Mackey - Invest or Run away

[georgie1]

Just wondering if you would invest or run from a residential investment in Mackay.

My biggest concern is flooding. I mean whenever there is severe flooding the place freezes up and business stops until infrastructure is replaced.

Anyone have a map of what area's are flood prone in mackay?

Thanks

 

[DEC]

Anyone have a map of what area's are flood prone in mackay?

Thanks

Really?
http://lmgtfy.com/?q=mackay+flood+map

 

[georgie1]

Really?
http://lmgtfy.com/?q=mackay+flood+map

There are no maps showing where the current flood prone area's are. Looking through google there has been flooding in almost all parts of Mackay but since then there has to have been infrastructure upgrades to prevent or minimise flooding.

I was wondering if there was an updated one**

 

[DEC]

What about these?

http://www.mackay.qld.gov.au/busine...planning_scheme/overlay_maps/flood_inundation

 

[Icarus]

There are no maps showing where the current flood prone area's are. Looking through google there has been flooding in almost all parts of Mackay but since then there has to have been infrastructure upgrades to prevent or minimise flooding.

I was wondering if there was an updated one**

Flooding in almost all areas of Mackay! Georgie, you might have to invest in arks rather that IPs! We are currently working on our 5th and 6th property in Mackay and haven't seen the prospects look so good. There are a fair few other threads here on Mackay (and district) on this site and also Google what's actually going on in the area. There is no freezing going on, business has not stopped; much like the vast majority of Brisbane (which also had a flood, even more recently than Mackay), things are humming along as normal.

Thanks for posting those links DEC...

 

[georgie1]

Flooding in almost all areas of Mackay! Georgie, you might have to invest in arks rather that IPs! We are currently working on our 5th and 6th property in Mackay and haven't seen the prospects look so good. There are a fair few other threads here on Mackay (and district) on this site and also Google what's actually going on in the area. There is no freezing going on, business has not stopped; much like the vast majority of Brisbane (which also had a flood, even more recently than Mackay), things are humming along as normal.

Thanks for posting those links DEC...

Sorry, so it does flood but property investment is still a viable option?

Also thanks for links DEC

 

[james_w]

Just wondering if you would invest or run from a residential investment in Mackay.

My biggest concern is flooding. I mean whenever there is severe flooding the place freezes up and business stops until infrastructure is replaced.

Anyone have a map of what area's are flood prone in mackay?

Thanks

Mackay is a great area to Invest with the mining boom expected to get even stronger why wouldn't you look in Mackay and surroundings

 

[georgie1]

Mackay is a great area to Invest with the mining boom expected to get even stronger why wouldn't you look in Mackay and surroundings

So if mining were to take a hit would Mackay be heavily affected?

 

[james_w]

So if mining were to take a hit would Mackay be heavily affected?

The whole of Australia would be affected Mackay is a large regional city

with lots of work and industries

 

[Temporisation]

Mackay House & Land vs. CBD Apartments

Looking to purchase a IP in Mackay, however cannot decide on a house and land package or an apartment in one of the new buildings in the Mackay CBD.

Happy to purchase in or out of SMSF

Appreciate anyones comment

 

[Rolf Latham]

Looking to purchase a IP in Mackay, however cannot decide on a house and land package or an apartment in one of the new buildings in the Mackay CBD.

Happy to purchase in or out of SMSF

Appreciate anyones comment

Hi Temp

Residex says houses will do better than units in CG 9 % PAon average over 8 years, vs units at 6 % pa average over 8 years.

Whats 3 %........?

say you bought a 500 k asset

6 % pa over 8 years = 800 k value approx after 8 years

9 % pa over 8 years = 1000 k value approx after 8 years\

ta

rolf

 

[mattnz]

Looking to purchase a IP in Mackay, however cannot decide on a house and land package or an apartment in one of the new buildings in the Mackay CBD.

Happy to purchase in or out of SMSF

Appreciate anyones comment

I looked through some of the units overlooking the river in town. They have very good cashflow. One of the big developers went bust and the administrator is selling units at good prices.

I see Mackay as a great option, with the upside of the mining boom, without the huge downside you would see in places like Moranbah or Dysart, as it is a much more diversified economy.

 

[Temporisation]

Hi Temp

Residex says houses will do better than units in CG 9 % PAon average over 8 years, vs units at 6 % pa average over 8 years.

Whats 3 %........?

say you bought a 500 k asset

6 % pa over 8 years = 800 k value approx after 8 years

9 % pa over 8 years = 1000 k value approx after 8 years\

ta

rolf

Thanks for your thoughts

 

[Temporisation]

I looked through some of the units overlooking the river in town. They have very good cashflow. One of the big developers went bust and the administrator is selling units at good prices.

I see Mackay as a great option, with the upside of the mining boom, without the huge downside you would see in places like Moranbah or Dysart, as it is a much more diversified economy.

MATTNZ how long ago was this. Can you tell me which building where the developer went bust

 

[NPS13]

Just wondering if you would invest or run from a residential investment in Mackay.

My biggest concern is flooding. I mean whenever there is severe flooding the place freezes up and business stops until infrastructure is replaced.

Anyone have a map of what area's are flood prone in mackay?

Thanks

Buy an old home on a big block, subdivide and whack a new house on stumps 1M high, sell the old one, Bob's ya mothers brother.

 

[outbackjack]

I guess it depends when you buy.

I brought a 2 bedroom unit in 2009 for 245k at top of the market. GFC came along and Mackay has never really recovered from it.

I wouldnt get much more for my property now and dont see it climbing much anytime soon.

 

[pinkboy]

I guess it depends when you buy.

I brought a 2 bedroom unit in 2009 for 245k at top of the market. GFC came along and Mackay has never really recovered from it.

I wouldnt get much more for my property now and dont see it climbing much anytime soon.

Excellent - someone I dont have to compete with !

pinkboy

 

[outbackjack]

Pinkboy,

Where do you see Mackay market going in the next few years?

My unit is a mid 80`s 2 bedroom unit. In Central Mackay.

I think houses are doing better.

 

[pinkboy]

Pinkboy,

Where do you see Mackay market going in the next few years?

My unit is a mid 80`s 2 bedroom unit. In Central Mackay.

I think houses are doing better.

I think the Mackay market is reasonably resilient, even in the current situation where businesses and the mines are 'cutting the dead wood'!

Houses, especially near new, will still do well. I think Rolf posted something like 9%pa estimated growth for houses.

Im guessing when you say 'central Mackay', Im guessing either somewhere near East Gordon St, or maybe over near Evans St where there are a lot of typical 80's 2 bedders around! I think these are the 'deadwood' of Mackay in terms of CG.

Im not currently in the market for any Resi purchases in the area as I am probably already on the upper limit I should be exposing myself up here, but there are still fair opportunities to grab. Look out at the Northern Beaches, Rural view, Ooralea and Marian outside of Mackay.

pinkboy

 

[outbackjack]

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.