Toogom - Harvey Bay

Toogoom - Harvey Bay

Is Toogoom past it's sell by date, or has it still got potential as a good investment opportunity? What are people's thoughts?

Cheers

Ike
 
Last edited:
I think there are some good deals to be had there, however my concern lies in the supply and demand of properties. There is a lot of development going on around that region and vacancy rates are just under 3%.
 
I think there are some good deals to be had there, however my concern lies in the supply and demand of properties. There is a lot of development going on around that region and vacancy rates are just under 3%.

And what is in the area (job's) to support the increase in development?

Will people come when these new places are built and how will they support their rental obligations?

Dave
 
And what is in the area (job's) to support the increase in development?

Will people come when these new places are built and how will they support their rental obligations?

Dave

been to hervey bay lately? plenty of jobs if your a concreter, plumber,builder butcher,chef,don't mind cleaning, some it jobs one small mine operational another big one to open not far from toogoom etc etc and more realistic prices then most coastal towns I would never leave if it wasn't for other issues
 
been to hervey bay lately? plenty of jobs if your a concreter, plumber,builder butcher,chef,don't mind cleaning, some it jobs one small mine operational another big one to open not far from toogoom etc etc and more realistic prices then most coastal towns I would never leave if it wasn't for other issues

Sorry about that:eek:

For some reason I thought Toogoom was one the small townships halfway down the sandy straights getting closer to tin can bay.

Looking at the map http://maps.google.com/maps?f=d&sad...5.409167,152.890549&spn=0.347946,0.53009&z=11 I see how wrong I was

Dave
 
I just got back from a trip to Hervey Bay. Building approvals have dropped dramatically and two of the builders have gone caput in the last 6 months so development has slowed noticably.

There are also some great negotiation opportunities and some well placed properties listed below the current market average. I have also noticed that some of the landlords are quite negotiable not just on price but terms as well.

I was searching for and analysing some deals on behalf of someone else and founds some very interesting renovation and multy strategy properties. By multi strategy, I mean properties (such as duplexes or two street frontages, etc) which you can keep as is, renovate, subdivide or knock down and develop as well.

Wishing you every success,

Ana
 
Hi Ana & All,

I've just returned from yet another trip to Hervey Bay and I still stand by my comments from Feb 2008 as the very same circumstance applies......be very careful buying in HB (see below):

For anyone thinking about Hervey Bay, please do some thorough research and be very careful. I have been studying the place solidly for the last twelve months and have been there three times in 2007 to make sure for myself. For the record and so people don't take this the wrong way, I will be buying there and I have a shortlist of properties I will be following up on as potential PPOR. I also have a 'long list' of potential IPs to consider.

I have compiled plenty of information particularly from real estate agents there and I have found that two more prominent 'local agents' (not any of the national franchises) consistently over quote property prices i.e. their final sales prices (if they sell at all....and a lot of them haven't) are $50K - $60K below what they are advertised for. Most of these places are still on the market after 12 months. So be very, very careful and don't believe a word of the media and agent driven hype surrounding the place, especially apartments and townhouses.

HB has had a big growth spurt, mostly 2004 - 2006, after which things have plateaued big time. So be very selective and be wary of over quoted pricing and rent appraisals from agents......don't get sucked in.

One of the 'spruiking' agencies actually sent out a Chamber of Commerce presentation from Herron Todd White with their newsletter. It makes interesting reading and is attached, I couldn't attach the PowerPoint presentation...sorry.

Bottom line is HB will be a good thing in the years to come, but it is going to take time. Just be very particular about what you buy into.


Many of the properties I looked at way back in 2007 have not sold and are still being advertised, most now with multi listings and yes the same two high profile REAs (local agents not national players) are still whacking stupid asking prices on the properties.

Apartment development has slowed but two multi apt complexes are under way around Pialba and it is evident the much spruiked 'Peppers resort' is still trying to offload apartments after all this time.

Also, new subdivisions are in abundance and further stages are yet to be released.

Be very careful buying in HB.....and don't listen to the agents!!! Oh, and if you're thinking of easy knock overs and putting up a string of townhouses, make sure you factor in the driveway and parking access.....it will crucify you if you're not careful.....once again, don't listen to the agents!!!

Further to local HB agents practices, a prominent River Heads agent is still promoting properties out there on the back of the long proposed 'marina'. My mail says the marina is $hit canned and will not be going ahead, the agent is allegedly aware but is still promoting it....tsk, tsk. About River Heads; lovely spot pity about the bloody sand flies!!!

I love HB and will still be buying there......pity about the redneck nutbag agents.

Cheers,

Ian.
 
Back
Top