Hi All, according to ABS – Mandurah recorded as fastest growing district, ahead of Goldcoast.
Just like some comments from formites who have looked at this area or purchased.
What are your thoughts 2005-2006?
Many developers presently selling townhouses around $260,000 -290,000 with rentals of $200.00 – 220.00 pw this is pathetic. I personally think they are overpriced!!!!!
I have had great CG but what now, would like to know if there are still any good deals out there.
Thanks
Hi there Marisa,
I think it’s time I got a new valuation done.
I think there’s still a bit of growth in the market, although I think prices have already risen quite a bit in anticaption of the railway. I rekon by the time it gets there, the growth will have tapered off. What’s your thoughts?
I wouldn’t buy for cashflow down there.
Regards
PKI find Mandurah a bit smelly…
I know, I know, that has absolutely nothing to do with investing, well it kinda does… I wouldn’t want to live somewhere smelly.
Marisa, where do you invest? I mean the old parts of Mandurah have pretty much had nothing done to them. My aunty lives in Coodanup and that area is still really stagnant. And I not just talking about the river water… When I say stagnant, the prices are going up but nothing is really happening in the area. No beautification etc… Then again, I’m not sure of what the council plans to do.
I don’t know that I would invest down that way. But that’s me. For that sort of price, you could probably get a reasonable house in Bunbury in a half decent area too. ???
I’m interested to others comments too…
Steph.Scremin,
The esturary’s not as bad since they put the Dawesville channel in. Yes, it still has it’s days but most of the time it’s fine.
PK
Yeah, Dawesville Channel was brilliant when they cut it through. I remember crabbing down there was fab a couple years after. Crabs everywhere!!!
Even so, I still find it really smelly. THen again, same can be said of the seaweed up here in Geraldton. We cop a whiff of it rotting every now and then at school. Smells like a super rotten fart… Hee hee… I always make fun of the kids when that smell is around…
Success is 1% inspiration and 99% perspiration.
Scremin,
For change of lifestyle we purchased a beach house in old part of Madora Bay. We fell in love with the place, great ocean views and the kids just cross the road and they are at the beach. Sunsets to die for. If you are into fishing/boating there are about 5 boat ramps in very close proximity – I dont know too many other places to match.
You have obviously yet to discover some of the great spots in Mandurah, San Remo, Madora, Silver Sands, Falcon, Avalon.
Also, not to mention Miami Pie shop, best pies in Oz.
[biggrin]
We might get down that way mid year. So many family commitments coming up! First grandchild is due in a couple of weeks so all that hooha will be happening. Not me having kiddy either…
We used to stay down in Miami occassionally. That was always good fun down there. Fond memories as a kid…
Success is 1% inspiration and 99% perspiration.
Are any of the areas you’ve mentioned positive-ish Marisa?
Hi Cruiser,
No – I doubt you would find positive in Mandurah not with the current hype. You may get close with fully managed/contained units but I have not investigated these types of properties. Most of these seem to be old and shabby.It would be interesting to hear from anyone out there who has had some success with this kind of IP.
However there are some gems out there. A beach shack recently sold on our street in Madora Bay for $340,000, (150 mtre to beach) with beach views that can no be built out. Block size 810.
On the negative the shack would only rent out for $150 per week.
Positive cashflow in Mandurah? You gotta be kidding! Everyone wants to live here. [biggrin] It is the Gold Coast of the West Coast without the tacky highrise and cheap touristy junk. You are 12-18 months too late to get a bargain here.
Some properties have double in the last two years. How much more growth do you think Mandurah have in the next couple of years? I am not that familiar with Mandurah. I stayed at Miami two weeks ago and I couldn’t believe the prices. Some make Perth inner city properties look undervalued.
People are drawn to the ocean, everyone want life on the beach. Many willing to drive an hour+ to work so they can live next to the water. Will this trend continue and sustainable?Marisa,
IMHO Mandurah has some remarkable attributes (beach / esturary etc) which are driving it’s growth.
Being contrarian investors we decided to go the opposite end of the spectrum and bought a lil’ ol’ shack at Guilderton which is the meeting point of the beach and the mouth of the fresh water Moore River. Lotsa growth here too, but still undeveloped….and best of all no awful smells.
All of the Toffs have just discovered it, and are prefering it to the Mandurah alternative.
Unfortunately it’s too small to register on the national register, compared with gold coast and the like, but it’s growing it’s little socks off.
Best thing is it’s on septic only, and the council has restricted the lots to only 440…no more. So…with pent up demand, you cannot just build another canal…there is only one reaction, and thats the $’s go skywards.
It’s the most comparable alternative to people looking at Mandurah…without the stench.
Cheers,
Dazzling
“Go hard or go home”
Originally posted by Dazzling:
It’s the most comparable alternative to people looking at Mandurah…without the stench.…and without that lousy highway leading into it. The Mandurah road reminds me of Melb/Sydney h roads…getting toooooooo busy.
Cheers
We have had a number of properties in Mandurah – still have 5. Bought one in Old Mandurah Marina for $290K in June 2000, sold it January 2004 for $490K (private sale – no commission.) Have one Dudley Park purchased 1998 for $85K. Zoned R40 (4 unit development site.) Current value $300-$320K. Rentable at $150-$160 per week. (We moved out of it 2 months ago and still undecided whether to sell or rent it out.) Have 4 in Greenfields – one bought 2002 for $117K. Current value $180K, rented at $160 per week; duplex bought 2004 for $145K, value $155, rented $155 per week; a 4×2 bought mid 2004 for $205K, rented for $170 per week; and one bought 8 weeks ago in Country Road for $220K which we moved into ourselves.
I agree with what you said about the road system – hence why all our properties are North of the estuary bridge. The council is deternined to put traffic lights at every intersection south and keep lowering the speed limit every alternate day.
For the future – the railway will be in by December 2006 (so the polititions tell us – tho who believes a word pollies say?) and the freeway will eventually provide a bypass for much of the traffic.
With regards smell – I am not sure what smell forum posters are referring to. Maybe I have problems with my sinuses but I am not aware of any smell. I was told that before the Dawsville cut went in (?10 years ago – before my time here), the estuary waters did become stagnant quiet often, but they currently have good flush. We get very little algae bloom – compared to the Swan River for example. There are no health warnings on eating the crabs, prawns, muscles, fish etc.
We do not get pollution from the various Alcoa enterprises etc. Please enlighten me as to what smell you mean?
Hi Marisa,
Thanks to one of the posters in SS, I thought this may be of interest to you. Take a look at the table of Estimated Resident Population in Major Regions in particular halfway down this list is Mandurah (WA) showing population growth of 4.02% between 1998-2003.
Cheers,
Jo
Fibejebe,
The smell used to be the esturary prior to your time. It didn’t used to flush and the estuary would get stagnant and seaweed would just sit on the shore edges for days and days and smell quite badly. We used to go to Nairns as a kid and it was really bad at times (although that never stopped us crabbing in it as a kid!). But the problem has been mostly solved with the Dawesville cut so that is why you probably don’t smell anything anymore.
The esturary and rivers leading in to it are very nice spots now and I noticed the esturary shore has been upgraded a bit, with picnic tables and playground equipment for kids. In some ways though, it’s still one of the hidden areas of Mandurah, very quiet.
PK
Hi Guys,
I have recently purchased a place in Golden Bay, 5 minutes to the beach for $217K. Has anyone else been looking at property down there? I think it is still undervalued for its location and the larger blocks of land available there. Mine place is 860sqm and the house is a 3bdr 2WC home. Any opinions or comments would be most appreciated!Goldenchild,
How far is it from the beach?
How much rental do you get from the property?The house is approx 400-500metres from the beach. The street ends at the water. It is currently rented at $150 but will be raised to $160 in Feb when the lease is renewed. I think this area is still undervalued and is equidistant from Mandurah and Rockingham providing options for prospective renters.
Sound like a good buy. Sure to go up in the future. It has a nice mental picture in my head when you said the end of the road is water and only 400-500 meters away. Good size block too. I went to Golden Bay 2 – 3 weeks ago, a lot of development going there. Some blocks are 2000 sqm +.
How old is the building?
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