QLD Why Brisbane?

Discussion in 'Where to Buy' started by matty_fu, 11th Jun, 2020.

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  1. wylie

    wylie Moderator Staff Member

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    An agent living nearby told me last week he'd sold 60 houses in 90 days. He has a team with him, but things are selling quickly.
     
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  2. Angel

    Angel Well-Known Member

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    We listed our house at North Lakes last month and it went under contract in three days.
     
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  3. Heinz57

    Heinz57 Well-Known Member

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    Nice!
     
  4. Nathan Prasad

    Nathan Prasad Well-Known Member Business Member

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    First of all affordability compared to Sydney and Melbourne combined with a large amount of mega-projects strengthening the economy.
    - There is good transport,
    - $1.1 billion on the Herston Quarter,
    - $5.4 Billion on the Cross River Rail
    - Rising sales prices and low vacancy rates.
    We are now seeing alot of purchases coming from Melbourne and Sydney due to Covid.
    When purchasing in Brisbane you want to do your home work like any other states. Some suburbs have already had there growth but some outer suburbs are still ripe and ready for more capital growth. With interest rates being so low we are finding it is cheaper to buy a house then rent a property. The Buyer market is more broad we have first home buyer's, families and even investors due to good yield's and vacancy rates.
     
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  5. Regurgitator

    Regurgitator Member

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    Which agent is that?
     
  6. Nathan Prasad

    Nathan Prasad Well-Known Member Business Member

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    I know an agent that has sold 100 properties within the past 6 months. They are located in Coorparoo.
     
  7. Gen-Y

    Gen-Y Well-Known Member

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    The hot market is right on the 5km ring. :eek:
    Not your first home owner stuff - mostly upgraders - $800k to $1m.
    Absolutely flying right now - I can only assume it will keep going until the $1m mark is the minimum mark.

    Speculation - I can only assume this will cause a ripple effect on the next bracket price $600k-$800k range in the next ring 7km.
     
  8. kierank

    kierank Well-Known Member

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    Listed too cheap? :D

    PPOR or IP?
     
  9. Rich2011

    Rich2011 Well-Known Member

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    Or is the market booming? ;)

    I just sold one in Logan for 20k over what we thought it was worth (we thought max 375k). We had so many offers the buyer agreed to waive the finance AND building and pest just to secure it.
     
    Last edited: 29th Oct, 2020
  10. Lacrim

    Lacrim Well-Known Member

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    If I was selling in any of these markets, I'd price it 20-30% above perceived value and roll the dice.
     
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  11. kierank

    kierank Well-Known Member

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    We went unconditional last month on one of ours - cash deal, 15% over REA’s appraisal, ...

    So much for the COVID crash :rolleyes:.
     
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  12. Lacrim

    Lacrim Well-Known Member

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    Oh. Why did you sell? I thought you were B+H forever.
     
  13. jaybean

    jaybean Well-Known Member

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    if it’s a cash deal I assume he’s buying not selling
     
  14. Gen-Y

    Gen-Y Well-Known Member

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    I picked up one IP for just $115k over land value at Stafford 4053.
    Surely didn't over pay for it.
    Bank desktop value at $25k above purchase price.
    Desperate times call for desperate measure. :)
     
  15. Lacrim

    Lacrim Well-Known Member

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    Had an inkling this was the case but wanted clarification just in case...because I'd never overpay. Perhaps why I've missed out on some absolute gems :(
     
  16. jaybean

    jaybean Well-Known Member

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    Paying more than the REA’s quote doesn’t necessarily mean overpaying though. I offered 15k more once on a property I knew to be 50-75k undervalued to encourage the owner to accept immediately before anyone else saw the deal.
     
  17. djyella

    djyella Well-Known Member

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    Why Brisbane? Because it's about as hot as bitcoin right now.
     
  18. Angel

    Angel Well-Known Member

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    @kierank, our IP has tenants in it and I wanted to take advantage of the improved market. Being tenanted there is a very long settlement time so we got out quickly and left the agent to deal with the tenants. The house was not presented at its best either. We are so overdue for retirement....
     
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  19. kierank

    kierank Well-Known Member

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    I certainly am, rusted on I would say :p.
    All will/could be revealed once we have settled :D.
     
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  20. Francesco

    Francesco Well-Known Member

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    There is a window of opportunity for Queenslanders to get a property with less competition from Victoria and NSW that are facing border closures and quarantines. There is also less competition from FHBs if the price level is slightly above their range. My son made his first buy and $10k less than bank valuation on a property with great potential. Hopefully, it will vet his appetite for more..
    :)
     
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