Are anyone currently active in the Gladstone market. Would like to share ideas thoughts and opportunities.
I bought two properties there in mid 2004. Initially, the gross rental return were around 7 and 7.7%. But because the secoden stage of the alumina project was postponed, the weekly rent dropped from $280 to $250, and the second one from $240 to $200, after being vacant for nearly 3 weeks each. According to the local REA, rental market is quite steady now. No one knows when the project will be resumed. If it happens, certainly the rent rate will climb up again. In a nut shell, the rental market is very project dependant.
I hope this helps.
Cheers,
Hey Ronald,
a little off the map (my wife’s in Sydney thu work so I have to fill the time!), but my parents live in Agnes Water. Things have just gone crazy there over the last 3 or so years (maybe longer), they run a resort (www.edgeonbeaches1770.com.au if anyone is interested) but bought a block of land in late 2002 which more than doubled in value before they sold it in mid 2005.
I only wish I was in a position 3 years ago to buy in their complex because people are cashing in now by selling their units at more than double what they paid. The frustrating part for my parents is that the new owners don’t complain as much as the ld ones about the returns (go firgure!).
As for Gladstone, I hear it’s nice this time of year………[biggrin]
Cheers
MikeI’m in Gladstone…rentals here are at 1% or so I’m told by all the REA. When I talk to others who have units or houses for rent, they tell me that there places have been vacant for up to 5weeks and have only just been rented out now. Who is telling the truth? Or is it bad management? How can one establish this answer?
I have been actively looking for places for positive investment and have found very few. The prices are over the top. Agnes is a very good investment if you got in early, however there are still good deals to be made there. The prices will keep going up. Gladstone has gone crazy. Before you even get to do the number crunching they are sold. I was to look through a duplex today but it is already sold. To keep looking is the answer I am sure. That is what I intend to do anyway.
Dianne Burns
Thanks for the replies, Dianne my experiences has been the same, looked at a unit on Saturday and when I phoned to make an offer Saturday Arvo it was under contract, the numbers where not to bad thow.
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