Anchorage Thread Closed?

[Ausprop]

H Kenneth,

1. Are you sure that you can get real good "bargains" in the Anchorage Estate?

just did, but not so sure going forwards.

2. Perhaps, some of the existing house owners are asking too high a sale price initially and were subsequently "pressurred"/"forced" to adjust their expectations downwards accordingly in due course, as their properties in the Anchorage Estate, continue to remain un-sold after being marketed for more than 6-9 months period?

yes gone stale. mind you the market went flat suddenly and caught out the best of us

3. One good example of what I am suggesting here, would be the sale marketing for the house at Lot 1909, 22 Almond Avenue, Shoalwater, WA 6169.

4. The house at Lot 1909 was first marketed for A$449,000 unsuccessfully for more than 3 months in June 2006. Consequently, the house owner has a change of RE agent to market the same property, but at a much higher price of $489,000.

5. At this "unrealistic" high asking price, the RE agent did not even receive a single enquiry despite having conducted a few "House Open" sessions.

6. On the advice of the Re agent, its asking price was subsequently lowered back to A$449,000.

7. The house then remained un-sold for a further 6 months, with an asking price of A$449,000.

8. A new agent from the same Re Agency, was subsequently tasked to take over the marketing role recently in 2007.

9. Consequently, on the new agent's advice, the asking price for Lot 1909, was further lowered down to a more realistic level to be marketed at A$415,000 - $435,000 price level recently.

10. Consequently, the house at Lot 1909 is now presently "under offer" as a result of the this adjustment in its asking sale price.

11. So, does the present buyer truly get a good "bargain" in this case?

12. Having inspected the house at Lot 1909 myself, I would not think so.

13. This is because of its poor house design and house finishes as well as a general lack of street appeal. Morever, I also think that the house at Lot 1909, is a small one, with less than 175 m2 living space, at best, if I can still re-collect for myself.

having not personally inspected this property but seeing it on the internet I am surprised to hear you say it is ordinary. it looked really good on the net and the price was at a give away level. I did see it from the outside and thought it looked pretty good. If it went for say $410k... the blcok value would have to be the best partof $300k would you think?

14. For your kind update and further comments/disucssion, please.

15. Thank you.

and you!


the townhouses to which you refer also appear to be excellent buying I agree.

 

[markpatric]

Someone mentioned Rockhampton, what has happened in Rocky?, are you saying it has boomed again in the past year or two??.
I bought a house for $65000 when prices had not moved for over ten years and sold for $93000 around 12 months later, using this as a guage has it gone up further still?.

 

[Kennethkohsg]

1. I have just been informed today that one of the newly completed double-storey townhouse at 25, Atrion Lane, Shoalwater, WA 6169, has been successfully re-sold for A$570,000 this/last month.

2. This townhouse is generally facing the small park area. It does not have the direct water views of the the man-made lake (or/and Lake Richmond), much unlike the other lakefront townhouses located along WaterFront Parkway.

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Dear All,

1 Beside the a/m townhouse, the lakefront townhouse at Lot 1854, 58 Waterfront Parkway, Shoalwater, WA 6169 is said to be under offer for A$575,000 since yesterday afternoon.

2. This lakefront townhouse at Lot 1854 has direct water views of the lake.

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

4. Thank you.

regards,
Kenneth KOH

 

[Ausprop]

sounds cheap. I half thought about flipping one but it is a high price point

 

[Kennethkohsg]

Dear All,

1 I have just checked/confirmed with the house owner, Mr Kevin that his house at Lot 1753, 8 Oceanrunner Bvld, Shoalwater WA 6169 has been sold for A$515,000 this month.

2. As I understand, this same house at Lot 1753 was last sold for A$475,000 on 3rd Sep 2006.

3. Another house at 24, Almond Avenue, Shoalwater WA 6169 was also sold this month for A$475,000 by Raine-Horne Rockingham. It was last listed with a $489,000 asking price.

4. Subject to further confirmation, the house at Lot 1909, 22 Almond Avenue Shoalwater, WA 6169, is reportedly still under offer between A$415,000-$430,000 price range.

5. Thus, there are at least 3 known house sales in the Anchorage Estate, that have again taken place during May 2007.

6. This is despite the recent increasingly more houses in the Anchorage that are being seen with "For Sale" signs or/and listed/advertised for sale.

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

8. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1 Beside the a/m townhouse, the lakefront townhouse at Lot 1854, 58 Waterfront Parkway, Shoalwater, WA 6169 is said to be under offer for A$575,000 since yesterday afternoon.

2. This lakefront townhouse at Lot 1854 has direct water views of the lake.

Kenneth KOH

**************************
Dear All,

1. The "Sold" sign has just gone up this morning for ther a/m lakefront townhouse at Lot 1854.

2. Thus, Australand is now left with 4 lakefront townhouses under the Stage 1 "Waterfront Parkway on the Anchorage Estate" Stage 1 Release, left for re-sale to go as of today.

3. They are presently priced as follows:

a. Lot 1849 - 23 Atrion Lane Shoalwater WA 6169 - $570,000 -facing the park with no direct water views of the man-made lake.

b. Lot 1851 - 19 Atrion Lane Shoawater, WA 6169 -$580,000 - facing the park and oblique view of the man-made lake and facing the traffice along Waterfront Parkway.

c. Lot 1858 - 50 Waterfront Parkway WA 6169 - $575,000. direct lake views - $575,000.

d. Lot 2095 -46 Waterfront Parkway, WA 6169 -$575,000 - oblique lake views and beside the y-junction at Waterfront Parkway and Maverick Promenade - $575,000

4. Australand is presently providing a $25,000 cash rebate to cover the stamp duty payment for its lakefront townhouse purchase for a certain time specific period only.

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

6. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. An "Under Offer" sign has gone up for Lot 1851 lakefrfont townhouse over the last weekend.

2. 3 more Stage 1 Release lakefront townhouses from Australand to go now before it has all been officially sold out.

3. It seems that there may some 3 or more different developers developing the Stage 2 Release lakefront townhouses at the remaining lakefront vacant land blocks around the lake at the Waterfront Parkway area.

4. The signboards belonging to 3 different builders were sighted in the area, namely, Pt Bouvard Homes (Lot 2030-Lot 2033, Lot 2094, Lot 2057-Lot 2060 - between Eldon Street and Zaraffa Avenue), LifeStyles Homes (Lot 2084-Lot 2095 -from existing townhouses facing the park and before Zaraffa Avenue) and Ventura Homes (directly opposite the lake at Lot 1917- Lot 1921?)

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

6. Thank you.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. The house at 1909, Almond Avenue,Shoalwater WA6169, was finally reported as sold for A$428,000 on 31st May 2007, at www.realestate.com.au, together with 2 other houses in the Anchorage Estate during the May 2007 period.

2. The other 2 houses in the Anchorage Estate which were sold during May 2007 period were as follows:

a. 3 Rothbury Parade, Rockingham WA 6168. It was reportedly sold on 9th May 2007 in the $520,000-$600,000 price range by Ray White Rockingham.

b. 18 Broughton Way, Rockingham WA 6168. It was reportedly sold on16th May 2007 for $410,000-$475,000 priuce rnage by Summit Realty-Waikiki.

3. Consequently, the house sale at the Anchorage Estate is still moving at about 3 houses per month since Jan 2007.

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

5. Thank you.

regards,
Kenneth KOH

 

[Prakman]

Hi Kenneth,

It appears that houses in the Anchorage 4x2 on 500 sqm seems to have droped off a little bit. Had a valuation done in on my IP at Grove Street in December 06, it came in at $500K and once again 2 weeks ago, it came in @480K. Hopefully when the train line comes through, it will boost the values up again. What are your thoughts on this?

Happy Investing.

Prak

 

[Kennethkohsg]

Dear Prakman,

1. Does your valuers indicate the price drop was due to a drop in land values or the house improvement values?

2. I am given to understand that the building costs in the Perth propertyt market, is still on the increase, albeit at a slower pace and given the lower of new houses being built recently.

3. Mr Graeme Garwood /Raine-Horne-Rockingham has recently told me that in view of the number of house sale listings available, the local market has softened a bit especially the increased number of lower-priced established houses being listed for sale.

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

5. Thank you.


regards,
Kenneth KOH

 

[Prakman]

Dear Kenneth,

The main reasoning for the dip in price according to the valuer was the fact that there are many properties on the market. Simple economics, more supply than demand, therefore decrease in price. It had nothing to do with building costs or replacement costs, but rather more of a comparable sale.

I do agree with you Ken that building prices are on the way up, I am building 2 houses in Byford and the building costs have escalated heavily since building in the Anchorage. I do however believe that Rockingham will have excellent growth potential over the next 5 - 10 years.

Happy investing,

Prak

 

[Kennethkohsg]

Dear Prakman,

1. Thank you for sharing your real life investing experience with us here.

2. The main reason why I ask you for your valuation breakdown is because my own lakefront land at Lot 2012, which was last valued for $320,000 in October 2006, was recently "re-valued" downwards for A$260,000 by one of the major local valuer firms in May 2007, representing some $80,000 drop in value over the last few months.

3. Fortunately, as I have been doing my own field research and collecting the various comparable sale evidences, I was thus, able to get the same bank valuer to re-value it officially for A$330,000 subsequently, after an appeal to review their initial valuation outcome.

4. Consequently, I believe that it is important for us, to get the valuer to provide the breakdown of the land value and house improvement values used for their valuation figures, under today's market conditions. This is especially when a much lower house valuation figure is given initially.

5. By getting the valuer to provide their own valuation figure breakdown, depsite their comparable house sales analysis, it can then, become "self-evident" to the valuer that a lower valuation figure does not appear to be so easily "supportable" nor logical in view of the fact that both the land values and building costs have both increased/are still increasing during this period of time.

6. This is in spite of the increase in the number of house sale listings and lower house sale prices achieved by the resales of established houses recently, as revealed through their comparative house sales data analysis.

7. Consequently, my double-storey house at Lot 2012, which is presently under construction, was valued at cost for A$700,000, comprising $330,000 for the 500m2 lakefront land and $370,000 for the proposed double storey house being constructed.

8. This has resulted in some A$191,642 worth of paper capital gains for this investment project to date, through using OPM and the "zero deposit" downpayment investment strategies, despite today's not so favourable market conditions.

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

10. Thank you.

regards,
Kenneth KOH

 

[Prakman]

Hi Kenneth,

Great work!! Hope that you still continue to make heaps on money on your project.

And continue to enlighten us on the developments within the Anchorage as they occure.

Happy Investing and Hunting!

Prak

 

[Kennethkohsg]

Dear All,

1. I write to update that the Port Bouvard Builders have recently commenced on their lakefront townhouse construction at Lot 2031 and Lot 2033 respectively some 3 weeks ago. They have completed upto the Slab Foundation Stage.

2. This is part of Stage 2 Townhouse Release for the "Lakefront Townhouse on the Anchorage" Project at Shoalwater WA 6169.

3. According to Rod Brown, one of the appointed marketing staff, the "land and lakefront townhouse" package has now been sold off-the-plan at A$618,000 (instead of its previously advertised A$599,000 price), comprising A$299,000 for the land and $319,000 for townhouses.

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

5. Thank you.

regards,
Kenneth KOH

 

[Prakman]

Hi All,

Just a quick update that I've rented my 4x2 in the Anchorage for $310 per week. The yields are still very low but edging up ever slightly.

Happy investing.

 

[asdf]

Thanks mate. Still a lot better than $270 p/wk a year ago.

 

[Kennethkohsg]

The 4 x2 house at Lot 1664, 15 FitzGibbon Road, Rockingham is presently rented out at $350 per week.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. With respect to the building progress for the Stage 2 Lakefront townhouses at Lot 2032 and Lot 2035, it has now achieved the Brickwall (Ground Floor)Stage.

2. These Stage 2 lakefront townhouses are presently being built by Port Bouvard builders, have been marketed reportedly at around A$619,000 price range;- with A$299,000 for the 315m2 lakefront land transfer and A$319,000 for a separate townhouse building contract to be signed directly with the Port Bouvard builders.

3. Recently, construction for 2 other Stage 2 lakefront townhouses by Lifestyles Home Builders have similarly achieved the same building progress at Lot 2085 and Lot 2087, Waterfront Parkway, Shoalwater, WA 6169.

4. This was despite the fact that the townhouse construction by Lifestyles Homes, have begun much later than those presently built by Port Bouvard Builders at Lot 2031 and Lot 2033 Waterfront Parkway, Shoalwater WA 6169.

5. It is however not known who is presently marketing the lakefront townhouses at Lot 2082-Lot 2094 lakefront townhouses, which are being built by Lifestyles Homes and at what prevailing sale price are these land cum townhouse packages being sold off the plan.

6. Please note that there are presently 4 other newly completed Stage 1 lakefront townhouses in the Anchorage Estate, being officially advertised for sale in the price range between A$555,000 -$569,000 price range at the www.realestate.com.au.

7. These include the following townhouses:

a. 56 Waterfront Parkway, Shoalwater - A$555,000 which is being marketed by WA Property Project Marketing.

b. 38, Waterfront Parkway, Shoalwater - A$555,000, which is being marketed byBrown +Murray

c. 25, Atrion Lane, Shoalwater -A$560,000, which is being marketed by LJ Hooker-Rockingham

d. 54 Waterfront Parkway, Shoalwater - A$569,000, which is being marketed by Brown and Murray.

8. Apparently, it seems that some of the owners for these newly completed Stage 1 lakefront townhouses, are competing hard against one another, through price under-cutting, so as to quickly exit their investment properties out from the Perth property market.

9. It has been further suggested that we can expect the market valuation and selling price for these lakefront townhouses to pick up significantly once the Stage 2 lakefront townhouses are newly completed by early 2008, together with the likely full operations of the new Perth-Rockingham-Mandurah Southern (Mass Transit) Railway Line in 2008.

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

11. Thank you.


regards,
Kenneth KOH

 

[tropic]

Hi Kenneth,

Off topic, I heard Singapore is also having a property boom.
Can you share info on Singapore property market so we can probably profit from Singapore property like you profit from property boom over here?

 

[Kennethkohsg]

Dear All,

5. It is however not known who is presently marketing the lakefront townhouses at Lot 2082-Lot 2094 lakefront townhouses, which are being built by Lifestyles Homes and at what prevailing sale price are these land cum townhouse packages being sold off the plan.

*************************************
1. I've phoned Lifestyles Homes and was advised by a certain David that Lifestyle Homes will only be marketing the townhouses once they are fully completed in 2008.

2. Accroding to David, the indicative selling price for the lakefront townhousea re likely to be in high A$600,000ss, when completed in 2008.

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

4. Thank you.

regards,
Kenneth KOH