Hi All,
Welcome to the March 2010 Byron Property Search Newsletter. Hope you are enjoying the full water tanks and lots of mowing!
Street Talk
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The mood on the street at the moment is a bit mixed to say the least.
On the one hand we have a legion of experts predicting we are about to have another massive property boom. There are many investors and overseas buyers entering the market. Melbourne has had an exceptional year with a 17% increase in 09 and Sydney is not far behind. And if recent history is anything to go by then watch out Byron region. Byron Bay boomed the year after Sydney and Melbourne took off in 2002 so if the pro punters are correct - this will be a big year for the Byron area.
On the other hand there is also a legion of opposing punters saying that we are in for whats called a double dip. That the down turn of 2008 was just one half of an ugly twin and we are about to cop another major disruption. Led once again by more property collapse in the USA.
If anything the yeasayers outnumber the naysayers but I am not in the prediction business and prefer to stick to what is!
WHAT TO DO?
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The basics still hold firm. Buy good property in a good location at the right price and if possible hold for the long term. History has proven over many decades that this is the most effective way to build wealth.
That is what I can help with and there are some good options at present. The current credit constriction has forced many people to put good properties on the market at price that represents excellent value. If the market does jump it will be good buying and if the doomsayers are right then holding for the long term means that a slight downturn in value will not be problematic. If it is a rental property it will not matter as I do not see rental rates remaining anything but strong.
GOOD PICKINGS
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In this present newsletter I am just going to list some good properties that I think are good buying. The descriptions are brief but I you would like more info, let me know and I can send more info:
Suffolk Park
For those not area of the spectacular run our little beach side suburb has had for most of this decade, then be told so. There are a few places for sale down there. Quite a lot along beach front Alcorn at over $2M.
A very keen seller with 3 bed 1.5 Bath unit for $439,000. Rents for $430 PW so not far away from covering a mortgage.
House on good size block only 2 blocks from the beach. Established holiday rental yielding $75K PA. For Sale for $1.1M
Ocean Shores
Most of the good stock of entry level housing in Ocean Shores has been cleared by First Home Buyer Boosters and investors. Many mid level properties available around $550 - $600K and higher. But vacant blocks are good value and there are some good ones with good views at around $300K. Good buying if you are able to keep building costs down. I have ideas in this area!!!!
Also available- 3 bed 2 bath house across the road from beach in secluded gated estate. This is a steal as owner will listen to offers and presently listed at $590,000.
Brunswick Heads
Last year Brunswick Heads got some press as the preferred place to settle over Byron Bay. Locals there seem to love it and prices reflect that.
I have one beautifully finished 4 bed 2 bath dwelling with separate guest quarters in the heart of town for $1.09M. Worth a look.
Mullumbimby
I am surprised the this large house on 3 titles has not already gone at $730K. Not long to wait for sewerage moratorium to lift and will have easy boundary adjustment and separate title.
Bruny Island Tasmania
I know this out of my usuall stomping ground but worth a look for an investor. 19 acres with an approved DA in place for 5 Eco villas on strata title. Beautiful Ocean and coastal views. 5 titles will sell for $200 - $250K each and keen seller will let the lot go for $450K.
FINANCE STUFF
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RBA increased bank rate by .25% last tuesday. Predicters are hinting that they may lay off for a month or two as property prices stayed stable or even fell back a bit in the March quarter. After a steller final 2 quarters of 09.
New Services
BPS is now offering property purchase loans through Self Managed Super Funds. Contact me for more information on that.
Also going well is BPS offering private finance deals, caveat lending and short term finance.
Offer:
Any previous clients who have been happy with our service and would care to refer to us a new client, any completed deals from this referral will be rewarded with a free IPod! Please send my newsletter on to your friends or relatives who are interested in finding out more about our services.
Thanks for your time and look forward to being of service for all of your property and finance requirements.
Take care,
Michael Murray
0428 555 501