MundoolunMagic

There are 81 houses for rent in Mundoolun area at present, $400 per week for one place that sold for $565k, that an out of pocket of $500 p/w after all expenses. How is that an excellent rental return. Great for renters, not for owners, anyone wantig to live there should rent for 6 months, that way not only will you save money but you will get to see if you like the area, one house in Tremayne road has sodl 6 times in 9 years, why would one house sell 6 times in 9 years, whats the issue. Better to rent than to jump in to buying, not only will you save but you can walk away wothout loss if you dont like it, there are heaps and heaps of rentals to choose from as well. Dont take my word or opinion though, check it out yourself, go see an accountant with the figures, any accountant or any bank manager.

Let us correct some of the 'rumours' that you seem to spread about the two main Mundoolun areas.

You said: "There are 81 houses for rent in Mundoolun area at present"
My comment to that: There are 88 homes in Mundoolun Estate and 146 homes in the Tremayne Road Area. Of these 234 homes, just 4 (FOUR) are currently advertised for rent. That is 1.7% of the available homes in both areas.

Are you serioulsy trying to tell us that almost 35% (81 homes) are available rentals? I think you're facts are a gross exaggeration of the true facts.
I live in this area, you don't!. There are NOT 81 homes up for rent in this area. There would lucky to be 5% in total occupied by renters. The vast majority are owner/occupiers.
Currently there are 14 new houses in construction within the two areas. All are being built by the land owners.

You said: "one house in Tremayne road has sold 6 times in 9 years, why would one house sell 6 times in 9 years, whats the issue."
The Issue is that your comment is a fabrication! A check of council records proves that. Please let us know the street number of that house.
The record here is the one home site has changed ownership 5 times in the last 15 years. That is a fact. The original purchaser buyer bought a 5 acre block from the developer and sold it for a profit. It was sold a second time for a profit. A house was built on the block by the third owner, and it was sold to a young family. They bought a larger home in Beattie Road, and rented their Tremayne home and sold it to the renters. It was resold by those renters (at a profit) who moved to Sydney with a job transfer. That is fact because they now live two homes from us in Beattie Road!

If you check the website that you recoomended (onthehouse.com.au and by the way, you had that url incorrect) you can clearly see movements of sales.
A simple check of council records can verify all of these facts.

In the last twelve months four homes have been sold on Tremayne Road. Three by residents of over 10 years, two of whom have retired to units.
Currently two are on the market. One is on 50 acres and seemed too overpriced, hence it didn't sell. It is currently rented in excess of $750. The other is on 45 acres and belongs to an older couple who have resided there for over 20 years and who wish to retire to a unit.

You don't live here. You don't know. Other people have caught you out on your misleading statements.
Please get your facts right!

I forgot to add.

A quick check of real state agencies reveal that is usually takes a lead time of 2 to 4 weeks to have new renters occupy homes in the Mundoolun area.

The area is very popular for those seeking a quiet and relaxed lifestyle.

Some genuine figures on 72-80 Tremayne Road

Sold 19/04/2004 Vacant Land $180,000
Sold 06/11/2006 Vacant Land $220,000 ( profit of 40k or 18.2% )
Sold 10/03/2008 Vacant Land $275,000 ( profit of 55k or 25.00% )
Sold 30/03/2009 Dwelling $317,228 ( House built - profit not)
Transfer Sale 04/11/201 Dwelling $448,000 ( profit of 131k or 29.2% )

And you say the investments here are poor? You’re joking!!!

72-80 Tremayne Road Genuine Facts.

02/12/1994 Sale (Normal Sale) Vacant land $62,000

07/08/2003 Sale (Normal Sale) Vacant land $85,000 (a profit of 23k)

19/11/2003 Sale (Normal Sale) Vacant land $159,900 (a profit of 75k)

19/04/2004 Sale (Normal Sale) Vacant land $180,000 (a profit of 20k)

06/11/2006 Sale (Normal Sale) Vacant land $220,000 (a profit of 40k)

10/03/2008 Sale (Normal Sale) Vacant land $275,000 (a profit of 55k)

30/03/2009 Sale (Normal Sale) Dwelling $317,228 ( profit not counted as a house was built)

04/11/2010 Sale (Normal Sale) Dwelling $448,000 (a profit of 131k)

And you say there is no capital growth in Tremayne Road, Mundoolun?? You have to be joking!!

Unless the people who built a house that only cost them $37k I would say there was a huge loss there, and if you think that any suburb can sustain tripling in value every 3 years then I don't need to say anymore. Lets just see what the next 6 months brings in this area in the way of sales ans that way it is a true reflection as there is stock for sale now that was last traded in 2008,2009 and 2010, Cant imagine what profit you were talking about for a place selling for $37k more than last traded when someone went to the huge expense of building a house on it, unless they shipped a donger over to squat in I would suggest any house would cost at least $120k to build minimum, Im amazed how personal you have taken this, I still think this area will fall in value before it goes up again, but Im happy to look at the sales over the next 6-12 months and see who is right and who is wrong, I am willing to eat humble pie if the area posts an increase, but according to the latest profession census the area is forcasted to fall in 2012, but hey, that is just the experts, not me :-) I really could not care less to be honest, but we will see what happens between now and the next 6-12 months.

After a little investigation I found out that the sale on 30/03/2009 included a small inexpensive serviced shed with a bathroom/septic attached as a temporary measure. This reflects the small profit shown of 31k.

A small home was then built and sold on 04/11/2010 for $448,000 which showed a profit on the blovk as 131k. One can assume that the home cost around 80 to 90k as they were owner.builders.
Once again your deductions have been proved as totally incorrect!

Good work mundoolunmagic. You have shown her up with ease......but how I am still baffled by this woman.

Property is never a short term investment unless you are a risky and speculative investor. What does it matter what happens to the market over the next 6-12 months? Anyone who knows anything about real estate knows the cycles and how they are tied up with other cycles in the economy at large. If you understand the normal cycles then all the claptrap about what suburbs are going up and down over the next 6-12 months means nothing. Now is the bottom of the market and is a good time to buy anywhere you desire if you have the money. some places will always represent a better investment than others and it is always reflected in the price. Anyone who thinks otherwise is a total novice

Hi Mundoolun Magic, were looking at a house to buy in Mundoolun. I'm wondering if your still living in the area and has your opinion of the suburb changed at all in the last 3 years. The area looks beautiful. Whats internet speed like? Any likelihood of a small convenience store being established? Were planning on living there for at least 10 years so short term market shifts are unimportant. Its the quiet lifestyle were after and in that respect it looks like Mundoolun fits the bill.