Blacktown or Woy Woy

[jsoe]

I'm on the hunt again for an investment property after the last one fell out after the owner passed away just 2 days before the settlement.

My budget is $325k ($350k max).
I'm looking for a house with 3 bed at least with reno/development potential. I'm torn between Blacktown and Woy Woy.
My primary strategy/focus is capital growth.

Please kind share thoughts/experience. Thanks a million.

 

[vaughan]

I'm torn between Blacktown and Woy Woy.

My primary strategy/focus is capital growth.

Have you looked at the capital growth figures for these areas? What kind of time frame does your strategy have?

 

[engelo10]

Wait for the housing commision stock to pop up again in Woy Woy, there were a few good ones in Nambucca Drive around 2 months ago that went pretty cheap. There is some good value to be found in Lalor Park housing stock also.

Engelo

 

[Propertunity]

Have you looked at the capital growth figures for these areas?

If you have a look at the CG chart, both suburbs pretty much shadow each other. At different times over the last 15 years, one has done better than the other. Its a coin toss really.

The ex-houso stock is being purchased cheaply, renovated and sometimes put back on the market at a decent profit, but if you buy in a good area, then a long term hold should do well.

 

[Rolf Latham]

Ww I closer to the beach

Ta

Rolf

 

[RedPanda]

I think there is more upside for Blacktown in the short term and more upside for Woy Woy in long term.

 

[Shahin_Afarin]

Blacktown is quite a big place - it is really dependant on where in Blacktown you buy. If you can get your hands on on a big block there is always potential to subdivide or sell with DA in you are looking for capital growth. I used to live in Gosford (not exactly Woy Woy but close) and the property market was terrible about 10 years ago. Not sure who its doing now....

 

[virgo]

Woy woy

Hiya

I would buy Blacktown...

I remember one of the Westpac Bankers whom i was quite friendly with used to live in Woy Woy. He loves the lifestyle there. Then he got quite sick of the commute (to Sydney) plus wife has just given birth. Tried to sell his house...sat on the market for 8 months (i think maybe 2 years ago)...gave up and rented it out in the end...now he is back renting in Sydney

 

[Propertunity]

I think there is more upside for Blacktown in the short term and more upside for Woy Woy in long term.

I tend to agree with this.

 

[jsoe]

hi all,
thanks for the comments.
and Propertunity, thanks for that chart. Awesome!

My intention is to renovate/subdivide and hold for about 2-3 years or so. I've been looking at Blacktown every Saturday and all cheap houses under $400k got sold straight away after the first open house! Not sure what the rush is about, really.

 

[Propertunity]

... I've been looking at Blacktown every Saturday and all cheap houses under $400k got sold straight away after the first open house! Not sure what the rush is about, really.

The 'rush' as you put it is about:
1. Blacktown LGA being a bit of a 'goer'
2. Land suitable to build granny flats in the back yard of
3. People being priced out of the Inner West - so they move one ring out
4. Investors that stood on the sidelines while the FHBers fought it out in the last 3 months of last year (before they lost their SD concession), now coming back into the market
5. Interest rates on a steady or declining path
6. Rental vacancy rates being sub-1%
7. Rents continuing to rise
....should I go on?