Mackay property market!!

[Doddzie]

To sell or not to sell! The market has turned bad as most people would know, a massive oversupply of new property's, FIFO work cutting the locals out, mines shutting, I think it will only get worse and then flatten out for a while, possibly a couple of years. Would you sell now and lose 20 g or ride it out? Is there good news coming up??

I own a 4 bed 4 bth 2 car house, chasing some feed back.

 

[pinkboy]

Is this in Blacks Beach Cove?


pinkboy

 

[Doddzie]

No, bucasia not far Thoe. Bought threw a property investor for my first investment. Been new and not don't my study it has been a ver bad investment. The builder screwed me by not building to plan, resulting in a drive so steep you can't use it.

 

[Temporisation]

The Waters

To sell or not to sell! The market has turned bad as most people would know, a massive oversupply of new property's, FIFO work cutting the locals out, mines shutting, I think it will only get worse and then flatten out for a while, possibly a couple of years. Would you sell now and lose 20 g or ride it out? Is there good news coming up??

I own a 4 bed 4 bth 2 car house, chasing some feed back.

Doddzie, what have you decided to do?

I purchased a house and land package last year in The Waters, where the land component has just settled and I'm currently having problems finalising the building contract. I have also recently received a bank valuation, which has seen a 5% drop in the total value along with a $200 per week reduction in the estimated rental return.

 

[Doddzie]

Doddzie, what have you decided to do?

I purchased a house and land package last year in The Waters, where the land component has just settled and I'm currently having problems finalising the building contract. I have also recently received a bank valuation, which has seen a 5% drop in the total value along with a $200 per week reduction in the estimated rental return.

I'm still indecisive. I can't rent or sell it ATM as I'm trying to get the qbcc to hopefully rectify the category 1 defect the builder left me, over 2 years I have been fighting to get it fixed, during that time I watched the market go to ****, so it's been an experience I hope no one else goes threw. If they rectify the problem I think I'll rent it out. similar houses are selling between $400-420000 after sitting for sale for 3 months approx which is shocking when they were selling at high 4's when I bought.I've been told that it won't get any worse but who knows, I can't seen it getting better, there has been less mining work and more developments.
Did you organise the build contract or have you gone threw a property investor like I did, which I never ever will do again !

 

[Benvolio]

Hi Doddzie - how did you go with this?
which adviser did you go through? ive had someone trying to sell to me up there and it seems very interesting (proserpine) but hearing stories like this makes me nervous!

 

[pinkboy]

Hi Doddzie - how did you go with this?
which adviser did you go through? ive had someone trying to sell to me up there and it seems very interesting (proserpine) but hearing stories like this makes me nervous!

If someone is trying to sell you something in Proserpine.....run - run further and faster than you ever have! There is nothing, and I mean nothing in Proserpine! Just drove through it today on my way to Airlie!

Much better prospects elsewhere.

pinkboy

 

[Doddzie]

I wouldn't go near there either, there is nothing. Went threw property for wealth. Waiting for an inspector to check my property out for the third time and then hopefully they will rectify.

 

[Temporisation]

I'm still indecisive. I can't rent or sell it ATM as I'm trying to get the qbcc to hopefully rectify the category 1 defect the builder left me, over 2 years I have been fighting to get it fixed, during that time I watched the market go to ****, so it's been an experience I hope no one else goes threw. If they rectify the problem I think I'll rent it out. similar houses are selling between $400-420000 after sitting for sale for 3 months approx which is shocking when they were selling at high 4's when I bought.I've been told that it won't get any worse but who knows, I can't seen it getting better, there has been less mining work and more developments.
Did you organise the build contract or have you gone threw a property investor like I did, which I never ever will do again !

Doddzie, apologies for responding four months later, however, my -ve experience has stressed me considerably, and it is only now I can bring myself to discuss it.

I went through a property advisor. The builder that the property advisor had organised as part of the package, lost their licence to build, it still cost me $500 to have a lawyer cancel the contract for me.

I have been trying to sell my land for the same price I purchased it for, but there has been no interest at all. A few other agents I have spoken too recently have said I should put it on the market for $199k.

I don't know what to do. The property advisor said I should go ahead and build a house and then try and sell it, however, I'm fearful of throwing good money after bad, however, I cannot afford the interest payments on the land to just let it sit there. Similarly, building the house which would take my total cost (land, building, solicitor fees etc) to $505k and subsequently renting it out for $20k per annum and paying those rates and insurance policies and hoping the market bounces back in five years, does not seem to make sense either.

 

[Doddzie]

It's a tough one mate, the builder used lost their license also. BSA are coming up with a solution at the moment to rectify, which I'm sure will be something I won't like but will have to agree on. Then I'll rent it out. Where is your land? Personally I don't see a change in the market coming up. If you build the only advice I could give you is check the demand between 4 and 3 bedroom joints, there are so many new 4 bedders getting around and I think there is more demand for 3 bedders. Best call a few real estates, see what's in demand and re-evaluate your costings and rental yields for a 3/4 bedroom joint. Who was your property investor? If you build make sure your builder is recommended by a few people and definitely do a qbcc background check. If I had I would of accepted the builder. Cost me a fortune of money and time these scamming pricks!!

 

[pinkboy]

I can recommend a few builders having used a few different ones recently.


pinkboy

 

[norwoodman]

NAB has implemented lending restrictions on postcodes in the Mackay and Emerald areas. Max 90% LVR for owner occupier lends, and 80% LVR for investment lends now in place.

 

[sbriffa]

Mackay Property Market

Hi Guys, I am hoping someone could help me too. We live in Tassie and have a Investment property in Bucasia, which is Negative Gear. Should we sell now?
or wait say 12 months? My mother in law lives in Sarina and believes it will take off again? All the machinery being stored at Paget must be staying in the area for a reason??

 

[Brady]

All the machinery being stored at Paget must be staying in the area for a reason??

Probably doesn't have anywhere to go.