Waterfront block on Fraser Coast. SE Qld

[Tiggy]

Hi
As some of you will be aware, I have been tossing around whether to sell my dream block of land to buy an IP. Heart versus head. Decision has been made for me rather quickly, as uni son plus friends just got an eviction notice and have to be out by early March. They are finding it almost impossible to get a place to rent, so this means we have to sell the land AND buy a house in about 7 weeks. Is this possible?

Land is at Tinnanbar (beautiful coastal village opposite Fraser Island)which is 47 km north of Tin Can Bay, 68km north of Rainbow Beach and 48km south of Maryborough. About 3 hours NE of Brisbane.

1000m2 (50 X 20) flat

Rates $2517 per annum – Fraser Coast Regional Council

We bought the block in October 2008 for $500,000, but would like to at least cover stamp duty and real estate commission (certainly won’t be any capital gains to pay!!!). Listed at $530,000

Other block (same size, dimensions and view), that have been levelled and grassed are selling for $570,000.

Tinnanbar is tiny (maybe 20 permanent residents) and only 2 streets wide, and VERY quiet. We owned a duplex there prior to buying the block and a big event was when a car drove past. But if you aren’t the big city, latte type, it is paradise. Our block looks out onto the Great Sandy Straits (just a grassy reserve in between) and beyond to Fraser island. Perfect for fisher people, families with small children (great beach), retirees and people who want a place to kick back. I waited and planned for years to get it, but it was more a dream of mine, rather than my husbands.

Link to real estate.com is http://www.realestate.com.au/property-residential+land-qld-tinnanbar-2773644

 

[csc2]

lol, i posted about this area y/day, no responses

http://www.somersoft.com/forums/showthread.php?p=751423#post751423

is your block in this little subdivision?

looks a nice area but in my opinion of the qld coast 500k is stretching the price currently...in fact id say little chance of recouping in the foreseeable future unless you jagged a buyer who wanted that specific block.

my reasoning is that there are literally dozens of blocks for sale up the qld coast with far better services available right on the beach for well under $400k.

i have been researching extensively over the past two weeks.

your going to struggle id say...

vacant blocks are dead money unless you add a house in a declining market in my opinion.

your money needs to work for you unless you build and hold or try and flick when you build but again the market will slide further so its russian roulette with that as well.

cheers

 

[coastymike]

have to agree with csc2. this location is for someone wanting a lifestyle property and if you take into account build costs of minimum $250k then you have a property costing $750k in a small lifestyle location. at the moment these types of properties are not doing that well and i agree with csc. what makes this block so special when others are selling for $275k.

there are hundreds, possibly thousands, of properties that could be purchased for $750k as a lifestyle property with similar views and options. in fact many areas on the central coast of NSW, which has fantastic facilities, can be purchased for much, much less.

I don't believe you will sell for that price in the next 7 weeks

 

[Tiggy]

Thanks for your input and questions. csc2 did you see I posted a LOT of general Tinnanbar info in reply to your ‘Where to buy’ query?I won’t repeat that information here, but will respond to your points.

First I will agree this is not an investment spot, but more a lifestyle destination and I believe I was quite upfront about that. Having said that, we made a good profit with the duplex we owned there for a couple of years (see above mentioned post).Building a holiday home at Tinnanbar would suit someone from Brisbane/Sunshine Coast/Wide Bay area because it is an easy drive. There is always the option of offering it for holiday rental also.

As you drive into Tinnanbar on the right, there have been 2 small waterfront developments running along the beach.The first is in Fraser Court where our block is. There are 8 blocks there, 5 being waterfront. The last sale of a waterfront blocks was Lot 9 (1373m2 and sold for $475,000 Oct 2006). The block next to us is 1000m2 and sold for $430,000 in August 2006. Both have had very upmarket homes built on them and are used as holiday homes for professional people from Brisbane. The blocks at the back of this development (i.e. non waterfront) sold for considerably less. Last sale there was Aug 08 for $275,000.

Further along the front is the newer and slightly bigger development http://www.realestate.com.au/property-residential+land-qld-tinnanbar-2702446 This is where the caravan park used to be. There are about 15 blocks, but only 9 waterfront ones, and currently only 3 for sale, all approximately 1000m2 and listed at $570,000 each. These blocks have exactly the same outlook as our block, but have had some fill put on and been grassed. 1000m2 blocks at the back of the subdivision (i.e. non waterfront) are listed at $275,000 Perhaps this is where coastymike got confused?

If you turn left, you drive along Pioneer Road (basically the esplanade with a road between the beach and properties), there are 2 waterfront houses currently for sale. First one is lowset brick for $750,000 http://www.realestate.com.au/property-house-qld-maryborough-106312499 The other is a two story block place, which was originally advertised at over a million. http://www.realestate.com.au/property-house-qld-tinnanbar-106887871

As for waterfront blocks under $400,000 that you mention... wow! Please tell where these blocks are? Are they 3 hours to Brisbane and 2 hours to the Sunshine Coast like Tinnanbar? If so, I’d recommend you snap one up.There is nothing on the water that is selling for anywhere near that in Tinnanbar or for that matter in the SE Qld within 3 hours drive of Brisbane that I know of.

Waterfront land at Tin Can Bay 607m2 for $650,000 I know this block very well, as we sold it to buy the duplex in Tinnanbar. Very similar outlook, but in a town so better facilities.
http://www.realestate.com.au/property-residential+land-qld-tin+can+bay-2816139

Then there are the waterfront blocks at Poona, which is up the road from Tinnanbar, but similar other than slightly bigger population and has a shop.

This is the dearest at $630,000 for 981m2
http://www.realestate.com.au/property-residential+land-qld-poona-2591897

$600,000 for 797m2
http://www.realestate.com.au/property-residential+land-qld-poona-2658013


$580,000 for 981m2
http://www.realestate.com.au/property-residential+land-qld-poona-2504089

$550,000 for 797m2
http://www.realestate.com.au/property-residential+land-qld-poona-2430462

coastymike, I'm sure you are correct that there are hundreds, possibly thousands, of properties with similar views on the central coast of NSW, which can be purchased for much, much less, but let’s face it – they aren’t in God’s Own Country are they?

Hope this had helped and cleared a few things up.
Cheers

 

[cu@thetop]

2.5 k rates for vacant land is a lotta rates. They don't miss ya.

 

[Tiggy]

Yes, it is dear, but goes on the valuation of the land, so it wasn't unexpected.

 

[Ed Barton]

i would give myself 7 months not weeks to sell at that price.

 

[Tiggy]

It's true I haven't sold my block as yet, but there has certainly been a great amount of interest created from this forum. Visits to the land listing on realestate.com have gone up significantly since my initial posting here on 18th January. At least now more people are aware of what a wonderful spot Tinnanbar is.

 

[marg4000]

Just goes to show what stickybeaks we all are!!
Marg
(yes, I had a look!!)