I'm considering moving to Mackay and wondered if buying a 10m berth in Mackay marina is cost effective. I've only visited Mackay a couple of times so would love to hear from a local boatie or yachtie with inside knowledge. There seem to be plenty for sale though most larger than what I need. Note that "buying" only means I buy a long-ish lease. It is not freehold. After buying I still have to pay annual fees of $2k to $3k. (I've not seen a lease purchase contract yet.)

Some questions that come to mind are:
(1) are the lease contracts heavily biased against a lessee with hidden costs?
(2) over say a 5 or 10 year period is simply leasing (and not buying) a more cost effective option?
(3) if I have to leave the area but keep a berth that I purchase, do I get a reasonable return by sub leasing it?
(4) as a purchaser, do I cop the repair costs for the berth after, say, a big storm that causes damage?
(5) do the berths hold their value over the years so that in the event I want to sell I don't lose much (if any) capital?

I guess that will do as a starting point. All comments welcomed.

what about insurance on a swing mooring?

HG02 said..
Im not from up there but when I do get there Ill be buying (setting up) a swing mooring off QLD GOV I am told there very cheap under $100 I think Bubbles said

The number of locations where an MSQ mooring is possible in Qld is quite limited. I can only think of Moreton Bay, Tin Can Bay, Burnett River Bundaberg, Boyne River Gladstone (shallow entry), Fitzroy River Rockhampton (miles from the ocean), Airlie Beach (very limited), maybe something around Ingham, Innisfail or Tully, Lucinda, Mourillian Harbour and possibly Cairns Inlet.

Do your research so you don't pin your hopes on something impossible.

zilla said..
I'm considering moving to Mackay and wondered if buying a 10m berth in Mackay marina is cost effective. I've only visited Mackay a couple of times so would love to hear from a local boatie or yachtie with inside knowledge. There seem to be plenty for sale though most larger than what I need. Note that "buying" only means I buy a long-ish lease. It is not freehold. After buying I still have to pay annual fees of $2k to $3k. (I've not seen a lease purchase contract yet.)

Some questions that come to mind are:
(1) are the lease contracts heavily biased against a lessee with hidden costs?
(2) over say a 5 or 10 year period is simply leasing (and not buying) a more cost effective option?
(3) if I have to leave the area but keep a berth that I purchase, do I get a reasonable return by sub leasing it?
(4) as a purchaser, do I cop the repair costs for the berth after, say, a big storm that causes damage?
(5) do the berths hold their value over the years so that in the event I want to sell I don't lose much (if any) capital?

I guess that will do as a starting point. All comments welcomed.

G'Day zilla,
Lots of good questions there.
You really need to talk to your accountant and some marine brokers up there.
For example a simple exercise .....rental of one for say $5000 less the annual fees of $2/3000 if you buy one leaves a $2/3000 out of pocket which is about the bank interest on $80,000 a berth would cost.

I am doing a lot of research on same in the gold coast area and am coming to the conclusion renting a better option down there.

That said it really depends on your personal situation and the demand for berths up there.
I have an ex workmate who bought one at rqyc rented it out and rented one for his own boat. He has done it this way for negative gearing purposes.

Don't forget as time goes by the value reduces by the years left . This may be offset by demand at the time you want to sell the lease.
There are lots of stories of windfall gains but not as many as losses.
Some marinas will only allow you to rent your berth out via them and they pool the funds and distribute equally to owners,check it out.

Mackay is a little bit more than Raby Bay I rented the 10m berth in 2006 for $1000 in 2012 the rent for a marina berth fell to $ 860 now in 2015 I have a private berth rental for $640. It is a buyers market at the moment with berth purchases Mackay is a good marina close to islands and amenities are good.

best of luck.

aj