Anchorage Thread Closed?

[sparky23]

Hi Prakman

Well that is good news I suppose it takes a while for the numbers to get through to the banks though, apparently the bank will still take my $500,000 valuation into account if we sell one and pay something off on the equity loan but sadly IF seems to be the problem! I was surprised though that families are having trouble getting finance through not just investors, we lost sales on both Yanchep and 56 Grove st because the owner occupier purchasers couldn't get finance. I think ours are pretty much the cheapest out there right now so I really would have thought we could have sold them by now.

All power to our NSW duplex - its our last hope now.

 

[asdf]

At least its good to know that home owners are actively looking at settling into these areas. The worst thing for investors is to own an investment with 80% other investors. Imagine when theres a mass exodus.... Keep your head up Sparky.

 

[<KS>]

People are just more fussy now. On my street (Rhapsody Close), a cottage block sold in about 4 days. A block close to Rae road on the corner has been on the market now for about 3 months. But it is slightly overpriced and has another vacant block next to it - so people are being more choosy.

I think that if people find motivated sellers in the Anchorage area it could once again be a good place to buy if IR's do indeed start to go down. My reasoning being that even in the current market the decent blocks are still about $220k and a nice house all ready to rent out costs about 180k now. With that 400k+ you could probably buy a nice existing 4x2 in the Anchorage (with some patience) and start getting your tax breaks immediately...at a rent of $350/week.

<KS>

 

[sparky23]

Exactly which is why I can't understand why no-one is snapping up mine at $399,000! Crazy stuff isn't it?

 

[Kennethkohsg]

Dear All,

1. The Double-Storey House in the Anchorage Estate at 38 Lyttleton Street, Rockingham WA 6168 was reportedly sold between a sale price range of between A$640,000 - A$740,000 on 4th September 2008 by Ray White-Rockingham Real Estate Agency.

2. Likewise, the newly constructed lakefront Townhouse at 104, Waterfront Parkway, Shoalwater, WA 6169 was recently sold some time during August-September 2008 period. The achieved sale price for this Lakefront Townhouse built by the Port Bouvard Builders was reportedly in the sale price range of between A$545,000- A$585,000.

3. Can members with the relevant sale evidence kindly confirm the actual sale price achieved for these 2 Double-Storey Houses/Lake-front Double-Storey Townhouse as well as other known Double-Storey Houses or/and similar lakefront Double-Storey Townhouses, in the Anchorage Estate, which were recently sold during the last few months, please.

4. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear All,

1. According to the www.realestate.com.au, other single detached single storey detached houses in the Anchorage Estate that have been reportedly sold recently in 2008, include the following:

a. the "Near-New" 3x2 bedroom House at 10 Gulliver Lane, Shoalwater, WA 6169 which was reportedly sold for A$400,000 on 29th August 2008 by PEARD Wright Real Estate-Rockingham.

b. the "Near-New" 3x2 Bedroom House at 29 belgravia Terrace, which was reportedly sold on 22nd August 2008 by the Professionals Real Estate-Rockingham. Its sale price was not openly disclosed.

c. the "Near-New" 2x2 Bedroom Villa House at 33 Lynch Avenue, Rockingham, WA 6168, was reportedly sold for A$320,000 on 17th July 2008 by Ray White Real Estate-Rockingham.

d. the "Near-New" 4x2 Bedroom House at 14 FitzGibbon road, Rockingham, WA 6168, was reportedly sold for A$449,000 on 17th June 2008.

e. the Newly Constructed 4x2 House at 20 Vitesse Approach, Shoalwater, WA 6169, was reportedly sold for $400,000 on 10th June 2008 by LJ Hooker Real Estate-Rockingham. The said house was apparently sold with without any landscaping works/water recticulation works/house fencing being done .

f. the Newly Completed 4 x 2 House along Eldon Street, Shoalwater, WA 6169, was reportedly sold for A$435,000 on 4th May 2008 by Glenway Realty-Safety Bay.

g. the Newly Completed 4 x 2 House at 100 Hawker Street, Shoalwater WA 6169 was reportedly sold on 11 Paril 2008 by Fruit Property-South Coast Metro. Its achieved sale price was not openly disclosed.

h. the Newly Completed 4 x2 House at 30 Almond Avenue, Shoalwater, WA 6169 was reportedly sold for A$495,000 on 5th April 2008 by Ray White Real Estate-Rockingham.


2. For your further comments and discussion, please.

3. Members who have the relevant sale data/evidence or/and has personally known of other houses or/and vacant land sales completed in the Anchorage Estate since January 2008, kindly provide the relevant sale data and add on to this list of completed house sales for the Anchorage Estate, please.

4. Thank you.

regards,
Kenneth KOH

 

[silversands]

Hi Sparky,


are things improving re: your attempt to sell?

Jodie

 

[sparky23]

Hi Jodie

Afraid not, the contracts we have had on our WA properties fell over when the purchasers were unable to get finance. All hope is pinned on the duplex we have on the market over here now.

 

[Kennethkohsg]

Dear Sparky23,

1. Have you not received any other buyers' offers for your 2 houses in the Anchorage Estate yet, to date?

2. To me, I find your present asking price to be very realistic if not offering a good bargain price for your 2 housese being listed for sale.

3. This is despite the present on-going slow market conditions occurring within the Perth Metropolitan Region.

4. Hopefully, with less global uncertainities and market volatility, things will start to significantly improve within the Australian property markets in general, towards the end of year once an official outcome for the American Presidential Elections has been officially made known, towards the end of November 2008 period.

5. Thank you.

Cheers,
Kenneth KOH

 

[Ausprop]

it's a stand off Kenneth. Renowned economist Steven Keen believes house prices are set to drop dramatically, however there are population pressures building here and with new builds coming to a stand still there could be a price break out. So it's a battle of bulls and bears and no one is sure which way it will go, thus you need a plan to deal with a worst case scenario for your circumstances whilst still maintaining some exposure.

 

[paulie]

Below are all the reiwa listed sales in Shoalwater & Rockingham for the last three months.

Hope this helps

Paulie

No Street Suburb Type Const. Beds Bath Features Land Area Year Built List Price Sale Price Sale Date
Sep-61 Frederick Street* Shoalwater* H* N/A 2 1 D EHWS K L LDY* sqm $199,000* $170,000* 27-08-08*
28/15-17 Ashford Ave* Rockingham* H* N/A 2 1 1WCS 1CP* 157 sqm Offers* $235,000* 03-09-08*
61* Cygnus Street* Rockingham* H* N/A 3 1 1WCS 1CP* 650 sqm Offers* $235,000* 11-08-08*
39* Orion Street* Rockingham* H* N/A 3 1 0WCS* sqm $287,000* $272,500* 13-08-08*
39* Orion Street* Rockingham* H* N/A 3 1 B R EHWS EH K/D L LDY* 673 sqm $287,000* $272,500* 29-07-08*
9* Recreation Drive* Shoalwater* H* N/A 3 1 1WCS 1G D L* 851 sqm Offers* $282,000* 20-08-08*
32* Cygnus Street* Rockingham* H* D/B/T 3 1 1WCS 1STRYS 2CP BGP B R SHWS SC INS P K/D L LDY* 641 sqm 1970* $290,000* $285,000* 17-07-08*
23* Orion Street* Rockingham* H* N/A 3 1 1G* 683 sqm $309,000* $305,000* 02-07-08*
25* Kitson Street* Rockingham* H* N/A 3 1 683 sqm $319,500* $310,000* 03-07-08*
3* Townsend Road* Rockingham* H* N/A 4 2 2G F GM B R GHWS P K L* 694 sqm $325,000* $317,500* 31-08-08*
10* Braemar Street* Rockingham* H* B/CLT 3 1 1WCS 1STRYS 2CP F A/C B R GHWS GC SC INS P EH K/D L LDY* 690 sqm 1978* $325,000* $318,000* 07-07-08*
9* Cetus Court* Rockingham* H* N/A 3 1 2G F A/C B R EHWS INS P K* 787 sqm $325,000* $318,000* 07-08-08*
12* Braemar Street* Rockingham* H* D/B/CT 4 1 1WCS 1STRYS 1G 1CP L/D F B R EHWS GP SC INS P EH K* 690 sqm 1978* $329,000* $320,000* 12-08-08*
26* CAMPBELL WAY* Rockingham* H* N/A 3 1 1WCS 1CP D F A/C B R P EH K L LDY* 726 sqm From $349,950* $341,000* 28-07-08*
3* Barron Court* Rockingham* H* B/T 4 2 2WCS 1STRYS 2CP F A/C BGP B R GHWS GC SC INS P K/D L LDY* 713 sqm 1983* $359,000* $345,000* 10-07-08*
2/112 Gloucester Crescent* Shoalwater* H* N/A 3 1 sqm $374,000* $365,000* 25-07-08*
29* Belgravia Terrace* Rockingham* H* B/Z 3 2 2WCS 1STRYS 2CP S R GHWS GC SC INS P EH K/D L* 354 sqm 2005* $379,000* $370,000* 30-07-08*
10* Gulliver Lane* Shoalwater* H* N/A 3 2 2WCS 2G* 414 sqm $429,000* $400,000* 23-07-08*
19* Oleander Avenue* Shoalwater* H* N/A 4 2 2WCS 2G D F B R INS P K L LDY* 544 sqm $419,000* $407,500* 17-08-08*
78* Rae Road* Shoalwater* H* N/A 4 2 2G D F A/C INS P K L* 230 sqm $455,000* $442,500* 11-07-08*
26* Swifts Court* Rockingham* H* N/A 4 2 2G D F GM B R INS P K L LDY* 556 sqm $489,000* $487,000* 02-07-08*
THORPE STREET* Rockingham* H* N/A 3 1 0WCS 2G* sqm $545,000* $538,000* 25-07-08*
18* Morritt Close* Rockingham* H* N/A 5 2 2G D F GM BGP B R GHWS INS P K L LDY* 1100 sqm $650,000 - $690,000* $665,000* 04-09-08*
38* Lyttleton Avenue* Rockingham* H* N/A 4 2 2G D F GM B R INS P K L LDY* 600 sqm $720,000* $690,000* 20-08-08*
88* HARRISON STREET* Rockingham* H* N/A 2 1 1WCS* sqm Offers* $837,500* 09-09-08*
7* Sculptor Close* Rockingham* H* N/A 3 1 2WCS 1CP D F K L* 637 sqm $339,500* UNDER OFFER* 09-09-08*
142* Simpson Avenue* Rockingham* H* N/A 3 1 1WCS 1STRYS 1CP B R GHWS INS P EH K/D L LDY* 700 sqm $317,000* UNDER OFFER* 24-07-08*
42* Waterfront Parkway* Shoalwater* H* N/A 3 2 2WCS 2STRYS* 332 sqm $499,000* UNDER OFFER* 21-09-08*
8* Barnes Street* Rockingham* H* D/B/T 4 2 2WCS 1STRYS 2CP D F GM A/C B R GHWS GC SC INS P V K L LDY* 749 sqm $370,000* UNDER OFFER* 22-09-08*
6* Vitesse Approach* Shoalwater* H* N/A 4 2 2WCS 1STRYS 2G F GM P EH K/D L LDY* 522 sqm 2008* $485,000* UNDER OFFER* 09-09-08*

 

[muney]

it's a stand off Kenneth. Renowned economist Steven Keen believes house prices are set to drop dramatically, however there are population pressures building here and with new builds coming to a stand still there could be a price break out. So it's a battle of bulls and bears and no one is sure which way it will go, thus you need a plan to deal with a worst case scenario for your circumstances whilst still maintaining some exposure.

i honestly dont buy into the argument that prices will go up because theres soo many ppl moving here..at the end of the boom in sydney, almost all commentators were saying the same thing..and theres plenty of people moving to sydney..its all hype ..perth post boom will be worse than sydney.

 

[sparky23]

Thanks for that Paulie, I think it holds up with my confusion as to why my houses have not sold yet when they are obviously well priced!

 

[Kennethkohsg]

Dear Paulie,

1. Your sale data certainly helps quite a lot to a certain extent.

2. However, most of the house sale data that you have provided here, were actually referring to the sale of older houses in the Rockingham-Shoalwater suburbs which were actually located physically outside the newly completed Anchorage Estate.

3. Consequently, they were of lower costs and thus, their lower sale prices achieved, as can be seen from your house sale data provided in your post.

4. Nonetheless, from your house sale data, we can now properly ascertain the following single-storey detached houses in the Anchorage Estate were effectively sold as follows:

a. 29 Belgravia Terrace, Rockingham WA 6168 - A$370,000 - 30 July 2008.
b. 10 Gulliver Lane, Shoalwater, WA 6169 - $420,000 - 23rd July 2008.
c. 19 Oleander Avenue, Shoalwater WA 6169 - $407,000 - 17th August 2008.
d. 78, RAE Road, Shoalwater, WA 6169 - $422,000 - 11th July 2008.
e. 26 Swift Court, Rockingham WA 6168 - $487,000 - 2nd July 2008.

5. From your house sale data, we observe that the only Double-Storey house sold in the Anchorage Estate since July 2008, seems to be, that at 38, Lyttleton Avenue, Rockingham, WA 6168 for A$690,000 on 2nd August 2008.

6. The other Double-Storey lakefront townhouse in the Anchorage Estate referred to, is located at 42, Waterfront Parkway, Shoalwater, WA 6169, with an asking price of A$499,000 is presently "Under Offer" since 21st September 2008.

7. A further newly completed single storey house in the Anchorage Estate at 6 Vitesses Approach, Shoalwater WA 6169, with an asking price of A$485,000 is presently still "Under Offer" since 9th September 2008.

8. Consequently, the present achieved sale rate for houses in the Anchorage Estate over the few months has been very good especially for the month of July 2008.

9. In fact, it seems to be gaining some momentuem lately since July 2008, as we can infer from your sale data, as its previous house sale rate in the Anchorage Estate, has only averaged about 2 house sales per month since late 2006.

10. From your sale data provided, we further observe that the final achieved house sale price, in the Anchorage Estate, is generally about less than A$12,000 lower than their initial asking prices for most of the single-storey houses completed sales, in the Anchorage Estate, thereby indicating that these completed sales houses were competitively and realistically priced, in the first place.

11. The final achieved sale price (A$690,000) for the only Double-Storey House sale in the Anchorage Estate at 38, Lyttleton Avenue, Rockingham, WA 6168 is however some A$30,000 below its initial asking price of A$720,000.

12. For your further update and discussion/comments, please.

13. Thank you.


regards,
Kenneth KOH

 

[paulie]

Hi all,

Ken, I have no idea what streets, and properties are in the estates you are after, so i just pull the whole suburb. I'll leave it to you to sort the data out.

I haven't been lurking on somersoft as much as i used too, seems multiple kids really does eat into your free time. Any time you guys want an update, just send me an email.

Any perth metro suburb in fact, more than happy to help.

Good luck

Paulie

 

[sparky23]

Just advising that we have new tenants going in to 56 Grove st at $350 per week which is an increase of $50 per week, we had a choice of 2 families both from interstate.

Therefore we have to withdraw from the market for the 6 months and hope one of the other properties sells although this one could still go to an investor. The tenants had requested a 12 month lease, have one 8 year old and no pets so should be good tenants too. If someone put in their 20% deposit and costs this would give them a mortgage of $320,000 against rent of $350 per week, yes there are better yields but also much worse!

 

[Kennethkohsg]

Dear All,

1. According to the Sunday Times Newspapers Real Estate Liftout, both the Rockingham and Shoalwater suburbs suffered negative annual capital growth rate for FY 2007/2008, amounting to -7.8% and -2.1% respectively.

2. The average capital growth rate for Rockingham over the last 5 years and 10 years period amounts to 18.9% and 13.6% respectively.

3. The average capital growth rate for the Shoalwater suburb over the last 5 years and 10 years period amounts to 12.5% and 13% respectively.

4. The median house price for the Rockingham and Shoalwater suburbs presently amounts to $387,700 ( or A$420,500 in June 2007) and A$465,000 ( or A$475,000 in June 2007) respectively.

5. In the Rockingham suburb, there were some 184 houses sales, 141 unit sales and 14 vacant land sales reported for FY 2007/2008.

6. Lkewise, in the Shoalwater suburb, there were some 55 house sales, 44 units sales and 22 vacant land sales for FY 2007/2008.

7. For your further comments and discussion, please.

8. Thank you.

regards,
Kenneth KOH

 

[Prakman]

Hi Everyone,

Just want to keep the investors posted that we are now receiving $390 for our 4x2 Grove Street in Shoalwater. With falling interest rates and higher rents, its starting to be a bit easier to hold on to our investments.

Have a great day!

 

[Minxdamanx]

Glad to hear it Prakman.

Wish I could get something similar for my 2x1 just around the corner. Though, thinking about it half of 4x2 is 2x1 and I'm getting better than half so I shouldn't complain!

To all those in the Anchorage / Shoalwater area who have been struggling - all the best for the new year and I hope things improve for you all.

 

[sparky23]

Hi Prakman

Thanks for keeping us posted re the rents, having sacrificed 48 Grove st at great pains it is a comfort to know the rents have jumped so much so that we can increase 56 Grove in March, I had thought we could get $370-$380 so $390 is great news!

You didn't rent to the people who have to move out of 48 now that we have sold did you? They have to be out by 2nd Feb so they would be looking now.