Hi Guys,
recently i took a trip to Whyalla in SA to look at the property market and to see what there property market offers, i was told by a few people about how the area had boomed but also how there are still some positive cashflow properties available, though after viewing the town and doing my own inspection, i did sign the contract for one property…
thought after further research, the town has infrastructure, local business, and some which are franchises.
my main concerns is, i only invest in residential property where there is a Mac Donalds and if there are at least 2 of the big 4 banks in that area, near by or in the vincity and for growth areas or cashflow
(dont ask me why about mac donalds, its another story)
though after doing further research, my reseach and talking to locals is, that the property market is being driven up by investors, there is no Mac Donalds there, but also there, are 2 of the big banks, but upon further searching of the area and its deomographics i came across this website..
http://www.whyallavet.com.au/whyallanews2030.html
this website might be a joke and all, but im seriously considering this information, as who would waste there time and money in making this site and history is showing a population decline..
your views please…?
Cheers,
sisI just read over http://www.whyalla.com history section and it says whyalla got to 33k population in 1970. There was a ship building slump and the town lost population down to about 25k today.
Whyalla was built on BHP works, primarily ship building. Initially for naval vessels and then commercial.
Looks like whyalla is in desperate need of some marketing to attract industry or indeed it will likely go down the poop shute.
Still the future isn’t written.
Maybe the date of the article is a clue?
April 1st 2030
Hi Guys,
thanks for your comments, my concerns are still seroius about this town, i have an exit clause to fortiet the contract.. but, if people are making websites such as this.. there must be something either wrong with them, or it could be a serious future issue with the town.. and someone being out spoken and opionated..
i did note the date of the article, but property being a long term veiw.. and declining population..
is this town heavily at risk… ?
Cheers,
sisThe article end with big bold blue lettering saying it is a work of fiction used to illustrate a possible outcome due to current policy and population trends.
Check out http://www.whyalla.com (connects to the city council web site) for more info about whyalla.
back again guys…
ive decided that after some ABS (australian bureau of statistics) and further calling a few other real estate agents and people who know the area)
Whyalla prices are on the rise, but the prices are heavily being pushed up by investors, but also a few real estate agents, are suggesting to me.. it might not be a good idea to buy for long term growth and keeping..
Cheers,
sisThanks Surreyhughes19905,
have been reading as much information as possible, still my conclusions are getting stronger.. ive just found this article.. and the information isnt too promising..
http://www.whyallavet.com.au/whyallacity1.html
Cheers,
sishi sis,
why not try and track down the author of the website? Try calling one of those vet clinics that are advertising on there. They may be able to help.Track him/her down and you will get one side of the story.It would be very interesting to talk to them and may help to sway your decisions either way. It is obviously tongue in cheek article but to take time to create the website and stories, they must be pretty passionate about their town!
[biggrin]
Hi SIS,
If you are looking for really cheap residential property why not consider Iron Knob, another town abandoned by BHP, about 50km west of Whyalla. Probably no McDonald’s or any bank for that matter, but if you were looking to get away from the 21st century this might be the place to go! Perhaps you could market it as such.
[blink] Only joking but then……
TomHi
ABS census data provides time series information which will allow you to see how things have changed.The Whyalla local statistical region over the last 3 census (1991, 1996 and 2001)has experienced population decline…aproximately 16% over a 10 year period.
I hope this helps
Originally posted by Still in School:though after doing further research, my research and talking to locals is, that the property market is being driven up by investors,
Sounds like a ‘cashflow property’ induced bubble SIS – who is going to be left holding the asset when the bubble deflates?
In larger, more stable and sustainable, areas there will be homebuyers entering the market. Give me the security of a sustainable area any day thanks.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958It’s 20 years ago now, but I remember my sister-in-law who lived in Adelaide complaining about the dangerous amount of lead in the dust out there…….?
Redhaven
Redhaven
Late last year I found a number of cf+ properties in Whyalla and even made a couple of offers 30% below asking price and both were accepted.
My decision however was not to invest in Whyalla at that stage.
Be particularly careful with semi’s, they have relatively high vacancy rate.
Regards
Gamay
Thanks Guys,
i no longer have a contract for any property in Whyalla, though ive decided to go back to looking for growth properties, though im still a little skeptical on the many investors who bought cashflow properties in this area, some maybe successful, but others, i really do hope they did there due dilligence..
Cheers,
sisHi SIS maybe the answer is to build a McDonalds there, you could save the town and become a hero …
Regards Phil, don’t shoot me for that one mate!!
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