Does anybody have an understanding of Hope island area, as there are opportunites available.
Does it have the potential for large capital growth or has the market peaked. ???
Regards
David G
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]It`s one of my fav areas and would expect it to be one of the most expensive areas in Qld down the track, problem is it`s probably getting there already, it`s definately boomed, but like a lot of Qld, it`s possible there`s a lot left in some areas.
Certain areas are becoming almost unbuyable and Hope Island could definately become that way.Lovely area to live but anything bought there would be so heavily CF -ve that you would need to work 2 or 3 jobs to subsidise it. Do I think the CG on these properties will offset the weekly losses? Dont know! But the chances are they will. These properties are too expensive for normal working class people. They are (because of the prices) only really a possibility for the mega-wealthy, IMHO.
I found a deal …. Hope island. 1 Br holiday rental in harbour front resort. Total cost for unit Near new was $70K to $85 …..waiting on more details from agent….any thoughts.
RickHy
$70-85K sounds like a reasonable price but what is the return like?that what i am in the process of finding out …. i am sure if it is holiday rental that it will make the 11 sec rule as a starter
Hmmm….Hope Island. I don’t believe there is much left in it for the current market but of course history does show…etc etc. You know the story. Two years ago one street back from the water brother bought a fishing cottage for $130,000 – land value only. Sold 12 months ago for $220,000. Other brother has just bought in same street for $440,000. Land value only. The residents have just won their fight against council to stop a huge multi story car park going in with ferry etc which was a big case here.The canals are currently going through..but also a few other things, if you are going to live there the mozzies are very very bad, can see them rise off the ground in sheets of mozzies some nights, also there were quite a few problems with townhouses and apartments built there that were all ovber the news a few years ago. Cant remember exaclty but built without proper planning I think, so just a hint to be very careful about the history of your unit. On saying that…yes, I think Hope Island will come into its own – near the water. It has a strong community spirit and some serious money going in there and has a lovely ‘fishing’feel to it…if it just wasnt for the mozzies. Also be careful what they actually call Hope Island, it is growing bigger and bigger and strecthing right out to the highway. Same old thing, do your due diligence. The apartments I have seen there cheap were almost ‘unsellable’ for one reason or another. Goiod luck!
Sunshinesunshine, please explain further what you meant by “apartments I have seen there cheap were almost ‘unsellable'” – please give some reasons.
ThanksSure,
I consider ‘unsellable’ to me is a place that would be very difficult to onsell. The apartments I looked at in that price range were either very small, one was over a shop, one was next to a (up for sale) wine bar. I would also look into wether Hope Island really has a market for one bedroom apartments. I think it always boils down to due diligence…but I do think Hope Island is in a state of change and has quite a way to go yet until it comes into it’s own.Finally got hold of the agent handling the units for $70k on Hope Island. The reason they are cheap (new price was $190K). Last fin yr occ rate was 17%. Now a new management company has taken over and occ rate has increased to 40% ……. still a big risk i think
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