QLD Where is the Brisbane apartment oversupply?

Hey willair - can you clarify what you are trying to say? I know the strip well.

 

Oh Great! Thanks for the info. Unfortunately i'm not able to walk down the street as I live in Sydney, and have no clue (0% knowledge about Brisbane Area) hehe!
When i look at realestate.com, i can see there are several units for rent in that area... Perhaps best to avoid them.
I'm struggling to invest outside my state as knowledge are very limited, and also feeling hesitant on engaging with BA, as the fees can be significant

 

What price range are you looking at @WinDyz.?

 

I go for a walk each week from the gabba,up too the Coorparoo multi level site on logan rd,then look both sides of deshon st logan rd end that may happen all the way along up too Coorparoo,another person "RPI"from the OTHER site was talking about this a few years ,I was only looking at the undeveloped blocks on that strip a few years back and they were and still are very tightly held..

But then again as I have nothing to do with this property,this is what I'm talking about..
I know nothing about the property or the massage place a few doors up''..
http://www.realestate.com.au/property-house-qld-greenslopes-120145421
IMHO,,please check the timedelay flood maps for that area

 

Under 400k.

 

New development at gabba - south city square and Buranda - Boulevard should saturate things a bit..

I'm not convinced that demand for otp at the moment (most likely Chinese buyers and /or Sydney investors) = the true demand for renters in the future.. considering how weak rental demand is now..

 

That's a good report! thanks mate.

 

Can still get Melbourne blue chip suburbs for that price

 

I don't think so...unless it's a smaller unit.

 

I've been to multiple Brisbane Property Expo in Sydney and most of the new OTP apartments are within: Fortitude Valley, Newstead and South Brisbane. So can we say that those area has been over supplied already ?

 

What does your research say homie...does it say that a 900k unit in Pazzamatta is good value??

 

No man, it is not a "good" price anymore. But who knows... something like this 2 bedders rented out $420 p.w for $500k can be a good investment returns:

http://www.ranw.com.au/residential-for-sale/0000268414.html

9/13-21 Great Western Highway, Parramatta. --> close to everywhere in Parramatta.

Another fantastic opportunity to purchase a great property in the heart of Parramatta, only a short walk to Parramatta station.

Highly motivated owner who wants the property sold!

FYI: I've placed my offer for $505k few weeks ago, the agent said that it was sold already. But then it was on the market again on Wednesday

 

BAD location!

 

How did you know ? are you from the local Parramatta area ?

But yes, this time, I really appreciate the suggestion and recommendation from fellow SS/PC forum experts not to buy OTP in oversupplied area where many high rise apartments be it in Sydney Parramatta or in Brisbane CBD.

I'm glad that your advice is genuinely make sense.

 

Yes. You don't need to be local to see how BUSY this road is! Close to car show rooms and a busy intersection!

 

Hey @Tekoz,
For Parramatta, look south of great western highway. Early street, bobart st(opposite to the park), marsden st. There all established low rise unit. Close to Westfield and train.
or try Harris park and Westmead.

 

I was thinking of buying a 2br unit in Parramatta in the second half of last year. For apartments I like the part of Parramatta bordered by the streets of Wilde, Elizabeth, Victoria Rd and on the southside, the river. They arent high rise and not massive complexes so there's a lot of land content yet not too old - think mid 1980's builds and pleasant to the eye. Quiet tree lined neighbourhood yet still handy to everything at Parramatta. But the issues I had in trying to buy there was:

1. They RARELY come onto the market (I was waiting for properties to come onto the market for many months). That they are tightly held is a very good sign for anybody who owns them already however I didn't want to keep waiting forever for something to come up.
2. They arent cheap. Ie. Already boomed in the last 2 years. You possibly could have bought a 2 bedder in Parramatta before the boom for 350k but now you are looking 500k+ for the same thing. There used to be a distinct price premium for West Ryde over Parramatta (100-150k) a couple of years ago but that price premium has really eroded away to maybe 50k.

I also like Harris Park but that too has gone up in price since looking. (But having said that, I think that it may still have some growth).

So anyway, seeing the situation, I eventually decided to buy an apartment in a low rise (3 levels) complex near Sydney City. For the money for a 2 br in Parramatta I only had to sacrifice the second bedroom in exchange for the kick arse location near the city, handy to everything.

Obviously, you can easily spend a lot of $$ for an apartment in the city, but I was able to buy really well. In hindsight in last October there was a lull in the market, which is exactly when I bought. The market is crazy again in the new year with the interest rate cut and it has continued to this date

So, my tips are:
1. Look at where you believe prices will go up, and avoid OTP
2. Look for location. You can't move your apartment to a more desirable location after you buy it. A good location will attract higher paying tenants
3. Well managed strata (look out for the fees). Avoid huge complexes.

 

What does that say about the pazzamatta market?

 

@sash Yeah, it is not a good quality IP anymore after some enlightenment from @MsAli

 

Mate what took you so long? I think you are new to OZ. SHINY new stuff is not always the best investment in OZ