positive or negative?

 

Mate it is all positive from the Mayor and other influences that were on the panel. The mayor was just re-elected for another 4 year term and is confident with all that is happening in toowoomba. And to make my statement realistic, other people that were on this conversation panel were also representatives from large private development firms who are pumping in big money to redevelop the city. These are not plans by the way, they are in progress. These firms have done extensive research into the growth of the city and believe it is prime time.

Over supply might be the issue, although the demand will catch up i believe, its just a matter of time.

 

I keep hearing this too. Let's see what happens.

 

Hi All,

Just wanted to share my experience investing in Toowoomba.

The rental market is currently flooded with affordable properties under $300 per week.

Properties on average have reduced rent of $10-$20 per week in the past 12 months due to the oversupply of available properties.

In terms of sales, the values are holding up quite well but they are also down circa 5% in the under $300k segment of the market over the past 6-12 months.

The economy is still ticking away quite nicely and plenty of jobs/developemnt in the pipeline. This should translate into demand, however, it could be some time until current supply is soaked up.

Hope that helps anyone looking to invest in the area.

Cheers

Cash Flows

 

Hi Cashflows,

When you mentioned the oversupply of properties for rent in the under $300 per week space, are they relatively aged properties with old kitchen/bathrooms?

How many bedrooms roughly?

Reason for my questions is that the 4 bedroom properties with modern finishes look as though they are holding rental value quite well from my research.

Im sure all of us are keen to hear your thoughts.

Mick

 

No

 

I'd say speaking to several agents this week, rents are more like 20-30 down per week. I've dropped mine 35 per week just to get decent tenants, seems to have worked, was sitting vacant for 4 weeks which has never happened.

I also believe property prices will continue to drop further, and buyers know this. They are waiting for deals to come along. I believe the market will drop further before it settles, then pick up again in a couple years or... If I was looking to buy, I'd wait another 12 months.
The oversupply of small units have not stopped, they know the oversupply is there, and developers are still building. This has flooded the market.