how are forumites going with this one? Theyhave certainly put the screws on investors by restricting the block flipping. I picked one up. hope it is going to develop up there ok as I am more of a southern coastal strip sorta guy!
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Got it in mail today.
Price of blocks appear to be good value, considering only 300 mtre from beach.
Apparently they have now sold 16 blocks, and blocks with potential views have all been sold.
Restrictions on flipping!!!
Looks like I am out of this one, I could see some big $ to be made with flipping, but I am not interested in holding in this estate for the moment.I am very happy – picked up one at lunch time today….Your dead right Ausprop, they are definately tight on this one, but I am feeling very confident about this development. See you out there sometime.
I’m also looking to flip a couple that I have on hand (can’t see anything in the fine print to suggest I can’t) Any current south coastal flippers out there willing to PM me so I can perhaps get clarification in this regard.
Cheers SQ[biggrin]
sq[biggrin]
I have just spent some time reading thru the design guidelines etc. This developer seems to be doing something really special up there. A lot of the estates such as Anchorage end up with a heap of cheap spec homes and I like the attempt by Capricorn to specify the levels of finish etc.
I would flip earlier blocks if they let you and buy the non-flippable ones! what lot number are you SQ? I am on 55.
I LOVE the sound of those dune lots – that sounds like true beach house material. they say they are yonks away from a release date tho.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Lot 62 Ausprop
SQ
Good work! Don’t muck about when you guys see a bargain do you? Last Stage 1 was sold out in one afternoon so I’m willing to bet it’ll be all gone by now. Congrats! Is anyone planning to live up there? How far is it from the Somerly estate?
Well I am happy to say I got set as well, thanks to Ausprop.
Thats a funny story in itself……
I tried for lot 61, 62 or 68….but they were all sold.
Ended up with lot 56.Not sure about living up there, but am confident of good cg between now and the ‘clear title’ date.
As long as construction prices don’t keep rising as much at the same time, it makes for a reasonable priced property so close to the beach.kp
G’day all,
I’ve lived up in the northern suburbs all my life… Ausprop, and any others investors up that way – I believe you will do very well.
Where those blocks are positioned is directly behind one of the nicest lagoons, and coastal spots along the coast! I believe this is quite a unique opportunity…
I’ve mentioned this before, though with personally knowing some of the management team behind this development – they will definitely do a good job of the estate. This is evident in the covenants and strict development guidelines.
Take a look further down the coast – Jindalee especially – compare the prices… once marmion ave is in Jindalee will be 10mins away…
I feel this area will attract a lot of cashed up “baby boomers†– along with families looking to escape the suburban sprawl going up the coast.
To give you an idea of potential growth – I bought a block in ocean lagoon estate for $180k in May – now worth $220k… my parents got another in ocean lagoon for $110k 2 years ago – now worth $210k + – and this is without marmion ave being completed!
I may sound biased, though believe me if I had the cash I’d be up their straight away!
Cheers
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREEasdf, from Somerley Estate it’s about 20-25mins up the coast via wanneroo road – though this is because you have to cut back inland then go up…
once marmion ave is in it will be 10-15mins…
btw, are investors noticing an increase in deposit amounts? I have a block in Somerley on hold and it’s a $2k deposit – compared to brighton being %500 deposit…
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREEWayne,
Really, do you need cash?Based on what you have experienced in Ocean Lagoon, what is the prospect for cg at Capricorn between now and settlement in 11 months time?
There is always a way to finance a property purchase.
And yes, the deposits seem to be increasing, ( Singleton was $1000) and the conditions seem to be getting more onerous with a ‘repurchase’ clause if you don’t build within 30 months of settlement, although they are still including a $9000 fence/landscape package.
Its still better than the 10% I have been hit for on a number of other purchases…that sure burns through your cash.
kp
Hi Kp,
I’m in the middle of purchasing a H&L as a PPOR – so unfortunately my cashflow and finance is stretched to the max…
The other half, is sick of renting and renovating – so I’ve had to focus on a house of our own as my next purchase;)
Saying that though, if I could afford it – I would go for it!
Marmion ave is planned to start early next year, and take 9 months to complete. If this happens, and the market indicators keep going as they are – I would comfortably say 15-20%+
Yanchep was 22.9% for the last 12 months.
– Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREEHi KP, Marisa etc..
How ARE you affording all these blocks???
Are you “flipping” a lot of them, how about costs incurred etc??
My moneys getting tight, but I’m still looking ;O)
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator“Where those blocks are positioned is directly behind one of the nicest lagoons, and coastal spots along the coast! I believe this is quite a unique opportunity…”
Hi Wayne – do you mean a different lagoon to Yanchep Lagoon? Yanchep Lagoon is awesome. On the weekend I am going to try and walk across where they are doing the earthworks to check the beach out.
when in the sales office i was encouraged by a gu who was buyign for himself as a PPOR.. said all his mates were buying in there as PPORs for the lifestyle. always a good indication
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Nice one. Thanks for the feedback guys. Good luck!
Don’t worry Wayne, you & I both can’t buy them all mate. I think we can just be happy for our fellow forumites who have…
Originally posted by redwing:Hi KP, Marisa etc..
How ARE you affording all these blocks???
Are you “flipping” a lot of them, how about costs incurred etc??
REDWING
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Hi Red,
I can’t speak on behalf of the others, but I haven’t flipped a single block yet, and its not my plan to do so.
I am buying with the intent of building on these blocks, and the apparent cg on the vacant blocks in the meantime, is just a bonus imo.There has to be some ‘luck’ in all this as well as some of the blocks purchased in the last year have gone from $85k to $155k.
It is easy to find a lender who is willing to lend to 80% lvr of the ‘market’ value with a sworn valuation in place.
This has allowed me to refinance those blocks and recover my deposits, to use for other blocks.This is easier with delayed settlements where there is a good chance of the blocks appreciating in value before titles are issued.
As far as construction funds are concerned, once again lending to 100% of construction cost, based on the total lend being within 80% lvr of the final market value of the property.
Cashflow crisis ????
I have to admit, although I do not flip blocks, I do sell property upon completion, and this has resulted in a ‘buffer’ account which is used to cashflow the holding and borrowing costs.Its not a strategy which is sustainable forever, but suits atm to make hay while the sun shines.
kp
Can someone please enlighten me on what “flipping” means?
Also is there any more blocks of land left?
CyclistI guess its best described as a strategy to buy a property with the intent to immediately resell it for a profit.
In the case of a vacant block of land in a new subdivision, there is quite often a delay from when the land is released, to when the title is clear and available, for you to settle on the block.
Quite often the price of the block has increased, sometimes considerably, and by ‘flipping’ or reselling it, you take that profit at settlement.
Usually, the settlement to the next purchaser occurs concurrently when you are due to settle on your purchase, thus you do not have to fund your purchase, instead you collect a cheque for the difference.
If you bought with the intent of flipping at settlement, you are in fact speculating.
Its easy to get burnt if you buy too many with the low initial deposit ( sometimes $500 or $1000 with the balance due at settlement)on the hope ( and prayer) that you can onsell for a profit before settlement.
If you are not able to find a buyer, or sell for a profit, you will then be faced with the prospect of having to finance and settle on all those purchases.
kp
Hi Ausprop,
Yeah I mean Yanchep lagoon… if you park where the Cafe is, then walk along the beach, then up near the life saving tower – u should be able to see the blocks over the dunes…
haha James – yeah i guess so! though sucks to see such a good opportunity go buy!
has anyone looked into those canal blocks up a carnavon – bit of a risk factor – though could do well if they go like the ones in Exmouth did…
cheers
wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREEGeeze Wayne,
Have you driven through Carnarvon lately?
For the life of me, I can’t see what the attraction of the place is….canal blocks or no canal blocks.
They don’t even have a Maccas…..
Last time we drove through, it was just on dark, and the place appeared to be deserted.Wonder where all them townsfolk were hiding ?? probably in the banana plantations I guess.
kp
has any body heard anything of when the ‘dune lots’ will be released and any mention of price? they look really awesome, but if they are say $400k a lot plus a house then it is getting up there.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
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