Get out there and look for yourself. Not hard to identify "bad" streets.
Although, it depends upon how you define "bad" ?
Plenty of bad tenants in good streets Im sure.
DYOR.
NSW Central Coast
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Get out there and look for yourself. Not hard to identify "bad" streets.
Although, it depends upon how you define "bad" ?
Plenty of bad tenants in good streets Im sure.
DYOR.
This is one of the first things we do when looking at a new area. The pm's don't want the hassle's associated with Dodgy properties .
Ask them what they don't have enough of and what is the easier to rent .
Cliff
Thank you for the helpI was thinking of commuters and the thought that Spludgey has, about people choosing to move to the coast rather than Penrith and similar.
Sorry, one more question! What is the best way to find out about bad streets in suburbs?
I would be avoiding the main arterial roads and within a block of that road. Note that the Pacific Highway coming into Gosford from Ourimbah has the approval to be expanded into a four lane road. Hence there are many places on the main roads trying to sell up before this happens.
And depends which areas you are talking about. In Wyoming the bad area that has lots of commission housing is along Maidens Brush Road. Other posters in the area may have different views.
There is a pocket of housing commission near the Anglican church in North Gosford. And there are a few areas in Springfield that could be avoided.
Now, having said all that, if the Gosford region does experience some good capital growth and some of these projects come to fruition then there will be subsequent increases in rent etc, and eventually will push the 'bad element' out and further north.
So it depends what you think is fair value, and could you potentially be buying a house below market value because the area has had a stigma or reputation in the past, that could change in the future.
Just to add, I can give you some feedback that we got from our property manager.
She has advised that areas of highest demand for rentals are in the North Gosford and Narara areas. Esp for commuters. There are many nice pockets within these suburbs of nice leafy clean quiet streets.
East Gosford also, but that will have a higher entry cost.
Areas that are not so hot would be Springfield, certain parts of Wyoming.
Lisarow is a very nice area also, but higher median prices. And also starting to move out of the central CBD area.
Like the guys said, a few phone calls to local real estates would be worthwhile. PM me if you need contact for a dedicated property manager, who is very reliable and thorough with tenant selection.
She has advised that areas of highest demand for rentals are in the North Gosford and Narara areas. Esp for commuters. There are many nice pockets within these suburbs of nice leafy clean quiet streets.
East Gosford also, but that will have a higher entry cost.
Areas that are not so hot would be Springfield, certain parts of Wyoming.
Lisarow is a very nice area also, but higher median prices. And also starting to move out of the central CBD area.
Like the guys said, a few phone calls to local real estates would be worthwhile. PM me if you need contact for a dedicated property manager, who is very reliable and thorough with tenant selection.
I have a couple up there.
The market there is starting to move...not hot yet like Sydney...but a matter of time.
Rent returns are good 6-7% is readily available.
The areas in my view which are set for price rises are Woy Woy, Gosford, Narara, Mardi, Watanobbi (newer areas) and Berkeley Vale.
These are affordable areas with affordable houses - 270k to 450k.
The market there is starting to move...not hot yet like Sydney...but a matter of time.
Rent returns are good 6-7% is readily available.
The areas in my view which are set for price rises are Woy Woy, Gosford, Narara, Mardi, Watanobbi (newer areas) and Berkeley Vale.
These are affordable areas with affordable houses - 270k to 450k.
Why do think Gosford prices are set for a rise? Are you referring to units or houses?
Like you say sash, only a matter of time:
http://www.news.com.au/realestate/c...ble-large-blocks/story-fncq3era-1226682812452
Gosford is affordable...it is now much cheaper than Sydney....and yes the increase will be for both Units and Houses.
The other thing is very little building has happened in CC for years...so supply is limited.
Should be interesting....my Woy Woy purchase (2010) has gone up about 120k (being very conservative) in about 3 years. I bought it for 263k and did a 7k reno....and it returns about 380pw.
The other thing is very little building has happened in CC for years...so supply is limited.
Should be interesting....my Woy Woy purchase (2010) has gone up about 120k (being very conservative) in about 3 years. I bought it for 263k and did a 7k reno....and it returns about 380pw.
What about the oversupply of units in Gosford CBD?
People have been saying units in Gosford are going to be taking off for at least the past 15 years.
I grew up in Lisarow. If anyone wants to know anything about certain areas then ask away. I know most of the areas around Gosford pretty well.
Keep in mind that the new apartments near the Leagues Club on Baker St are now being rented out at reduced rates to Housing Commission tenants which is causing overall rents to drop.
Some of the units on John Whiteway drive, gosford - have gone from about 600k when newly built in 2003 to their present value of 270k. I am unaware of other parts of Australia which have seen such falls. In 2003, I made what I thought was a low ball offer of 500k which in hindsight, I was lucky not to have been accepted.
Question....have you seen any new apartment buildings go up in droves?
The natural progression of growth in NSW is it start in Sydney...then it goes to Newcastle, CC, Wollongong..and then other regionals. Sydney is white hot....this will soon spread.
The rents on the CC are insane as this goes up...more people buy as rates are low...then this soaks up supply..and prices head up.
The natural progression of growth in NSW is it start in Sydney...then it goes to Newcastle, CC, Wollongong..and then other regionals. Sydney is white hot....this will soon spread.
The rents on the CC are insane as this goes up...more people buy as rates are low...then this soaks up supply..and prices head up.
Yes. That would be why all those units in the centre of Gosford (excluding John Whiteway Drive) are having major issues getting tenants.
And why apartment prices in new build apartments in Gosford have gone down when prices in Sydney have gone up in the period of 2003-2008.
Exactly right. Very wise move.
I like East Gosford. I like the direction things are heading in the village. It's a higher price. But a higher quality.
Hi china , price drops like that aren't as uncommon as you would think , though I'm suprised by that one . Probably makes it v good buying at the moment . Seriously
We bought a waterfront house for 750 last oct , which would have sold for around 1.4 , 5-6 years before .
In Logan in early 2000 properties were selling for half their previous sale prices and in a the recession we had to have I've seen a property in pymble ave ( perfect every thing , still kick myself over that one .... Wow , that's good , lets see if we can find something even better ... ) on the market in the 600's with a previous sale of over a million.
Cliff
I am not sure that the price drops in Gosford units indicate good buying at the moment.
I think the original asking prices back in 2003 when they were built reflected unrealistic boom conditions at the time. Many exuberant developers went belly up. In 2004-2005, The developers of units on John Whiteway drive were so desparate to either sell or lease their units that they were offering free TVs to purchasers and free sausages just for inspecting their units. Then they collapsed. Within weeks, tenants were being approached to buy units for 80% of what they were previously being marketed for and the price has continued to drop ever since.
But interestingly, in the past two years, I do not see any new massive unit developments happening in Gosford.
It's not something I'd look at as we're probably not going to buy more in NSW at the moment , but if I was , It's an area I'd look at and do my DD on.
Superficially , what you're saying , says that to me .
Cliff
this might be a repost but this is a great read: http://forecast2.id.com.au/Default.aspx?id=259&pg=5520
"Significant development opportunities have been identified in the town centres of Gosford-West Gosford, Woy Woy-Blackwall and Umina Beach. This will generally take the form of medium and high-rise development."
"Elsewhere, there are significant constraints to future development, with limited availability of land suitable for development. Growth in households is also expected to come from the conversion of holiday dwellings to permanent residences as well as the construction of new dwellings."
Help me out here as I'm very very new to investing - should I be worried of the potential development plans in the above areas? And can the oversupply of units bring down house prices/rents?
haywire
