Mackey - Invest or Run away

[pinkboy]

Yer you are right.

It is in Gold Street. My property is need of a refresh. It still has the 80/90 decor.

All structurally good, just dated.

As you said, think it is the dead wood of Mackay. I would sell it,only it x-coll with another deadwood in Nanango.

Both have kicked me out of the property scene. I am tied up with these properties. Banks not going to let me sell one and both wouldnt sell for whats owed.

The joys of investment properties.

Smack bang off Evans Street (and a stone throw from East Gordon )

Ive done a fair bit of running the Mackay streets, and could map the place out I reckon from memory !

Ouch about the x-coll. Can you afford a quick freshen up in the one in Mackay to try get you outta the rut?

pinkboy

 

[ethereal]

A lot of mine jobs gone just recently, the vacancy rate has jumped to 4 % in Mackay very quickly. Rents have dropped massively in surrounding mining towns, though from crazily high prices. I would be careful of units, more likely to be vacant due to decrease in demand from workers leaving town, same for houses that are a long way from the CBD.

 

[outbackjack]

Yes, Mackay IMHO is cycled by what happens in the Bowen Basin.

I think i quick fresh would be be around 10k, and owing 260k already on the property. I think I will have to wait a long time to try and come out in front.

Not to mention it cost 4k a year insurances.

 

[pinkboy]

Yes, Mackay IMHO is cycled by what happens in the Bowen Basin.

I think i quick fresh would be be around 10k, and owing 260k already on the property. I think I will have to wait a long time to try and come out in front.

Not to mention it cost 4k a year insurances.

Yuck!

pinkboy

 

[outbackjack]

Yep double Yuk.

If I had brought it in the early 2000`s I would be laughing.

I brought at the peak and is a lesson for all. It will be another 10 years I think, if I am lucky to come out the other end.

 

[chalky]

Great thread, thanks for the wisdom thus far.

Another newbie with mackay in the crosshairs. Was also considering a CBD unit but this thread & other research.. seems to be pointing me to a house outside of CBD.

In order to maximise its rental appeal - what sort of property should I be looking at - 3/4 bedroom? And does it have to be new (<5yrs) in order to be considered by mining companies/families?

Outbackjack and Pinkboy - do you recommend any insurance companies in particular for this area? What approx amount for house insurance would be reasonable to factor into my costs?

 

[pinkboy]

Great thread, thanks for the wisdom thus far.

Another newbie with mackay in the crosshairs. Was also considering a CBD unit but this thread & other research.. seems to be pointing me to a house outside of CBD.

In order to maximise its rental appeal - what sort of property should I be looking at - 3/4 bedroom? And does it have to be new (<5yrs) in order to be considered by mining companies/families?

Outbackjack and Pinkboy - do you recommend any insurance companies in particular for this area? What approx amount for house insurance would be reasonable to factor into my costs?

I have a mix of Vero and Suncorp.

At the moment, there are a few properties up for rent, as the squeeze has slowed a little, but people are fussy up here and wont pay through the roof for a poor quality rental. The top end would be tough, but anything in the $400-$600wk mark will go fairly quick (3-4/2/2). Units and really older houses in the $300-$400wk mark get snapped up quickly by the lower class people trying to save $10-$20wk.

pinkboy

 

[mattnz]

A lot of mine jobs gone just recently, the vacancy rate has jumped to 4 % in Mackay very quickly. Rents have dropped massively in surrounding mining towns, though from crazily high prices. I would be careful of units, more likely to be vacant due to decrease in demand from workers leaving town, same for houses that are a long way from the CBD.

Not sure where you are getting a 4% vacancy rate from. SQM has it at 1.3%
http://www.sqmresearch.com.au/graph_vacancy.php?postcode=4740&t=1

 

[DEC]

Not sure where you are getting a 4% vacancy rate from. SQM has it at 1.3%
http://www.sqmresearch.com.au/graph_vacancy.php?postcode=4740&t=1

2 stories here

http://www.themorningbulletin.com.a...market-remains-tight-despite-mining-/1589049/

http://www.dailymercury.com.au/news/tenants-feel-some-rental-pressure-ease/1590514/

 

[ethereal]

2 stories here

http://www.themorningbulletin.com.a...market-remains-tight-despite-mining-/1589049/

http://www.dailymercury.com.au/news/tenants-feel-some-rental-pressure-ease/1590514/

From the Daily Mercury as above, living here it is obvious things have changed rapidly.
Regarding insurance, I just insured a $500k House in Mackay with Suncorp for around $1600pa and thought that was really steep, reading the above posts, apparently not!

 

[outbackjack]

Nope qoute from Brocker was

Unit in Mackay
CGU Insurance Ltd: $4,649.56
QBE Insurance (Australia) Ltd: $3,254.99
Vero Insurance Ltd: $3,019.15



House in Nanango

CGU Insurance Ltd: $698.40
QBE Insurance (Australia) Ltd: $1,118.83
Vero Insurance Ltd: $984.45

 

[Temporisation]

Woodlands or The Waters estate

Does anyone have an opinion on which estate would offer a better capital growth and / or rental yield with respect to "The Waters @ Ooralea" or Woodlands @ Andergrove

 

[Temporisation]

Does anyone have an opinion on which estate would offer a better capital growth and / or rental yield with respect to "The Waters @ Ooralea" or Woodlands @ Andergrove

Just signed contracts for a House and Land package for "Waters @ Ooralea"

 

[Jenko]

Mackay seems to be a high buy in price and pretty low returns? After insurance and rates = hardly worth the risk? Just my thoughts i could be wrong.