Well ive finally done it! Purchased a house in rocky about a week ago for 79K renting at 135 a week (private) so no agents fees for a while. I know its not quite positively geared but the way I have structured my home loan I should pay less interest (offset account with some money on the side). I commend so many of you people on the forum for having the guts to purchase so many properties cause its been a nervous week for me just wondering whether ive done the right thing.
Ive done a bit of research in rocky and after having visited the place and looked at numerous houses, I got a good feel for the area.
My question is, could anybody give me some more information about Rocky and what is happening there over the next few years? I know the meat works may go ahead soon and the magnesium plant although still on the back burner may still go ahead in the future (or so ive been told)
I’ve spoken to many people and had both positive and negative feedback, so some advice from some of you experienced people would be invaluable.I can`t give you too much info on Rocky other than to say I think you made a pretty good decision.
Thanks Markpatrick for the encouragement, because believe me I need it at the moment. Do you have property up there?
jaap,
Many other people on here will have lots to say about Rocky, no doubt. As for me, I just wanted to congratulate you- buying one’s first house is a fantastic thing to do.
Once you get over the nerves of it all (I find the property game pretty nervewracking too), you’ll be able to enjoy it a heap.
kay henry
Thanks heaps Kay,
I have found that the practical experience has been the best part of it all. I found that I could only read so many books. I think ive learnt so much more by just giving it a go. The only problem with this purchase is that it is not quite positively geared so it may have been better to still have the money in the bank. I guess time will tell which one is the best option!Congrats Jaap on your first purchase.
We have 26 houses (all wrapped) in Rocky so i guess you can see what we think of the area.
Which suburb is it in?Cheers Richard
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quote:
Originally posted by jaapmeenchiThanks Markpatrick for the encouragement, because believe me I need it at the moment. Do you have property up there?
Yes I have one similar deal in Park Avenue, I would have bought more but I had limited time and money.
There is an extensive Post on Rocky on the Somersoft forum in the where to buy section
I hope it’s ok to post the link here.
http://www.somersoft.com/forums/showthread.php?s=&threadid=11656
I know numerous people who have bought there over the last year or so . The market has moved about 20% since we bought, and IMHO still has a fair way to go .
Be aware of flood prone properties, and some of the agents up there are of dubious quality . I have been told places weren’t flood prone when they were.
I would be wary about buying sight unseen.
Richomnd has bought several properties up ther and keeps a close eye on the market.
See Change [
]Thanks everybody for your replies. Qld’s 007, I bought a house in kent street (the south side close to the town centre) and if this place was to flood, then I think a lot of the town on that side would be in trouble. I had a look at the flood map in harcourts (which is the estate agent I went through) and it seems more like depo hill area that got hit pretty bad last time around.
Is it fair to say that the house price has risen 20% because of the flood of investors that moved in after 0-130 properties and similar books were written?Actually while we are on the topic of rockhampton… I will need to find a real estate agent to go through for rent in about 5 months time. The best deals I have found so far are around 9% fees, probabley cause I only have 1 property and can’t cut any deals. Has anybody done better that this?
My perception it that the move had mainly happened before the publication ( or widespread distribution of ) of Steve’s Book.
There has been an awareness of the possible benifits of cash flow positive properties for a while, and Rockhampton is ( in the discription of one of the agents I talk to ) about the last major town in australia to move.
Kent St is central to the south and I looked at a couple of houses there , though I didn’t buy there. I found the agents were devided in their opinion about the central / south area. Some liked it and thought it had potential , while others much prefered the north side / berseker for inner areas. All of the agents said avoid areas around the town hall as there are “ethnic related issues ” in the area. The one I looked at closely in Kent street was pushed as being Res B zoning ( medium Density ) though subsequent investigation at council revealed that the block has to be ( ? ) 18 Metres wide before you can actually redevelop it. The ones I looked at there wern’t.
There is a strip to the North of the river , along the highway which is about to be rezoned to higher density . When I was looking there didn’t seem to be a premium for buying in this area. The returns were the same as else where. Time will tell whether this area will appreciate more because of the rezoning . ( I hope so …
)You can gewt a flood map of the council , which is well worth the investment. There are three different flood maps you can get, and insurance is based on the 1 in 100 flood map
While many places hit a wall with the interest rates , rocky only seemd to pause briefly , and prior to Christmas , all of the agents I talked to weere complaining about lack of listings. Like many areas , the acid test will be what happens in the first couple of months of this year.
One intersting personal observation is that we’ve had NO problems with tenants in Rockhampton ( So far , fingers crossed ) , which makes a nice change from logan, though as a result of our experiences in logan we have bought slightly nicer houses in Rockhapton , compared with the ones we bought in Logan.
Gday jaapmeenchi
I also justed purchased my very first IP also in rocky. I was bloody nervous during the whole process as it was my first time.
I have done a fair bit of research on rocky and it seems to have a fairly solid future.
In regards to my property, settlement was last tuesday and I had tenants move in on thursday so I had no problems renting out my property and the rental rate was at the higher end of my expectations.matthew
Hey Matt,
Congratulations!
I’m sure it gets easier from here on.
If you don’t mind me asking, How much did you pay for the property and what area is it in? What type of rent is it returning? I just want to get an idea of rental prices for different areas.Good lucky guys with your properties in Rocky.
Just thought I’d make it known there that I have lived in and around Rocky/Yeppoon/Emu Park for some 20+ yrs(even tho I’m not there now) so if you’re after local knowledge I may be able to help.
Just ask [
]Cheers,
A” plays well with others
… but sometimes runs with scissors”gday jaapmeenchi
I purchased my property for $127000 and renting it for $170 a week. Yes I know it is negatively geared, however as it was my first purchased ever I wanted to be totally comfortable with my purchase and my research on rocky leads me to believe there may be some capital growth in the area.
My property is in Dalton street, park avenue.matt
Well done on your first one. Rocky is one great place to invest. My husband has researched extensively and will we be heading there in the next 2 months to purchase ( currently have 23 props)
Go for it. If it was easy then everyone would be doing it. There has to be a challenge for such a great reward.
actually i ve been looking for +cf properties between rocky and townsville, there are alot to choose from, probably not too many that will meet the 11 sec rule but i reakon if i fly up and spend a week or two, iam bound to find some goodies.
Actually while we are on the topic of rockhampton… I will need to find a real estate agent to go through for rent in about 5 months time. The best deals I have found so far are around 9% fees, probabley cause I only have 1 property and can’t cut any deals. Has anybody done better that this?
We use Raine and Horne and they charge us 7%.
Cheers,
Karen[]7% is a recommended rate from most of the State real estate bodies. Unless there is something exceptional, 9% seems high.
James
7% is a recommended rate from most of the State real estate bodies. Unless there is something exceptional, 9% seems high.
James
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