Coffs Harbour?

From: Michael Croft


Hi,

Has anyone else got IP's in Coffs? Anyone on the forum live in Coffs?

I hear as a regional she should do well in the next few years, why? Is a major new industry coming to town? Or is it just her turn?

Thanks in advance for any/all input.

Michael Croft
"The best parachute folders are those who jump themselves."
 
Last edited by a moderator:
Reply: 1
From: Robert Forward


Hi Michael

Do you want to do a road trip and we can head off to Coffs for a wee bit of property hunting???

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
Last edited by a moderator:
Reply: 1.1
From: Michael Croft


Hi Robert,

Yes a trip is planned and you'd be welcome. I'm doing a bit of research first. Hopefully I can find someone on the ground in Coffs who will give local feedback.

Michael Croft
"The best parachute folders are those who jump themselves."
 
Last edited by a moderator:
Reply: 1.1.1
From: Robert Forward


Cool, I'll jump in for a bit of study on the area too.

When are you looking at going? Feel free to email me any response on the question though.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
Last edited by a moderator:
Reply: 1.1.1.1
From: E L


I recently finished reading a book "The Big Shift" by Bernard Salt on the changing culture of Australia and how the beach and living by the sea will become more of a dominant lifestyle in the years to come.
It was quite an interesting read looking at the changing demographics over a 100 year period and the projections for the next 50 years.

cheers
EL
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1
From: Michael G


Hi,

Just a thought, but on the radio the other day, I was listening to a report about how large percentages of American Government workers will be eligible for retirement within 5 years. Figures like 20% in some departments. I suspect the same here. That is in the next 5-10 years there will be large numbers of people retiring.

So I think about this mass of people and again there will be a division, those will good superannuation and those without.

Those with good funds, will have the freedom to choose where they live. These may be those who wish to stay close to the city life.

And then there will be those who need to make the most of their funds.

With mortgages or rent taking up to 1/3 of our gross income at the moment, there will be a need to reduce this cost dramatically to ensure people can live (survive) longer.

My parents just recently came back from a trip up to Foster, and commented how nice it is and mentioning retirement. I thought such comments were worth noticing.

I'm no economicist but, it make sense that many will choose, by financial pressure to seek accommodation in cheaper areas to stretch their retirement dollar.

Regards
Michael G.
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1
From: Donna Larcos


Have a look at Harry Dent's "The Roaring
2000s" He said just the same thing that
the aging baby boomers will look for
coastal retirement living and, in America,
"small town life" like some of the nice
University towns.
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1
From: Michael Croft


Hi Donna,

You don't have IP's in Armidale NSW by any chance :^)

Michael Croft
"The best parachute folders are those who jump themselves."
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1
From: Robert Forward


Michael, Michael, Michael...

God man, stop mentioning all these different regional towns, you are making all these newbies chase their tails all over the place thinking these towns are the new Cap Gain areas. Coffs Harbour has already gone up 10% since you posted you wanted to look at the city. Hehehe.....

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1.1
From: Michael Croft


Hi Robert,

It's no secret that the concentric ring theory applies to the regionals. It's like a pebble in the pond; ripples start at the centre and flow all the way the the edge. In cities a boom starts in the CBD/center and works its way out to the burbs. OK so take the country as a whole; it starts in the cities and works its way to the regional centres and eventually to the marginal centres.

So if the cities have gone, where next? The boom flows out wards to the major regionals first, then the secondaries and then the marginals. Ask yourself this, why is it a well recognised phenomena that Brisbane (and Canberra for that matter)booms 12 to 18 months after Sydney? A. Because it is a major regional (no offence to Queenslanders).

So if Brissy and Canberra have gone what's next? The regionals - simply really. The only thing is to pick "those most likely to suceed". Enter Coffs, Armidale, Dubbo, Ballarat/Bendigo, Wagga, and the like. These guys still get their growth and it can be comparable to Sydney, BUT 8% compound on $80k isn't as seductive as 8% compound on $400k ;^)

Michael Croft
"The best parachute folders are those who jump themselves."
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1.1.1
From: Robert Forward


Ahhh, more regional centers. I can see the RE Agents receiving heaps of calls in the next few days from newbies....

Michael, I fully agree with your train of thoughts on the ripple theory. It's only plain to see after all.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1.1.2
From: Michael G


Michael,

But if in theory, one can secure a large number of IPs in those areas, with a fixed 20% profit margin, then allow the later price ripple to cash you out, then hey, I'm not going to complain :)

Michael G.
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1.1.2.1
From: Cathy Baxter


Hi

Coffs has grown a bit after 10 years of being flat. The more work on Pacific Highway the better it'll be, plus halfway Bris and Sydney. Other places around there are also showing movement in prices. Beware of chemical contamination because of banana production - I believe there are some stats pointing to higher birth defects in the area.

As for Armidale small gain of 3% past 12 months - I'd say 'cos of FHOG. But don't come here expecting anything spectacular in the way of gains. Regional town still going nowhere despite us having elected a "business oriented" council after decades of academics.

We have a couple of retail developments on the drawing board (one has taken about 8 years to go ahead!). But i believe this will lead to oversupply of retail space (like Canberra) and that Armidale will not grow just on a retail-led recovery. Also with wool prices dipping the cockies will keep their money close to their chest. We need businesses and industry - once that happens I'll let you know and then maybe prices will move.

Having said all that - returns are high and competition for rental accommodation is very tight - particularly for 3 bed houses. Long waiting lists.


Cathy
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1.1.2.1.1
From: Simon and Julie M


Hi all
This is all very interesting. Does anyone have info on Port Macquarie? I would have thought that could be a place worth looking at.
Julie
 
Last edited by a moderator:
Baby Boomers

Reply: 1.1.1.1.1.1.1.1.1.2.1.1.1
From: Yuch .


Hi Julie,

According to my wrappees, Port Macquarie has grown quite a fair bit in the past 12 months. You might have to get the figures off 'The Money Man' - Rolf, he will be able to tell ya!

Regards
yuchun
~ The secret to success is to start from scratch and keep on scratching. ~
 
Last edited by a moderator:
Baby Boomers nearby

Reply: 1.1.1.1.1.1.1.1.1.2.1.1.1.1
From: Gee Cee Clay


I look out my front door .I look out my back door and at present all I see is massive infrastructure improvement and increasing equity.

Definite ripple effect along with area improvements and people wishing a semi country life.

Mind you I have waited some time.

Gee Cee
 
Last edited by a moderator:
Reply: 2
From: Anonymous


Hi Michael

I've just bought my first IP in Coffs although I live in Sydney. I bought a 2 bed villa for $89,000 and the asking price was $95,000, dropped to $90,000 because the backyard needs some drainage. It had been on the market for 4 months and someone else had looked at it a couple of weeks before I did but hadn't made an offer. I'm getting $155 per week rent.

I looked at 6 properties up there, the rest were townhouses or apartments. From my limited experience I'd say there's not many buyers there at the moment and you can negotiate a better price.

NSW Real Estate is managing it and said there's not much available for rent at the moment. My tenant was going to move out and I was going to raise the rent to $160 pw but he decided to stay at the last minute and sign a 12 month lease at the current rent. Next year I'll raise the rent when the lease expires.

There are some Coffs properties at www.realestate.com.au so you can get an idea of prices before you go. Some of them have been listed for sale on that site for at least a couple of months (since I first looked). That's where I got the idea of buying in Coffs.

They've got the largest regional shopping centre there, Park Beach Plaza.

Hope this helps

J
 
Last edited by a moderator:
Reply: 2.1
From: Cathy Baxter


Hi

Website for all Coffs agents and some private sales is www.gocoffs.com

A useful starting point.

Cathy
 
Last edited by a moderator:
Reply: 2.1.1
From: Ken .


Michael
I went for a trip to Coffs in January to investigate investment properties.
Originally I was thinking of cheap units, or townhouses (up to about $80k)which were returning about $120pw rent, looked reeeel good. When I was there I found that these tended to be in areas that were not highly sought after by good tenants, damage and disappearing tenants were commonplace. The costs were also a problem, with up to $20pw for rates, $15-20pw for body corp, and $10 for management, this drops the return to under 5%, not so good. Some of the properties were being sold by the owners at a loss just to be rid of them.
I then started looking at houses (avoid body corp costs)and found that the best places to buy, as they are highly popular with renters, and the only areas that appeared to have any sort of cap gain, was the jetty area and Sawtell.
I made an offer on a house at Sawtell that had some structural problems, but the owner would not accept my price, so I walked. Did not find any others that I could buy for enough below what I considered comparable market price to be worth while, so it turned out to be a nice holiday only.
 
Last edited by a moderator:
Back
Top