Hoptoun – Reinvented as a Retirement Destination

We previously talked about the problems of Hoptoun, where the collapse of BHP Billiton's Ravensthorpe $2.2 billion nickle mine, saw the local property market in tatters.

One local developer moved fast to slash section prices in Hoptoun from an outrageous $260k to a much more realistic $69,000. Hoptoun, although located on Western Australia's beautiful southern coast, now has limited to zero jobs options for people moving into town. Realistically most people buying into Hoptoun are either retirees or holiday home buyers.  It does seem to be mainly these  buyers who have bought twenty-eight of the 30 blocks in the Steeredale Meadosws estate in the past month with prices from $69,000 to $90,000.  Those prices are for 4ha sections with all services connected.

The developer, Ross Williamson now hopes to save his family-run development business. Well done Mr Williamson, you took a bold decision and it seemed to have paid off for all concerned.

Now however ten BHP-owned houses have also been released onto the local market. These 3 to 4-bedroom, 2 bathroom modern brick homes have all the mod-cons included ducted airconditioning. The prices range from $375,000 to $395,000 plus the purchaser gets $12,000 in stamp duty refunded and $20,000 vouchers to spend in local shops.  And they look pretty. But even though the real estate agents claim that these houses are being offered at $150,000 below replacement cost -  they just don't add up.

The sections have sold at say on average $80k, add a nice sized house say another $250 - that's still less than the BHP McMansions - and the sections are 8ha -although not stated its obvious that the ex-BHP houses are built with the standard 2.5 metres between houses -suburban they could be called.

I think I'd rather build my own home and get a bit of space on this one. But go Hoptoun - hopefully the aging population will be all good for this little town!