I have been studying Lake Munmorah the last month or so and went up there a few times.
Omg you can't say this Northern part of the Central Coast doesn't have potential .
Everything has potential, I have the potential of becoming a pet owner in the near future, I did not tell you when, if it was "potential" then anywhere you buy in the world has it.
What is your plan? your strategy? your lifestyle goals and are they in alignment with you investment goals, this will determine the speed at which your looking to build wealth and therefore what strategy you implement to try and achieve it.
I'm still looking at buying under 300k however even under 280k and I'm waiting for the right price.
Good luck, I really do mean that not sarcastically.
What sort of investment are you looking to buy and is that a part of your overall strategy.
The sub market might be, 3 bdr, 4 bdr, townhouse, duplex, new H & L, renos, granny flats, gated communites, rural properties to name a few, all with there own niche pros & cons, all grow differently due to their supply and demand, put some thought into this part of your investment strategy and you might select differently.
As for Real Estate agents bragging about their properties, I'm lucky to get even one of these lazy lazy agents to even give me 5 minutes of their time !!!
If they don't want to call me back why don't they just say they re too busy??
Seems they are never in their office and don't bother returning calls, so they must be selling.
This area is developing, all this area Lake Munmorah , Charmhaven. Lake haven etc is the next area I believe to house prices will go up.
but please DONT buy in those gated communities in Lake Munmorah !!!
That's life, something you get use too in this game. They will probably try to be your best friend in about three years.
You can't tell me that if I buy a house in Lake Munmorah for 280k it won't be worth over 300 in 2 years , of course it will be.
Sure I can, many factors will be at play and of coarse the economy has to stall a bit, interest rates will rise, investment dollars will dry up, and peoples fears will set in, developments you had pinned your hopes on get put on the back burner, new estates pause and start to offer discounts, your precious CG will stall, let's not forget you do this so you get CG so you can use the equity to rinse and repeat, the valuations will get creamed in this scenario.
I can also say your right as well, it potentially goes up $20K in two years, only if the valuers think so, not just because we want it too or because we can all speculate, what's your plan and is it in alignment with your goals?
I have decided or rather made a decision to study a area for say 6 months and ONLY that area rather than study say Tamworth broken hill etc so I decided on Lake Munmorah and with the power station closing and Woolworths cinema etc opening I think houses will definitely rise and I will see from my study .
It takes me 1 hour 20 minute from Sydney City to Lake Munmorah by car .
What and how you experience Lake Munmorah or any suburb as an investor will be completely opposite to the owner occupier/tenant experience. We are just visitors.
This works for some, I use to do it a long time ago, now I like to have a broad match and narrow down from there based on whatever criteria matches my plan and goals moving forward.
You will limit yourself from abundant opportunities everywhere if you do this and what if it doesn't pan out, you have no strategy, no plan to successfully get an IP asap because you will need to study another suburb in the same way, before you know it 10 years will pass.
Hope this helps ..