Looking at about a 7% yield?
Gladstone QLD - How is it Going????
- Thread starter charlieandkath
- Start date
Looking at about a 7% yield?
Hey guys, just thought id share my experience with my Gladstone property so far. This is my first Investment property, one of many hopefully 
I Purchased a 3 bed, 1 bath highset in kin kora in July 2011. I paid $375,000. The tennants that were in there were only paying $295 a week. By the time i settled i had new tennants paying $500 a week.
6 months later, just before i was going to re-sign the tennants for another 6 months i had a problem with the bathroom. It was leaking from the shower base that hadnt been waterproofed properly and into the downstairs area through a light Tennants ended up moving out, so decided i would drive up to Gladstone (im from Brissy) and spruce the place up abit. Got the bathroom fixed, updated the kitchen, polished floorboards, installed new blinds, painted throughout, put in new bar tops downstairs, general tidy up and de-clutter outside. All up spent about 15k.
Recently had it re-valued at $440,000 and receiving $550 a week in rent.
Now on the hunt for property number 2, not sure where just yet, possibly brisbane.
I Purchased a 3 bed, 1 bath highset in kin kora in July 2011. I paid $375,000. The tennants that were in there were only paying $295 a week. By the time i settled i had new tennants paying $500 a week.
6 months later, just before i was going to re-sign the tennants for another 6 months i had a problem with the bathroom. It was leaking from the shower base that hadnt been waterproofed properly and into the downstairs area through a light
Tennants ended up moving out, so decided i would drive up to Gladstone (im from Brissy) and spruce the place up abit. Got the bathroom fixed, updated the kitchen, polished floorboards, installed new blinds, painted throughout, put in new bar tops downstairs, general tidy up and de-clutter outside. All up spent about 15k. Recently had it re-valued at $440,000 and receiving $550 a week in rent.
Now on the hunt for property number 2, not sure where just yet, possibly brisbane.
Hi all,
All the talk is about gladstone and they talk about the short supply their , but you search on real estate website about 80 rentals,spending over $450,000 and then what looks like to be hoping for a tenant . I have been told buy buy there but not to sure, maybe I will stick to my own backyard.
Macca
All the talk is about gladstone and they talk about the short supply their , but you search on real estate website about 80 rentals,spending over $450,000 and then what looks like to be hoping for a tenant . I have been told buy buy there but not to sure, maybe I will stick to my own backyard.
Macca
Reasonably priced rentals rent quickly. Some sit on the market for ages as they are greedy asking $200+/week more than the market rate.
In the past month, the number of rentals available dropped by 70, so there are good signs that the market is starting to tighten again, following Bechtel dumping 120 rentals back on the market when they moved some employees to Curtis Island.
Too good to be true?
I still dont quite believe it yet so havent said anything for the past week when our Property Manager gave us the good news. Our house settles tomorrow and we are supposed to have a corporate lease starting on Friday at $650 a week. The house is 3 bedrooms but the garage has been properly converted into another huge room so it could be classed as a 4th bedroom or a large rumpus. We paid $427K and could have screwed the owner for less - we didnt bother as the house was originally listed at about $470K. It should pay for itself. I'm buying my residents a new letterbox and getting a few shrubs trimmed back. The managers assure us that the old-fashioned carpet in the bedrooms doesnt matter. Otherwise the property is in immaculate condition. The tenants are geologists.
I still dont quite believe it yet so havent said anything for the past week when our Property Manager gave us the good news. Our house settles tomorrow and we are supposed to have a corporate lease starting on Friday at $650 a week. The house is 3 bedrooms but the garage has been properly converted into another huge room so it could be classed as a 4th bedroom or a large rumpus. We paid $427K and could have screwed the owner for less - we didnt bother as the house was originally listed at about $470K. It should pay for itself. I'm buying my residents a new letterbox and getting a few shrubs trimmed back. The managers assure us that the old-fashioned carpet in the bedrooms doesnt matter. Otherwise the property is in immaculate condition. The tenants are geologists.
Sounds good. Who is your property manager?
I don't see the viability in a fast rail service between Rocky, Gladstone and Wide Bay-Burnett. For a start the train station in Gladstone is nowhere near where many of the jobs in the city are, and starting and finishing times are very spread out in Gladstone's industry, so there's no significant mass of commuters as of right now to justify the rail service.
In the past few days there have been announcements by a number of the industries involved in alumina and aluminium processing plants that there are going to be some job cuts due to those industries struggling in the current climate. The extent of the cuts isn't entirely clear at the moment.
Also, word from Matusik and Ryder echoes my sentiments about Gladstone's current situation:
http://www.propertyobserver.com.au/...dd59-August_17_20124_10_2012&utm_medium=email
Also, word from Matusik and Ryder echoes my sentiments about Gladstone's current situation:
http://www.propertyobserver.com.au/...dd59-August_17_20124_10_2012&utm_medium=email
Someone had to be left holding the bag.
I think you mean East Shores on Auckland Inlet (Flinders Parade), Barney Point is no place no put a water recreation park.
Yes, it is still going ahead. It hasn't commenced yet, but it will be very shortly.
I agree. The days of the double digit growth (where the first digit is a 2) are over.
Still years of good, sustained performance in my view, and don't forget 9% yields are still obtainable.
I also agree with this. It was always going to settle back down, and now hopefully should just tick along nicely. The thing to look at beyond the construction jobs Is all the permanent jobs that will be created, which will keep Gladstone moving forward IMO. And like you said good yields to be had also.
Just read that the Calliope crossroads upgrade is underway aswell
The permanent jobs required to run the sites once construction is complete is less than 10% of the construction workforce. Just factor that in when forecasting future employment. I have seen people miss this.
Also yes the crossroads upgrade has started. They cleared the first of the trees today and placed some dongas near the site earlier in the week.
