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Macleay Island Land - Suffering From Elation
A Survivor's Tale
Macleay Island Land
There's probably only one person on my friends list who'll find this of any interest whatsoever. ;)

Dense old me only remembered yesterday that Damo's half-sister Tanya was in real estate some time ago. She's a lovely lady, has just been through a rough time and we've been keeping loose tabs on one another on Facebook. I contacted her and asked her for advice regarding selling my block of land, which I will need to do in order to bulk up the deposit if I want to get a loan for an apartment in Caloundra.

Lo and behold - since we last spoke, Tanya's gone back into real estate and she's going to give me all the guidance I need to sell my block independently, which is going to save me roughly $3000 in agents commissions.

Also, she went to some voodoo real-estate-agents source for stats on the property and found more right away than I've been able to gather through hours of trawling the net, and sent it to me in a PDF. She is a GODDESS. Turns out that despite the overall property downturn this year, the average value of land on Macleay has risen 15% since I bought the block. Tanya suggested a listing price and the probable selling price the block will achieve. It's more than I'd hoped for. :) She's also given me the details of the solicitor she uses for all her personal conveyancing.

Joe and I recently debated whether I made a wise investment when I bought the block. He asked me if I might not have wound up with a greater profit had I just put all those payments away in a bank account and grown it through compound interest. I did some math just now and worked out that I've made a substantial chunk more by putting my money into real estate than I'd have made putting the same amount into a savings account.

I can imagine what would have happened if I'd left that amount invested in the stock market. 9_9 Mid last year, shortly before buying the block, I'd saved five grand and wanted to Do Something Smart with it, so I signed up for a managed investment account. Less than a month later I pulled my money back out (at a loss due to fees), because I had this horrible feeling I was making a mistake, and that buying land would be the better choice. Bloody lucky!

Mum's always had luck with property - she'll just happen to choose the right house in the right town at the right time. No more expertise than your usual mum-and-pop investor, but very good instincts. The same instinct told her not to sign up to a fixed rate mortgage when she bought her place in Imbil a couple of years back. Interest rates were crawling up and up at the time and her financial advisor Strongly Recommended that she fix her rate. She refused. Good thing, considering the fact that the interest rate has just crashed through the floor. Now she's laughing. :)

Macleay Island has been good to me, and I have a feeling it would have been really, really good to me in the long-run. I'm sad that I have to sell this block, but I know where I want to be, and Macleay Island isn't it. Lifestyle outweighs potential profits for me in this case.
7 have fought ~ fight the power!
raphstar From: raphstar Date: December 10th, 2008 02:22 am (UTC) (Link)

You have an uncanny knack for posting about random stuff just when I need to hear it :D

I am happy that the land investment really was the best thing to do - good work! :D
ruggels From: ruggels Date: December 10th, 2008 05:44 am (UTC) (Link)
Pardon my Density, but .. you are selling Land you own. for an apartment you will RENT? That doesn't sound right..

master_haakon From: master_haakon Date: December 10th, 2008 11:01 am (UTC) (Link)
Replace rent with own. The other thing is that Macleay island isn't somewhere where you can live and commute to the CBD everyday. Trust me I tried it for 15 months.
tania From: tania Date: December 10th, 2008 10:03 pm (UTC) (Link)
LOL, not rent - I rent already, I want to move on from that. :) Nah, I'm selling a block of (empty) land I own so I can buy an apartment I can actually live in. Right now I'm paying a mortgage (on the land) AND rent (for where I currently live), and I feel this isn't the best use of my money. Mind you, the mortgage and rent are both very reasonable, but I want to own the place I live in.
singingnettle From: singingnettle Date: December 10th, 2008 06:16 am (UTC) (Link)
Well, I don't know if I was the person you had in mind that would find this interesting, but I bookmarked it to ask you for a reference to Tanya if we manage to get there. :-)
master_haakon From: master_haakon Date: December 10th, 2008 11:05 am (UTC) (Link)
Glad to hear your family connections are paying off. From what I remember just before I had left property sales on the island had come to a screeching halt as sellers where still expecting large gains when the sold and hadn't accepted that the market had changed.

Thankfully there has been a bit of price growth between when you bought and now. So even with the softening of the market you still should come out ahead.

I honestly believe there are a lot of land owners on Macleay that are speculating on the Bridge that will never come. Despite their fervent wishes.
tania From: tania Date: December 10th, 2008 10:05 pm (UTC) (Link)
I can't remember which one, but one of the politicians of the region outright stated that the bridge was not cost-effective and wouldn't be built in the forseeable future. This was a few months back, but given the economic climate, I can't see that changing.

But then, Coochiemudlo prices did just fine without a bridge - I know people who are kicking themselves for not buying land there when they had the chance.

Yeah, I don't expect a large gain after only having owned the block for a year, and considering the current market. The price Tanya thinks I'll get is reasonable, nothing more, but as you said, if that's what I get for it, I've still come out ahead. :)
7 have fought ~ fight the power!