Would like to hear how're the properties doing around Brisbane area ?
I think prices are getting out of control (although not as bad as Sydney)
2 examples below,
58 Archer St. Upper Mt. Gravatt (489 m2)
Last sold Aug-2015 = $475k
Recently sold Aug-2017 for $732k
12 Phoebus St. Upper Mt. Gravatt (405 m2)
Auction hits $700k , but seller still refused to sell.
Are other suburbs doing similar ?
Does bank valuation really able to achieve over $700k for 400m2 in Upper Mt. Gravatt ?
Mental, wait till rates rise, and people shit their pants and default
Agree prices out of control due to southern investors finding Sydney and Melbourne too expensive.
And rental vancancies in Brisbane are very high and yields are very low: we rent a house in the same area as these two houses for $400/week which would easily sell for $750k - so a pretty poor yield.
BUT, that first example obviously has been heavily renovated which you can see by googling that address and also using street view. Whether they spent $252k on renovations is questionable to get that increase in price.
And for the second property again it sold 2014 for $750k unrenovated: https://www.realestate.com.au/sold/property-house-qld-upper+…
Do you expect them to take $700k at auction after extensive renovation? Maybe that one has fallen pretty bad in price - or at the very least they overcapitalised massively on that reno
i think that was an error .. or gold buried underneath the house.
14 phoebus, the empty land beside it also marked as sold for $750k at the same time in 2014.
where as, 18 phoebus 405m2 sold $460k in Feb. 2015
or, 24 phoebus 640m2 sold at $495k in Apr. 2016
or, 20 phoebus 637m2 sold at $520k in Sep. 2015
so, definitely something wrong if someone bought the 12 phoebus at $750k in 2014.
They probably bought 12 and 14 Phoebus for $750k and split them
Incidentally, Upper Mount Gravatt is a popular suburb amongst Chinese and Indians.
I keep looking for houses and hate my situation , costs more to rent but am sick of waiting for int rate to rise , waited to long I may as well keep waiting
Mount Gravatt and areas surrounding there eight mile, macgregor, sunnybank etc prices have increased dramatically over the past few years due the to asian influence in the area.
our place in macgregor we paid 550k 5 years ago and now is valued at 800k
And if you sold you'd need to buy another place which has also gone up in value - so you're not ahead
never stated we were ahead
When blind freddy sees the trend, this is a sign we're reaching the peak.
yep. like cabbies giving stock tips.
A house in Wishart went for auction yesterday.
https://www.realestate.com.au/property-house-qld-wishart-126…
I heard from the grapevine that it started at 900k apparently, and finished off at $1.255M!!!
Edit