I’ve been in Hervey Bay for a week now. Here are some of my observations about the current Hervey Bay property market.
- Rents have gone up a bit from when I last came here 2 years ago. A newer 4 bedroom house near the hospital can fetch $380 per week. Across town the same property runs about $350. Two years ago you could rent these homes for about $310 to $340.
- Home prices seem to be about the same. Maybe they’ve risen a little, but not enough to really notice. You can still buy a brand new 4 bedroom home in Hervey Bay for around the $320,000 to $330,000 mark. You could probably pick up a similar existing home for even less, say around the $300,o00 range. If you’ve got $400,000 ready cash, you can find amazing value in Hervey Bay. Back in the Alice, $400,000 wouldn’t be enough to get you a nice 3 bedroom unit!
I’ll bet 20 years ago, people described Hervey Bay as a sleepy little town. Just a guess.
And, I’ll bet there are people today who would describe it the same way! Just another guess.
Does that mean Hervey Bay hasn’t grown in 20 years?
I don’t think so! It’s grown a lot!
Then how can people describe Hervey Bay as a sleepy little town today if it’s much bigger than it was 20 years ago?
For instance, I would describe Hervey Bay as a sleepy little town. Why? Because I see it for what it will become in the next 20 years!
Hervey Bay. Just saying it drops my blood pressure back to normal readings! I like saying it – Hervey Bay. It makes me feel better. I really believe the mere mention of the place improves my health.
Hervey Bay is good for my blood pressure because …
It’s laid back. Life is easy going. It’s slow paced. It’s relaxed. Just my speed.
It’s got plenty of people. The population is somewhere around 60,000 plus, so you’re not isolated and alone. If you want to meet folks, make new friends, no problem.
Plenty of People; Not Much Traffic!
And, now for the third most popular rent-to-own question.
Finally, we’re tackling the number 3 question, “”How much are the repayments?”
I feel, the best way to understand how to arrive at a repayment figure is this …
Calculate the repayments a bank would charge!
That’s the going in number.
Now, how do you calculate what a bank would charge?
Another popular Rent-to-Own question is this – “How much is the deposit?” That’s one of the first things prospective buyers want to know.
Well, let’s start by giving the standard answer as follows:
Generally, under a rent-to-own, the deposit runs from 2-5% of the selling price.
This answer comes from the research I’ve done. Is it the right answer? Sure, why not?
But, let me tell you a little secret – let me tell you the real answer. The real answer is this …
The rent-to-own deposit is whatever you negotiate!
If you’re the seller, you want a big deposit. The bigger the better!
If you’re a buyer, you want a small deposit. The smaller the better!