be carefull with investing in realestate in trhe nw
Submitted by petermac on Sun, 2014-04-20 22:27
all you boys and girls thinking of buying real estate in the NW the word is the bubble has burst , have friends in K town that have relocated to NSW and wont/cant sell their half side of a duplex because they payed nearly 600k and cant get 350k now and good mate of mine in hedland paid 1 mill for his place in hedland 2 years ago, buzz tells me he would be lucky to get 700k for it now , Info I have Pelagio in K town is a white elephant, the days of what happened with an appy of mine when he bought a 3x1 ex rio house for 240,000k and sold it a year later for 700k are long gone
Tim
Posts: 2497
Date Joined: 26/09/06
Old news
Old news Peter. Been like that for a while now.
With most of the construction jobs turning into production there are so many houses on the market the price was always going to drop.
At one stage you were lucky to have 6 houses on the market in Karratha but now there's literally hundreds to choose from.
pricey10
Posts: 486
Date Joined: 07/01/12
Old news Pete! It's working
Old news Pete! It's working out good for the people didn't blow a mill on a 3x1 or 700000 on a 1 bedroom apartment. It's makes me wonder how people really thought a construction boom was really gonna go on for 25+ years and people were gonna continue to pay $2500 per week for a house for years to come, no way
Karratha. WA
trymyluck
Posts: 908
Date Joined: 06/05/12
There are even rentals
There are even rentals available there now I see.
troy fuller
Posts: 411
Date Joined: 30/08/10
Here in tom price is a
Here in tom price is a completely different story
shonky
Posts: 203
Date Joined: 22/04/12
Dodged a bullet
Got lucky on that one, sold mine just before the shit started hitting the fan!
This habit is getting expensive!
Swompa
Posts: 3786
Date Joined: 14/10/12
Was always going to happen.
Was always going to happen. Can't construct for ever and once construction stops, you only need minimum people to maintain and then the need for people drops.
I know people with huge mortgages in K-town...more than the value of the home.
petermac
Posts: 2946
Date Joined: 03/03/10
to true
some blokes got lucky by being in the Hamersly ownership plan (got their houses on average for 35K yes 35k)and after paying of the interest free loan over 15 years at $250 a month found them selfs in the middle of the Pilbara real-estate boom and if they had done some work on their houses over the years were able to sell their house for up to a million dollars