To get a rental yield of between 6.5% > 7% you need to buy for around $220K (incl a small cosmetic make-over) that will achieve a rental of around $280pw.
FHB in Newcastle
- Thread starter NewMatt
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To get a rental yield of between 6.5% > 7% you need to buy for around $220K (incl a small cosmetic make-over) that will achieve a rental of around $280pw.
I have a very unattractive busy road near me that noone ever buys on.
Yet in the last two years there has been a boom in the properties traded there. They get done up and are rented out.
I suspect that these are bought by investors who then raise the yield by a quick tart up.
The roughies can be had for low $200's. Newcastle rentals are so hard to find that just about anyone would accept a nice house on a busy road to rent.
It really is a nightmare looking for a rental in this town. Even a nice fellow like me took three weeks of daily searching to find one....
Yet in the last two years there has been a boom in the properties traded there. They get done up and are rented out.
I suspect that these are bought by investors who then raise the yield by a quick tart up.
The roughies can be had for low $200's. Newcastle rentals are so hard to find that just about anyone would accept a nice house on a busy road to rent.
It really is a nightmare looking for a rental in this town. Even a nice fellow like me took three weeks of daily searching to find one....
Speaking as a LL, I sincerely hope not
Yes, I don't see a solution anytime soon.
They are fee paying and as such are always welcomed.
The D&G's reckoned it was going to happen when all the FHBs buying their own places did not need to rent anymore. Hasn't happened yet - maybe it will be in Qtr1, or Qtr2.......or after the affordable housing initiative by the Feds
Have to put my 2 cents worth in about Port Stephens as I live in the PS council area and have looked at quite a few properties there. I also get a weekly e-mail from a PS RE agent so keep an eye on whats selling there.
Most people think of Port Stephens as being the Salamander Bay, Nelson Bay, Fingal etc. The housing there has taken a blow and the e-mails I get often has something about a "Sydney investor wanting out" or "drastically reduced" tag on them. The housing there is more expensive (still ) than other areas in the PS area but the rents are about the same as less expensive areas to buy ie: lower return on your initial investment.
I personally live in Medowie which is close to the airport and RAAF base and to get a rental here you have to put your name down on a list. The house next door to us was up for rental and I know personally of 4 families that applied. Our own home bought in Aug 2007 for $350 we have been told would easily fetch $390K or more.
Raymond Terrace is even cheaper still but I have been told the CG is pretty woefull.
I have also owned a house in Cardiff. There are some lovely old houses in Cardiff and its only about4 or 5 mins in traffic to the hospital from there. Areas inthe streets close to the main shopping strip are the best location in Cardiff in my opinion. Have regreted selling that house actually.
Most people think of Port Stephens as being the Salamander Bay, Nelson Bay, Fingal etc. The housing there has taken a blow and the e-mails I get often has something about a "Sydney investor wanting out" or "drastically reduced" tag on them. The housing there is more expensive (still ) than other areas in the PS area but the rents are about the same as less expensive areas to buy ie: lower return on your initial investment.
I personally live in Medowie which is close to the airport and RAAF base and to get a rental here you have to put your name down on a list. The house next door to us was up for rental and I know personally of 4 families that applied. Our own home bought in Aug 2007 for $350 we have been told would easily fetch $390K or more.
Raymond Terrace is even cheaper still but I have been told the CG is pretty woefull.
I have also owned a house in Cardiff. There are some lovely old houses in Cardiff and its only about4 or 5 mins in traffic to the hospital from there. Areas inthe streets close to the main shopping strip are the best location in Cardiff in my opinion. Have regreted selling that house actually.
bespoke
How big a blow and has the market recovered yet.
Also,do you know of any local agents?
I want to see what's available.
Cheers
Hi,
I've lived in the Port Stephens area for over 15 years now (12 in Nelson Bay and 3 in Salt Ash, near Williamtown). We moved out of the Bay because, in our opinion, it has become over-run with apartment buildings. There is a glut of apartments around the Nelson Bay CBD which has ruined the town and transformed it into a huge holiday let for Sydney residents. Our family loved living there and I do not regret raising our boys there but am glad that we have moved closer to town. Unless you are prepared to travel job opportunities are limited. Public schooling was fine, but our youngest attended Hunter School of Performing Arts in Broadmeadow which meant a 3 hr return bus trip each day from Nelson Bay. We are investing now and I must say that we are not considering the Bay area, but looking to inner Newcastle. I have also worked in a real estate office in Nelson Bay that has a very large holiday let on its books and I wouldn't touch that type of investment at all (too many horror stories and in general very low returns).
I've lived in the Port Stephens area for over 15 years now (12 in Nelson Bay and 3 in Salt Ash, near Williamtown). We moved out of the Bay because, in our opinion, it has become over-run with apartment buildings. There is a glut of apartments around the Nelson Bay CBD which has ruined the town and transformed it into a huge holiday let for Sydney residents. Our family loved living there and I do not regret raising our boys there but am glad that we have moved closer to town. Unless you are prepared to travel job opportunities are limited. Public schooling was fine, but our youngest attended Hunter School of Performing Arts in Broadmeadow which meant a 3 hr return bus trip each day from Nelson Bay. We are investing now and I must say that we are not considering the Bay area, but looking to inner Newcastle. I have also worked in a real estate office in Nelson Bay that has a very large holiday let on its books and I wouldn't touch that type of investment at all (too many horror stories and in general very low returns).
More on Port Stephens
Hi BV,
have to agree 100% with Elfsmum above. The Nelson Bay CBD is fast turning into a mini Gold Coast, its no longer the little fishing village with fibro holiday shacks it was 20 or 30 years ago. Very much a retirement sea change area and full of holiday lets and becoming a glut of apartments. My grandfather came form the area and I spent most of my summer holidays there as a kid so know the area well, or used to I should say.
Not alot of employment in the area especially in off season and I would imagine most employment would be in hospitality. Most people there commute to Newcastle for work.
Not clear on what you are looking for in the way of investment. I have read various editorials etc where property experts say that sea change areas like Nelson Bay have taken a hit and therfore will bounce back big time when shares and confidence returns (albeit alot longer after the general market) but you may have to wait a while and its still speculation I suppose.
There were quite a few high end properties on the market cheap when shares plummeted and also some flats used by families as holiday homes, the very desperate to sell have already done so in my opinion and there have been a few developers go bust and selling off cheaply.
If your looking for a residential rental I'd look at Salamander as its less touristy and more residential, quite a few military people live there so there is a rental market.Not as close to the water or as pretty than NB or Fingal etc, but has the only big shopping centre in the area.
I'd stay away from Lemon Tree Passage or Tanilba as they have had (for a number of years) huge problems with out of control youths burning things down etc. This is supposed to be getting sorted out by the authorites though.
I'll PM you with the name of the RE agent who sends me the e-mails but there are also many more in the area, just google Port Stephens real estate and you should get a few.
Hi BV,
have to agree 100% with Elfsmum above. The Nelson Bay CBD is fast turning into a mini Gold Coast, its no longer the little fishing village with fibro holiday shacks it was 20 or 30 years ago. Very much a retirement sea change area and full of holiday lets and becoming a glut of apartments. My grandfather came form the area and I spent most of my summer holidays there as a kid so know the area well, or used to I should say.
Not alot of employment in the area especially in off season and I would imagine most employment would be in hospitality. Most people there commute to Newcastle for work.
Not clear on what you are looking for in the way of investment. I have read various editorials etc where property experts say that sea change areas like Nelson Bay have taken a hit and therfore will bounce back big time when shares and confidence returns (albeit alot longer after the general market) but you may have to wait a while and its still speculation I suppose.
There were quite a few high end properties on the market cheap when shares plummeted and also some flats used by families as holiday homes, the very desperate to sell have already done so in my opinion and there have been a few developers go bust and selling off cheaply.
If your looking for a residential rental I'd look at Salamander as its less touristy and more residential, quite a few military people live there so there is a rental market.Not as close to the water or as pretty than NB or Fingal etc, but has the only big shopping centre in the area.
I'd stay away from Lemon Tree Passage or Tanilba as they have had (for a number of years) huge problems with out of control youths burning things down etc. This is supposed to be getting sorted out by the authorites though.
I'll PM you with the name of the RE agent who sends me the e-mails but there are also many more in the area, just google Port Stephens real estate and you should get a few.
Lots of reasons
The house was a dump when I bought it and I renovated it from top to bottom, even reinstating the timber fretwork verandah. It was totally transformed and in a great location, with a fantastic view.
Cardiff is currently having a new shopping centre being built and it is very central. There is also a railway station on the line to Sydney and it is now a major stop where all trains stop at.
Its a great location to live as an owner occupier.
I sold the house with my heart and not my head. I bought it when single and had 3/4 renovated it when my husband came on the scene so I suppose it has some nostalgic memories of my single days.
I decided to sell as we were having a baby and it was a small 2 bedder on a small block and my husband, although having finished off the reno, didn't really feel like it was his home. We had also bought a large block near to where we are now and used the proceeds of the sale to pay that off. Another factor was that I just couldnt bare to see it and the garden not looked after by renters. My husband did say he would buy it from me as it was in my name but I didnt know then what I know now about property investment and couldnt see how it would work. We were told the rent would be about $220 pw. 12 months after I sold they were getting $290 pw.
I sold in Feb 2006 for $235 and the new owners put it back on the market in Nov 2009 for $299 having done nothing but put in an aircon. Whilst I am certain $299 is a way over the top price if they got even 10% less, they did better than I did on the real estate I paid off with the proceeds as the block went down in value and is only now worth around the same I paid for it in 2004.
If I'd just got over my love affair for the house, and explored the possibilities more I'd be alot better off financially right now... but hindsight is always 20/20 isnt it?
I wouldn't beat yourself up about it, sounds like you had a lot of lifestyle stuff going on (husband plus baby) which all needs to be factored in.
Yes Cardiff is very central and it's good to see a fair bit is happening there (new shopping centre). The main street does feel and look a number of years out of date but I think this will change over time and quickly.
I think it will be the next Mayfield in terms of a less popular suburb that's now on the up. As for Mayfield, there is nothing much housewise, that's nice, on domain for less than $300K and the only house for under $200K is right under Comsteel (all day and long into the night steel factory) and no interior photos.
May West would be good buying if Comsteel ever decided to shut down but I think it actually turns a profit so not likely soon.
Yes Cardiff is very central and it's good to see a fair bit is happening there (new shopping centre). The main street does feel and look a number of years out of date but I think this will change over time and quickly.
I think it will be the next Mayfield in terms of a less popular suburb that's now on the up. As for Mayfield, there is nothing much housewise, that's nice, on domain for less than $300K and the only house for under $200K is right under Comsteel (all day and long into the night steel factory) and no interior photos.
May West would be good buying if Comsteel ever decided to shut down but I think it actually turns a profit so not likely soon.
Thanks, I will see what there is for sale
and then go for a drive over the weekend
cheers
Cardiff has good and bad...................... The shopping centre and surrounds are suffering from continual grafiti issues to the point that the local Chamber of Commerce are openly asking people to report grafiti artists and promising to take them to court. There is a certain "element" from the Glendale side of the rail line who have no respect for anyone or anything and who find the main stormwater channel a convenient conduit.............Cardiff South might be a better option
Simon
Where and why pls?
I went for a drive on Sunday but I couldn't decide on the where part
Done it
Well finally bought a place to live in Newy after looking for what seems like ages! Think I got a good deal too. Hamilton North 3 bed partly renovated, private sale though "friend of friend" transferring out of town for work. It needs mainly cosmetic work - paint new floor coverings etc and a new garage. Got good kitchen and renovated bathroom. So can do some reno while i live there and rent out a bedroom to another nurse or student to help with costs.
Building inspection and pest OK for age of house
Finance approved
Contract signed this arvo
very excited
Now have PPOR and 2 IPs very very happy !!!!!!!!!
Well finally bought a place to live in Newy after looking for what seems like ages! Think I got a good deal too. Hamilton North 3 bed partly renovated, private sale though "friend of friend" transferring out of town for work. It needs mainly cosmetic work - paint new floor coverings etc and a new garage. Got good kitchen and renovated bathroom. So can do some reno while i live there and rent out a bedroom to another nurse or student to help with costs.
Building inspection and pest OK for age of house
Finance approved
Contract signed this arvo
very excited
Now have PPOR and 2 IPs very very happy !!!!!!!!!
Now have PPOR and 2 IPs very very happy !!!!!!!!!
Congratulations Batgirl, well done and it sounds like it has many of the features of a good buy.
Congrats batgirl
Hamilton is a top place - you should do well.
Hamilton is a top place - you should do well.
