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It is risky to buy a property in a remote area with small...

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serena

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27/09/18

10:11

Post #: 35873630
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Originally posted by Malaga ↑

Talking about property in Geraldton. Oakajee fired up the market in 2007 . Visions of another Karratha drove a building boom and new suburbs like Drummond Cove, between Geraldton and Oakajee.
Then the d/heads gave the project to the Japanese and the rest was history. Geraldton real estate has been in slow decline since and has had a big drop in last 2 years as 2000 people left due to end of projects and lack of work. Houses and land packages in Drummond Cove that originally cost around $700, 000 are selling for less than $500,000 .
I have property in central Geraldton and like the place but down about $100,000 . Good luck with Oakajee the place is screaming out for this to happen.

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It is risky to buy a property in a remote area with small population where your property investment value solely depends on the survival of a project.

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