QLD What do you guys think about this?

I'm helping someone on a very low income look for an investment and this falls within their budget:

5/9 Bedser Street MacGregor Qld 4109 - House for Sale #121636930 - realestate.com.au

My only issue is there is a creek right behind it. It has never flooded before, but I'm worried it will mean mosquitos and stuff (I've driven past multiple times, it's one of those swampy creeks).

 

Hi @jaybean,
I haven't researched the MacGregor area, however aside from falling within their budget, what fundamentals makes this a sound investment?
Does a unit like this in Macgregor have good CG potential? I'm asking because we have all heard the noise surrounding oversupply of apartments in Bris.

 

There are only 5 apartments in this block so my thinking is the land ratio will be quite high.

 

I wouldn't post anything on here you are seriously considering. If it's a good deal anyone might snap it up.
Good place to ask for general advice though

 

I'm familiar with the area but not that pocket, obviously close to Garden city which is a bonus. M3 and kessels road noise would be my only concern from a quick look at the location. Might be worth checking this out in person at peak hour. Traffic volumes atm would we low due school holidays, this might be worth considering.

 

Agree with Taku.

Not far from all the new supply, mind you the asking price would be close to half of the new price stock (I'm guessing - I don't keep tabs)

 

Macgregor High School used to be considered one of the best in Qld. Not sure if it still is or if this is in the catchment

 

That is true
However i would call it a unit as its all single level
What is the actual definition of a unit? Does it have to be detached
Whats the land size? What a lot of people forget about units is that you are still buyinh something tangible - good land size and few dwellings

 

We will call it a villa in sydney with a $50k price inrease. Just need to be creative on creating a yard for all 5 units at the next strata meeting?

 

If you like that kind of thing, it is smack in the middle of high flood risk area: Understand your flood risk | Brisbane City Council

 

Hum. High risk, but didn't flood in the last two major foods. Not even close in fact. The closest area that flooded was maybe 5-8k's from there.

 

@jaybean good to know. The BCC flood maps make it look as if there should be lobbying for a name change from Briabane to Atlantis.

 

I would be less concerned with the mozzies and more keen to know the body corporate fees etc...
Looks pretty good for the money at 1st look though.

 

Yeah I really don't get those flood maps. I know these areas so well but when I look at them sometimes I scratch my head.

 

That's because you're not thinking like a bureaucrat who isn't trying to be accurate, but only covering their butt...
Also a lot of Council's are future proofing for flooding and are starting to account for sea level rise within flood maps.

 

Regardless of weather the flood maps are accurate or not, it may severely impact your insurance....
Add insurance quotes to you list of DD.

 

Hum I doubt this too. This is Macgregor. Insurance quotes generally apply to whole suburbs, not streets. Macgregor is definitely not considered a risk area by insurance companies. Whatever flood map they use, it's not the one used by the BCC.

 

. Make more enquiries about the body coop and minutes of last meeting . Seems ok to me with only 5 in the complex. wouldnt worry too much about mossies

 

yep, keep checking those flood-maps interstaters.. they've almost covered most of Brisbane so you probably shouldn't buy anywhere.

 

And if in doubt, make sure to ring up and get several quotes from the insurance companies.