Hi!
Can I get some opinions of Macleay Island (or Russell,Lamb,Karragarra)? I’ve just in the process of buying a block there and plan to move an old house onto it within 12 months.
Prices there seem pretty cheap although I know travel time to the CBD is always a factor when it comes to RE prices and the ferry from Redland Bay does take a while…
The block I grabbed was from a desperate vendor who had it on the market for around 6 months.
-Ian
Hi Ian
I have always understood that the prices on the Bay Islands were reasonable but there doesn’t seem to be much chance of Capital gain there-they have been reasonable for years.
I think the reputations were tarnished a few yaesr ago when some RE agesnts were cauf=ght selling blocks that were only land at low tide.I hope your block is above the high tide mark[biggrin]
Who know. Someone will start a rumour about bridges again and the prices will skyrocket.
Good luck with the house though. A great palce to live if you don’t mind the travel
markk
Happy Hunting
http://www.kentscollections.comThanks, I could never live there… I’m too much a city person. And yes it is up on a hill just a short walk to the water’s edge.
<u><i>Originally posted by ian_from_brisbane:</i></u>
And yes it is up on a hill just a short walk to the water’s edge.No that isn’t a hill – that is the reef at low tide[biggrin]
Derek
[email protected]
0409 882 958
Property investment advice and researched property in quality locations available.Hi Ian,
did you check with Council if you are allowed to relocate house to the islands?
Good luck.
D.Prices have increased over the last couple of years, so that’s a positive. Also, the selling of blocks below tide level was a problme several years ago but has been jumped on and shouldn’t be occurring now. But you can get a map of the island form the council that shows the areas affected by tide.
I’m curious though as to how you will move a house over to the island? Will the truck carrying it be able to go over on the ferry?
Regards
PKHi,
I haven’t specifically asked council about moving a house there, but I know that one of the barge companies that advertises “large items” takes houses, which would be strange if council didn’t allow it. Oh and these barges are massive, so yes they would fit a house-moving truck (It’s not the same vessel that takes cars back and forth each day). In any case, I wasn’t relying on it when I purchased so if council says no, it’s not the end of the world.
Macleay is actually quite hilly in some areas and mine is so high up i crossed out “flooding” on my solicitors list of searches. Along with aquisition by Queensland Rail and some other silly ones.
-Ian
mate, redlands shire council i believe is in charge of all the little islands.
My uncle has a house on Macleay Island. I have heard recently that the barge company taking houses over to the islands was looking at closing down, or has ceased operations (from a good source) But stupidly did not get all the inforamtion.
Anyways, it should not be too hard to get a different barge company to take the house over there if you can get council approval. I was looking into this option for the company I work for.
Hi Ian
Just wondering how your property on Macleay is doing. Do you still think it is a good investment. I’d be interested in your opinions
Personally having a spent a fair bit of time looking at the islands. I would not invest there. I dont feel like writing an essay so I will just touch on a few issues.
During the boom that market was running red hot. Hundreds of blocks of land were sold to Sydney siders and other states site unseen. All that cheap land below 20k. That was the time to own land there and be a seller. When prices rose from 12k for a waterfront to 160k over night.
Apart from that boom It is not a good investment now.
The Redland Councils Rates will end up loosing you money over time as they are quite high. At the same time it does not appear as though much of this money goes back into the islands.
However there is an even bigger problem occuring now. All these people who bought 20k blocks of land now realise the ongoing rates make the blocks extremely cash negative with no capital gains. Just do a property search there or look in the trading post. There are so many blocks back on the market now there is a complete oversupply. And prices have headed south big time.
My advice would be to steer well clear of this market. Unless there was some evidence they were going attempt to join the islands to the mainland again by road.
Just my opinion…-Thomas
“More Time To Snowboard”
I would hold investing until they build the bridge across from the mainland.
Richard Taylor
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Ditto…..Its highly unlikely to happen.
-Thomas
“More Time To Snowboard”
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