QLD Wynnum - What should I look out for?

Anyone been boots on the ground in Wynnum to say how the market is going ?

Cliff

 

We just purchased in Wynnum yesterday.

Not the normal process as it was a neighbouring double block to our purchase of last year.

We knew the agent well and he indicated the market was fairly buoyant.

Price wise we think things have moved 10 - 15% in the last 12 months.

We were not really expecting to purchase and now find ourselves in the situation of needing to work out how to make money out of all of this - but that will be a different thread.

 

Not easy for bank to approve loan if you already have more than 1 million loan, depends on your annual income, I believe your purchase is subject to 14 days financial?

Did you buy between Wynnum station and beach? If you don't mind telling which street?

 

Thanks Cliff, I am thinking that if I buy one set from IKEA and don't fix it on the wall or grand, like freestanding style, would be a good solution since I may rebuild the house later?

 

Why not move there and get a boat/yacht, with islands, train station, sunshine, what a life!

 

I would except I just bought this in Sydney....

 

wow, where in Sydney? Looks really nice!

 

Not my area of expertise , but not difficult to fix to the wall , and if it isn't fixed it might move more and deteriorate .

Cliff

 

Auction conditions don't allow financial clauses - so we are stuck with it.

Bayside of the train station and reasonably close to the bay (are there any beaches around there ?).

Charlotte Street.

 

Thanks Fumid. North Western Sydney.

 

Charlotte Street is exactly between station and Pandanus beach/Jetty/Wadding pool, best location! Are you living there? Or you last one is investment? If you have a big lands, congratulations, it can be a land bank!
I saw a few house on contract but backed to market because of failed to get loan from bank, it's not easy to get loan from bank recently especially if you already get more than 1 million loan and already refinance all your property so you probably won't have enough equality, good luck

 

True, try to find a cheap and nice solution

 

like seven hills area? Birkdale still have better life style!

 

Not quite that far out! But yeah... the Sydney house cost more than 3x the Birkdale place....

 

Birkdale price goes up now, a decent 4/2/2 may cost 500K or more, like Birkdale, good for water lover!

 

Hey Tonibell. Just reading some old threads as I’m very board at work.
Did you figure out a way to make money from it in the end?
Do you like movie cinemas by any chance
Looks like that is pretty close to where some purchases were done about the time you posted.
If it is you gee that could be a game changer for Wynnum.

 

Wow, I've just had a look online and cant see any 405sqm blocks for less than $385,000.

 

@Ricflair Thanks for the prompt.

We have not done much with the Wynnum properties, it has turned in to a land banking exercise.

Have not been up there for some time but did see the cinema project - not sure a cinema complex means much these days, probably just a way to get 8 stories of units approved.

We did talk to the neighbour about sqaring off (we 3 have 3 x R3 blocks) but don't think that will go anywhere soon. I think we are just waiting for the right time.

@JK200SX Hope the blocks near the bay are going for a lot more than that - otherwise we are in real trouble.

 

What's the attraction to Wynum? I haven't been there before but I know there's no beach and haven't heard the best things about the area, transport is atleast an hour on the train to the city, I don't really see why people would buy here as opposed to closer in suburbs for similiar or slightly higher prices?

 

Land is rare, but the sky’s the limit for new bayside property - realestate.com.au