best area to buy in newcastle nsw
- Thread starter PCFord
- Start date
Hi,
What areas are good to look at to buy a house around $450k in newcastle area. We (middle age, kids free) are wanting resturants, shopping centres and to be able to access clubs and other social activities to do. Any thoughts gratefully appreciated.
calling Alan Fox........ aka propertunity
ta
rolf
Hi,
What areas are good to look at to buy a house around $450k in newcastle area. We (middle age, kids free) are wanting resturants, shopping centres and to be able to access clubs and other social activities to do. Any thoughts gratefully appreciated.
Have a look at some of the suburbs surrounding Charlestown (massive shopping and eateries there). Include Adamstown and A. Heights in your search.
If you want a more funky, period style, artsy-fartsy area, try Carrington, Maryville, Islington, mayfield and surrounds.
If you want more of a holiday feel but only a 5 minute ferry ride to the CBD, check out Stockton.
If more suburban is your thing, the areas like Garden Suburb, Kotara etc may suit and are close to Westfield Shopping.
Nothing more I'd rather do on a Sat nite after a full day of Opens & auctions
Nothing more I'd rather do on a Sat nite after a full day of Opens & auctions
well I didnt mean like within 15 minutes
while u are at it, pizza please : )
ta
rolf
You want beer with that?
A question for prop please.
Which do you think has more potential, upper hunter valley or newcastle?
Also, I'm looking at a few areas in newcastle's inner suburbs, which would you recommend out of islington, mayfield, shortland? What I'm looking for is a run down place, that I can buy unde market, so that I can spend the $ purchased undermarket on a Reno, I'm looking for about a 8% yield off the shelf before reno. I know those yields are very hard to find,
Since its for investment, I'm not looking for the best area, I'm happy buying in the so called crappier areas
Thansk
Which do you think has more potential, upper hunter valley or newcastle?
Also, I'm looking at a few areas in newcastle's inner suburbs, which would you recommend out of islington, mayfield, shortland? What I'm looking for is a run down place, that I can buy unde market, so that I can spend the $ purchased undermarket on a Reno, I'm looking for about a 8% yield off the shelf before reno. I know those yields are very hard to find,
Since its for investment, I'm not looking for the best area, I'm happy buying in the so called crappier areas
Thansk
I can't comment for 2 reasons:
1. I don't do fortune telling - which I assume is what you mean by "potential"
. 2. We don't do the Upper Hunter - just Newy and the Lower Hunter.
Islington & Mayfield are trendy inner suburbs with lots of 'potential' to do renos to older miners cottages, terraces etc. A bit like the Inner areas of Sydney, like Marrickville, Redfern etc. There will be high sales demand and high rental demand for a renovated property, if you do it correctly. (i.e.not remove period features like fireplaces etc).
Shortland could not be more different. Here you'd tend to purchase because you want to live on the out-skirts of town or you want to buy, reno & hold student accommodation (rent-by-the-room) for the nearby Uni in Callaghan.
There is always plenty of buyer competition for rundown reno opportunities in the inner areas. If you wait till the Saturday Opens you will likely be dissapointed, as someone will beat you to it on Wednesday.
You just need to make sure that your 'reno opportunity' is not really a bull-dozer job. I had an agent say to me there recently, "I'd like your opinion Alan. I'm not sure if I'm selling a house or a block of land". After I had inspected the property, my response was "You are selling a block of land. The whole back of the house is falling off and the sub-floor is gone - in every room." He agreed. It sold to a purchaser who wanted to knock-down, rebuild.
...and I want world peace.
It is not going to happen for standard resi. You can get 5+% in the inner areas if you look really hard. You can get 6-7% in the Lower Hunter as rents are going ballistic there. The only way you can get more than that is either with a dual income property, like a house & granny flat that might give you 8-9% combined or you rent-by-the-room to students @ say $150pw per room. You might get 11-12% gross doing this with the right property.I'm not quite sure I follow you.
Do you want a good investment or a mediocre one?Perhaps you are preferencing yield over growth? This is OK, but it is always a trade-off. As you get into the poorer areas, as well as getting lower growth you can also get tenant 'issues'. If you can tolerate that - fine.
All the best searching for that illusive holy grail of high yield, high growth and low risk!
I can't comment for 2 reasons:
1. I don't do fortune telling - which I assume is what you mean by "potential"
2. We don't do the Upper Hunter - just Newy and the Lower Hunter.
Islington & Mayfield are trendy inner suburbs with lots of 'potential' to do renos to older miners cottages, terraces etc. A bit like the Inner areas of Sydney, like Marrickville, Redfern etc. There will be high sales demand and high rental demand for a renovated property, if you do it correctly. (i.e.not remove period features like fireplaces etc).
Shortland could not be more different. Here you'd tend to purchase because you want to live on the out-skirts of town or you want to buy, reno & hold student accommodation (rent-by-the-room) for the nearby Uni in Callaghan.
There is always plenty of buyer competition for rundown reno opportunities in the inner areas. If you wait till the Saturday Opens you will likely be dissapointed, as someone will beat you to it on Wednesday.
You just need to make sure that your 'reno opportunity' is not really a bull-dozer job. I had an agent say to me there recently, "I'd like your opinion Alan. I'm not sure if I'm selling a house or a block of land". After I had inspected the property, my response was "You are selling a block of land. The whole back of the house is falling off and the sub-floor is gone - in every room." He agreed. It sold to a purchaser who wanted to knock-down, rebuild.
...and I want world peace.
I'm not quite sure I follow you.
Perhaps you are preferencing yield over growth? This is OK, but it is always a trade-off. As you get into the poorer areas, as well as getting lower growth you can also get tenant 'issues'. If you can tolerate that - fine.
All the best searching for that illusive holy grail of high yield, high growth and low risk!
thanks prop! great answer, I meant lower hunter valley! sorry having one of those days, what I mean by potential is that if you saw identical sort of houses, same rents etc in these two locations, which would you choose was more the question!
I agree with your reno comment about not buying a bulldoze site and buying a reno site. however, my view (and I was asking for your opinion) if a place is quite run down without the victorian features, surely spending $10k to paint, carpet, kitchen, clean would boost rental return and instant equity. oh and yes if im competing against the idiots who have just watched the block who think buying any reno site is a license to do well, then I won't bother!
and in regards to the "wanting a good or bad investment" i should have rephrased better, what I meant was, I am happy buying in the crappier areas of town if the numbers stack up well/better, since my entry point will be cheaper and be well below the median even though I will most likely have a bit more trouble with tenants etc.
Thanks again mate!
Hi TE,
I have seen few reno project houses marketted for > $219 K, but <$290 K in shortland (walking distance to University and school) . Sandgate Rd, Cobby st and Raboul st (all have potebntial for dual occupancy + one in lovell Parade needing improvement in site drainage). There of these houses have rental yield >5% in its present conditions -and all tenanted. I am not ready for any reno projects - not local and still love my day job.
MKP
I agree with your reno comment about not buying a bulldoze site and buying a reno site. however, my view (and I was asking for your opinion) if a place is quite run down without the victorian features, surely spending $10k to paint, carpet, kitchen, clean would boost rental return and instant equity. oh and yes if im competing against the idiots who have just watched the block who think buying any reno site is a license to do well, then I won't bother!
and in regards to the "wanting a good or bad investment" i should have rephrased better, what I meant was, I am happy buying in the crappier areas of town if the numbers stack up well/better, since my entry point will be cheaper and be well below the median even though I will most likely have a bit more trouble with tenants etc.
Thanks again mate![/QUOTE]
I have seen few reno project houses marketted for > $219 K, but <$290 K in shortland (walking distance to University and school) . Sandgate Rd, Cobby st and Raboul st (all have potebntial for dual occupancy + one in lovell Parade needing improvement in site drainage). There of these houses have rental yield >5% in its present conditions -and all tenanted. I am not ready for any reno projects - not local and still love my day job.
MKP
I agree with your reno comment about not buying a bulldoze site and buying a reno site. however, my view (and I was asking for your opinion) if a place is quite run down without the victorian features, surely spending $10k to paint, carpet, kitchen, clean would boost rental return and instant equity. oh and yes if im competing against the idiots who have just watched the block who think buying any reno site is a license to do well, then I won't bother!
and in regards to the "wanting a good or bad investment" i should have rephrased better, what I meant was, I am happy buying in the crappier areas of town if the numbers stack up well/better, since my entry point will be cheaper and be well below the median even though I will most likely have a bit more trouble with tenants etc.
Thanks again mate![/QUOTE]
hi Prop,
Came across this article while browsing my future IP.
http://www.propertywomen.com.au/know-how/why-the-hunter-is-being-hunted/
Any comment?
Last time I went to Newcastle (mind you around 2008), it was like a ghost town and it came off my somewhat small radar.
Came across this article while browsing my future IP.
http://www.propertywomen.com.au/know-how/why-the-hunter-is-being-hunted/
Any comment?
Last time I went to Newcastle (mind you around 2008), it was like a ghost town and it came off my somewhat small radar.
The Lower Hunter info is pretty accurate. The rental yields are near 6.5% or more in many suburbs.
We like the Hunter area because it is under-going such massive expansion:
Summarised here: http://hunteradvantage.com.au/the-facts/significant-projects/expansion
Hi all, I know Newcastle has an increasingly complex economy, especially a growing university and health system, but I would be a bit worried about the job losses in the coal mining sector. I have lived in or near the place for a long time and my husband's business is there, and in my opinion high mining wages and an increase in jobs in the sector has been a big driver for CG there in the last five years. My husband consults to the mining industry, and most places are looking at trimming the fat built up during the expansionary phase. Although a lot of miners live up the valley, there are many mine support services in Newcastle and many miners DIDO of Newcastle and Lake Macquarie.
This is my opinion, but I would be interested to hear what others think of the near-term future of Newy and the lower Hunter housing markets.
Cheers, Ali
This is my opinion, but I would be interested to hear what others think of the near-term future of Newy and the lower Hunter housing markets.
Cheers, Ali
In my opinion, regardless of the mining sector, Newcastle will be in great demand for years to come. When I was looking there around 2 years ago particularly in areas from Charlestown to Kotara area for several months I found it to be a very pleasant friendly place compared to neighboring Sydney with an excellent atmosphere overall. Most of the people I spoke to were from Sydney and decided to move up purely for lifestyle reasons but I suspect many have made the transition due to being priced out of Sydney being increasingly expensive.
I also feel Newcastle and the lower hunter to be a natural go-to place for retiring baby boomers or families simply looking for a sea change.
I also feel Newcastle and the lower hunter to be a natural go-to place for retiring baby boomers or families simply looking for a sea change.
Truly Exotic - did you end up buying something in Mayfield/Isso area? Curious to hear how it all went as I live on the CCoast and am considering a similar approach.
(Am also considering other IP in QLD should you see that thread and wonder if I have a split personality )
Prop - very interesting about period features. I'd asked 1 or 2 REA about what houses people like... but they were a bit useless with their responses!
(Am also considering other IP in QLD should you see that thread and wonder if I have a split personality
)Prop - very interesting about period features. I'd asked 1 or 2 REA about what houses people like... but they were a bit useless with their responses!
Swings and roundabouts regarding coal. It aint gonna stop being used for energy yet and not for a long time.
How many ships sitting outside Newie today (anyone?).
Last time I was there they stretched all the way down to Terrigal...!!
Mostly waiting to load coal I presume.
Cycles...cant boom forever, but will turn around again one day.
I'd like to retire near a Newie beach one day, that'd do me.
I looked at a fewproperties in mayfield and surrounds,
must admit, at first it was overwhelming with so many suburbs and submarkets, I know most of the major markets but only a few of the sub markets. I ended up not pursuing mayfield, however I was close to securing a resi block with a large house that was actually divided into 3 connected dwellings,returning 9% but the agent was not very good.
I ended up buying in between maitland and Newcastle, one which im about to reno,
plus 2 more in cessnock. the latter one, the agent is absolutely adament that I will only get a certain price after reno, my initial research thought it would be $40k (25% higher) then his opinion. its a great one even at his price, but I want to set a bit of a trend in the immediate surroundings!
Similar threads
