wilandelMember@wilandelJoin Date: 2003Post Count: 761grossrealisationMember@grossrealisationJoin Date: 2005Post Count: 1,031
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 helppeter068Participant@peter068Join Date: 2005Post Count: 4
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]thefirstbruceMember@thefirstbruceJoin Date: 2003Post 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.
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