Latest NSW hotspotting report Nowra ??

Hi all. Well the latest NSW hotspotting report is out and my home town gets a mention( Nowra in the Shoalhaven) It has prospects but comes on the condition that many of the projected works must actually happen. Some are

Navy expansion with new training facitity ( Still happening)
Jail to the south being built ( Construction started)
Shaolin temple and residential development ( planning stage)
Shopping center expansion ( Unsure what stage?)
Entertainment center ( Built and operating)
Riverfront redevelpment ( early planning stage)
Cheaper housing

Also new infrastructure with

Kiama to bomaderry highway upgrade ( preferred route selected)
link road 92 connecting Canberra to nowra cuting travel time. ( 80% done)

One negative is high unemplyment compared to the state average although there is now shortage of work.

As stated by terry if some of these projects are completed then Nowra has real long term prospects.

I purchased here more because it was a market i knew well so i picked a property well positioned in the town but also because of the points mentioned above.

Has anyone seen the report and if so what are there thoughts on the area.
 
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hi devo76
any market that is comming off the back of a fall will rise or cam be called a hot spot.
why because alot of the area from woolongong to kiama is like a nuclear war zone for investment with kiama for me being the center of the bomb blast.
sohot yes not sure if it will be a smoldering or that they have not put out the fires yet.
so nowra to bega has alot of retirement living in these areas and they have been fueling investments but alot of those groups have some very large land sub divisions and they have been moth balled and shelved the major retirement and even small development is finding funding not hard to get but non existing and thos ethat have organised funding the prices have come off so far that 25 to 30% drops are not out of the question.
on top of that most funder will discount the lvr because of the area so for me the only person that would say these will be the next hot spot are people holding land and hoping for a influx of retirees
and for that not going to happen.
but I might be wrong.
oh and for what it worth blacktown liverpool and villawood have had the same time of fall are thye also in the list to be the next hot spot as the next step for them is to sell at 0.
suncorp think you are right as they have funded most of the sites down that way and are holding hell of a lot of product.
 
Yes the majority of the new housing development is to the south east of nowra around the jervis bay area.Nowra has a major new housing area on its south east corner called worrigee. Lots of new homes all looking the same. This area is suffering a bit at the moment with building coming to a vertual stop. This is putting even more pressure on rentals.I consider nowra to be the central part. West of the highway and south of the shoalhaven river. This area is very landlocked by either river or cliffs.This central area will hold up better in a downturn.All other areas like the coastal towns are more sattelite towns with high percentages of retirees of holiday homes These are the areas that seem to get the new estates lately( 20 minute drive to Nowra average). The majority of the jobs are in the Nowra area and bommaderry which is really the north part of nowra. Seperated by the river.

Yes the areas to the north are a lot different and prices reflect that. Things seem to change and prices get cheaper once you pass berry and reach Nowra.

I dont think the falls alone are the reason for improved performance in years to come. I look more at the improved road infrastructure from kiama to nowra and the new link road from canberra to nowra. This town was very sleepy for some time but now there appears to be money being spent. These gloomy times may slow things down a bit but the fundamentals are there for a better property market in the long term. Well atleast i hope so.

Actually my property is positioned to hopefully enjoy a rezoning bonus in a few years that will see rent more than double. Residential to commercial will be very nice indeed.
 
Devo

How's the market down there these days?

cheers


Like most areas the $250,000 and under properties are moving well. Unfortunately things have not dropped as far as i would like. A property i was chasing that was in town and returning close to 10% with no improvements recently sold. I had them down to a low figure but wanted a bit more off. The the grant started and it ended up selling for about $20,000 more than what they were willing to take from me.This has been the case with a couple of properties. I have to decide now to either what a few months or bite the bullet and offer that little more to close a deal. Most returns in the area are around 5% to 6% but better ones are around.
 
Maybe its finally your turn in the sun down that way, seems like the prices have been low forever it must be coming soon!

You could pick up a couple of good buys down that way BV Devo can fill you in on where to avoid.
 
This is an area I was looking at as well, but worried by the unemployment rate. Have some nice neat new development near the water, by stocklands.
 
You could pick up a couple of good buys down that way BV Devo can fill you in on where to avoid.

Thanks, Devo has been very helpful, went for another drive yesterday to get a better feel for the area. I also had a look at Haywards Bay, Flinders, Shellharbour, etc.

Cheers
 
This is an area I was looking at as well, but worried by the unemployment rate. Have some nice neat new development near the water, by stocklands.

Employment as been higher hear than other places for some time. Its one thing the local council are trying hard to combat but we have all heard this kind of sales pitch from councils before. I will believe them when i see improvement first hand. I will ad that i feel a large portion of the unemployed hear just dont want to work not necassarily because they cant get work.Its the sort of place that you can live a very good life on the dole. Its a shame they dont realise how much better there life could be with a job. We had employers screaming out for good workers but they just could not get people to the job interviews. I guess this could be said for many parts of the country during the skills shortage.
 
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