63 Tramore Street, Rocklea, is currently for sale in the early $400,000s.
Houses within 10km of the CBD hitting the market priced around the $400k mark are a third cheaper than Brisbane’s median price. But it depends on how badly you want to get on that ladder.
The homes clearly need work done to get them fit for living in, or renting out, but buyers looking for opportunities within the 10km inner ring of the city have not been fazed at the need for elbow grease or what Mother Nature might throw at them.
15 Cambridge Street, Rocklea, saw strong buyer interest despite being flood affected.
Three houses listed by real estate agent Kenneth Mow of Jensen Property Yeronga have seen strong buyer interest despite having been affected by Brisbane’s February floods.
“There’s a lot of demand for property like this because it is very affordable,” he said. “It’s really at the enter price point for Brisbane. After you do it up, you will be in the $500k range. Where can you buy a property that close to the city and having a train line and only costs that much?”
Mr Mow said it was all about position – and within the 10km radius of the Brisbane CBD was spot on.
“It’s a great opportunity to invest because rentals are so tight in Brisbane. Even after you do it up, say total investment $500k, you can rent it out for $480 to $520 a week in Rocklea. The rental market is crazy now, it’s very, very tight. You are in a great position.”
58 Goburra Street, Rocklea, was one of the homes that saw inundation during the February floods, but that didn’t stop buyers from wanting to have a go at it.
Mr Mow said he made sure anyone who inspected the homes knew they had flooded.
“I tell them it flooded. You can see it. The flood affected a wide area, it’s not just Rocklea but a lot of suburbs, even the city.”
Two such houses that he listed were snapped up after the first open home inspection despite flood damage, with at most 50 enquiries, mostly Brisbane locals looking to get on the property investment ladder.
“It was local buyers that bought both because of the potential for good rental returns.”
The inside of 15 Cambridge Street, Rocklea, before floodwaters came through. An investor is restoring it to its former glory for rental.
How the bathroom of 15 Cambridge Street, Rocklea, looked before the floods.
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A three-bedroom house at 15 Cambridge Street, Rocklea, on a massive 1,037sq m block was sold for $410,000. The sale occurred just over a month after the flood event and the home saw 50 enquiries from buyers.
Another three bedroom cottage at 58 Goburra Street, Rocklea, on a 594sq m block sold for $10,000 less in mid-May. That home saw around 30 people on the hunt before a $400,000 deal was signed.
“They sold very quickly,” Mr Mow said.
The old rotary clothesline survived the deluge at 58 Goburra Street, Rocklea.
This is what buyers were shown at 58 Goburra Street, Rocklea.
A third three bedroom home currently on the market at 63 Tramore Street, Rocklea, is also looking for a deal around the early $400k mark.
The home sits on a 405sq m block and was flood affected in February as well.
“All the walls, buildings have been stripped down and ready for the new owner to take on the challenge,” Mr Mow said.
The interior of 63 Tramore St has been stripped ready for renovation.
“They don’t have to lift the house. The house can be at the current height but the council encourages new owners to lift them up.”
Mr Mow said it was a very affordable price for Brisbane – even after factoring in the renovation and fit out cost.
The hardwood floors at 63 Tramore Street survived the floodwaters.
The back deck at 63 Tramore Street.
“It has great bones with beautiful hardwood floors throughout and very solid construction. With a little imagination you could transform this flood affected three bedroom house into your home,” is how he’s listed the property.
The home is 9km from the Brisbane CBD and a short walk to the train station and schools.
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