I did see that article Ausprop, had it sent to me by one very helpful and down to earth REA from Hedland. Hes sent me a heap of info and been really good, sadly the place I am buying isnt from him. I tried to get one from him but had the offer on this one when he had a few nice ones show up. All were around 650k and good returns, bit hard to risk losing one on the chance of getting another. They go so quick up there, and some for above the advertised price.
Karratha WA
- Thread starter phil
- Start date
Hi guys,
Any advice on how can I purchase a land in Karratha in new subdivision? I'm moving here and worry about accomodation, so building sounds like a good and cheaper idea. WOuld probbaly have to go FIFO for a year, but then can settle in.
I was chasing up a land here for months – suppose to be on LandCorp, RE, and online website mailing lists. I call RE every few wee for an update and always told that there's a delay and land will be in next bla-bla-bla weeks....
Someone mentioned here a ballot with 5K deposit and some recent release of 79lots. How did I miss it?!!!
Do you know when the next release will be and how to get inot this? What else can I do to get this land?
Any advice on how can I purchase a land in Karratha in new subdivision? I'm moving here and worry about accomodation, so building sounds like a good and cheaper idea. WOuld probbaly have to go FIFO for a year, but then can settle in.
I was chasing up a land here for months – suppose to be on LandCorp, RE, and online website mailing lists. I call RE every few wee for an update and always told that there's a delay and land will be in next bla-bla-bla weeks....
Someone mentioned here a ballot with 5K deposit and some recent release of 79lots. How did I miss it?!!!
Do you know when the next release will be and how to get inot this? What else can I do to get this land?
Hi Olpainting,
There's a lot happening in Karratha and a signifigant release is coming up. Think the awareness ad's will start to hit this month and next. Would suggest sending an e-mail to Richard Naulls at Ray White Karratha ([email protected]) to make sure your on the list and also register via the landcorp website as a backup (following the links to the Karratha release is fairly straight forward).
There's also an industrial release in Karratha, Port Hedland and Newman now open (if it's of interest).
Ol Painting, sorry but you have me worried. Reading your post it sounds like you haven't got a clue what you are about to get yourself into.Do you have a job already lined up?
Where are you going to live?
Do you know how much rent you may have to pay?
Going FIFO??? Doing what?
You clearly don't know how Landcorp and the ballot system works and I would dare say you have no idea how much it costs to build in Karratha, the time frame to do so, nor the holding costs you are likely to face.
Sorry bud, but I see people like yourself come & go all the time (i've been associated with Karratha since 1996 and have been successful in acquiring property there when others wouldn't touch the place. I've also been succesful in one Landcorp ballot.
Mate unless you can elaborate your plans more clearly, I would urge you to stay the hell away from Karratha......it spits out people who have done no research just like watermelon seeds.
Unless you have clearly defined and achievable plans, based on thorough research........you can not make money out of Karratha......trust me, you will leave poorer and disheartened!!
Sorry, but I am a realist, not a dreamer!!!
Pretty sure the ballot system in Karratha is the same as in Hedland (?) the process is pretty stringent, you have to have finance sorted and sign the contract to buy which includes a stat dec (JP witnessed) that you are either a 1st home buyer or intend to buy the land as an owner occupier. Preference in the ballot is given to the above 2 types of buyers, if your name gets drawn you have a certain amount of time in which you need to build or you forfeit the block. Prices to build range from about 380K+ for a transportable 3x2 home. The land releases for hedland are advertised in the local paper - Karratha might be the same?
Not sure about the Karratha list for land this sounds like a separate thing to the ballot system, i have a friend that works for landcorp down there and Ive never heard her mention it so ..?
For those interested, I received this attachment from an agent in Karratha yesterday.
F
Do you have a job already lined up?
Yes
Where are you going to live?
Anywhere reasonable and near civilization
Do you know how much rent you may have to pay?
Yes. A lot
Going FIFO??? Doing what?
Working on barrow island
You clearly don't know how Landcorp and the ballot system works I know thats why I'm asking and I would dare say you have no idea how much it costs to build in Karratha For a 3bedder probably about 4-5hundy, the time frame to do soBout a year if your lucky, nor the holding costs you are likely to face.
Sorry bud, but I see people like yourself come & go all the time (i've been associated with Karratha since 1996 and have been successful in acquiring property there when others wouldn't touch the place. I've also been succesful in one Landcorp ballot.
Mate unless you can elaborate your plans more clearly, Make lots a money I would urge you to stay the hell away from Karratha......it spits out people who have done no research just like watermelon seeds.
Unless you have clearly defined and achievable plans,Buy properties with a yield in excess of 8% based on thorough research........you can not make money out of Karratha......trust me, you will leave poorer and disheartened!!
Sorry, but I am a realist, not a dreamer!!!
so ...can you give your opinion now may I ask Ian?
Hi ausprop. Do you know if OO's and firsthomebuyers take a certain priority over builders as newie suggested also? I'd be keen to know the outline plan karratha head honchoz have regarding fresh Owner occupiers
Sorry Reeco....have you got dual tags in this thread i.e. Loggen in as Ol Painting & Reeco??? I'm confused....who's comments are in red font?
I'll reply to your post Reeco.
My views on karratha are well documented if you search through my previous posts going back a number of years. My current view is unchanged and I seriously urge others to use extreme caution in trying to procure property in Karratha......be very specific about your strategy and make sure you can afford decreasing rent returns, higher interest rates, mass demobbing (rental vacancies) after Pluto Trn1 construction (Woodside are not renewing leases) and RIO are no longer leasing private properties.
Now, bearing in mind my initial reply to the original thread was in response to a poorly drafted and worded enquiry, with minimal information by a first time 'poster' Ol Painting. His/her questions came across very clearly as those of someone who had no knowledge of the region or the machinations within in terms of real estate market (purchasing or renting).
If you're serious and want a more detailed response, then I will be happy to oblige......but your reponses in red font have me asking myself, is this person genuine, or are they just taking the p1ss?
Ian.
Do you have a job already lined up?
YesSo this is the job on Barrow Island? (with accomm on the island, or are you needing to be based in rental in Ktha?).
Where are you going to live?
Anywhere reasonable and near civilization As above.....dunno if you're in digs on Barrow, or needing to rent in Ktha....I will be second guessing.
Do you know how much rent you may have to pay?
Yes. A lot If it's in caravan park, single room bedsit, sharing a rental house.....pricing will vary depending $500 - $600/wk 1 x room in a share house up to to $2400/wk 4x2
Going FIFO??? Doing what?
Working on barrow island See above re accomm.
You clearly don't know how Landcorp and the ballot system works.
I know thats why I'm asking Others have since explained the process, it is quite clear now.
and I would dare say you have no idea how much it costs to build in Karratha For a 3bedder probably about 4-5hundy, allow $500K min for 3 x 2 with fencing, landscaping curtains, carpets etc.
the time frame to do so
Bout a year if your lucky, 12 - 15 month minimumnor the holding costs you are likely to face.
Sorry bud, but I see people like yourself come & go all the time (i've been associated with Karratha since 1996 and have been successful in acquiring property there when others wouldn't touch the place. I've also been succesful in one Landcorp ballot.
Mate unless you can elaborate your plans more clearly,
Make lots a moneyyep....good luck.
I would urge you to stay the hell away from Karratha......it spits out people who have done no research just like watermelon seeds.
Unless you have clearly defined and achievable plans,
Buy properties with a yield in excess of 8% Allow @ $720K (Land $180K if you can get it....Build $540K) and current rent maybe $1600 / wk gives about 11.5% gross.......but are you going to live in the house, or is purely a rental? Allow $3200 council rates, and $1000 cyclone insurance, water & electricity is huge too.
based on thorough research........you can not make money out of Karratha......trust me, you will leave poorer and disheartened!! Do your DD and you might come out ok.....don't research and you'll get burnt like all those that bought old snot boxes in Bulgarra the last three years for over $750 - 800K +.........they can't get $700K for them now..
Sorry, but I am a realist, not a dreamer!!! I repeat.
Thanks Ian. That helped me with a few missing deets and solidified others. No reeco is the only log on I have. I simply took the time to answer your questions. Sorry for the confusion. I wouldn't short a place like karratha nor would I go long. But if an opportunity to have a 180k block came my way I wouldn't say no. Id also only use it for investment purposes. 780 is a lot I agree...but in the end(or should I say at the start?) it is OPM.
What's your opinion of areas such as onlsow or dampier?
Morning All,
Thanks Reeco, you've prompted me to clarify things a tad further.
Years ago, we were able to have our cake & eat it too by seeing huge increases in property values as well as having astronomical cash flow coming in from obscene rents.
These days, the capital growth is (and I believe will be for some time to come) somewhat stymied. This coupled with what I believe will be a stagnation & perhaps small decline in rental returns as a ****load of new property comes onto the market in Ktha over the next two years is cause enough for me to advise caution and selectivity.
As you say with OPM and 8% and beyond rental yields still possible, then those looking for cashflow may still do quite well. I just can't see the big instant capital gains / growth happening again any time soon unless you do an "Owner / Builder" scenario or perhaps look into rapidly expanding commercial / industrial create your own equity.
Cheers,
Ian.
Thanks Reeco, you've prompted me to clarify things a tad further.
Years ago, we were able to have our cake & eat it too by seeing huge increases in property values as well as having astronomical cash flow coming in from obscene rents.
These days, the capital growth is (and I believe will be for some time to come) somewhat stymied. This coupled with what I believe will be a stagnation & perhaps small decline in rental returns as a ****load of new property comes onto the market in Ktha over the next two years is cause enough for me to advise caution and selectivity.
As you say with OPM and 8% and beyond rental yields still possible, then those looking for cashflow may still do quite well. I just can't see the big instant capital gains / growth happening again any time soon unless you do an "Owner / Builder" scenario or perhaps look into rapidly expanding commercial / industrial create your own equity.
Cheers,
Ian.
fyi:
There is a karratha article in the property section of saturdays west!
There is a karratha article in the property section of saturdays west!
So if one was to put into a landcorp ballot today for a parcel. How long can one expect to hear a result would you summize?
