2560 Postcode & Surrounds

Piston Broke

Piston Broke

Since this is one of my hunting grounds & fishing ponds I'm going to post here
about this area rather than all over the board in different threads.

I'm seeing a few sub 300K listings coming on the market, some quite tempting.
FHB activity seems to be finally slowing.

I'm also starting to see cheaper properties (for the area) in the Narellan Vale & Harrington Pk areas come to market. Some of those place would cost a mozza to build, and these lower end sales aint going to be good for the median morale out there. I patiently study my prey waiting for the smell of blood in the water...

Down South....
I spoke to someone today who bought some vacant land with the intention of building down Nowra area 3 years ago and just sold for a 70k loss :eek:..ouch!
 
One of my fav's is umina , erina on the central coast, so close to the waters and ferry ride to other areas, but the jobs just don't cut it there, if the rents went up the financially %#^&*%# people mooved out their would be some greate growth, OH yes and the older generation , they seem to like it just the way it is! so the concil struggle to change things, so many opertunitys for this area.
 
craigb said:
One of my fav's is umina , erina on the central coast, so close to the waters and ferry ride to other areas, but the jobs just don't cut it there, if the rents went up the financially %#^&*%# people mooved out their would be some greate growth, OH yes and the older generation , they seem to like it just the way it is! so the concil struggle to change things, so many opertunitys for this area.
Click to expand...


yeah i like umina & ettalong aswell,, you can get quarter acre blocks with 2-3bed fibros 500m to water 280-350k !!!

theres always talk about that high speed ferry that could run from ettalong to circular quay.. if that ever happened those suburbs would skyrocket overnight & the bogans would get priced out,, but im told there way to much sand dredging - environmental issues & costs involved so it will never happen
 
craigb said:
One of my fav's is umina , erina on the central coast, so close to the waters and ferry ride to other areas, ........ so many opertunitys for this area.
Click to expand...

Are you trying to say propertunities?:p

and yes, there are lots of them here. Gee, when you are up at Killcare you can physically see the skyscrapers in the Sydney CBD.

If the fast ferry people (and there have been a number of them) ever got their act together with the service to Circular Quay it would be a marvellous way to get to work. I think presently 45,000 commute to work in Sydney from the Central Coast - so they get Sydney wages but the beach lifestyle :D

But for now, it is the car on the F3 or the train or for just a few who work around Bankstown area - a quick flight from the Warnervale airport.
 
Propertunity said:
Are you trying to say propertunities?:p

and yes, there are lots of them here. Gee, when you are up at Killcare you can physically see the skyscrapers in the Sydney CBD.

If the fast ferry people (and there have been a number of them) ever got their act together with the service to Circular Quay it would be a marvellous way to get to work. I think presently 45,000 commute to work in Sydney from the Central Coast - so they get Sydney wages but the beach lifestyle :D

But for now, it is the car on the F3 or the train or for just a few who work around Bankstown area - a quick flight from the Warnervale airport.
Click to expand...

what sort of lifestyle is driving 1.5hrs from home to work? those people would never get anywhere near the beach during the week,, and on the weekends they would be buggered from commuting and also dreading doing it all again next week to enjoy the "beach lifestyle" but good luck to them
 
http://www.realestate.com.au/cgi-bi...r=&cc=&c=73859064&s=nsw&snf=rbs&tm=1243125848
Sold for 221k + costs


http://www.realestate.com.au/realestate/agent/century+21+campbelltown/abccaq/page3/105700861
Sold for 262k + costs
I sold a similar property (a bit better) close to this one in 2001 for 260k, if you adjust for 2% inflation per year since it's ~300k.
If your one of the ones who believes what you read in the magazines and agents (selling or buying) expecting a 6% CG (many tout more) then it should be worth (their fav word) ~440K.
And if you were negatively geared, as most are, that's 9 years of expenses on top of the CG loss.

Parable: Know thy back yard, use median prices against those who don't know any better.
 
sports fan said:
what sort of lifestyle is driving 1.5hrs from home to work?
Click to expand...
Yep, I'll admit it is not for everyone. But ppl living in Blacktown and commting to the city are up for the same kind of time to travel (but not the kms)

sports fan said:
those people would never get anywhere near the beach during the week,
Click to expand...
It depends what they do, where they go and when they finish - I see lots of tradies on the F3 about 3:30pm in the afternoon leaving Sydney (they probably started at 7am on the job). These same guys get an afternoon surf in (during daylight saving).

sports fan said:
and on the weekends they would be buggered from commuting and also dreading doing it all again next week to enjoy the "beach lifestyle"
Click to expand...
I know ppl that have done it for 15 - 20 years - they get used to it - it just becomes part of what they do.

sports fan said:
but good luck to them
Click to expand...
Yep, its not for me but I wish them well too.
 
Some resales:
CONJOLA CRES
$310,000 26/03/2009
$397,000 26/05/2005
$320,000 16/09/2003

LAWSON ST
$302,000 23/03/2009
$320,000 19/09/2003

AGER COTTAGE CRES
$320,000 16/03/2009
$294,950 23/10/2002

THE KRAAL DR
$325,000 14/03/2009
$320,000 03/02/2004

WYANGALA CRES
$284,000 08/03/2009
$300,000 04/04/2005

BROWNLOW PL
$250,000 06/03/2009
$256,500 07/09/2006
 
I know the (southern end) of the central cost very well and it goes for very LOONG periods with no growth, even falling prices. And they are in one of those periods now and have been for a few years.

Its a stagnant market with not a lot of demand and a generally low income area with relatively high unemployment. Hence the massive commute to Sydney. I used to commute myself and its a dead set shocker whether by road or train.

I've seen houses sell in the high $200k's 10 minutes walk to the beach on the Woy Woy peninsula for the last couple of years. And i think the market in that area has deteriorated since then.
 
BayView said:
And they sold for a loss because..?
Click to expand...

My guess is wanted to build & sell (when RE was going to the moon as Sparky still believes), but he realized that building prices went up, values down and credit tight, he might as well take the loss now and move on.
I dont ask many questions, but that was my reading between the lines, and there is a resale down there with similar numbers.
 
Piston Broke said:
My guess is wanted to build & sell (when RE was going to the moon as Sparky still believes), but he realized that building prices went up, values down and credit tight, he might as well take the loss now and move on.
I dont ask many questions, but that was my reading between the lines, and there is a resale down there with similar numbers.
Click to expand...

So, this is basically your common case of operator error.

A build and sell strategy is not investing per se. It is trading.

These are the sorts of things that D&Ger's (not saying you are one) love to grab onto and wail about how dangerous it all is, etc.

Whilst it is currently a buyers' market in many areas, that doesn't mean you have to be a participating seller.

If you are not a seller currently, and not looking to try and use your equity for further investing, then it (the state of the market) is all irrelevent.

Mind you, if you are fortunate enough that your IP portfolio is enjoying stable values, while other areas are tanking, then it is relevent as a buyer. ;)
 
It was held for 3 years, not exactly trading, just realising a loss.
Could've held out and got more, but that's what happened.

Also there are thousands of people in the SW who built houses at 6-800K who would likely get 100-200K less if they were to sell right now.
So just as it's nice for people here (and API writers) to loudly pronounce unrealised gains, unrealised losses are no different.
It's not negativity, doom nor gloom, it's is what happened in the market.
Just as saying RIO is now @$70.

My properties are no different they to lost value, I knew it and announced it would happen.
The difference is that if you follow my posts you'll see LVR 60%, then 40%, then 25% over the last few yrs. I realised some gains and paid off debt.
The best way to make money in any market is to buy when they are going broke, and sell when they're getting rich.
 
Piston Broke said:
Anyone see this auction?
Two houses joined in one block. Needed about 50-60K spent on it to bring it up to scratch.
http://www.myhome.com.au/buy/nsw/macarthur/raby/house/p000wblz/
Click to expand...

That place sold at auction for $541,000. Block size >2500 sqm.
Needs a lot of work, but I'd say it has much long term potential.
It seems it was a mortgagee auction with a reserve of ~450, with a bank loan ~600.

And btw a couple more listed price reductions this week, even though listings have slowed down and it seems some investors are now hunting.
 
More reductions on houses <350k.
Also went hunting down south near Wollongong and seen many reductions of 20-30k on houses <300K.
There's a hint of investor activity and listing have slowed as vendors realise they FHBG effect has diminuished.
The continuing trend though is that ~4/10 buyers cant get finance.
 
10 bedroom house on 890sqm in Glen Alpine sold for 590K.
Previously sold in mid 2006 for 655k + costs + lots of work & $$ to transform to 10br with many bathrooms.
Bank repoed and had a reserve of 620k.
 
Yip Nath

First thing that came to my mind as well......

Also I have a realllllly good performer out in Campbelltown, and would be happy to pick up another soon. Good families wanting to STAY for the long term, and accept reasonable rent rises as well, as a LL gotta be happy with that.

Luvvit.
 
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