QLD Wynnum - What should I look out for?

Discussion in 'Where to Buy' started by Vin, 11th Sep, 2015.

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  1. Tonibell

    Tonibell Well-Known Member

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    We used @Arms who trades as Kitchen in a Box for our Queensland reno (3 x kitchens).
    Happy with the end result and also helpful with other aspects of our project.

    Was in Wynnum last week and had a look at the Council / Woolworths project which looks massive. Also a lot of new 3 story apartment blocks going up as well - feels like a suburb about to change.
     
  2. fols

    fols Well-Known Member

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    Yeah early days looking in this area @Gockie . Good food for thought though. Need to get up there and have a good look around. Sounds like you've done this and have secured a good deal. Top stuff.
     
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  3. Finrod

    Finrod Active Member

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    It's a great area, and the hot spots are in "the avenues" or east of Tingal.

    I'd also be wary of the rental estimates REAs give you as they might be slightly overestimated. We had to let ours out for considerably less than the estimate given to us (whereas we've never had such an issue with any purchases in other suburbs).

    I've heard others who bought in the area have had similar issues with rental quotes seemingly being inflated.It could have simply been the market was a little soft at the time.

    All said and done however, the fundamentals are sound and it is sure to do well!
     
  4. strongy1986

    strongy1986 Well-Known Member

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    Sash,
    Birkdale growth drivers probably arnt as good as wynnum
    However a big block is always good to keep the options open and birkdale has a few of them...
    We got one on 1390sqm in oct 2013 for $370k
    Whats the catch you ask? Train line is over tge road!
    Cant have everything ...
     
  5. dabbler

    dabbler Well-Known Member

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    Train is quiet, in th e long run that will work.
     
  6. dabbler

    dabbler Well-Known Member

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    I am curious, how you two can get all that done for that price, I get the kitchen, but painting ? to do it properly, a small place s usually around 8k or so, do tell who your painters are and floor polishers are if they did a good job, how did they charge for floor, per m or just to do the job ? feel free to PM if you do not want them swamped... :)

    PS heading to Bris in a few hours, anyone want to meet up around Manly after lunch assuming time allows, PM me.
     
  7. See Change

    See Change Well-Known Member

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    Based on our experience , I'd agree .

    we bought three in late 2013 and in the two with tenants , the rental estimate came in spot on ....:rolleyes:

    The other one is the only time in 15 years when we've had a significant difference between estimate and what we ended up getting .

    It's a unit , on the water / no easy comparables and was $50 / week out . We have a very good tenant now . Company who use it as accommodation for staff staying in Brissie .

    The other two are town houses in Super . We wanted low maintenance . We thought about buying something to develop , but after our previous experiences with developing ( profitable but time consuming ) we decided to stick our powder dry for more buy and holds which we're almost finished now.

    Cliff
     
  8. Greyghost

    Greyghost Well-Known Member

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    Difference is st Kilda is on the doorstep of cbd
     
  9. dabbler

    dabbler Well-Known Member

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    Can I ask what you mean by rental market going nowhere ?

    And what growth do you think realistically you have had, was it a full valuation and did you get to see the original valuation ?

    cheers
     
  10. dabbler

    dabbler Well-Known Member

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    PS if anyone is around Thorneside/Birkdale & you want a decent coffee or meet up place, I will say these guys are a new start up and great coffee, wish them the best cause they are having a go

    Unico Espresso
     
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  11. Davothegreat

    Davothegreat Well-Known Member

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    When we renewed our tenants' lease in October the rental market comparison gave us no justification to increase the rent as comparable properties are renting at low $400s and we're charging $450. 12 months earlier there was more comparable stock renting for $450. Hence my comment. We have good tenants in the house and I wouldn't want to risk losing them for the sake of an extra $10 or whatever when there's a strong chance I'd end up going backwards if the tenants had decided to move out due to an unjustified rent increase.

    Re: Growth... the full (not desktop) valuation in September came back at 460k and it's probably about right. We paid 419k. I spent about 5k on the place straight after purchase (new carpets right through, new hot water system and I painted the whole place myself). I felt it was worth around 450k at the time of purchase as that's what the other comparable houses I looked at were going for back then. Based on that, realistically very little growth but I'm still up around 10% over my purchase price so all good.
     
  12. JK200SX

    JK200SX Well-Known Member

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    Interesting comments on rental yield in the area. What I've noticed is that at the lower end of the market there's been a lot more stock on the rental market over the last 3-4 months and I've seen a number of listings drop their weekly rental figure to try to get a tenant in. This is my experience also with an older property I have in the area - it took ~6 weeks to get a tenant in.

    However, there is also a flipside. I have a 3 year old 4/2/2 lowset in the Wynnum that initially rented out for $530/wk, followed by a $5/wk increase to $535 the yr after. At the end of the 2nd lease period (and after the tenants left), the property was relisted at $560/wk and within 1 week had a new tenant in. Today I receive a letter from the PM saying that the current lease is due to expire and they recommend a $10 increase to $570/wk.
     
  13. dabbler

    dabbler Well-Known Member

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    When I was looking at a few of the rentals, I was thinking a lot are at the top of what they will be, I think once you get above 450 and into the 500's, it has to be a certain kind of place in a specific spot, it can't just be a run of the mill highset in an average st, I could be wrong, but a lot of these areas are still for normal working people it would seem to me.
     
  14. JK200SX

    JK200SX Well-Known Member

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    Dunno about that comment. My property fetching $560 is a std build, no granite benchtops etc. I have 2 friends who have similar builds in Manly west and they are getting $560 and $570 for their places. One of them also has a double storey 4/2/2 on a 10m wide block in Lota (once again std spec) and he is also getting $565/wk.
     
  15. dabbler

    dabbler Well-Known Member

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    I do not doubt what your getting, but it depends on if your property is "average", new or newish 4 2 2 is probably not average, but it def does not look like anywhere around those areas will go backwards or nowhere, and if your closer to the water side, it is going to be more, that is how it "seems" to me, but at this time I am not going on experience, just proposed purchase prices v return.
     
  16. fumid

    fumid Well-Known Member

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    How can it be so cheap? I thought one kitchen sometimes cost for 100k? I need renovation soon, any hints?
     
  17. Gockie

    Gockie Life is good ☺️ Premium Member

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    Huh? 100k for a kitchen? Try ~4/5k?
    Go to Ikea or Bunnings and get a kitchen priced from them.
     
  18. fumid

    fumid Well-Known Member

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    thanks for the good advise:)
     
  19. 733

    733 Well-Known Member

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    Win-um and its a great suburb
     
  20. See Change

    See Change Well-Known Member

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    If you're going for a new kitchen from an upmarket kitchen company in an upmarket area in Sydney , you can pay that or more , but flat packs from bunnings are much cheaper . Depending on what you're installing in terms of stove , plumbing dish washer 4-5 ( I would think ) is at the bottom end and you will have a smallish entry level kitchen.

    I installed ( in our PPOR ) a section of bench with draws underneath , wall units ( ? around 2 mtrs ) and a pantry next to it for ( I think around 2 ) , but no electrics / plumbing . I'm quite impressed at how solid it feels , but I erred on the side of over engineering in terms of fixurtures to the wall and between units to keep them together , and was aided by a floor and wall that were dead square and level . My first DIY project .

    Cliff
     

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