I am an investor in the Northern NSW area, and found a beachfront block of land for sale there at asking price of $650K. The blurb that accompanied the online advert took my breath away for sheer hype. Blurb said that beachfront land in Surfers (about an hour’s drive north) recently sold for $7,292 per M2 – impling that this block of land (720M2) should be more like $5M if built on. It also detailed the developments going on in the region, and mentioned that prices were “likely” to double in 2005 when developments were completed.
There is no comparison between the amenities of Surfers and the regional area of Casuarina. I bought a beachfront home two beaches away six months ago, for $500K! I don’t think my property has jumped to $5m!
I’m sure the ad skims within the boundaries of legality, but it made my blood boil. Investors who don’t know the area could get badly burned.
My point is, always always beware the hype. If it sounds too good to be true, it probably is!
Hi Swampy30,
My moto is buy the problem, not the solution.
Thanks for your post!
Merry Xmas,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Steve
Can you elaborate on your moto a bit more.
Not really sure I understand what you mean by “buy the problem”.thanks for a great forum
ive got one for you, the latest API magazine is not that good, the REI havent given out CG for the last 3 – 6 months, instead they gave out june 2003 quarters numbers again. i rang API magazine up to ask why and was told that the REI doesnt have the numbers…. the REI not have the numbers? arent they the ones going on about how great RE is?…. me thinks they are hiding the truth and trying to keep people buying IP’s. i dont have a problem with that, its just that when and if it all crashes they will be the first ones to complain. jun – december next year…. i cant wait to see what happens next.
Casuarina is a boom area and I would not be surprised how far it went.
If you have a beachfront house or land there congrats, I have had a very high success rate at picking CG areas over the years and imo given a couple years you could be surprised what it`s worth, I would say there is a very high chance you are sitting on a goldmine.
I say this knowing full well many investors are going to get burned over the next couple years, people are property nuts at present, it`s incredible how much easier it is to lose money when the cycle slows or recedes.
All investors should make sure they are in a very strong position at all times!.Shaunwalker, I was also disappointed that the latest CG numbers weren’t in the API magazine.
I haven’t been reading this magazine for a long time, just the last 3 issues.
Has it ever, (in the past, when the market was really booming,) occured before that they didn’t have the numbers? If this is the first time they didn’t have the figures, now the market is slowing down, I don’t blame you for being suspicious of REI. I mean WHY wouldn’t they have the numbers now when in the past, they always did have them?Celivia, I’ve got all issues of API (bar one, which I must have lost, cos I know I did have it) and this is the first time that the data has been supplied incorrectly.
As the magazine is published bi-monthly, there are not figures in every one, as they come out quarterly, but not before have the REI supplied the same data twice.
I’m quite intrigued by them saying to Shaun that they ‘didn’t have them’. Perhaps the people he spoke to were the wrong ones to ask that question, and didn’t bother being helpful.
Cheers
Mel
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