Hi All,
Just settled on a bungalow at this beach front resort [snorkle]for $120K, rent (6 month lease) $280 pw includes power. BC approx:$2.7K(includes rates and insurance).Other costs: water and landlords insurance.PM fees 7.5% plus GST
This property was bought for our Super fund with the aim of some income, plus capitol gains, plus some where we may live or holiday in the future.
Bought a similar unit at Whitsunday Waters resort about 2 years back for $75K and sold it a few months ago for $115K.
Your thought / comments appreciated.
PS: There is one or two still available.PM for contact details.
hrm
We did the development at Whitsundays Waters and i sold the Laguna land(4400 acres) in 1989 to Shin Sawada for 12.5mill.
Greg Norman/ Macquarie/ Aquadelrey/ Kerrie Webb and many others are pouring millions in there NOW as well as expanding the marina to 1500 boat capacity.
My prediction is that Laguna (5 times bigger than Sanctoury Cove)will be No. 1 in Aus in the next 10 years.
resiwealth
Hi,
I think you’ll find it’s “Ko Huna Beach Resort”.
In fact – that’s where I had my wedding reception [rolleyes] and where all the Melbourne guests stayed and had one heck of a three-day party.
As for it as an investment – I’d be doing my numbers very carefully. Generally speaking this sort of managed investment can be loaded with fees, fees, fees.
Also, I stayed there a few months back and two things caught my eye:
1. The vacancies; and
2. The mozzies (as big as coconuts they were!)There’s no doubt that Mackay is going through a huge property boom, but that hasn’t seemed to have hit the holiday market just yet.
Having said that, if I was a location investor then Ko Huna is right on the beach and i must say the pool is one of the best I’ve swum in anywhere in the world.
Still, $120k sounds cheap even if you did pay cash for it out of your Super Fund. Can you go up for a holiday? If you can, then late Spetember would have to be the best time of the year in my book.
Cheers,
Steve McKnight
**********
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