Hey norwoodman, just wondering what line of work you're in, and where abouts you're new job is? LNG would be a safe assumption?
Gladstone QLD - How is it Going????
- Thread starter charlieandkath
- Start date
Hey norwoodman, just wondering what line of work you're in, and where abouts you're new job is? LNG would be a safe assumption?
I'm in structural engineering and design work, so while I may be working on LNG projects I'm not a construction worker nor will I be working on LNG projects exclusively. I'm going to be working predominantly out of an office in Goondoon Street in central Gladstone, but also out on site occasionally.
I just purchased my first IP in central Gladstone. 2br 52sqm Unit for $323,000 currently rented for $400 p/w. Very excited!
I'm only 24 so the strategy is to cash up in a couple of years and purchase a PPOR down here in Brissy.
Currently the IP is neutral cash-flow which I'm very happy with considering I only had $28k saved up. Now I'm stuck with the oldies for the next year or so
I'm only 24 so the strategy is to cash up in a couple of years and purchase a PPOR down here in Brissy.
Currently the IP is neutral cash-flow which I'm very happy with considering I only had $28k saved up. Now I'm stuck with the oldies for the next year or so
I just purchased my first IP in central Gladstone. 2br 52sqm Unit for $323,000 currently rented for $400 p/w. Very excited!
I'm only 24 so the strategy is to cash up in a couple of years and purchase a PPOR down here in Brissy.
Currently the IP is neutral cash-flow which I'm very happy with considering I only had $28k saved up. Now I'm stuck with the oldies for the next year or so
Very nice! What LVR have you got on your property (5% + LMI I'm guessing)? I'm hoping to be in your position in just over a year's time (I'm 23), but I'm only now just building up my savings of $6k and stable employment history.
I'm hoping to get a good look around at potential IPs while I look for a place to rent, looking at the areas south of Philip Street though rather than north at the moment (Kin Kora, Telina, New Auckland and the new estates around Kirkwood and Clinton). Affordability might push me north into units around West and South Gladstone though. Hopefully the market doesn't jump too much before I'm in a position to purchase (I know others are hoping otherwise
)!I'm now in a position to take some photos, go check things out if people want since I now live in Gladstone.
Good on you young blokes getting into it so early.
At your age I didn't understand leverage in the slightest sense, was basically afraid of money and was most likely a socialist by all commonly accepted measurements.
Started to snap out of it around 30 and didn't really discover property until 34-35. Reckon if I started 10 years earlier I would be "work optional" financial status right now.
Good on you for getting started and may all your ventures bring you closer to your goals!
At your age I didn't understand leverage in the slightest sense, was basically afraid of money and was most likely a socialist by all commonly accepted measurements.
Started to snap out of it around 30 and didn't really discover property until 34-35. Reckon if I started 10 years earlier I would be "work optional" financial status right now.
Good on you for getting started and may all your ventures bring you closer to your goals!
Just checked, they are all sold. Seems you can construct anything in Gladstone and it sells in a heartbeat. Making a profit is a whole different discussion.
Good stuff sells quickly in Gladstone (days to weeks). You really need to be there on the ground. Many people do by site unseen though.
I don't think it's too late by any stretch of the imagination, my research can see that the rents are just starting to boom however the prices lag behind still (as they generally do, by 6 months or so, property isn't as fast as people think). All the cheaper stuff is renting quick putting upwards pressure on the good stuff.
Michael Matusik still has Gladstone at the 9 o'clock position (12 = peak, 6 = bottom). It's perfect timing I think! Even if you could pick a bottom at another location you'd probably have at least of year of nothing, maybe more. This place is on the up.
My $530k is getting good interest asking $900pw (will probably have to drop it a bit - but I'd say $800pw should be easy, as people are snapping up $750pw lesser homes in a day without pools out in Calliope). Put those numbers into PIA!
I only bought that in late Dec too. I think there is plenty of opportunity still around. It's funny how so many companies would rather pay the high rents because they couldn't be bothered with the hassle of owning property for their employees (to be fair, they'd need an in-house PM arm, which wouldn't be cheap).
Maybe in 6 months time I'd re-assess. You'll make most money off the jump in prices, which still has not occurred but I cannot imagine how it could not over the next 12 months. Well, I'm betting it is anyway and naturally I am biased now that I have bought there so do your own research (although I wouldn't have bought there if I didn't think it was good!).
I don't think it's too late by any stretch of the imagination, my research can see that the rents are just starting to boom however the prices lag behind still (as they generally do, by 6 months or so, property isn't as fast as people think). All the cheaper stuff is renting quick putting upwards pressure on the good stuff.
Michael Matusik still has Gladstone at the 9 o'clock position (12 = peak, 6 = bottom). It's perfect timing I think! Even if you could pick a bottom at another location you'd probably have at least of year of nothing, maybe more. This place is on the up.
My $530k is getting good interest asking $900pw (will probably have to drop it a bit - but I'd say $800pw should be easy, as people are snapping up $750pw lesser homes in a day without pools out in Calliope). Put those numbers into PIA!
I only bought that in late Dec too. I think there is plenty of opportunity still around. It's funny how so many companies would rather pay the high rents because they couldn't be bothered with the hassle of owning property for their employees (to be fair, they'd need an in-house PM arm, which wouldn't be cheap).
Maybe in 6 months time I'd re-assess. You'll make most money off the jump in prices, which still has not occurred but I cannot imagine how it could not over the next 12 months. Well, I'm betting it is anyway and naturally I am biased now that I have bought there so do your own research (although I wouldn't have bought there if I didn't think it was good!).
I keep looking at Gladstone and wondering. But my "spidey-sense" just keeps twinging saying, "it's all overhyped" and "that's alot of eggs in one basket".
I can probably just afford one decent newish property up there.
Got my eyes on a couple of lesser loved locations right now. Both on the edge of being impacted by smaller resources projects. Both also with much going for them without resources boom.
But damnit, the numbers some of you guys are quoting are very sexy. And the area broadly fits my investment criteria........damn you!
I can probably just afford one decent newish property up there.
Got my eyes on a couple of lesser loved locations right now. Both on the edge of being impacted by smaller resources projects. Both also with much going for them without resources boom.
But damnit, the numbers some of you guys are quoting are very sexy. And the area broadly fits my investment criteria........damn you!
If anyone is serious about purchasing quality property in Gladstone you will need to register your interest with the real estate agents to be advised on upcoming listings.
I recently sold a property in the "sub 500k" price range that didn't even get officially listed.
Properties in good areas that are not overpriced don't make the internet sites.
I recently sold a property in the "sub 500k" price range that didn't even get officially listed.
Properties in good areas that are not overpriced don't make the internet sites.
Just to get what is happening in Gladstone in pictures, here are a few from the Little Creek estate at Kirkwood in Gladstone's south. The large cleared area in the distance in the second photo is part of the Vantage estate if I am not mistaken.
Very nice! What LVR have you got on your property (5% + LMI I'm guessing)? I'm hoping to be in your position in just over a year's time (I'm 23), but I'm only now just building up my savings of $6k and stable employment history.
I'm hoping to get a good look around at potential IPs while I look for a place to rent, looking at the areas south of Philip Street though rather than north at the moment (Kin Kora, Telina, New Auckland and the new estates around Kirkwood and Clinton). Affordability might push me north into units around West and South Gladstone though. Hopefully the market doesn't jump too much before I'm in a position to purchase (I know others are hoping otherwise
Hi Norwood, yes spot on - 95% LVR and LMI. Settlement is in 2 days
I think you're right with the areas. I was very fortunate to get something dead center in the middle of gladstone(around the corner from like 3 pubs!!!).
Good luck with it, feel free to msg me if you have any questions mate.
Also thanks for the praise emptyvessel, I certainly hope to be in a work-optional stage by 40! fingers crossed, hah!
I closely track vacancies in Gladstone on a regular basis.
The number of rentals available is rapidly declining at the moment.
A search on realestate.com.au for Gladstone and surrounding suburbs got up to around 225 properties in early January.
That number is rapidly coming down. It was 195, 2 weeks ago, 175 a week ago and today it stands at 154. A quick review of these actually shows that about 20 of them are already under application.
http://www.realestate.com.au/rent/in-gladstone,+qld+4680/list-1
Mid 2011 the number of vacancies got down to around 50 and rents started to rise pretty quickly. I am expecting similar to happen in the next few months and probably to get even tighter, with rapid rent escalation when this occurs.
You can also track rental vacancies over time here, and compare to other markets in Australia. Note the current vacancy rate is 0.7%. A balanced market is normally around 3%
http://www.sqmresearch.com.au/graphs/graph_vacancy.php?postcode=4680&t=1
Cheers,
Matt
The number of rentals available is rapidly declining at the moment.
A search on realestate.com.au for Gladstone and surrounding suburbs got up to around 225 properties in early January.
That number is rapidly coming down. It was 195, 2 weeks ago, 175 a week ago and today it stands at 154. A quick review of these actually shows that about 20 of them are already under application.
http://www.realestate.com.au/rent/in-gladstone,+qld+4680/list-1
Mid 2011 the number of vacancies got down to around 50 and rents started to rise pretty quickly. I am expecting similar to happen in the next few months and probably to get even tighter, with rapid rent escalation when this occurs.
You can also track rental vacancies over time here, and compare to other markets in Australia. Note the current vacancy rate is 0.7%. A balanced market is normally around 3%
http://www.sqmresearch.com.au/graphs/graph_vacancy.php?postcode=4680&t=1
Cheers,
Matt
Available rentals still dropping rapidly- only 58 available at 10.45am today
Unless something is seriously wrong with the website, that number is now 41!!
Looking at the Domain website indicates 70 properties in Gladstone and surrounding areas and there are normally more on realeastate.com.au.
Perhaps it is a glitch in the website.... any other thoughts / rumours?
Hi Matt, I thought something was wrong when I saw it today, as in the website,
but if not this could be the launch of the big influx?
but if not this could be the launch of the big influx?
Ok, I have just had it confirmed by a rental agency that it is a system glitch as detailed below....
"Realestate.com have made some upgrades this morning but have not advised anyone of the updates that were going to take place. Previously we had to list all properties for Gladstone and surrounding areas under “Gladstone” Now with their change we have to list the properties in the exact suburn that they are in – for example I will be changing your flinders street property from GLADSTONE to WEST GLADSTONE. What you are seeing there are properties that may not have been changed as of yet. It should be a better and more accurate search for you if you search 4680"
A search of 4680 QLD reveals 191 available as below
http://www.realestate.com.au/rent/in-4680/list-1?source=location-search
Seems that the market hasn't changed at all. Gave me some excitement for the day anyway!
Cheers,
Matt
"Realestate.com have made some upgrades this morning but have not advised anyone of the updates that were going to take place. Previously we had to list all properties for Gladstone and surrounding areas under “Gladstone” Now with their change we have to list the properties in the exact suburn that they are in – for example I will be changing your flinders street property from GLADSTONE to WEST GLADSTONE. What you are seeing there are properties that may not have been changed as of yet. It should be a better and more accurate search for you if you search 4680"
A search of 4680 QLD reveals 191 available as below
http://www.realestate.com.au/rent/in-4680/list-1?source=location-search
Seems that the market hasn't changed at all. Gave me some excitement for the day anyway!
Cheers,
Matt
