Blue Mountains

B

brains

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There is a story in todays Sydney Morning Herald about property prices in Blackheath NSW being the next Blue Mountains town to boom.

Any opinions?

ps: For those who dont know, Blackheath is about 1.5 - 2 hours west of Sydney, just past Katoomba.

A lot of towns up there are becoming very...umm...cutesy/villagey/pubs with log fires in winter, you get the picture. Like craft shops everywhere, Devonshire teas, European cars all over town on Sundays. Very trendy.....Leura started the trend and is now expensive and now towns surrounding Katoomba are joining in. Forget pos. or neutral gearing tho, missed the boat there....
 
residex have been pumping blue mountain grwoth predictions for quote sometime ?

i think they must own half of it !

i dont know the area so I cant comment on anything other than what ive heard above.
 
Hi all,
Residex report some 8 months ago was saying Blue Mountains (such as Wentworth Falls and Faulconbridge) were going to experience high growth over the next 8 years.
My wife and kids travelled up there a couple of times to check it out at that time, found that the diff between the rent and the house prices was too big (i.e rent of 220pw and houses worth around 340k) - so we decided to buy in the Gold Coast instead for higher rent returns (and actual price has fortunately gone up a bit too)....
Blackheath was up there in the top 10 postcodes, if you are happy to negative gear around 80 or 100pw then it will be a good buy in my opinion.
 
Brains

first question I'd ask is what has the growth been like over the last few years.

If it has lagged behind sydney ( percentage wise) and areas in the lower blue mountains , then the chances are it will catch up . If it has doubled in the last cycle , I see no reason why it will outperform other ( closer ) areas.


see change
 
One area in which the Blue Mountains differs from other outer metro areas is that there is limited supply of land. There is also a very conservative council that restricts the amount of medium and high density development.

I'm no expert but all in all surely limited supply and increasing demand will push prices up in the long term.

I grew up in the mountains and know a few real estate agents up there if you need some contacts.

Michael
 
We have an IP in Blaxland/Mt Riverview, the second village up from penrith after Lapstone.

We bought it cheap in 1998 for 127K and it is now valued at about $290k.....however, it is termite affected so take care.

From my reserach, most properties up there have some level of termite damage.

We went ahead and bught it anyway because it beloged to my father-in-law and he would have been stuck with it as it would have been diificult for him to sell as he was in ill health and needed to go to a nursing home.

We felt the best thing to do was to pay market value as there were other siblings and we didn't want to take advantage of the situation despite being the only family members being financailly able to bail Dad out
so, in 1998, 127k was the correct price.

we will eventually knock down the post war fibro on the block and buld a 4 bedder double storey to take advantage of the views.

I would have liked to do a unit development but the council won't allow it.

Also, if wanting to build anything in City of Blue Mountains LGA, be aware of the the Bushfire related planning controls....ask the council or go to www.planning.nsw.gov.au

good luck with with your search

Savanna
 
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