Lake Macquarie - anyone

C

Cherry Pro

Hi All

Given that the Central Coast has already moved approximately 15% over the last 6 - 9 months, just wondering if anyone has invested further afield in the Lake Macquarie area : Morriset and it's suburbs.

We reckon Sydney's baby boomers (us) will be happy to travel 1.5 hours to be on the water without killing the bank..

Your thoughts ??

Thanks:eek:
 
It depends on each family isn't it? I would like to live closer to our kids (hope they want the same too). Then Lake Maq. is a bit too far.
 
Hi Devan

Guess you are right, however, Lake Macquarie is less than 1.5 hours from Sydney, where we are; Central Coast is about 15 - 20 minutes closer and about 25 - 30% dearer.
 
CP

Haven't you already made a motza in Qld and Mt Druit??? ;)

Quick question..I note that you are buying and selling...you are not a Results Mentoring program member are you?

Cherry Pro said:
Hi Devan

Guess you are right, however, Lake Macquarie is less than 1.5 hours from Sydney, where we are; Central Coast is about 15 - 20 minutes closer and about 25 - 30% dearer.
Click to expand...
 
I was up there last few weekends, probably closer to Lake Haven, Toukley areas. Was prepared to make an offer on a Monday after inspecting on Sat, but was under contract, and over the asking price.

Few RE tells me rental 'hasn't been a problem' in comparison to Sydney RE 'rental has been bit soft, I wouldn't suggest to increase rent'
 
Bought in Gwandalan last year just before the fires were raging! Dual income, and increased rent by $15 per unit. Happy with the agent, she is pro-active, yield ok cash flow positive. Apparently the market is a bit hotter now.
 
If you go to the north end of Lake Macquarie , Toronto , Warner's bay your commuting to Newcastle .

Rick Ottens operated in that area in previous cycle and did ok .

We looked there in last half of last year , at that stage all the cheapo's / HC equivalents were being snapped up but you could get good deals around 400 and up without any competition.

Ended going up to brissie , mainly because of land tax ( already maxed out in NSW )

Cliff
 
We sold an IP (was the family home for 30 years) last year in Dora Creek. Took well over 12 months to sell. Never had trouble renting it but the area is dead. Egg farm is gone. There is a proposal in with Lake Macquarie Council for the land that was occupied by the chook sheds to be carved up and developed into heaps and heaps of houses. Will be huge oversupply for an area with not much industry except Eraring Power Station and Morisset Hospital. That's about it. People who want to commute to Newcastle will buy closer since it's not really any dearer to do so. People who want to commute to Gosford will buy closer to there for the same reason.

I'd steer well clear.
 
Thanks all for your inputs.

Davo - think some areas of Dora Creek may have some flooding issues; agents on the ground are mentioning that properties are taking 4 - 6 weeks to sell.

Baby Blue - care to share details of dual occ you bought, ideally looking for something like that ...

Sash ... not a Results (is that Steve Mcknight ??) student ...just doing our own thing for what will work best for us ...Devan, thanks for not following :cool:
 
Cherry Pro said:
Thanks all for your inputs.

Davo - think some areas of Dora Creek may have some flooding issues; agents on the ground are mentioning that properties are taking 4 - 6 weeks to sell.
Click to expand...

A lot of Dora Creek is flood prone, particularly along Baker St and Stingaree Pt Drive. We were on very high ground with no possibility of flooding.

When we listed, the agents all said average time on the market was 9 months and we took double that. 4 - 6 weeks, you're dreaming unless the agent already has a book full of buyers.
 
see_change said:
If you go to the north end of Lake Macquarie , Toronto , Warner's bay your commuting to Newcastle .
Click to expand...

Cliff,

We're looking out on the peninsula (Bonnells Bay, Balcolyn, Sunshine, Silverwater) out Morriset way. Very pretty with close proximity to the lake and properties have done their thing ..doubled over the last 8 - 10 years for over 4 decades with yields close to 7%

Took us 70 minutes from Sydney to get there over the weekend. We got talking to a Year 10 lad with a backpack waiting for his friends to come by boat (10 minute ride across) to pick him up to spend the weekend ...for me, a different lifestyle for sure.

Anyone else has a story to share on the area ? Spoke to Davo and established that his family home too in the area had doubled every 10 years.
 
Thanks MXia, wonderful news, will cut back travel time by another 10 minutes, will be under an hour to Morriset ..makes it truly attractive to baby boomers looking to retire that way.
 
Cherry Pro said:
Thanks all for your inputs.

Baby Blue - care to share details of dual occ you bought, ideally looking for something like that ...
Click to expand...


The potential dual occ properties are hardly legal in the wyong/port mac council, and they don't seem to give a blind eye as compared to sydney western suburbs..

just be wary the high S96 contribution imposed for those council (wyong currently $8k), if you are thinking of converting a studio to legal secondary dwelling etc.
 
RetireRich101 said:
The potential dual occ properties are hardly legal in the wyong/port mac council, and they don't seem to give a blind eye as compared to sydney western suburbs..

just be wary the high S96 contribution imposed for those council (wyong currently $8k), if you are thinking of converting a studio to legal secondary dwelling etc.
Click to expand...

I think lane cover council charges something in the vicinity of $40k or some crazy fee for GF's.
 
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