Brisbane Property Prices/Returns

[noumenon]

What's the market doing over there these days? We're considering a buy to rent place around taringa/toowong. Any market commentary would be most welcomed (don't worry, we'll research it fully too).

[ukdennis]

Don't know about Brisbane in particular, but IMHO you'd be mad to sink money into property anywhere in Australia (make that the Western world) right now, after an unsustainable boom created largely by easy access to cheap credit on the world wholesale markets which has now vanished and won't return in our lifetimes. Australia lags behind the UK in terms of the drop in property values, but it will come sooner or later. If you want a place to live for the next ten years and don't mind going into negative equity for most of it, then that's a different story.

[noumenon]

I agree with you. But we're looking at the rental return (no mortgage to worry about), which actually looks quite attractive. Of course converting now (at <2.1?) stings too!

[pauldc259]

Hi, I live in Brisbane and the property market here is pretty flat.

Not much has been selling despite what the real estate agents keep telling you when you look. It's easy to get at least 20% discount on asking price at the mo. Lots of people are trying to offload 'investment' properties which is starting to drive prices down. Rental returns are OK, for a 2 bed apt in Toowong you'd be looking at a rent of approx $390 p/week but don't forget you'll need to cover body corporate, rates, buildings ins, etc...

Good luck.

[Wanchaiwarrior]

And a 3 bed, 2 bathroom, 1 or 2 living areas and 2 car garage will cost at least 350/w to rent in Forest Lake, SW Brisbane.

[Ozzie Dave]

Are you working in Brissy, At the moment the lower price houses are selling relatively fast 2-400K, over that is a different ballgame, just sold house at arundel was offered 900K 12 months ago, sold 4 weeks ago for 650K- should have sold 12 months ago! higher end of the market is just hardly moving. I brought for cash 10 years ago after moving from St Albans, managed to get 20% off house price for cash. still sold for well over 100% profit. Best place to try would be realestate.com.au or the classifeds in the Courier Mail rag. Dont forget there is a 15-21K Govt. first home buyers grant from the Govt. They say there is a rental shortage but lots of apartments now appearing and prices are dropping.
Hope this helps

Dave

[ajg31]

Still a good time to think about buying a cheap investment property. The lowest end of the scale will always be the first to bounce back and make money, and with the int rates so low, rentals still reletively high, and tax incentives and r3ebates it could work out okay. Still think there is more down to go tho.