Muswellbrook (Sell or hold)

[newbieinvest]

I bought an investment property in Muswellbrook about 5 years ago.

Because of the downturn in the local property market my property is worth less than what I paid for it. I bought it for $252K and I am told by the agent it is currently worth $235-245K.

I'm told by the managing agent that there is some good news on the horizon for the market but increases may not be realized for another 12 to 18 months.

My question is, if you had a property in the hunter what would you be doing with it? I have no financial reasons forcing me to sell it as it was intended to be a long term investment and it almost pays for itself, but is my money better off spent elsewhere.

Love to hear your thoughts

 

[sumterrence]

I've got one in Singleton height, as far as price growth it pretty much stays the same since I bought it in early 2014 (bought it for $235k), I though had it re-valued by my bank 6 months later for $285k and I haven't touched it ever since.

I would wait for at least another year to see how's that new mining project is going before I decide if im holding onto it or selling it.

I personally think the Hunter location is pretty decent as it is close to Gosford and New Castle with a much lower living standards.

 

[sumterrence]

http://www.singleton.nsw.gov.au/index.aspx?nid=1460

looks like there is hope in the hunter's region?

 

[tomlemke]

My question is, if you had a property in the hunter what would you be doing with it? I have no financial reasons forcing me to sell it as it was intended to be a long term investment and it almost pays for itself, but is my money better off spent elsewhere.

Love to hear your thoughts[/QUOTE]


If its not putting you under any stress i would sit on it, no point missing out on future growth potential for no reason.

The only reason i would consider selling would be if it was holding me back from a better opportunity somewhere else

 

[nat7878]

We have an IP in Singleton and value would be the same as when we purchased it 3 years ago.

Did you see this? http://www.smh.com.au/environment/r...ned-for-the-upper-hunter-20150227-13ki4a.html

It's a sucky market to be in but wasn't long ago no one would touch the central coast with a ten foot pole and now look at it.

 

[nat7878]

and this:

http://www.abc.net.au/news/2015-05-...he-easier-with-mine-approval-recommen/6479616

http://www.abc.net.au/news/2015-05-...ter-may-be-at-the-bottom-of-mining-do/6471626

 

[Gigs]

Looking for to buy in Muswellbrook

Veterans!!
Please express your POV, do you think the property price touched the bottom in Muswellbrook area.
I am looking to buy one in this area. I couldn't justify myself the price hike in Sydney metro area so would like to explore more options around.

Thanks

 

[newbieinvest]

We have an IP in Singleton and value would be the same as when we purchased it 3 years ago.

Did you see this? http://www.smh.com.au/environment/r...ned-for-the-upper-hunter-20150227-13ki4a.html

It's a sucky market to be in but wasn't long ago no one would touch the central coast with a ten foot pole and now look at it.

When buying the Muswellbrook property I also looked at a place in Woy Woy on the Central Coast. I wish I had bought it instead. I would have about $100k in growth by now if I did. Prices in the Woy Woy, Umina and Ettalong area are going great at the moment. If only I could go back in time.

I think I will sit on the property for now and re assess in 18-24 months.