Rocky , The next Big Thing ??

[astroboy]

In previous cycles ROcky has moved more slowly , but given the interest in High yield properties, and the speed the previously mentioned places have moved, I expect rocky to move 30-50 % in a fairly short period of time.

Well see_change, nice attempt but I think you need a new crystal ball. ;-)

The REIQ figures for houses for the Rockhampton LGA are as follows:

Dec. qtr 2002: +3.81%
Mar. qtr 2003: +0.92%
June qtr 2003: -1.82%
Sept qtr 2003: -1.90%

I think you can see the trend. The next couple of quarters after recent rate rises will be *very* interesting.
I guess if you were chasing yield only these figures wouldn?t worry you too much, however if you were thinking short term gains (which you obviously expected) well..........
Astroboy.

 

[see_change]

Hi Astroboy

Nice to see you back

I was disappointed that you disappeared from the forum after this post as you are a keen contributor to the forum. I heard that you were busy with other things. I hope that has all been sorted out satisfactorily. ( I am saying this seriously , despite our disagreements over rockhampton )

I'm always interested when figures on growths are released. A little while ago figures were released on growth in Logan. I don't have the figures here, but I recall it was in the 20-50% region.

As anyone can tell you Logan has more than doubled in the last year.

What has Rockhampton done in the last 3 - 4 months? Well my discussions with agents indicate each property I've bought has increased by about 15-20 K. When I ask the agents what's happening, they all seem very keen to get me to sell my properties.

As with every where, rockhampton has slowed in the last month. It will be interesting to see what happens to the market generally next year.

I wait with baited breath

See Change

 

[astroboy]

Hi see_change,
Thanks, I'm back less stressed and far more relaxed. Guess we will continue to agree to disagree on some points.
Thanks for the interest in regard to my other venture, it was a few months of stress and lots of effort to try and get this deal to the table with all parties agreeing. In the end it didn't happen
Not to worry onward and upward.
Looking forward to a far more relaxed new year, and hopefully some good property deals presenting themselves. Lots to read in ctaching up on whats been going on here in the past couple of months.
ab

 

[astroboy]

Originally posted by see_change

What has Rockhampton done in the last 3 - 4 months? Well my discussions with agents indicate each property I've bought has increased by about 15-20 K. When I ask the agents what's happening, they all seem very keen to get me to sell my properties.

Gee, and I was going to let this go......

15-20K for each Rocky property eh ? When you ask the agents.....
Do you class that as your indicator ? I think I'll go with the REIQ data.

And then you have to go and put your own twist on it...

Originally posted by see_change

Rockhampton has moved . About 10- 15 % since I bought. I still think it has a way to go. 10/11/2003

I have bought Average properties ( for their area) in the last 2-3 months that have increased their value by 20% on their purchase price. 11/11/2003

geez see_change what is it ? 5-10% increase in one day !!! At Rocky, at that time !!!

I can see the credibility slipping..............

ab

 

[Sim]

astro, was see_change referring to Rocky in that subsequent post ? I know he has property in several other locations around Australia - could it possibly be that he was referring to them ?

 

[astroboy]

Nah, he had links in the threads.... don't have them now, did scawl them somewhere tho....
ab

 

[Aceyducey]

Astroboy,

I find it amusing that in one thread you're accusing Bill L. of being a 'doomsayer' for providing a hypothetical situation concerning a single unit, and here you are 'doomsaying' yourself for an entire town....does that indicate a regional town-sized chip on your shoulder?


Your LGA figures from the REIQ are, naturally, the average across the entire area.......this does not take into account areas (suburbs) that have boomed & areas that have busted.....

Looking at it using a share market analogy - this would be as if you used the the entire ASX index to prove that the market was in decline & therefore insisted that buying ANY share was a poor investment.....though it is possible for educated investors to invest in selected shares for fantastic returns even when the market is falling. It only takes around 10% of ASX shares to decline for it to be a down day....

Show me suburb by suburb in Rocky that prices across the board have not increased & then your posts will provide some solid information.

I presume you didn't buy in Rocky - you must be VERY upset you missed out

Cheers,
Aceyducey

 

[astroboy]

The doomsayer remark was tongue in cheek, did you miss the smiley ?

Rocky isn't *that* big acey, and no, I never had any intention of buying there and I'm not upset in the least why would I be ?

As I said previously if you are chasing yield then no worries, each to their own I guess, I have little interest in regionals, that doesn't mean they don't fit the bill for others tho.

ab

 

[see_change]

I noticed Brains make a comment in another post about Rocky going backwards. As I hadn't talked to anyone up there for a while, I made a few phones calls to check up for myself.

The First Interest rise did slow the market for about a week. The second made no difference.

The market is entering a quieter phase coming up to christmas ( this is normal )

BUT , Prices are not going backwards. They are moving up, though at a slower pace compared with two months ago . ( a couple of people were more bullish than this )

There is still a problem with agents getting listings.

One said that they are having to over quote what they think a property will get, because other agents are doing that in order to get listings AND they are getting the overquoted prices.

The Stream of Southern Investors going to Rockhampton is still going into the town and buying.

At the moment they ( Southern Investors ) want properties under 100K , though anything under 100 is generally " pretty crappy " or " Has wet feet " ( Local expression for saying it's in a flood prone area - though it doesn't go under )

See Change

PS Locals are buying as well.

 

[Bill.L]

Hi all,

See_ch,

Has wet feet " ( Local expression for saying it's in
a flood prone area - though it doesn't go under )".

Err, I beg to disagree. When I was in Rocky 21 years ago, The Fitzroy river was flooding and quite a few houses went under.

bye

 

[see_change]

Bill. You misunderstood what I was saying.

In my previous post I was not talking about houses that go under.

Yes there are houses that flood, in several areas.

There are also houses that are on the borderline. There will be superficial water on part of the land, so that the property is classified as flood prone, but the house it self is not significantly affected. These are the ones that are referred to as "having Wet Feet".

There are also some that will be "waist deep". ie the enclosed area under the house will have water in it , but it doesn't get up to the level of the main area of the house.

Then there are the others ........which are Flood prone

See Change

 

[Bill.L]

Hi all,

See_ch,

Basically though people should check these things out for themselves. Just because a REA says it gets wet feet only, may not be the entire true picture.

Just standard DD people.

bye

 

[Jamie]

Originally posted by Bill.L
Basically though people should check these things out for themselves. Just because a REA says it gets wet feet only, may not be the entire true picture.

Just standard DD people.

bye

Hi Bill,

I think that was see_change's point in the very first post, and the reason for his disclaimer(s).

I know of a number of people (20+) who have looked at Rocky in the past 6 months... many from this forum...

Every single one of them made sure that their first task was to acquire a Flood map of the city and speak to the local council...

I can't imagine that any of these investors would take the word of an REA from over 1000kms away at face value

Jamie.

 

[brains]

See_Change,

My mail is different from Rocky. You would expect those sort of comments from local Real Estate agents. Anyway time will tell.

 

[see_change]

Brains I'm always interested in finding out about different sources of information.

Maybe you could enlighten us to your source of info?

I've been talking to agents in Rocky for about 6 months now and have been up there more than once. I have talked to every agency there before I went up there, and then matched the reality with what they told me.

As has been discussed on several occasions, the agents in Rocky are not the best examples of REA's in Australia, however there are a handfull I have got to know who I believe are trustworthy ( I know you don't believe any agents are trustworthy.... )

When they all tell me the same thing , I'm prepared to accept what they say as giving an acurate representation of what is going on.

I have been using this approach for a while and have found that , for me , it works.

See Change

 

[brains]

I'll just say i have a friend in Port Douglas who owns a couple of IPs in Rocky. He bought one 12 months ago and one about 18 months ago. He keeps his eye on the market there. I cant give you any personal contact details for him.

(Unless you deposit a large sum of money in my bank account - pm me for account details )

 

[Aceyducey]

Originally posted by brains
I'll just say i have a friend in Port Douglas who owns a couple of IPs in Rocky. He bought one 12 months ago and one about 18 months ago. He keeps his eye on the market there. I cant give you any personal contact details for him.

So brains you have a friend who owns a few IPs in Rocky and watches the market....

How about that - so do I!!

My friend's name is Sea_Change - no fee required.

brains, your post doesn't explain why your friend is more knowledgeable than my friend

Cheers,

Aceyducey

 

[brains]

What a silly post Acey, most unlike you.

If you give me all Sea_ Changes contact details i'll deposit money in your account. But i know you cant because hes not a friend, hes a person you hardly know on an internet forum.

Noone asked me to explain why my friend is more knowledgeable than See_ Change, so whats the point of that statement.

Maybe you were confused

Originally posted by Aceyducey
So brains you have a friend who owns a few IPs in Rocky and watches the market....

How about that - so do I!!

My friend's name is Sea_Change - no fee required.

brains, your post doesn't explain why your friend is more knowledgeable than my friend

Cheers,

Aceyducey

 

[Bill.L]

Hi all,

Brains, I'll ask. What does your friend say about Rocky?? How have his properties performed???

Thanks

bye

 

[brains]

He says theyve done OK but not fantastic. Probably gone up about 10% in the last year but that doesnt sound too great in the context of the rest of QLD and/or the rest of Australia.

His rental yield is about 10-12% so he doesnt care either way.