2 of my properties for sale

Hi Ausprop

Thanks for confirming that for me!

I had been told that the interest is coming back and the agent told me that one of the families that came around last week have gone to look for finance so fingers crossed on that one, also the good news is that yesterday we got an unconditional on the latest refinance so the pressures to take a price that is too low are gone although all offers will be considered as the ad says. Which agent is your friend with?

I always go by lowest price first in which case we come up on page 4 but I will see if we can go back to being a feature property as you suggest.
 
no worries analyst... 6 board st. out of interest 6 seadrift sold for $500k on the same day. 4 seadrift has been on for about a year and is finally under offer somehwere between $479 - $529k so it will be interestig to see what happened there. that little pocket is really close to the edge and some decent views could be obtained form some blocks. i think they were good buys, good luck to the new owners, I think they will do well long term
 
Hi All
I was wondering if there are any investors who currently have a block in the new Capricorn estate area (Yanchep) and are about to build who might be interested in selling now as a package with final payment at completion of house.

My in-laws are very keen to source a cottage house there but are not ready to move in yet.

There has been a couple of cottage houses sold in the area like this but the in-laws didn’t get in quick enough.

Regards
PC
 
Hi PC1

We had an offer on Sunday which at this stage we were happy to accept. The offer was only for $440,000 but this was $60,000 MORE than the investor offer a few weeks earlier, he offered $420,000 initially but then dropped it dramatically to $380,000 as we tried to negotiate. So even though it is $60,000 below the bank valuation from December we are around $90,000 ahead on land and construction costs.

Main thing is pressure off for those interest payments and as our refinance also settles against one of our NSW properties in around three weeks we are well and truly back in the game! We could probably take the Anchorage back off the market or hold out for a higher price but I think we will proceed and take off a little more pressure. Therefore if anyone is interested at $419,000 I should also mention that Prak from the forum has a house a few doors down and is asking $400 per week rent, if this can be achieved then my place may become more attractive to an investor.
 
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Nice work Sparky. Maybe the market is stabilising over there now. People know you can't build it for that kind of money now. The way material prices are soaring, they might have to revert back to straws, earth and cow dung!
 
Nice work Sparky. Maybe the market is stabilising over there now. People know you can't build it for that kind of money now. The way material prices are soaring, they might have to revert back to straws, earth and cow dung!
this is what confuses me about where property prices are going - build prices will continue to go thru the roof. Our truss supplier can't even get steel for trusses now... apparanlty the chinese are shutting mills down in readiness for the olympics?? a project builder here in WA said the average house will jump $16k due to material increases.

I can see new supply being strangled until rents pick up and cap values improve. Why would anyone bother building in the perth outer burbs when you can buy a house like this for $440k?
 
It is great that you got an offer Sparky. A good little profit and move on to the next stage. You actually did very well.

I lived in Yanchep for 5 years and owned our Brazier RD house for about 9 years.
In the end, we couldn't stay there easily so gave up the idylic beach life and moved closer in to Perth. It was just too hard to travel up and down Wanneroo Rd with kids going to Uni and working. You need to be quite committed to the lifestyle to make it your home.

It doesn't really suprise me that the Yanchep values suffered a fairly significant knockback in prices. Once hesitation moved into the market, the extremes of the city are the first places to feel the effects.

Congratulations again on the sale.
 
We had an offer on Sunday which at this stage we were happy to accept. The offer was only for $440,000 but this was $60,000 MORE than the investor offer a few weeks earlier, he offered $420,000 initially but then dropped it dramatically to $380,000 as we tried to negotiate. So even though it is $60,000 below the bank valuation from December we are around $90,000 ahead on land and construction costs.

Main thing is pressure off for those interest payments and as our refinance also settles against one of our NSW properties in around three weeks we are well and truly back in the game!
************
Dear Sparky23,

1. Congratulations!

2. I am personally happy for you.

3. Thank you.

Cheers,
Kenneth KOH
 
Hi PC1

We could probably take the Anchorage back off the market or hold out for a higher price but I think we will proceed and take off a little more pressure.

Therefore if anyone is interested at $419,000

I should also mention that Prak from the forum has a house a few doors down and is asking $400 per week rent, if this can be achieved then my place may become more attractive to an investor.
&&&&&&&&&&&&&&&&&&&&
Dear Sparky23,

1. Yes, Prakman's houses are being presently rented out at A$400 per week.

2. My own ex-house in the Anchorage Estate, at 15 FitzGibbon Road, Rockingham WA 6168 is reportedly being rented at A$410 per week recently. It was previously being rented out at A$380 per week.

3. If your present financial situation should allows you to comfortably hold onto your own property at the Anchorage Estate indefinitely, I will personally encourage you to do so as I personally believe that your Anchorage house is likely to sell well above your present asking price of A$419,000.

4. For your kind update and due considerations, please.

5. Thank you.

Cheers,
Kenneth KOH
 
Hi Kenneth

That is fantastic news regarding the rent!

If we do sell number 48 then I am definetly not putting 56 on the market. At this stage I would still prefer to sell as we have an equity loan aswell as the house loan so I can lose another $3,000 per month if we sell 48. I want to make sure the buffer we now have will last for a long time whilst we are constructing the next duplex at Haywards Bay.
 
Well just before I go off and slash my wrists just letting you all know that not only did Yanchep fall over as the buyer was unable to sort out any finance but today about a week before our refinance which would have gotten us out of the poo big time NAB have cancelled on us. They were meant to have handed over a property to the CBA which in turn would have left us with a hefty buffer on the 16th June but have now decided to tell us that they won't hand anything over unless we decide to pay out all of our properties (we have 3 with them)

I have lots of people expecting to be paid week after next having been put off for ages so its not going to be pretty. In the meantime both Anchorage houses 48 and 56 are now up for grabs and we could do with $415,000 for each with an attached loc to take care of. We could do with $429,000 for Yanchep which also has a loc to be taken care of. Would your relatives be interested PC1? Maybe they could rent it out until they are ready to move.

Finally we can also offer the duplex at Haywards Bay NSW up for grabs. The median on the estate is now $504,000 according to API so I believe when finished they would come in at around $450,000 each half, especially as they have direct water views. If someone is interested at $800,000 let me know - there is around $15,000 left to spend on driveway, fencing etc which was all booked for the next couple of weeks. The rental link showing pics is at:

http://www.raywhiteillawarra.com.au...opertyID=801600&xsl=2859&f_st=3&f_ct=1&f_ps=2

This shows one half then go back into rentals to see the other one. Details of the estate are www.haywardsbay.com.au If this one sells I am all ready to go with the next one a few blocks along.

They have fantastic water views across the road with black swans and all plus horses across the way so a rural aspect despite direct access to Wollongong and Sydney from the highway and small local airport 5 minutes drive. Also close to Shellharbour City. Great executive lets and expecting $400 per week per side.

If there is any interest let me know as I need to move quickly now that this has happened. (I'll hold off on the wrist slashing I feel a bit better now I have vented on the keyboard!)
 
Sparky that is lousy news no wonder you are stressed. Keep us informed about how you are doing because we all feel for you and hope it all works out.
 
Thanks for that Tizzy.

GoAnna - the NAB are holding three properties worth 1.3m (bank valued at) with debts of $933,000 all up. At the end of last year they were going to increase our loc and gave the impression that there would be no problems but they wanted to see the seperate land titles through against two of the properties before proceeding. They then caused massive delays with the paperwork they needed to authorise before we could get the documentation in place for land titles and finally after making us jump through a few more hoops decided not to proceed but said that they would release one of the properties to us if we reduced the debt by $160,000. Our wonderful broker found us a deal with the CBA who took it on board with a valuation of $420,000 and a lend of $340,000 which would have left us with around $180,000 after paying off the NAB. this would have enabled us to finish off the duplex, ditch some other debts and have a very decent buffer behind us again whilst developing the next block.

The CBA approved us and were ready to go from 4th May but gave us a settlement date of 16th June which turned out to be because this was the earliest date that NAB would agree to settle. Apparently some sort of scheme to stop you going to another bank, well that didn't work so they decided to pull the plug instead. Massive disaster as with such a short time to go I have arranged tradies,ordered materials etc for the completion of Haywards Bay and now have to try and get out of these things.

Terrible situation to be forced into as I wanted to keep things going with the build and hold strategy as much as possible so not happy to have properties for sale - especially at the worst time for selling that the market has seen for a while.
 
Thanks for sharing your story. I feel your pain. The old SANF probably not the best at the moment is it? Unfortunately I'm not in a position to assist with any purchases at this time though your Anchorage properties are looking cheap considering theres a bank val of over $500k for them. The market will get back there again, just a matter of time. You can't build a house with that kind of finish and fully completed for <$250k in WA right now. This would bring block prices back to almost mid-boom levels. And with yields closing in at 5%, its starting to look attractive from a rental return perspective.

Keep your head up, 10 years from now you will look back and think thank god for the experience. Sometimes it appears you're going backwards especially the times when I realistically reval my portfolio at "forced sale" prices compared to "finger in the air" values during the boom. But you need to experience the bad, get through this and come out smarter and better on the other side. So you end up retiring a couple of years later, no big deal. :)
 
Hang in there Sparky, keep us informed. You're not alone, I too am feeling the squeeze!:eek:

Stay positive.

Regards Jo
 
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