NSW Central Coast market struggling

[Ideo]

What areas of the coast and what market level are we talking out of interest?

I know mine in the Long Jetty area is nice and tight (just did an increase with new tenants about 5 months ago) but from what I can see the more expensive areas like Terrigal etc are a bit flat, especially in the mid range market.

 

[Propertunity]

What areas of the coast and what market level are we talking out of interest?

bene313 and I both own a few houses with granny flats.
I have a few up on the northern end of the CC - house rent of about $300pw + flat rent of $210pw

 

[HomeBuyAU]

The more people that stay away from here the better, I will enjoy my retirement in privacy and without noisy developers, investors and other hounds. Go back to Sydney thanks.....

 

[nww]

Interesting what a few months make.

Spoke with a few real estate agents after noticing sold signs pop up on a heap
of reasonably priced property in the $250 - $300000 range on the northern end.
The property investors seem to be back in the market.

 

[Propertunity]

The property investors seem to be back in the market.

They are back with a vengence! As anticipated, they waited until the FHBs did their panic buying in the last 3 months of last year.

Now there is a shortage of good quality listings, with anything good being snapped up very quickly.

 

[evand]

Generally the central coast can't support higher yields, as its a low income area (except for a few pockets - Avoca, Terrigal, Wamby, Forresters, Pearly, etc) and in those pockets people buy, not rent.

Yep. And most beachside suburbs ask more than cheaper suburbs.

Really not a good area for rental returns imo

 

[RedPanda]

Generally the central coast can't support higher yields, as its a low income area (except for a few pockets - Avoca, Terrigal, Wamby, Forresters, Pearly, etc) and in those pockets people buy, not rent.

Of what I know, Central Coast has higher yields than most Sydney suburbs. There are a few reasons for it.

1. Central Coast has lagged behind in CG, compared to most Sydney suburbs.
2. Relatively more owner-occupier live there, leading to shortage of rental property.
3. Dual-occupancy dwellings.

CG usually follows higher yields.

 

[The Fence]

They are back with a vengence! As anticipated, they waited until the FHBs did their panic buying in the last 3 months of last year.

Now there is a shortage of good quality listings, with anything good being snapped up very quickly.

Too right Prop, I was down after Xmas doing inspections on our IP's in Wamberal, Tumbi and K Vale, and for sale signs very scarce and with most a sold sticker on. This is in complete contrast to when I was there almost a year earlier.

Totally noticeable difference in one of our ttenants attitudes to paying rent on time too after we threatened to up the rent even further than the last review.

Rents tight and cap gains on the cusp....wether Ev likes it or not! Fact!

 

[The Fence]

Generally the central coast can't support higher yields, as its a low income area (except for a few pockets - Avoca, Terrigal, Wamby, Forresters, Pearly, etc) and in those pockets people buy, not rent.

Get the facts right.

Having lived in the Avoca, Terrigal and Wamby area for 12 years and had REAs as my clients doing maintenance on their rent roll properties, I can assure you people rent in those suburbs. And not just holiday accom. I'm talking permanent rentals and plenty of them. It's also a fact that I rented in those three locations as well as knowing many many other who rented and still rent.

I can give you the phone number of a REA in Terrigal if you'd like to confirm these facts.
Better still, walk into any agents office there and ask how many rentals they manage....oh and also ask if any are available right now.

 

[evand]

Of course people rent in those areas. Just think that the % would be much lower than the umm less salubrious areas of the central coast as its generally a low income region. Now that's a fact.

Also, what does 'on the cusp' mean exactly?

 

[Ideo]

I'm another who has rented in Terrigal and Avoca.

Heaps of townhouses etc especially in Terrigal which are rentals.

And it depends on whether you include renting from the state as part of your figures or not.