QLD Wynnum - What should I look out for?

Hello,

As an interstate investor I am finding the process of landing a property in Brisbane very frustrating...

I have finally come across a 3br house that's currently off the market in Wynnum and I would like to know what are the main things that I should look out for in the area?

Do you recommend Wynnum for capital growth?

 

I was looking at Wynnum earlier this year. It looked pretty good to me, but I guess it will all depend on what you are buying. If you can find something east of the railway line, under the median then you're probably on a winner.

 

Hi Vin, we purchased in Bride Street early this year after a fair amount of research.

It has good growth potential being close to the city, airport and bay - so a big fan of it.

We went as close to the bay as we could - the other side of the train line was not as appealing.

Actually up in Brisbane the next few days and will head out to Wynnum for some minor repairs and lunch at Manly.

 

Look out for water. Make sure the house isn't in it

 

Jeah - It is east to the railway with water views but unfortunately the asking price is above the median. They want 520k minimum (3br).

Tonibell - I just looked up bride street, it looks like a very nice location. Did you get it for a good price?

 

Water views in Wynnum for $520K sounds like an excellent deal (without knowing anything else).

We paid 5 - 10% more than that but got an approved dual accupancy so that it gives good cashflow - close to the bay but definitely no views.

There is a new Woolworths development going up on the old school site which is going to a big plus for the area.

It sounds like you might have a real opportunity on your hands there.

 

Thanks Tonibell, let's wait and see if this one works out.

Just to clarify, the property is further from the bay than your property but it's on a hill hence the water views.

 

Great area and easy commute to the city

 

We looked at a few on the hill properties but passed.

Main issue was that it was hard to utilise the land due to the slope - not keen on steep blocks.

 

How do the locals say it?

I keep calling it Wine-um but I think it's supposed to be Win-um?

 

Yeah, wyn rhymes with bin, num rhymes with... err... umm.... bum

 

I bought an IP on the border of Manly West and Lota in July 2014 and it's being valued today, we'll see what CG figure comes back from that. I think the area will do very well over the long term. I'd consider buying another IP there but it would have to be dual occupancy as the rental market seems to be going nowhere.

 

I've got one in Birkdale just a bit further east and North of the Rail line. Water views from the house and purchased for just under 500k. It's up on high ground and the land is almost flat (809sqm), good area, nice shops around, school nearby and trains also walking distance. I'm really happy with it though the rental yield is relatively poor. The renos have just been finished. My avatar is a 4 minute walk from the house. Love it. I'll also be in the area this weekend for a final farewell before it is tenanted. (I would so live there myself if I didn't have a job in Sydney I liked) :'(

 

Can we safely concludes that if it is near the sea, then it is not going to be flooded ?

 

Probably not likely Tekoz, but I suppose there is always the possibility of tidal surge in Wynnum. And parts of Lota get a bit of action on a King tide.

How do you pronounce Tekoz? In my mind it's Tekozy like tea cosy which can't be right!

 

I was told by some very long term older neighbours at Birkdale (50+ years) that the 1974 floods affected the lower lying area near the primary school but not the land we are on. And there's another way to get out of the suburb anyway so its all good. They said the 1974 flood level would have put Brisbane well and truly underwater. Ps. They built their house and have a very productive garden.

They also said they didnt get a proper street till 1980's I think and them and the opposite neighbour used to each have 50% responsibility in mowing the "road"! Yes, the road was all grass. The council rates was $44 a year. Anyway, they have their caravan and will go and spend a few months seeing Oz by caravan, SA and WA among other places.

Funny thing, I have now chatted with as many or more local Birkdale neighbours as I have in my own suburb in Sydney and have the names of more Birkdale neighbours than I do for my home in Sydney.... people don't really sit on a front balcony on a weekend where I live but they do in Birkdale...

 

Is that on the corner of Uplands and Tingal?

 

ok just searched it and it's on Florence St.

 

If you're referring to yield, then I'd have to say the area is quite good. From my own experience 1 IP in the suburb is achieving a yield of 6.1%. I have another settling tomorrow (east of rail line), and I expect it to get 5.4%.

 

Is the market pretty hot there? Are places selling quickly? Care the share what you would be looking to buy for the best CG...? And expected median for east of the railway line?