I have searched a few properties in Toogoom lately and just missed out on 1 with an acre block of land close to the beach potential to be
subdivided and a good rental return and equity.Having researched the area I see a few people are waiting to see if the Aldershot mine is going through and there are quite a few other explorations etc in the maryborough basin.
I also see a few FIFO jobs advertised on seek in the hervey bay area a few boily jobs for the aldershot mine.which is approx 30mins from toogoom and toogoom is 13mins from hervey bay approx
Have visited the place a few times and is a nice spot it only took us less then 15mins to get to hervey bay CBD
I am currently looking into purchasing this property
http://www.realestate.com.au/property-house-qld-toogoom-108856816
as an IP the house is quite a large home and think we could rent it for $350 weekly
any locals in the area seems like this property has an ok upside according to on the house
valued between 299-339k
I am however a little concerned that the market has been depressed in the area for a few years with that said it seems like many hervey bay burbs are now at the bottom and seeing a slight upward trend…
seems like more of a retirement suburb? 15-20 kms from schools from shops is a fair distance for renters. only found a little convenience store nearby.
I would personally not be relying on a couple of mines, I’d be looking to see what other projects are on the cards or other established industry in the region.
I wouldnt take those valuations on onthehouse as gospel either, recently had my house valued at 370k and onthehouse valuation says 240k to 285k?
waydo77 wrote:seems like more of a retirement suburb? 15-20 kms from schools from shops is a fair distance for renters. only found a little convenience store nearby.I would personally not be relying on a couple of mines, I’d be looking to see what other projects are on the cards or other established industry in the region.
I wouldnt take those valuations on onthehouse as gospel either, recently had my house valued at 370k and onthehouse valuation says 240k to 285k?
Interesting I have done a few rpdata valuations and theyhave been pretty close with onthehouse Values
as for whats’t going on in the area we have researched quite thoroughly and have a few friends working in Gladstone Moranbah and Blackwater either fifo or dido from the Fraser coast just check out how many are from hervey bay in the MAC camps might be surprised and that’s before any mines have opened which four are on the cards one waiting the green light from derm honestly moranbah gladstone etc are overheated markets the property we are looking at will be cashflow positive from day 1 few hundred meters from white sandy beaches there is a supermarket just down the road all be it a small one at craignish and daily transport to the cbd and the schools are alot closer then 15-20k
There is also the marina and quite a few other developments in Hervey bay and Maryborough area Including the decentralization from the cbd to hervey bay as one of the key area because of it’s current high unemployment rate.
we work in the resource sector and I would rather spend 270k in the Fraser coast region for a massive home then some 40 year old fibro in a town relying heavily on the resource sector only.
I know the area is all doom and gloom atm and the properties I am looking at sold for 400k in the peak… without any mine going to happen
the property I posted block originally sold for $172500 the house seems quite abit over 20squares I would guess approx cost was around $200,000 so total completed $372500
sounds like a good retirement spot to me in the mean time I am sure I can round up some tenants that enjoy fishing having a few quite ones overlooking the water at the local watering hole with daily transport to Hervey Bay and several schools 12minutes sure as heck beats a 3hour drive to the beach or 2hours for any decent shopping lol
a quick search on Gumtree shows there are renters already looking and willing to pay $350 Now we just have to get the banks to agree.
I was in Hervey Bay last year and personally would not buy an IP there. Walking around town there are a mountain of large vacant blocks with old for sale signs up. Many (if not most) of these blocks are DA approved for townhouse/apartment developments so you would have to wonder if the area was such a great spot for development then why are these blocks still sitting on the market years later?
One other thing that would be a worry is that there are lots of retirees in town (due to the good climate and cheap housing), and not a great deal in the way of industry and employment opportunities. I think that employed people drive property prices higher and help a market to outperform the average, and don't see this happening with the economy and demographics in Hervey Bay.
I am not up to speed with the local market but these were my observations. I did think it was a nice spot for a holiday though.
Cheers,
Lukeluke86 wrote:I was in Hervey Bay last year and personally would not buy an IP there. Walking around town there are a mountain of large vacant blocks with old for sale signs up. Many (if not most) of these blocks are DA approved for townhouse/apartment developments so you would have to wonder if the area was such a great spot for development then why are these blocks still sitting on the market years later?One other thing that would be a worry is that there are lots of retirees in town (due to the good climate and cheap housing), and not a great deal in the way of industry and employment opportunities. I think that employed people drive property prices higher and help a market to outperform the average, and don't see this happening with the economy and demographics in Hervey Bay.
I am not up to speed with the local market but these were my observations. I did think it was a nice spot for a holiday though.
Cheers,
Lukecouncil are campaigning riving live here work there campaigns their have been a few new FIFO companies come in a new small one in the last week
http://frasercoast.qld.gov.au/web/fraser-coast-opportunities/resource-sector
Aldershot coal mine waiting for the green light from Derm and have been for a little while now
Tiaro waiting to see what happens with colton mine
new 100 Million hospital
new school child care centre and supermarkets planned for Dundowran Beach
which is a few mins from Toogoom. although there are currently 2 schools including a high school less then 13mins down the road at the moment.
Destination Q announced by Campbell Newman Hervey bay
http://www.frasercoastchronicle.com.au/story/2012/04/04/premier-unveils-tourism-strategy/
current Mining explorations
http://www.blueenergy.com.au/_dbase_…te%20Final.pdf
http://www.guildfordcoal.com.au/kolan.aspx
http://www.northernenergy.com.au
Other developments
800 million Marina Redevelopment
120 Million whyndham resort
http://frasercoast.qld.gov.au/web/fraser-coast-opportunities/tourism-opportunities
Solar farm
We have done our research while I agree the market may still be depressed I don't think the Fraser coast region should be over looked
if I was looking last year I may not have been interested as there were for sale signs everywhere and the market was down over easter there were for sale signs however most of them said SOLD which it hasn't been like that in the Fraser coast area for many years and the easter picked up quite a bit more then last year.
another interesting fact that agents were seeking more for rental properties with quality tenants, not the norm for a long time.
those developments on the esplanade have been etc have been sold recently.So to recap I can get a property large 4 bed 2 bath 200 Metres from the beach with transport to town and schools daily or a 13min drive
it already takes us 20mins to drive the kids to school where we are now and no beach
council have a live here work there campaign several projects being investigated for mining including 1 simply waiting for Enviro red tape <moderator: delete language>
Several flights to the Bowen basin at least contracted to a company in Moranbah
Tourism on an upward trend for the area it seems
renters moving there in droves it would seem as they are priced out of other marketspositive spin by Newman and abbot which have both visited the area recently
several projects in town and more schools supermarkets planned for the suburbs such as Dundowran craignish Toogoom etc
I am looking to hold for 5 years BTW not make an instant gain while I don't have a crystal ball everything seems to have a positive outlook for the area long term and of course retirees will have to go somewhere if all else fails…
The other coastal areas we looked was the cap coast however the same type of houses are 450k plus with quite a bit less in the way of shopping entertainment etc compared to Hervey Bay seems I could buy 2 in the fraser coast for the price of one at the cap coast.
ok it looks like you have already made up your mind that it is a good spot to buy. I agree that it would be a fantastic place to live (my sister sure enjoyed herself when she was there for 6 months!), I hope you enoy the sunny coast!
Cheers,
Luke
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