What is it???

Hi Notool8,
I own property in this street and another street in the same suburb. Re council is currently in the process of retrospectively putting all properties in this area under a 'heritage precinct" zoning, which will restrict what can be done with your property in the future. For example, on the other side of Martyn St. there was an application by McDonalds to go where two old Queenslanders currently are, and it was refused, to preserve the old houses, so the owners of those two properties are now restricted to being just what they are.
Just something to think about in this area
 
It is mixed comm/resi.

The last time I looked at something like this- though 6+ years ago- I would not have been able to get a resi lend, not even on the resi component. It would have been a 10 year P&I loan at higher than resi rates. The return was good- but my cashflow would have been substantially negative. On 10 years, the prinicipal repayments can be higher than the interest, and that part is not tax dedeuctible.
 
Glucose said:
Hi Notool8,

Just something to think about in this area
Click to expand...

Thanks Glucose. This is a great place for help with DD. What do you think of the current situation in CNS. I have a single dwelling build happening in Seabreeze at the moment and toying with the new Bluewater canopy area for another couple. Also looking at maybe a block of units instead. Just casting around as I have another couple of months to make a D.

Your input much appreciated.


Thanks geoffw, I think I am too old to get involved in these mixes. :rolleyes: Also I seem to be doing OK without complicating things too much.

Cheers Chrisv.
 
Id take a hard look at this one before doing anything...
CNS council are trying to heritage list the whole area there....something like this property could become a financial burden. Even tho' general repairs etc are handled by the tenant, if it gets listed then only certain things can be done, in preapproved colours, style etc. Current or potential tenants may not be happy to wear the added cost of heritage listed compliance. Whici in my opinion would make some of the other properties available around town a little more attractive.

Thats my thoughts anyway...

cheers
 
I think Cairns is still forging nicely ahead at the moment. I have seven properties here. Can't offhand think where Seabreeze is, but the Canopy at Bluewater should be a good area.
Notool8, when you purchase property away from where you live, do you go to inspect it? Do you have property elsewhere too? Not really meaning to be nosy but I'm interested in how people buy/manage property away from where they live, as I haven't yet been game to venture too far away!
 
I agree, Cairns is still experiencing excellent growth.
Migration to Cairns is still high, latest figures 05/06 show 4100 new residents.
Infrastructure spending from the council is up (so are rates damn it!)
There is certainly no short to mid term signs that this will end soon.
So Glucose sit back, relax and enjoy the rewards that have come from your hard work! To control 7 properties in this market is enviable! Well done.

Cheers,
 
Glucose said:
I think Cairns is still forging nicely ahead at the moment. I have seven properties here. Can't offhand think where Seabreeze is, but the Canopy at Bluewater should be a good area.
Click to expand...

Firstly, congrats on the Mag 7.

Seabreeze is a land release in Kewarra Bch. and I hope to take posession in Oct. if you guys can stop the bloody rain. I have an option on 2 lots in canopy Bluewater at builders rates. The reason I have not purchased is that I am doing DD on a block of 6 units in Manoora and if I go ahead with them, I need to wait till after reval on the Seabreeze dev to complete Bluewater.


Glucose said:
Notool8, when you purchase property away from where you live, do you go to inspect it?
Click to expand...



This is my first foray into the dark side. I have 5 in Perth and felt that the market had probably reached some sort of peak so decided to venture east with my bag of equity. I felt a little intimidated by the sheer size of the cities so decided to go NQ for no other reason than that I lived in Tvl for 2 yrs in the mid 80s. My DD indicated steady population growth, diverse economy, very low vacancy rates, very good ROI and NO WATER PROBLEMS among other things. I found the last two blocks in Seabreeze and bought them sight unseen other than for fotos.

Once they settled i flew over and interviewed some builders and chose one for the quality of the work rather than personality or blurb, signed the contract and came home all in 9 days.

So far, Ah is very happy and anecdotally should have around 20% growth equity to play with on completion. As a matter of interest, I do not finance more than 80%.

I think buying out of your area takes a little shift in mindset and a lot of research for SANF. After this little venture, I have no qualms.



Cheers Chrisv

Ps. I could not believe the growth in Cns since I last visited there. We should meet when I go ove for the handover.
 
Good choice.
I have heard nothing but good things about those guys.
Seem to have a name for decent quality at a fair price too.
Thanks for sharing.

cheers
 
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