Just a warning for anyone looking at the Mackay market at the moment.
Northern beaches is the only real safe haven at the moment.
After the floods in February, a lot of property was damaged.
The market is returning again now, slowly, but over the last few months it has plateaud quite dramatically. Please make sure that you know what you are buying. Flooded homeowners, in many cases, have been given insurance payouts, without applying the money to rectification works.
Some super cheap houses have reappeared back on the market, but I would make sure you aren't buying a super headache.
Have spotted some for around the $250K- to $290K again, which has been unheard of for the past few years.
In certain areas, water came up to window height, and you can imagine what that would have done to the electrical wiring, hot water systems, swollen timber inside walls etc etc.
Tradies have been charging anywhere from $25K to $90K to do repairs and fixups, robbing the insurance companies blind.
If you buy a property however, and the owner has been paid out, YOU will have to pay the tradies.
Talk to the locals if you are intending to buy, because I wouldn't trust the real estate guys for quids either, regardless of how " honest" they are.
If you can do repairs yourself, there are some true bargains out there. If you have to employ trades, be careful for the next year or so, or at least until the walls have dried and the long term damage is obvious in what you are buying.
It is still a top performing place to buy, and there is no end in sight for the boom, but care is needed for the short term.
Northern beaches is the only real safe haven at the moment.
After the floods in February, a lot of property was damaged.
The market is returning again now, slowly, but over the last few months it has plateaud quite dramatically. Please make sure that you know what you are buying. Flooded homeowners, in many cases, have been given insurance payouts, without applying the money to rectification works.
Some super cheap houses have reappeared back on the market, but I would make sure you aren't buying a super headache.
Have spotted some for around the $250K- to $290K again, which has been unheard of for the past few years.
In certain areas, water came up to window height, and you can imagine what that would have done to the electrical wiring, hot water systems, swollen timber inside walls etc etc.
Tradies have been charging anywhere from $25K to $90K to do repairs and fixups, robbing the insurance companies blind.
If you buy a property however, and the owner has been paid out, YOU will have to pay the tradies.
Talk to the locals if you are intending to buy, because I wouldn't trust the real estate guys for quids either, regardless of how " honest" they are.
If you can do repairs yourself, there are some true bargains out there. If you have to employ trades, be careful for the next year or so, or at least until the walls have dried and the long term damage is obvious in what you are buying.
It is still a top performing place to buy, and there is no end in sight for the boom, but care is needed for the short term.
