Anchorage Thread Closed?

[Kennethkohsg]

They did the same thing in Sydney where there are now many units owned by Austaland that have been empty for some time and aren't on the market.

Cheers

****************************
Dear Handyhandy,

1. Thank you for your kind update.

2. Do you happen to know, in which particular Sydney Housing Development Projects, did Australand adopt this particular modua operandi?

3. If your inside source's story is accurate, Australand would have seriously assessed that the Perth Property Market Boom is officially over when they decide to withdraw all the townhouse sales offers for its Stage 2 Townhouse On the Anchorage Release, isn't it?

4. Looking forward to your early confirmation and learning further from you, please.

5. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear HandyHandy,

1. I'm now back in Perth.

2. I do not think I will completely agree with your feedback for the Townhouse on the Anchorage Project Stage 2 Release.

3. This is becuase I have been personally informed by one of the local RE Agency that the Stage 2 new Townhouse Release will be re-luanched soon at the sale price of A$629,000. They are even officially advertising the Soon-To-Be-Released new Townhouses on the Anchorage Project.

4. From what I know, Australand has already re-sold all its lakefront vacant land being reserved for the Townhouses on the Anchorage Estate.

5. It is highly probable that Australand may not be the developer for the new "land-and-townhouse" released under Stage 2 Townhouse Project.

6. I have further driven around the Anchorage Estate and saw 8 big signboards being erected along the Waterfront Parkway, advertising Lifestyles Homes as being the appointed builder for 8 of the new lakefront townhouses to be constructed soon.

7. Assuming the same identical townhouses are being built for Stage 2 is exactlyu similar to thouse released in Stage 1, then it is highly probable that those purchasers for the Stage 1 Townhouses would have made at least a cool A$100,000 gross profit since June 2006 when their townhouses are being completed at the end of this year/early 2007 period.

8. For your kind update and further comments/discussion, please.

9. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. One of the lakefront townhouses under the Australand's "Waterfront on the Anchorage" Project Stage 1 Townhouses Sale Release, namely at Lot 1854, Waterfront Parkway, Shoalwater WA6169, is presently being advertised for sale for A$639,000 at www.GoPrivate.com.au.

2. The said townhouse is presently still under construction.

3. For your kind update and further comments/discussion, please.

4. Thank you.

regards,
Kenneth KOH

 

[sparky23]

Anchorage Bank Valuation

Good news for Anchorage investors! Despite being told that ANZ & CBA are being conservative with their valuations at the moment my 2 houses in Grove street which are almost complete have today been valued by ANZ for $500,000 each - they owe me $330,000 each all up so great result in the last 12 months.

Taking the equity out over the next few weeks to put towards the Yanchep land and construction and deposit on a Jennings display home here in NSW with a 10% leaseback for 2 years plus 6 x 3 month options - happy days!

Sparky

 

[Kennethkohsg]

Dear Sparky23,

Congratulations.

I think this is the first time I am hearing that bank valuations for brand new single residential houses in the Anchorage Estate hitting thed $500,000 mark, in this forum.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Dear Sparky23,

1. Care to further share with us those comparable sale houses in the Anchorage Estate as quoted by your bank-appointed valuer so that other members can make use of/reference to them where neccessary, please.

2. Thank you.

Cheers,
Kenneth KOH

 

[sparky23]

Hi Kenneth

I'm afraid I don't have that information as it was all arranged through my broker. I know in the past I haven't been able to access that information they don't seem to think we are entitled to it for some reason! What I did though was to pitch for a much higher value of $520,000 knowing that they were coming in low and expecting something between $450,000 and $480,000 so the $500,000 was a very pleasant surprise!

Also the rent appraisal came in at $290, I have asked Raine & Horne to try for $300 - $350.

Sparky

 

[<KS>]

Well the new couple I put in recently are treating my place like it was their own home, the garden actually looks better than a brand new show home.

This couple earns less than half of what the previous tennants did and are already proving themselevs to be much better housekeepers. Just goes to show you cant always go by income for indicator of class in your tennants.

SParky I woudl estimate if your 4x2 is aroudn the 200m area you will get 300-320/week for your rental.

I go through elders in kwinana, I had some teething problems but they are now much improved. They charge 10% flat, which is actually pretty good when you consider you dont pay for inspections etc.

<KS>

 

[sparky23]

Thanks KS thats good news! We are with Raine & Horne as there is a 2 year rental guarantee through PRG, in the beginning the rental appraisal was around $240 per week - and that was only a year ago!

Sparky

 

[Kennethkohsg]

Dear Sparky23,

I think Raine and Horne Rockingham's rental appraisal is likely to come in somewhere around between $290-$320 per week as the rental for Lot 1664, 15 FitzGibbon Road Rockingham WA 6168 is known to have recently gone up to $295 per week from $280 per week in September 2006.

For your kind update, please.

Thank you.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Hi Kenneth

I'm afraid I don't have that information as it was all arranged through my broker. I know in the past I haven't been able to access that information they don't seem to think we are entitled to it for some reason!
Sparky

*****************************
Dear Sparky23,

1. John FritzGerald, author of the book, "Seven Steps to Wealth" has specifically recommended to all his investors that they must always be given a copy of the bank valuation report.

2. It will provide the basis for the bank perception of the true security value for the property and its willingness to lend to its borrowers.

3. While you have done well for this bank valuation, I do think that it is still important for you to have a copy of the bank valuation report as it will provide the comparable sale evidence as well as the valuer's assessment of the prevailing market conditions and its impact on your property value.

4. So far, only St. George Bank is the only bank that is known to be willing to release the bank valuation report to its clients.

5. On my side, I negotiated hard and insist with the lending bank that I want to be given a copy of the bank valuation report even though I may have to pay my lending banks/its appointed valuation firm, for a copy of the bank valuation report.

6. A number of the lending institutions like LaTrobe and Colonial Bank has tried to deny me the report in the past by imposing certain restrictions on my access to this bank valuation report, like what you are experiencing now.

7. Just for sharing and learning sake, my vacant land at Lot 2012 was initially assessed to have a market value of $275,000 on 4th October 2006.

8. After providing the neccessary field data on the comparable sale evidence, the bank valuer has subsequently reviewed his assessment and re-valued the same piece of the vacant land for A$320,000 on 20th October 2006:-, a difference of $45,000!
in land value over the same period by the same valuer!

9. Thus, I still see the importance of obtaining the bank valuation report. It is part of my borrowings requirement.

10. For your kind update, please.

11. Thank you.

Cheers,
Kenneth KOH

 

[asdf]

Good work Kenneth. Its really mixed valuations isn't it? Why don't you flick it rather than try to build on it. Its easier to shift a $300k property than a $750k one, especially if and when the market flattens. I see it over here often, newly completed homes are selling for way below replacement and hassle costs!

Are you noticing many homes on the Anchorage for rent at the moment?

 

[redwing]

I did as Rixter suggested some time ago and rang the bank telling them I wanted to look at shifting some of my portfolio around and wanted to see what values they held against the properties.....*shock horror* (not really) it was the "exact" values that I had written down as an approximation for each property when establishing my LOC some weeks before (I knew I should have given a higher figure )

I'm currently getting some market appraisals done (ball park figures) on our IP's by REA's just to get an idea of current market values, all is looking well so far and I tell them up front I'm not looking to sell and usually contact REA's I've dealt with before....and even then I generally discount thier appraisals slightly.

 

[Kennethkohsg]

Why don't you flick it rather than try to build on it. Its easier to shift a $300k property than a $750k one, especially if and when the market flattens.

****************************
Dear ASDF,

1. You are definitely right in your a/m suggestion. That is why a lot of land owners in the Anchorage Estate seems to be "flipping" their land now.

2. Unfortunately for me, I am presently bounded by the FIRB Regulations when I first purchased the vacant land i.e I have to build a house on it for sale or/and long term rental.

3. For your kind update, please.

4. Thank you.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

I see it over here often, newly completed homes are selling for way below replacement and hassle costs!

*******************************
Dear ASDF,

1. Is this a very recent observation?

2. I am personally surprised if the Perth property market has truly indeed slowed down to this extent within a short period of time.

3. Morever, I still believe that the prestige properties and upper end of the Perth property market is still moving actively at this point in time, being "less sensitive" to interest rate movement in general.

4. For your kind update and further comments/discussion, please.

5. Thank you.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. Subject to further confirmation, the following vacant land re-sales were reportedly done recently during the last 2 months:

a. Lakefront Vacant Land (510 m2) at Lot 1226, Corner of Fisher Street/Alkimos Street, Rockingham WA6168, was last sold by private sale treaty for A$330,000 in October 2006.

b. Vacant land (437m2) at 33 Jupiter Bend, Shoalwater WA 6169 was reportedly last sold for A$345,000 on 30 October 2006 by Mr Jason Scott (Mobile: 0433 042 975) from Raine +Horne Rockingham (TEL: 08-9527 3677). This is as per data released at www.realestate.com.au.

c. Vacant land (636m2) at Lot 1214, 57 Arkwell Avenue (CNR Townsend Street), Rockingham, WA 6168 - was reportedly sold for $285,000 recently in Sep 2006 by Mr. John Meade from Roy Weston-Rockingham (TEL: 08-9592 2222). This is per the data released at www.realestate.com.au

2. Subject to further confimration too, the non-lakefront vacant land (809m2) at 15 Almond Street, Shoalwater WA 6169 is said to be presently under contract/offer for $332,000. This transaction is reportedly handled by Mr Steve Fletcher 0419 955 835 at Rockingham Real Estate (TEL: 08- 9592 8999), as per the data released at www.realestate.com.au.

3. For your kind update, please.

4. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. According to realestate.com.au, the double-storey house at 14 Fisher Street has been sold on 4th November 2006 somewhere between $770,000-$890,000, through Raine-Horne Rockingham.

2. Could some members help to confirm this sale data please?

3. If this is indeed the case, it seems that the Stage 2 Townhouse Release for the "Waterfront on the Anchorage" Project may worth investigating into.

4. It further seem clear to me that purchasers for the Stage 1 lakefront Townhouse Release will probably be laughing to the banks, having made at least $100,000 over the last 6 months, with a $20,000 booking deposit.

5. For your kind update and further comments/discussion, please.

6. Thank you.

regards,
Kenneth KOH

 

[sparky23]

Hi Kenneth

Things are still quite hot on the estate by the sound of it! Has construction commenced yet on the first stage of the townhouses?

Sparky

 

[Kennethkohsg]

Dear Sparky23,

1. Australand has nearly completed many of the lakefront townhouses under the Stage 1 Townhouse Release. Most of the townhouses under construction have reached their Plaster Set Stage with some of them even achieving up to their Basic Completion Stage.

2. Some of the purchasers were also known to have been invited to do their pre-settlement inspections for their townhouse purchase last week.

3. Please note that as I understand, Australand may not the eventual official developer for the "Waterfront Townhouses on the Anchorage" Project Stage 2 Townhouse Releases.

4. It is because I have observed that Australand has since then removed all its advertising sigboards for the Stage 2 Townhouses Releases at around the Anchorage Estate, a few months ago.

5. I am still awaiting to receive from LJ Hooker-Rockingham for their official release for the Stage 2 Townhouse Release marketing materials, though there are 8-9 signboards being erected to confirm that Lifestyles Homes have been appointed as the official builders for these soon to be constructed Stage 2 lakefront townhouses.

6. For your kind update, please.

7. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear Sparky23,

1. What are your plans with respect to your 2 newly completed houses at Lot 1977 and Lot 1981 Grove Street in the Anchorage Estate?

2. When is your house handing/taking over from the builders?

3. Thank you.

Cheers,
Kenneth KOH