Want to punt on a timeframe for a sustainable rebound? In gladdy's case I'm thinking around 5 years? Barring any significant macro downturn of course.
Is the worst now over for Gladstone...?
- Thread starter DavidMc
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Want to punt on a timeframe for a sustainable rebound? In gladdy's case I'm thinking around 5 years? Barring any significant macro downturn of course.
I often wonder how many people who invested in Gladstone actually went and visited the town and what their DD was?
I did consider purchasing a few years ago but after making a trip up to Gladstone and seeing the amount of stock coming on the market and the decline in the work force I decided against it.
Sorry I have no evidence behind my prediction but I would say three to five years.. Hopefully it's quicker then that..
As it has been mentioned a few times about people not doing their DD before buying into Gladstone.. I would think most of the sheep that bought into the market wouldn't be SS members. Most people are here because they are the kind of people that do put some effort into their property investing.
I think it's crap that people can say "I could see there was going to be an oversupply" because it really depends on timing. If you bought into gladstone, Mackay, chinchilla or even brisbane inner city apartment market years before, how would you know that two years down the track a developer would put in a application with the council to build a thousand properties.. Yes if the application was in or the development had been started and it was obvious this would flood the market you are an idiot.
While I'm on the subject a heads-up for SS members I have heard south cairns has a 18,000 property development planned.. So expect a massive oversupply up there in the next few years.
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Anecdotally, it seems that just about every regional market in Queensland is heading towards oversupply or is already there. Does anyone else have a sense of impending doom for the Qld Market (speaking broadly, of course, as some places will always do well amongst the gloom)?.
Oh nah I'm in finance. My colleague just bought I think 1 or 2 of these apartments. I remember it being quite expensive, maybe $700k or so each? I was thinking at the time, holy that's more expensive than Syd/Melb terrace houses 500 meters walking distance from the CBD.
I must say I only found out about my colleague buying in Gladdy because I was there for work in 2011 for a few days (to visit some LNG sites) and when I was in the town, I asked my client where the town center was (little did I know I was already in the center).
He then told me that my colleague in Syd bought an (or 2) apartments here and that they're going to boom.
Anyone know how the banks manage your outstanding debt if you sell a property at a loss? ie. Would you get to keep the same interest rate and term to pay the remainder even without a house as security?
At this stage.. the bank can have "their" house in gladstone and do with it wat ever they please.. just let me walk away!!!
At this stage.. the bank can have "their" house in gladstone and do with it wat ever they please.. just let me walk away!!!
You'll need to stump up the cash for the difference at settlement. If you don't have the cash on hand, you'd probably need to either take out an unsecured personal loan, or a loan against another property you have equity in.
I know from personal experience that there's more than a handful of folks in Emerald in a similar situation, and they can't sell up and leave because they are so far in negative equity and can't service a personal loan necessary to sell their houses at current market value.
If you bought a established house in 2010 I wouldn't of thought you would lose money.. What's the address and how much do you need to get to get out?
It's in Beak st. New Auckland. 3x1 lowset. Cost $320k. Wanna buy it? 
It's in Beak st. New Auckland. 3x1 lowset. Cost $320k. Wanna buy it?
No, I have two of my own nightmares thanks
What do you think your property is worth now?
Been valued by two local agents between 260-280k.
Really wish I sold around 2011-12 when it was valued at 380-400k. Expensive lesson. Would sleep better if I could lock in a long term reliable tenant.
Really wish I sold around 2011-12 when it was valued at 380-400k. Expensive lesson. Would sleep better if I could lock in a long term reliable tenant.
Next time it goes up it will be worth 420-450k just be ready
Like me it's just to bad you aren't buying now....
Lol yeh. Lots of first home buyers there could do well if growth returns. Gotta hope Clive's Nickel project goes ahead and they stop releasing land and building more houses.
I thought there was a shortage of houses in australia hence the sky high prices...as a society we need more developable land and more houses...not less
We're not talking about Sydeny
You've been reading too many newspapers, Mate.
Hi all,
Managed to get a tenant. $280 p/w is better than nothing. Hopefully things don't get any worse and in a few years growth returns. I simply can't afford to sell so i'm hanging on for the long term!
Managed to get a tenant. $280 p/w is better than nothing. Hopefully things don't get any worse and in a few years growth returns. I simply can't afford to sell so i'm hanging on for the long term!
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