New home at Moonta Bay
Juliet and I have bought a house at Moonta Bay in South Australia. It’s on the eastern side of Spencer Gulf, which means the sun sets over the sea (pictured).
The interesting thing about our purchase is that we have never been to Moonta and we have not inspected the house.
We lived at Port Pirie for 18 months, which is in the vicinity, and we originally thought to buy at Wallaroo, where we have visited.
We made an offer at Wallaroo, but the vendor played hard to get and wouldn’t wait for us to inspect the property before agreeing to sell. I planned to get over there on my way to or from Melbourne for a recent conference. It was an older-style home.
After that fell through I looked online at www.realestate.com.au for other options on the Yorke Peninsula.
We were attracted to that area because we know it, the climate is great and it has possibly the last good-value coastal property in Australia. Having paid $245,000 for a house which would probably cost $170,000 to build today we’re happy with the price.
The home we bought is only two years old and we intend to retire there in 20 years. It’s less than two hours drive to Adelaide.
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Congratulations Michael. Buying by the seaside is a smart move - they’re not making more coastline anytime soon. Surprised you bought it sight unseen via the net but I guess that’s how things are heading these days.
So in 20 years time you’ll be a croweater? Who will you support, Adelaide or Port Adelaide? It’s a dumb question really, Port are the only real team in SA!
Thanks Ray. We wouldn’t have bought a much older house sight unseen.
The hope is that your home will increase in value and pay itself off in the future, right? I love that photo up there. When I was in the Gold Coast, the sun set behind the city and left a cast of colors over the ocean.
This makes me ‘homesick’ for Australia. So much I didn’t get to see when I was there, I want to come back.
Uh.. what’s a croweater?
Sue, coastal homes in Australia have realised some of the biggest value gains in recent years and South Australia was under priced, in our opinion, compared with other states.
We hope to have the mortgage paid off before we retire and we expect the home’s value to increase before then. We’re lucky to have a wonderful long-term tenant in the meantime.
As for Croweater, this is the Wikipedia definition: “Croweater is an Australian slang term for people from South Australia. Early settlers often ate the breast meat of crows, parrots and cockatoos when there was a shortage of red meat and the term croweater entered the lexicon in the late 1800s. The term is not considered derogatory.”