QLD Why I bought in Goodna - See Change

Discussion in 'Where to Buy' started by See Change, 20th Feb, 2016.

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  1. See Change

    See Change Well-Known Member

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  2. The Artisan

    The Artisan Well-Known Member

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    It's either a bad case of under-quoting or their agent has no idea what they're doing. Especially since it's the only house left in Gailes for sale. I thought it would be closer to 380-400K
     
  3. See Change

    See Change Well-Known Member

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    I thought I’d miss read it and it should be 395 ..

    cliff
     
  4. See Change

    See Change Well-Known Member

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    chatted to agent . Hasn’t been lived in for two years

    property needs “ a lot of work inside and out “ .

    not flood affected , on high side but flood affected on other side of street .

    Lots of interest over 350 , sight unseen but
    they’re not accepting offers until after open house tomorrow

    be interesting to see if it goes over 400 given 40 tessman got over 400 in Riverview

    I’d go Gailes anytime over Riverview . Probably a 30k differential when we were buying .

    cliff
     
  5. The Artisan

    The Artisan Well-Known Member

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    Thanks for passing the information on Cliff,
    That makes more sense now and I think you're bang on around the 400 mark. I've only been to Riverview once a few months back to look at a cheapie but I didn't like the street or the suburb to be honest. It's a useful indicator of the demand for affordable housing within 20-25km of the CBD though.
     
  6. trp35

    trp35 Well-Known Member

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    Assuming the work it requires is cosmetic and not too extensive, I’d guess 400k as the minimum. Definitely seems like an under quote, but I haven’t seen what it actually looks like.
     
  7. The Artisan

    The Artisan Well-Known Member

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    The photos look pretty good, it doesn't appear to need any major works... big brick house that would look great rendered.
     
  8. See Change

    See Change Well-Known Member

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    Currently only 2 houses for sale in Gailes , one under offer and the other will be in a couple of days

    Only 3 houses for sale in RIverview !!

    I know one is under offer over 400 and that's for an entry level house which is a first . There's ALWAYS at least 10 or more for sale in Riverview.

    Cliff
     
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  9. See Change

    See Change Well-Known Member

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    A second entry level 3 bedder has just gone under contract for over 400 in Riverview .

    Cliff
     
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  10. KVC

    KVC Well-Known Member

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    wow, what a long thread yet informative. Been reading at the start and skipping a few pages. I live near Mt Druitt and the Traeger area posted before is known to be a notorious area. Bought property 16km from Mt Druitt cost us 700k for 308sqm that was in 2020. Anyways, thanks for sharing all your journey Cliff. Newbie question did it get flooded in Goodna?
     
  11. See Change

    See Change Well-Known Member

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    Parts of Goodna get flooded , but these are well known and well documented . Don't buy in flooded areas .

    Cliff
     
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  12. The Artisan

    The Artisan Well-Known Member

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    Another great result for this house right next to the highway, only one house left in Gailes and I'm still seeing strong interest in the Goodna area despite the recent floods. Camira is red hot as well, with basic 3 bedders going for a minimum $550-600K. There's still plenty of opportunity for a solid capital gain and decent rental yield in this market.
    https://www.realestate.com.au/sold/property-house-qld-gailes-138957231
     
  13. 2FAST4U

    2FAST4U Well-Known Member

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  14. applesathome

    applesathome Well-Known Member

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    I posted this in another Ipswich thread, but some here might found it helpful too to get a sense of what's been happening

    I'll give you an honest story.

    I settled around 6 months ago for around $415k in Bellbird Park (adjacent suburb to Goodna)
    I had a desktop val done and it came back at $477k early May
    I had a real estate agent give me a current sales appraisal range based on recent comparables for between $550-570k. (TBH, I found this a little high, and would expect if I sold today to get between $520-540k)
     
  15. MTR

    MTR Well-Known Member

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    Good news

    Floods have not impacted, clearly there is demand
     
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  16. applesathome

    applesathome Well-Known Member

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    Not in my spot, however direct flood effected areas could be a different story? I'm not sure.

    TBH, I am personally more worried about rising rates slowing growth rather than floods. Floods aren't new in SEQLD, whereas rates haven't risen in a long time.
     
  17. See Change

    See Change Well-Known Member

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    Talked to the agent about that one . Had been vacant for around 2 years and they had concerns about the safety of people inspecting it .

    They had Multiple offers prior to the open but the agent refused to take any offers until people had a chance to inspect it .

    At the 1 inspection , most people had a quick look and then walked away .

    They had offers close to 400 but they had conditions which the vendor wasn't interested , like " subject to building and finance clauses "

    The 343 offer was cash unconditional .Apparently they know how to fix things and the vendor was only to happy to accept it .

    Cliff
     
  18. See Change

    See Change Well-Known Member

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    I think every one is concerned about interest rates , but at this stage you can still get a house under 400 ( probably not goodna Gailes ) but certainly in the cheaper areas of ipswich such as one mile and leichardt .

    Not too many places in a capital city in Oz where you can get something at that price point .

    I hope I'm not wrong , but there are still people moving to Brisbane and queensland from the southern states and I'm expecting that this will keep the market in Brisbane moving up for a while despite the interest rates . It happened back in the naughties .

    Cliff
     
  19. SMTY

    SMTY Well-Known Member

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    Agent just re-signed my tenant in Goodna with a $25 pw increase. Now yielding 7.5% gross on purchase price 3 yrs ago. I love a house that pays itself off:), value also appears to have gone up about 50% since then too.
     
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  20. dabbler

    dabbler Well-Known Member

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    I am not sure how you get 7.5 to pay for themselves.

    Have had ones at that and more that still are not truly positive.
     

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