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Greener Pastures

This property is 870m2 (approx) of subdividable land adjacent to a large public park and sporting ground, which no doubt will be attractive for both owner occupiers and investors. It does front a semi-busy road but is in an otherwise great location, being North/South facing, adjacent to the parkland, within a high quality suburb, handy to good schools, buses and great shopping/cafes, and it comes with minor views. In fact if it weren’t for the road it’d tick every single box people are after! The property currently contains a 2 storey brick house that maybe able to be retained with a vacant lot created beside it (the new lot might need to ‘dog leg’ around it slightly). This house is ugly, but has renovation potential including the ability to add an ensuite and a 4th bedroom. The numbers are borderline to a little shy of where we want them (they’re showing approximately $100k equity gain) but the combination of position, possible ability to retain the house, and a nearby super high land sale has us hitting the go button. It would also most definitely suit a land banker and/or owner occupier. The price indication is somewhere either side of $1m, though we think we need to be a little less, ideally sub $970k.

Beds Beds Beds

There’s bedrooms everywhere in this house, and yet it is the land underneath it that interests us most. On offer is a lowset early 90’s built brick veneer home that is huge. It features 5 bedrooms, 2 bathrooms, double lock up garage with workshop, 2 dining rooms and 2 living spaces. That’s a lot of house to fit on one level! It is currently rented for $540pw, which (subject to your loan) makes it cash neutral or even positive. But the best is yet to come. The property sits on 1040m2 of LR zoned land that can be subdivided in the future (house will need to be demolished). Whilst we are talking a buy price of $675k and end value of the land at $840k, the numbers after all costs are considered aren’t close to working and are only just better than break even. The property is in a quiet street though not far from the rear boundary is a busy road. It is an outer suburb but a good position never-the-less. This is a simple buy and hold for the future, OR fantastic for a family owner occupier. Buyers at $675k.


This is an interesting buy and hold prospect. On offer is a duplex pair on 500m2 (approx) in a quiet street of a quality suburb. It needs work, but after purchase and taking cosmetic renovations into account, the property should still be cash positive. This is only part of the equation though, because you are also buying not that far above land value, and it is the underlying land value that should allow for growth over time. You are getting the best of both worlds: a reasonable rent return plus location and land value for future growth. This one is best suited to a DIY renovator looking to hold. Buyers around $710k.


The seller of this off-market property has been smashed, at least that is the blunt way to put it. Initially things were looking rosy for them, with approval granted for 15 apartments at the height of developers getting away with over-the-top non-compliant approvals. Unfortunately the unit market had turned so it wasn’t feasible for him to develop, and as units were on the nose he was unable to on-sell the site. He was chasing $1.2 to $1.3m at the time. The approval has now lapsed, with and extension to the approval refused by council, which is a shame as the unit market is picking up now and the same approval certainly isn’t close to being possible to achieve again. So far he has copped a brutal tackle from a midsized forward but the big hit was still to come. Whilst all of this was happening, benefits associated with fronting an arterial road were taken away, council’s definition of height changed, car parking rates increased, required landscaping increased and allowable site cover came down. This site has been smashed! And if the hits weren’t big enough already, the site is vacant so there’s been no holding income since he purchased it in 2015! So, you may be asking yourself why we are considering it? We believe there is merit in this site and it starts with the seller acknowledging all of the above and setting a revised sale price of $1m. And secondly we’re considering a change of tact with 7 townhouses the proposed outcome. Units have become too difficult for this site due to the rule changes, but it hasn’t affected townhouses quite so much. This seller is retired and needs to move on. Buyers at $1m for a proposed equity gain of 21 to 24%.


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