27 Sep Brisbane suburb with 30% – 3 yr growth – Shannon Davis + Vish Uttam
This time we come even closer to the city as we look for more Brisbane suburbs that are worth considering if you are looking for an investment property. This time Shannon Davis talks about Holland Park which is an older suburb made of largely post-World War II wooden homes. Holland Park has a median price of $730,000 and we tell you about a property that has development potential.
Kevin: For the final area that we’re going to go, we’re also going to take you to a property with bit of a twist. Quite interesting this one. It’s on 900 square meters. We’ll tell you more about it in just a moment because it’s situated in Holland Park, and we’re looking at identifying the properties around Brisbane, South East Queensland, that we believe are well worth having a look at, and we’re telling you the reasons why.
Our guest in studio is Shannon Davis from Metropole Properties. That’s what they’ve done, they’ve been through and identified these areas.
The next one you’ve chosen is Holland Park. Tell me a little bit about that Shannon.
Shannon: Holland Park has really had a boom the last three years. South side we’re flicking over to again, Kevin. It’s had about 30.5% growth in that three-year period, which is, for Brisbane standards, really strong.
Kevin: That’s very good. What’s behind that? Why is that mate?
Shannon: I think there are lots of houses that appeal to young professional families with children, as well. So, a professional couple with young children, good schools, good transport, and houses that you can put a bit of a touch on to with a slightly bigger block, as well.
Kevin: This particular area has the highest median of all the ones we’ve been looking at. We have a median here of $730,000.
Shannon: That has just shot up remarkably in the last couple of years.
Kevin: When you get growth of around 30%, that’s a pretty good indicator.
What about stock on market?
Shannon: Stock on market is quite tight. We’re looking at about 35 days on market. Again, high owner-occupier percentage. The vendors are only taking a 2.6% discount.
Kevin: That’s low.
Shannon: Very tight vacancy in that area.
What I found here Kevin, was as rare as hen’s teeth. It’s a double block. There’s only being one listed on the market, but there’s also the next door neighboring that has the same owner’s interest, and they’re prepared to sell both.
I just like the options on this property. We can build a nice house…
Kevin: Can I just double track? You said the property next door is available as well?
Shannon: That’s right. 51 and 53 Latimer Street, Holland Park.
We can just build two contemporary houses on those two blocks. We could perhaps squeeze three in and have a smaller house with another subdivision, or there’s a DA approval for nine units on this one.
I just thought it’s got a lot of options here. Land is a great option in somewhere like Holland Park, and land banking as a strategy works well. And it’s just taken a nice price drop, too.
Kevin: We’ll talk about that. The agent is on the line, Vish Uttam. Vish is from Experience Real Estate.
G’day, Vish. How are you doing?
Vish: Good morning gentleman. How are you going?
Kevin: Yeah, good. I have to use this line. This was on our Vish list, Vish.
Vish: It’s been a while, Kevin.
Kevin: Yes, it’s been a long time, mate. Vish has been on our show before. We talked about his Vish list.
Tell me a little bit about this property that Shannon has identified.
Vish: Very lucky to have it landed on my lap. Basically, there were two houses previously there on the block, and it was going to be a little bit of a development project. Now, what happened is they demolished both houses and for whatever reason, they can’t go ahead and build, so they decided to put it on the market.
Initially, basically, one block of land, 53 Latimer Street, which was 460 square meters, but we also have access to 51 Latimer Street as well, interested party.
Kevin: Is that the same land size?
Vish: 15 square meters bigger. So, one is 460, one is 475.
Kevin: All right. So, we’re a touch over 900 square meters here. Shannon touched on the fact that you could build a couple of contemporaries there, or three smaller houses maybe, or even up to nine units. What’s a unit site worth nowadays?
Vish: Well, in Holland Park, it varies. It really depends on the quality of the build, but the valuers we got in place to do appraisals for that, for the nine units, comprised one three-bedroom, one one-bedroom and seven two-bedrooms, and they range from anywhere between $450,000 to about $600,000.
Kevin: Okay. And what’s the asking price on this land?
Vish: You have a couple of options here. The smaller block of land has had a price drop and now it’s at $599,000. That’s 53 Latimer Street. 51 Latimer Street is at $620,000. Or you can buy the whole block and we’ve listed it at $1.2 million.
Kevin: All right. And level of interest in this? I’d imagine there would be a lot of people crawling over this one, Vish?
Vish: Yes, absolutely. We’ve had it on the market for about two and a half weeks, but the first week and half, it was actually a little bit higher than this price. It actually started on the market at $1.3 million, and the blocks of land were listed at around $680,000 and $660,000.
Shannon: So, we’re starting to get down to the real price now, hey, Vish?
Vish: Absolutely. It’s been interesting. We have been getting a lot of phone calls from a variety of people. We have had developers give us a call, we have had mom and dads give us a call, and young couples who want to build their first homes. So, it’s been really interesting, and a varied market. But yes, I feel we are getting very, very close.
Kevin: Vish, just give us your mobile number before we leave, just so people can give you a call.
Vish: Absolutely. 0409 891 339.
Kevin: Thanks, mate. Good on you, Vish. Vish Uttam, and Vish is from Experience Real Estate. Thanks for your time mate.
Vish: Thanks for having me.
Shannon: See you, mate.
Kevin: Easy to see why that one is our final one. We’re going to come back after a very short break, and we are going to give you a wrap on the properties we’ve looked at and also the property market in Brisbane.