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http://www.realestate.com.au/property-unitblock-qld-ingham-107001669#
3 Flats for $295k returning $485 p/wI think it is a great place to be looking at present. Compared to other coastal areas it is by far cheaper and has not seen significant gains in recent years. New development of the pub/caravan park in the planning and the suitability of the area to retirees are definite positives. It is only half an hour away from port hinchinbrook, less than one and a half hours from mission beach. Very nice beach, easy access to the reef , Hinchinbrook Island and great fishing.
RP data and PDS are appealing the courts decision. They argue that the ability to view personal details is the only way to guage whether a transaction is legitimate. The transparency of ownership details prevents companies , or individuals from wrongly influencing sales data to portray inaccurate sales figures. Every user who subscribes to these databases agrees to the terms and conditions of use. Not adhering to privacy laws results in being disqualified from further use.
In my opinion showing before photos is a good idea. Maybe print copies or offer to email them.It would be good to show receipts for the improvements too.Very recent sales data would also smooth the way. The databases the valuers access can take over a month or two after settlement to show up. If you contact agents operating locally and get some sales figures on very recent sales it will help. You will need specifics like land size, zoning , number of beds, baths etc for it to be of use. Try and compare apples with apples where possible , if you know of properties similar to yours recently sold. On top of that the usual things as if you were presenting it for sale, like de cluttering and getting rid of dogs and having the gardens looking good etc, assuming it is your PPOR. Try and have everything in writing for them to take with them and allow them freedom to go at their own pace. My experience with valuers is that they are generally in a hurry so best keep out of their way. Good luck, hope they are in a good mood.
Personally I would view it as a positive sign. As Matt said, they tend to do their homework and their projections must add up for the big commercial players investing in development. Same can be said for large govt spending infrastructure like hospitals tafe etc.
It is a shame about the smaller retailers being swallowed up in the process but that is all part of our society wanting convenience.Hello Molly,
Is the 700p/m each or all up. If it is all up that's $54 per week each. Personally I make significant lifestyle sacrifices now to hold properties to enable a better lifestyle later.You may look back and regret it if you sell now. See if you are maximising the potential of the property . eg; Are you using depreciation? Are you financed competitively? Is the loan interest only? Are you able to increase the rent? Have you implemented a Taxation Variation Authority? These may help ease the burden a little. If there is only 12% equity split 3 ways, if you sell ther will be little left over once fees and charges are paid out. The only time selling a property is a viable option (if it is an option not a necessity) is if you are going to move the money into somewhere which will perform well enough to cover all of the entry and exit costs and perform better.
It's the time in the market that builds wealth.
All the best
Jeffsorry have been busy with work, MM report has been emailed
RP data stats are vague at best within its demographics area.
Townsville has recently merged with its outer suburbs "twin city"thuringowa so the data will be affected.
Ingham used to include palm island in its census but no longer does. This combined with the Ingham hospital not currently having a maternity ward( new hospital is under construction )and all births recorded in Townsville show the population in decline.
The median prices in these areas, Townsville and Ingham have certainly been high over recent years. Certain pockets have done much better still. The skills shortage is hitting building industry hard with demand fuelled by the minerals expansion. The base rules of Supply and demand gives me great optimism for the area for at least the next two years given the momentum we have in the market.So….How should I go about picking a few areas to look at? I don't have a budget as such, but would like to start small..<$200k.
Maybe this will help narrow it down
https://www.propertyinvesting.com/forums/property-investing/general-property/4324254
The lease is technically between the property and tenant, not the owner so the property changing hands does not affect the lease.
I can email a report if you don't have one yet.
Many of the reports available to the public are not very comprehensive and a lot of them sell the info about who is looking at their property's value to agents so they can contact and try to list.
I am in Townsville but can access Bris data and will not pass on details or hassle you to list
What a small world, as it turns out, My client works in the same building!
Thanks Paul, much appreciated
Hello Johann,
It is a great industry and I am happy to talk to you about getting into it. Feel free to email meHello Mike,
I worked at Ray White Ingham for a while so I could have a break from the hectic Townsville market and do a few renos, repairs on my properties there.
I have put my money where my mouth is, with 6 ips there purchased in the last 8 mths.
My bank manager will have a fit if I ring him again too soon!There are many opportunities at all levels of investment. Set of flats at the moment 750k returning 915p/w opposite new hospital . has undeveloped 1/4 acre at rear, could build 8 units
Some houses are just underrented and need a basic clean and tidy.
Some are sitting on prime development blocks.
Careful though, some are 100k over priced.ph or email if you like. 0412 783 553
1) Good areas in Ingham, Ingham is prone to flooding so anywhere outside the worst flood potential is a good area. Best being flood free, based on the 100yr flood levels.
2) Any PM's you use,Ray white ingham for buying selling and renting. They are honest and get the prices I want.
3) Anything to do with:
a) vacancy issues virtually none, usually a waiting list for houses and quite low for flats
b) rental issues some of the agents like to work for the tenants and keep rents low, some have not been increased in 7 years!!
c) area issues, mostly flood levels, as with anywhere the demographics can vary from street to street
d) Contractor issues for reno's, updates to property for added value, etc… local tradies are a bit thin, many are working in townsville or mines. It is more of a delay and frustration than added cost.
e) development issues Council are very open to subdivision and increasing density. They do not allow hatchett blocks though.
r) rental target i.e. miners Locals are often employed casually and assume they can't get loans. the post code was hard to borrow in about 5 yrs ago because of a few defaults on farms when the sugar prices were down and some have not reapplied. Many escaping townsville as it is too busy for them and people who grew up are moving back because they now have families themselves. Miners can currently fly out of Townsville and can go by bus or some carpool. A one hour commute is not that extreme, especially if it is fortnightly. Ingham airport is soon to be upgradede to fly miners out.
g) growth rates in the area between 23 and 41% depending on your data sourceThe way I see Ingham is this:
There is money in the town, not many cars over two or three years old, the number of solicitors, banks, re agents, accountants is quite high for the size of the place.
It is an established town with a population of around 13,000. The state government have decided to rebuild the hospital at a major expense. New shopping centre recently completed with woolworths,subway and specialty shops. New highway upgrade currently underway, with 12mths to complete.
Plenty of fresh water and close to excellent beaches.
It is in a crossover market with some properties being sold at excellent prices by some agents and others being sold at bargain prices by others.(it's as if some agents don't believe in a boom)
I have seen houses appraised by agents at 290 being sold, within minutes of listing at 230 because the owners did not believe the price would be that high.
Others sell for 220k – 250k and ones similar go on the market for 140-185k
Good development prospects.
Single units are rarely available for purchase and are snapped up quickly.
With an aging population and people selling off the family farms, cashed up retirees are looking for lowset new homes and have funds to purchase but very few ever become available.
I just bought a house for 130, will spend around 3k and rent for 180 p/w or sell for 200kTrue, but Ingham hasn't taken off yet.
A bit late for Mackay and BowenThe thing with the cane areas is that the majority of the casual work is seasonal around the crush. People have the impression that they can't buy because of this and are happy to rent.
Some good sets of flats pop up in ayr, ingham and home hill. Some good value adding in renos bud tradies are hard to get and can charge accordingly.
My last purchase in Ingham;
SET OF 3 2BR flats for $285k, rented at $120 p/w ea
Fitted air cons and fixed a few minor things, upped rent to 150.
Thats 450 p/w off $296k loan with stamps on $100 deposit., costs me $40 per week plus rates and insurance etc
Just had valuation at $350k, six mths after purchase. (would get $390 if I sold)
I like Ingham:)Townsville : Huge growth due to mines, tourism, defence and agriculture. High demand for housing and lack of builders means they can't make the supply.
Ingham North Queensland
High growth, low vacancy, low prices.
One hour from Townsville where recent rises are making people move North. It is small town, mostly agricultural and retirees, plenty of rain, new hospital being built , close to beaches, untapped tourism potential. Rumours of new mines opening nearby. very low vacancy rateHello Jarred,
Give me a call if you like, or email.
I was born in Townsville, have lived here for thirty years and have worked in real estate here for the last four years.
I may be able to directly help and can definitely give you some good contacts.
Jeff
0412783553Auctions can work well in any market but only if the agent is well versed at conducting and marketing an auction campaign.It is easier to say the unique and high interest properties are good for auction but it can also draw attention to an average property in a marketplace where there are many similar listings. It comes down to the agent's skills in dialogue and marketing.
One of the most desirable aspects to auctions at present is the unconditional nature of the contract. I have experienced a few buyers lately who have been looking to purchase for too long and now have a much lower price range due to the recent rate rises. You avoid hassles with the property being tied up under contract while inspections are done and the valuers and bank decide whether it should go through or not. I don't have faith in online auctions as it removes the perceived competition which is crucial in building the emotions which drive buyers to compete and improve the outcome for the vendor.I have heard that Neil Jenman sold his own property by auction.
Interesting that soon after I received my free copy of Jenman's ' Don't sign anything', i received a call from a Jenman agent to see if I was selling my home. I spoke with the guy and he told me that they give Jenman a 30% referral fee for this lead generation.
I studied the Jenman winning in real estate seminars in 93. He taught a lot of what he warns about nowadays.
I also think that he generally means well and there are some unscrupulous characters in the industry who need to be exposed.I'm guessing many people in Sydney followed this same advice during the past 3 years or so and soon found that they owed a lot more on their property than what it was worth…
In Steve's book "0 to 260+ Properties in 7 Years" he advises to sell some of your property portfolio in a downturn – certainly not to acquire more property. Debt reduction is paramount in such a situation.
Realtors will have us believing that there is no such thing as a property downturn, but i reckon Sydney is not the only place in Australia that is being set up for a downturn. A reality check is in store for the rest of the country in my opinion.
There is always going to be a plateau in certain localities after too many people have spent too much money the banks have thrown at them and then decided they want it back plus more.
There is a lot more happening in areas outside Sydney, especially at present where the big boost in our economy is being driven by minerals.
There is also ALWAYS A BARGAIN to be sought out and snapped up somewhere.
As Scott put it so eloquently, there are circumstances where an opportunity will present itself but if you are not looking you won't see it. I have often heard the figure of 3% of all properties on the market are in desperate need of a sale. This is unfortunate and I don't wish this on anyone but once it is on the market, someone is going to benefit.
I find that this time of year FEB, MAR to be a buyers paradise with money getting tight as a result of the plastic bills coming in after the Christmas frenzy.
There will always be circumstances which lead to it being a good time to buy but if you think the sky is falling and don't see a great deal, someone else will.I have seen so many under-rented properties with bad tenants, work transfers, divorces illnesses etc sell for way below what they could have achieved.
If you can pick something up any time 20% under market , would you?
