Just spent the last few days checking out RE in Geraldton and south along the WA coast back towards Perth. Thought some of you might be interested in mpy impressions...
Firstly Geraldton - the frenetic activity that has been evident over the last couple of years is definitely over with lots of properties now on the market for extended periods of time. REA saying that this is not so much because of lack of buyers but just that many vendors haven't yet accepted the steadying market and are refusing to accept realistic offers. I must say that we could not see value for money in most of Geraldton's RE with the exception of the more desirable area's like Bluff Point, Beresford, Drummond Cove etc. I wouldn't be at all surprised to see a correction in some of the lower socio suburbs like Rangeway, Utakarra, Spalding etc. All REA claiming rental vacancies are very low, particularly for better quality properties but yields are terrible. For instance,$512K 3x1 in Mt Tarcoola with inunterupted 270 degree ocean veiws, maybe $260-280 p/wk, $400K 3x1 in Bluff Point, maybe $240 p/wk, $330K 3x1 in Rangeway, maybe $160 p/wk. REA not confident that any significant rent rises will occur in the foresable future as Geraldton has historically had very low rentals and it will take a long time for any rises to filter through. On a more general note, Geraldton has gone ahead in leaps and bounds with the govt. having invested plenty of $ there. The relocation of the railway line from the foreshore and the redevelopment of this precinct is almost finished and looks great. Still no cafe strip as such but this will come. Town centre has been revitalised plus much of the coastal strip - all good. Infrasture in place - upgraded hospital, TAFE, uni campus etc. Plenty of jobs with new mining activities, fly-in fly-out options etc. Bottom line, we won't be buying in Geraldton any time soon but it is on our radar as a place to watch.
Heading south Dongara/Port Denison look great. Plenty of property development going on, tourism increasing steadily, close enough to Geraldton, Eneabba etc for jobs, access to essential services, shopping etc. $ for $, I think this area is far better value than Geraldton at the moment. Rent yields marginally better than Geraldton and I think there will be some great long term CG's. We plan to head back there very soon...
Continuing south to Leeman - nothing going for it as far as I can see apart from a cray/fishing town with jobs only in this industry. No infrastructure, no services, pretty coastline but the town's a dive. Property very expensive. Greenhead is much nicer but still same re jobs etc. Slowly growing community which will continue to attract some retirees. Property very expensive and during a quick drive around I saw two signs offering homes to rent. Not sure who there is to rent them outside peak holidya season or seasonal cray boat workers.
Jurien Bay - plenty of new development and always a favourite holiday destination for Perthites. Lots of activity from retirees and holiday homes but I'm don't see where the jobs growth will come from to attract new families etc. Property prices are sky high - I didn't see anything for less than high $400K's (old fibro home) with many up around $700K or more. I wonder at what point does it become too expensive for retirees??? The cray industry will only support so many...
Flatout
Firstly Geraldton - the frenetic activity that has been evident over the last couple of years is definitely over with lots of properties now on the market for extended periods of time. REA saying that this is not so much because of lack of buyers but just that many vendors haven't yet accepted the steadying market and are refusing to accept realistic offers. I must say that we could not see value for money in most of Geraldton's RE with the exception of the more desirable area's like Bluff Point, Beresford, Drummond Cove etc. I wouldn't be at all surprised to see a correction in some of the lower socio suburbs like Rangeway, Utakarra, Spalding etc. All REA claiming rental vacancies are very low, particularly for better quality properties but yields are terrible. For instance,$512K 3x1 in Mt Tarcoola with inunterupted 270 degree ocean veiws, maybe $260-280 p/wk, $400K 3x1 in Bluff Point, maybe $240 p/wk, $330K 3x1 in Rangeway, maybe $160 p/wk. REA not confident that any significant rent rises will occur in the foresable future as Geraldton has historically had very low rentals and it will take a long time for any rises to filter through. On a more general note, Geraldton has gone ahead in leaps and bounds with the govt. having invested plenty of $ there. The relocation of the railway line from the foreshore and the redevelopment of this precinct is almost finished and looks great. Still no cafe strip as such but this will come. Town centre has been revitalised plus much of the coastal strip - all good. Infrasture in place - upgraded hospital, TAFE, uni campus etc. Plenty of jobs with new mining activities, fly-in fly-out options etc. Bottom line, we won't be buying in Geraldton any time soon but it is on our radar as a place to watch.
Heading south Dongara/Port Denison look great. Plenty of property development going on, tourism increasing steadily, close enough to Geraldton, Eneabba etc for jobs, access to essential services, shopping etc. $ for $, I think this area is far better value than Geraldton at the moment. Rent yields marginally better than Geraldton and I think there will be some great long term CG's. We plan to head back there very soon...
Continuing south to Leeman - nothing going for it as far as I can see apart from a cray/fishing town with jobs only in this industry. No infrastructure, no services, pretty coastline but the town's a dive. Property very expensive. Greenhead is much nicer but still same re jobs etc. Slowly growing community which will continue to attract some retirees. Property very expensive and during a quick drive around I saw two signs offering homes to rent. Not sure who there is to rent them outside peak holidya season or seasonal cray boat workers.
Jurien Bay - plenty of new development and always a favourite holiday destination for Perthites. Lots of activity from retirees and holiday homes but I'm don't see where the jobs growth will come from to attract new families etc. Property prices are sky high - I didn't see anything for less than high $400K's (old fibro home) with many up around $700K or more. I wonder at what point does it become too expensive for retirees??? The cray industry will only support so many...
Flatout
The block is costing me $800month. Most transportable companies are charging alot for 3x1 because they can at the moment. The cheapest I can find is at transformablehomes.com and I can get this for under 100k I think complete. I would rather put a second hand one on there as it would be cheaper but not sure if the headache is worth it...also I dont know where to source one from. The City of Geraldton have advised if it is second hand then it needs shire approval.... but how do you purchase a second hand transportable with the hope of having it approved. ? Any help/suggestions on the matter would be greatly appreciated. Thanks
