Rough diamonds still out there

PROPERTY News

It’s a well-known property investment philosophy – buy the worst house in the best possible street. And across Queensland plenty of rough diamonds still remain to choose from, but buyers need to be realistic and be able to afford to invest the time, and the money, usually required to restore the sparkle to these hidden gems.

The Real Estate Institute of Queensland (REIQ) has researched the top house sales across the state over the past financial year to discover the suburbs where bargain buys among prestige property can still be found.
“While median house prices are a general indication of overall property prices in a suburb, the types of properties that are available for sale at both ends of the market can often go by unnoticed,” REIQ managing director Dan Molloy said.
“And in prestige suburbs where the median is well above what many people can afford, bargain buys can still to be found, if you have your finger on the pulse.
“But, buyers need to be realistic, getting your foot in the door via the bottom end of the price range usually comes with some sacrifices on space and actual location within the suburb or some serious work required on the property itself.”
In Brisbane, top sales over the last financial year were recorded in the city’s well-known prestige suburb of Hamilton as well as in Hawthorne and Yeronga. Each of these suburbs recorded top sales in excess of $6 million – with the top sale recorded in Hamilton for $8.72 million in Hillside Crescent. At the other end of the scale, a buyer in Hamilton picked up a home for $530,000; in Hawthorne one sold for $495,000; and one buyer bought a property in Yeronga for $390,000.
While the top sales all had large blocks with river frontage, the bargain buys were still three-bedroom houses, albeit on smaller sized blocks and located on busier roads. Redland City took out the top three sales for Brisbane surrounds – with sales over $2.3 million in Cleveland, Ormiston and Wellington Point – but all three suburbs also recorded bargain buys priced under $400,000.
A dream buy was achieved in Ormiston where a renovated three-bedroom cottage sold for $375,000, with the only downside to this property being the boundary aligning with a few extra neighbours.
Moreton Bay Regional’s top sale was $2.2 million recorded in Banksia Beach, where one fortunate buyer paid just $247,000 for a house in Alpinia Avenue.
In Logan City, Shailer Park topped the list with a house selling for $893,000 in Ronald Avenue. The most affordable price paid in Shailer Park was a home for $307,000 in Teak Street.
While Sadliers Crossing, in Ipswich City, recorded a top sale of $1.1 million for a historic home in Burnett St, the most affordable house sold for $196,000 – a two-bedroom house close to the rail line.