The Best Place To Buy A Investment Property In S.A

[gadj1976]

Guys, I'm still in the market on the Yorke Peninsula and noted yesterday that the golf course at Port Hughes has a heap of properties, including blocks of land for 30 - 40% off.

I rang the agent yesterday and they want places built before the first ball is hit in anger.

I'd be interested on people's thoughts on the course itself, the prices for blocks (start at $99500) and anything they've heard about the development.

Cheers

Gadj

[zipzap]

Spent a week in Carrickalinga over the hols and reakon that would be a mighty fine place to do the seachange thing. Beautiful spot that's only going to get more pricey.

[dedja]

Gadj, Port Hughes is a great spot but be careful investing there.

I have an uncle down the Coast Rd at Moonta Bay and was there last week.

The development has had some difficulties including the association of the developer to the previous Copper Coast Council CEO, who has been investigated for conflict of interest for the council's support of the development when the previous CEO's wife worked for the developer and then the CEO himself a few days after he left the council.

There are a lot of unsold allotments and the developer should be reasonably desperate to sell so if you can get a good bargain go for it ... make sure all services are in place so you are not left empty handed.

The golf course is being designed by Greg Norman which is being heavily used in the marketing blurb.

Some of the early prices were plainly ridiculous but as you say, there have moderated somewhat.

If you're really keen then haggle as much as you can and hopefully you'll get a bargain ... you should have the upper hand in negotiating.

Good luck.

[Psyber]

Port Hughes? I reckon it might be worth $40K a block maybe...

[rogernumber10]

Marion Bay on the Yorke Peninsula.

Moonta / Wallaroo as well over there

[Dutchy]

Port Hughes? I reckon it might be worth $40K a block maybe...

Havent been there for a while Psyb?

Gadj, the development started before the GFC, hence the reduction in prices, I think like all golf course developments in SA (McCracken, Lady Bay, Mt Compass) it will take a good decade for the place to sell out, settle and develop, the golf course earthworks have started, you can see the shape of bunkers....if you are prepared to sit and wait on anything you buy you will be fine, if you want to make a quick buck it isnt the place. The golf course itself will be a ripper and they are saying in the top 20 in oz, which would put only Kooyonga and Royal Adelaide ahead of it in SA.

Take a drive up there one weekend only 90 mins from town and a nice drive

[gadj1976]

Cheers for your replies.

I'd heard there were problems getting water in, but that seems solved. We're actually doing a trip this weekend looking at anywhere from Pt Hughes down to Coobowie.

My thoughts are:

1 stay away from the golf course itself
2 take a chance and grab two blocks, build three townhouses on them and sit on them for a while (massive outlay for little or no return)
3 flog them off as soon as possible (not likely given the uptake of land there)

I'm going to talk to the agent on Sat arvo and see what they'd do for 2 blocks side by side.

I should've asked in my previous post, but I've got two young kids and am after a block of land near a swimming beach on the Peninsula. I don't know the area THAT well. Does anyone know of places that either are suitable, or unsuitable for young kids to swim?

[Dutchy]

Gadj - Ive spent every summer since I was born holidaying at Port Hughes, we have a family shack there, Ive seen it develop from a little fishing village to the boom tourist spot it is now, but compared to the east coast though it is still a small country town on the beach and a great spot for the kids, South Beach (South of the jetty) is only a 5 min walk from the development and is one of the best beaches Ive been to in this state

http://www.thedunesporthughes.com.au/

[Psyber]

Port Hughes? I reckon it might be worth $40K a block maybe...

Havent been there for a while Psyb?

May 2007 when I was at a conference in Clare, and visited my cousin who lives at Moonta Bay - he took me on a local tour.

Developers and real estate agents in SA are generally trying to hype up prices everywhere at present after the scary, for them, slump in early 2009.
It happens in every state but is accentuated in SA where there is this expectation that "one day" prices will catch up with the eastern states.
It starts to work in the recovery phases, like now, then you get flurries of hyped up prices which fall over when people suddenly stop buying.
That happened, from memory, in about 1977 to 1983, 1988 to 1991, 1996 to 1999, and late 2003 when I was over briefly and went back to Melbourne.
[So, I don't know when that one ended.]

I recall the 2003 one particularly - I was thinking of staying in SA and looked at a bluestone villa in Davenport Tce, Wayville.
In August 2003, the agent actually trotted out the bit about catching up with the eastern states at last, and said he thought his clients would accept an offer of $850K plus.
I said I wasn't interested over $650K, and 4 months later the agent rang and said his clients would look at my offer.
By then we had concluded we were going back to Melbourne.

That's why when quoted $1.2 million for a beach front unit at Goolwa, recently, I pointed out there were similar properties on the market in Malibu at half that.

[aceman]

Guys, I'm still in the market on the Yorke Peninsula and noted yesterday that the golf course at Port Hughes has a heap of properties, including blocks of land for 30 - 40% off.

I rang the agent yesterday and they want places built before the first ball is hit in anger.

I'd be interested on people's thoughts on the course itself, the prices for blocks (start at $99500) and anything they've heard about the development.

Cheers

Gadj

If you want some good advice, stay away from The Dunes development at Port Hughes.
I think you will find a 'class action' may happen as it appears they have major problems with water to get the golf course anywhere near what they've hoped and the pricing has been set with this as the major drawcard and I note they've dropped the prices of some blocks because it's just not working for the new developer. I believe one of the investors pulled the pin just recently for this very reason.
Go to Wallaroo, it's a much safer investment.

[gadj1976]

Hmm, interesting.... thanks Ace.

The other place we'd look is on Hindmarsh Island.......anyone got any thoughts about that place? I went there when I was about 12, so now some nearly 30 odd years later I'm sure it's changed a fair bit!

Narrowed it down to a zillion square metres of Yorke Peninsula, or Hindmarsh Island or even Carrackalinga

Cheers

[Swamp Donkey]

Hmm, interesting.... thanks Ace.

The other place we'd look is on Hindmarsh Island.......anyone got any thoughts about that place? I went there when I was about 12, so now some nearly 30 odd years later I'm sure it's changed a fair bit!

Narrowed it down to a zillion square metres of Yorke Peninsula, or Hindmarsh Island or even Carrackalinga

Cheers

I would stay away from Hindmarsh Island myself. Its just such a risky investment given there is no guarantee that there will be water in the river, you should have headed down for a look this time last year, the place was dry literally. The water in the river at Goolwa now has been pumped in there, so it looks fantastic at the moment and it has brought Goolwa back to life, but without water it is a pretty depressing place to live, and rest assure the demand for properties will fall. I think this may explain why there are so many places for sale in the area at the moment because they are much more saleable while there is water in the river

[Dutchy]

Also plenty of other developments around Pt Hughes/Moonta Bay to look at other than the golf course, you will see them as you drive into Port Hughes

[uncle_fester]

Guys, I'm still in the market on the Yorke Peninsula and noted yesterday that the golf course at Port Hughes has a heap of properties, including blocks of land for 30 - 40% off.

I rang the agent yesterday and they want places built before the first ball is hit in anger.

I'd be interested on people's thoughts on the course itself, the prices for blocks (start at $99500) and anything they've heard about the development.

Cheers

Gadj

If you want some good advice, stay away from The Dunes development at Port Hughes.
I think you will find a 'class action' may happen as it appears they have major problems with water to get the golf course anywhere near what they've hoped and the pricing has been set with this as the major drawcard and I note they've dropped the prices of some blocks because it's just not working for the new developer. I believe one of the investors pulled the pin just recently for this very reason.
Go to Wallaroo, it's a much safer investment.

true that wallaroo is most probably the more safer option, however those people who rode out the storm are the ones who made the $$. lost track of how many devlopers had a crack at that marina - sure at least 3 went broke!

[Ian]

PLUS, I can claim two trips to Canberra each year on my tax.

.........and the positive in 2 trips to Canberra a year is ??

[fisho mcspaz]

PLUS, I can claim two trips to Canberra each year on my tax.

.........and the positive in 2 trips to Canberra a year is ??

Rolling down the hill outside Parliament House. It goes on for ages!

[gadj1976]

PLUS, I can claim two trips to Canberra each year on my tax.

.........and the positive in 2 trips to Canberra a year is ??

ahh, I used to live there, so visiting mates, playing golf, cheap subsidised beer from the people playing the pokies etc, etc.

[gadj1976]

Narrowed down the places to look at buying a block to Stansbury and Point Turton.

Point Turton seems like a very 'new' town in parts, new pub, lots of new places going up. The block we're interested in will be on mains and is a stones throw from the pub and beach.

Stansbury is beautiful but blocks are harder to come by and more expensive.

Going back up there this weekend to get a feel for each block that we're interested in.

Thoughts on both areas folks?

[fisho mcspaz]

I was down at Point Turton not that long ago - I think there will be a lot of development going on there. It'd be a good business opportunity in particular - besides the rather flash pub, they've only got the general store.

[gadj1976]

I was down at Point Turton not that long ago - I think there will be a lot of development going on there. It'd be a good business opportunity in particular - besides the rather flash pub, they've only got the general store.

I thought the same thing Fisho. An IGA franchisee will make a killing down there!