Forums / Property Investing / General Property / Lesson learnt in my purchase in Hervey Bay

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  • Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    I’m pretty sure that the maximum anyone can build in Hervey Bay is 6 stories high. That is definitely the case for building on the Esplanade.

    I very much doubt any development with 250 units, is accurate in Hervey Bay.

    Cheers,
    Del

    http://www.nzpropertytogo.com

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    hi all
    Not sure, not seen the paperwork yet.(I haven’t chased it either)
    Hence the post to jenny.
    If it does come on my desk then I will be in alot better position to give a more informed response.
    and again if it does come thru ( and I’ve been told it is) then it may be a hold position for her .
    Its not one of my developments its the lending only.
    As for it being in harvey bay yes it is qld and I have seen the a1 drawings on friday of the development.

    here to help

    Profile photo of peter068peter068
    Participant
    @peter068
    Join Date: 2005
    Post Count: 4

    Hi Jenny,
    Well we celebrated our 24th anniversary in HB in August and took the opportunity and looked at quite a few properties over the 7 days we were there. Talked to a few agents also, but having the time to look around made us very aware that there is an awful lot of development going on and with 4 major releases to come on line late 2006, i.e. Peppers, Whale Cove, Allegera etc.did not make us comfortable in investing in HB. There are also a lot of smaller developments and is really seems a case of developers jumping in and unfortunately so to investors. But not us!!
    PRD Nationwide were excellent out of all the RE we spoke to very keen to develop in HB, so they may also be worth checking out for PM.

    All the best[bonjour]

    Profile photo of thefirstbrucethefirstbruce
    Member
    @thefirstbruce
    Join Date: 2003
    Post Count: 133

    I worked at HB hospital a few years ago, and am familiar with the demographics and economy.

    Like any other town, an investor should take their due diligence seriously. If they haven’t, they really need to ask themselves on what grounds they made the decision to buy.

    Here’s some reasons I have never considered buying investment property in HB.

    – the place subsists on welfare. i.e. it sucks up more govt handouts then it pays in taxes.

    – the area exports nothing apart from highly seasonal tourism.

    – population growth is fueled primarily by retirees, who seek to buy. They tie their money up in a property, and are then cash poor.

    – employment and wages are amongst the lowest in Australia. So non retirees who move there tend to be those who are incredibly naive or are so unskilled or unfortunate as not to be able to make it in a capital city.

    – there is no shortage of land to develop, and the HB council is right up there with the most small minded provinciales. It considers itself a business, and knows its income is propped up by approving more development. However, like all myopic small town mentality, this council is too stupid and immoral, to recognise the problem of baiting large numbers of non retirees to an area with minimal commerce.

    – I think as part of due diligence, one might like to think about the medical services offered in towns outside capitals. If a place like Hervey Bay cannot attract and retain specialists and surgeons, and ends up the creek like Bundy and HB hospitals, I think it is fair to say the towns are are poor investment choices, especially if you require rental return.

    Bruce
    Mooloolaba, Qld

    Profile photo of kpkp
    Member
    @kp
    Join Date: 2004
    Post Count: 509

    Now THAT makes sense…

    Thanks tfb for such an insightful and blunt assessment.
    One of the more sensible and logical posts I’ve read for a LONNNNNGG time.

    Now thats great due diligence.

    kp

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