Experienced Insights and Recommendation appreciated- Area: Bowen

Hi All,
Looking for experienced insights and recommendations! I'm planning to semi-retire in Bowen in 3-5 yrs as I love tropical climate (escapism from VIC winter). I bought a block of land, 1080 sq.metre with sea view, being under 1200 sq,metres, you can't subdivide as the area is low density residential. I appreciate the help as this world of IP is all new to me. Keen to learn more.

Looking at insights;
- What do you think of growth potential in Bowen? Any investors in the group have property in this area, I would love to hear from you.
- Building does come at a cost with all the cyclone rating, would you recommend dual occupancy? If so, how much would you roughly budget for a 3BR house?
- Any other factors that I should look into.

Appreciate your help, Paula.

 

First thing to do is to check whether dual occupancy is allowed.
If so, check wethere there are restrictions on renting out separately.

 

Thanks so much for your input, appreciate it.
If you don't mind me asking ,how did you start your journey in building an IP portfolio?

 

My thoughts:
- You're looking at semi-retirement in the area? Are you considering a duplex to rent one half and lease the other?
- Bowen is quite small and very isolated. Have you been there?
- I think there is nicer/larger tropical towns/cities in Nth Qld you can get into for not much more $ and enjoy a much better lifestyle
- I can't see much growth potential in Bowen. It is tied to nearby Abbott Pt coal terminal and Adani will eventually ship coal there but outside of that and agriculture there isn't too much extra to drive in the near future

 

Most was done last century!
So the times and conditions were entirely different to today.

 

Thanks so much for your input @wilso8948.
-I went to Bowen 4 weeks ago, I do admit it's a bit of a HIT and Miss town. I did like the not -so- new estate: nice feel with amazing sea views, the kind of semi off the grid lifestyle lol , less than 3hrs flight from Melbourne.
-Cannot do duplex in such terms as council won't allow it being zoned low residential density but will definitely be looking at renting half and living in half when building the house.
-What are your suggestions in Nth QLD? I don't know much about Nth Queensland.

 

I'd much prefer Airlie if employment isn't really an issue. Nicer coastline IMO, cafes, access to the islands, etc. Plus you are closer (20 min drive) to Proserpine airport which has direct flights to Melbourne/Sydney as you mentioned. Other larger options are Cairns, Townsville, Mackay.

What's the purpose of renting a portion of your house? Is it to supplement income? Lower the mortgage?

 

Totally agree regarding lifestyle in Airlie Beach @wilso8948 & thanks for suggesting the other places. I appreciate your honest feedback.
Renting a portion of the house will be for both reasons.
How long have you been in the IP game? How's the journey going for you? What the main lessons that you have learnt so far?

 

Given the negative talk I thought I'd say some nice things!

Bowen has some of the best beaches I've ever seen, much nicer than anything at airline beach. You can snorkel in nice coral right off the beach at Rose, Murray and Horseshoe bays. No boat needed. The headland also means at least one if them is usually protected from the sea breeze.

It's also cheap to live there.

However as an IP I don't think it makes much sense, but as a PPOR if you like the place go for it. They filmed Australia there for a reason. I have a soft spot for the place. Good luck to you!

 

I stick to the KISS approach - keep it simple stupid. Solid houses on decent blocks for me. No overcomplicating it. Avoid brand new and always look for some value add that I can do with a cosmetic reno in the future.
I am relatively young with a young family so I try not to extend myself 'too' much. Rather not be old, rich and divorced with my kids hating me.
Been in property for 10+ years which is pittance to most on this forum but much more than most my age. Older more experienced investors would have started just like me I'm sure.
Always targeting cap growth but cashflow is what keeps me breathing and the stress levels down.
Aus is a big place. See people happily splurge half a mil in towns with 20k population then call a city with 200k people "volatile". Sometimes it's nice to make up your own mind.

 

@wilso8948 Thank you. Loving all the input! Grateful as all this input allows me to take an informed decision. Cheers

 

Hi @Ross36, thanks for painting a beautiful picture of Bowen! I can tell you have a soft spot for the place. Thanks for your input, I reckon we will eventually make it our PPOR in the future. Are you still living In Bowen?

 

Is there a way of asking you a few more questions in a private conversation? You might not feel comfortable to give the details on this thread, the reason I a asking. As an avid learner, I am keen to learn some details. Let me know. cheers

 

sure just send me a PM