Ballina and property price developments
April 2007 - Interest rates, Ballina, Casino, non-property option, property prices
May 2007 - New loan option, NSW country and Brisbane prices
June 2007 - Loans, Navra, Property Residex
July 2007 - Hot properties, Sub prime mortgaging, Housing affordability
August 2007 - Property vs Shares, Local market, Citibank offer
September 2007 - Overview, Loans, rates and the whole d... thing!, Properties
October 2007 - Overview, Byron Bay, Ocean Shores, October Property Hot List
November 2007 - Gazumping, The Rate Dance, MO & CT, Navra, Property
December 2007 - Property valuations, Replacement value, Equity finance mortgage
Last newsletter 2007 - Byron Bay market graph, beach front & other properties
January 2008 - Mood of Moment, post crash summary, Gossip
March 2008 - March Musings, New Developments
April #1 2008 - War Stories, Property Punting, Interest Rates
April # 2 2008 - Only in Byron, Lo doc Loans and Tax
June 2008 - Debt Consolodation, signs of weakness
July 2008 - Property Punting, Byron Bay Holiday Rental, Housing Affordability
August 2008 - The Wash Up, Signs of Weakness, Growth area, Debt consolidation
Welcome to BPS Newsletter # 13 - October 2007
OVERVIEW
As the weather (and market) hots up I have put together an October Hot List at the end of this newsletter. Contact me if you want anymore info on any of them.
Bargains are hard to be had anymore. The market is firm and sellers have begun to expect full value. I suspect that soon it will resemble Brisbane which is on the boil. I have a friend and a relative there trying to buy right now and are having a hard time getting in as properties are knocked off within a day or two. The town is so hot and they have so many new settlers with so little water they will be drinking their own pee soon.
Brisbane has just announced another parallel runway at the airport. Coolangatta airport are lengthening their runway to take international jumbos. The Tugan bypass is now expected to open as soon as March so I do predict a very bullish selling season this summer. I will be busy - a buyers agent is sought after in a strong market as many agents spend a lot of time just trying to secure new listings and prospective buyers feel ignored. Bring it on! I love working with people and helping them find a home.
BYRON BAY
Yes Byron Bay real estate may be relatively undervalued at the moment but I wonder how the Daily Telegraph have predicted that property values here will double here by 2010. Do they have a crystal ball or have they just assumed we are about to have another boom like the 2001 -2003 surge and used the same projection figures. The median house price in Byron is currently $623,000 and they say it will be $1,277,000 in only 3 years. Can I get a guarantee on that Daily Telegraph?
OCEAN SHORES
Well who would have thought? Houses in Ocean Shores for over $1M. Yes, this piece of news will be a headline soon. There have been a number of properties selling for in the 900s and a million dollar sale is not far away. There are a few enclaves like Tongarra Avenue (fab views) and Hardy Avenue (on the lake) that are now moving into top end. It is a long way from when I first moved here in the 80's and Ocean Shores and Pacific Vista where know as "Open Sores" and "Specific Blister". Back then Ewingsdale was a new suburb and an absolute slum. I can deliver to you right now a wealth creation seminar for nothing: Buy something good and wait!
OCTOBER HOT LIST: Top 10 in no particular order
- If I was to list a 3-bed house in Ocean Shores with views (ocean glimpses) on a large 880 M2 block I would expect to see $480K minimum.
Well there is one listed at the moment for $395,000. Of course there is a list of negatives: busy road, bad condition, tenants from hell, so it has problems.
But there are some positives as well. For the adventurous but a definite bargain.
- House in Bangalow - also on a busy road but has either duplex/dual occupancy potential or can be developed as a B&B - $640K
- Large block of land, over an acre on outskirts of Mullumbimby in popular area - $380K, includes caravan and power etc.
- Great 4 bed house on 1.5 acres in Yelgun. Buyers scared off by Splendour in the Grass DA, but I don't think anything to worry about. Buy it for under $595 and wait for the fuss to blow over.
- 2 Blocks of land:
Block of land in Ocean Shores, 920M2 high with duplex potential $250K. This is cheap!
Also cheap is small block in (non ocean side) Suffolk Park - 436 M2 for $329,000.
- 3 houses I like in Ocean Shores:
- One is high set house on busy road - needs complete reno and would have 360* ocean views with 2nd story - $539K.
- The other has a much better aspect on quite cul de sac and an easier reno - 4 bed, large block, good ocean views - $639K
- The last is a monster newish house - 4 bed + study and 3 bath but has highway noise - $540K (would rent for $450 PW)
- Mega ocean views in North Ocean Views but very steep block X 2 - will listen to offers close $350K.
- Burringbar is hot! Old home, 2 levels, 3 large beds, large block - $330K
- Small 2 bed kit home on 450 M2 house in beachside suffolk Park - land value only at $485K
Top End
All of you with deep pockets who are thinking the above is just small potatoes - maybe one of these will fit the bill:
- Watermark at Watego's - 6 bed 6 bathroom residence including 2 sub lease studios, 655 M2 right on the beach - are you willing to express an interest above $10M?
(Will it beat the Watego's record set last year of $15.6M for a knock down house?)
- Block of 9 units - (almost) on the river at Brunswick Heads, ready for strata: $4.6M
- 88 acres at Fowlers Lane outside of Bangalow with small house - $2.3M. Long road frontage, so possible sub division potential one day (Remember "Buy it and wait!")
- 7 Alcorn St, Suffolk Park, 3 bed 1 bathroom - what! no en suite for $2.8M?
- Sedona in Bangalow has been on the market for a while at $3.5M. Speccy rural views, 4 bed plus studio and pool. Any takers.
That’s all for now. Lots to talk about so will keep the local news coming!
Take care
Michael M Murray
Buyers Agent/Mortgage Broker