Port Macquarie any opinions please

[csc]

well i've given up waiting to buy into the Sunny Coast area of Qld for now but im definitely taking a keen interest in the port macquarie area not so much for an investment but to actually buy a residential property and move there for a few years......(actually have no idea what we are doing right now) ;-) we can go practically anywhere in Oz and it wont affect our work/business.

I note that Port has basically peaked in median house prices back in mid 2004, since then it has struggled to increase its median price. the median house/unit price in Port Macqaurie has been really quite flat since mid 2004.

Any serious opinions of the area most welcome, pos or neg.

I'm looking for things like; Best areas, business opportunities, employment situation, council related issues, general community feel......

I may fly down over the next month to check the place out.....all positive online with prices for me..they are way cheap compared to what we are use to paying in Nth Qld.

Im not so confident regarding investment property in the area just yet but to buy and live there it looks damm tempting...way better value to buy a quality property than anywhere on the sunny coast.

I also note that the population of retirees is quite high in the area compared to the under 40's with kids.....hope the place isnt like a nursing home...boaring and depressing regarding business

cheers

 

[Propertunity]

I note that Port has basically peaked in median house prices back in mid 2004, since then it has struggled to increase its median price. the median house/unit price in Port Macqaurie has been really quite flat since mid 2004.

This is pretty true of most of NSW regional.

I'm looking for things like; Best areas,

The beach areas are good IMO and there are lots to choose from

business opportunities,

Dunno

employment situation,

Higher than average. Lots of ppl on the dole and lots of retirees on the pension.

council related issues,

The NSW government has sacked Port Macquarie-Hastings Council, after the cost of a $6 million cultural and entertainment centre blew out to $41 million....

general community feel......

Lots of holiday makers in the hols. The rest of the time watch out for pensioners driving volvos with a bowls hat on the back parcel shelf.

I also note that the population of retirees is quite high in the area compared to the under 40's with kids.....hope the place isnt like a nursing home...boaring and depressing regarding business

It can be and many of the doctors in the area are no longer taking on new patients - too many already.

Having said all that - it is still a beautiful place to live & play and not as overdeveloped as Coffs. Too many unit blocks have been built or under construction near the Town Beach end.

 

[depreciator]

I've got a holiday unit up there and visit regularly. I reckon it's the best town on the coast. Yep, plenty of oldies. But good services as a consequence. The food is good. So are the shops. I've always caught a fish in that river. And the beaches are fantastic.
Unit developments screeched to a halt a couple of years ago, which is a good thing.
The council were dopes letting that cultural centre development get out of hand, but gee they've done a great job on the town centre. The areas near the river are great.
If I was buying a PPOR, I would look at places on the hill closest to Town Beach. Some would have views and they would get a breeze in the summer.
Scott

 

[Casserole Dish]

Lived in Port a few years ago for about 12 months. My opinion is that it is very nice place to have a holiday but living there day to day was DULL! This was before we had kids so we were a youngish couple renting in a very family orientated street (very nice but boring for me).

I had no friends and coming from a busy life in Melbourne I was so lonely.

I had no problem getting a job but I was keen to do whatever so it depends how flexible you (like anywhere I guess).

The upside was the beaches are great, the weather warm and the locals friendly (to a point).

Disclaimer: Things may have changed now as this was a few years ago and I might look at it differently. I doubt it though as I'm very much a Melbourne girl at heart.

 

[pennyk]

We're in Port on holidays right now...... weather is great, people seem friendly, has a very "quaint" feel.
I've seen some properties which look like quite good value, with sea or river views. There are some new "canal" type developments like on Gold Coast.
From a business point of view, there are no glaring needs. Alot of the retail shops look like they are struggling - 40% and 50% sales on a lot of their goods.
There is need for some more upmarket cafes/ restaurants..... plenty of Chinese and Thai in the main part of town, and a few nice restaurants down near the wharf, but not so much up the beach end.
Pen

 

[depreciator]

There was a great restaurant when I was there last time on the ground floor of the apartment building near the beach. Might have closed by now - not enough traffic round there in the winter.
According to the locals, Port M has the best climate on the coast. Something about the fact that the ocean currents sweep in close to shore at that point of the coast and this keeps things pretty even. Could be complete nonsense, of course.

 

[csc]

thanks for the responses so far, it is all helping me greatly.

am i correct to think that port macquarie is a seasonal town then with an influx of visitors during the summer months and school holidays?

i was unaware of this if thats the case.

still ill organize some flights today and spend a week checking the place over...ive looked online the last two months at the place, time to see first hand whats on offer or not on offer for me i guess.

any other comments please just add to the thread anytime, im all ears!

just one thing: suburb names??? all ive checked on r/e.com.au is port macquarie...any tips?

cheers

 

[Mooze]

Be aware as well that for two weeks of the year the town is taken over by Triathletes for Ironman and Half Ironman - so roads closed, cyclists everywhere. Creates a great atmosphere though

 

[Propertunity]

am i correct to think that port macquarie is a seasonal town then with an influx of visitors during the summer months and school holidays?

Yep, but I think you'll find that with most beachside locations

just one thing: suburb names??? all ive checked on r/e.com.au is port macquarie...any tips?

12 postcodes in Port:
http://www1.auspost.com.au/postcode...&sub=1&State=NSW&Postcode=2444&submit1=Search

 

[INVSTOR]

My husband was telling me last night he met someone yesterday that has a property in Port Macquarie. It was previously valued at $1.2mill and he's now got it on the market for $600k. Seems like a good time to buy.

 

[Propertunity]

My husband was telling me last night he met someone yesterday that has a property in Port Macquarie. It was previously valued at $1.2mill and he's now got it on the market for $600k.

As Judge Judy would say - "That's hear-say and we can't admit that evidence"

The $1M+ places everywhere are taking a hit but it is a stretch to believe that this particular property has taken a 50% hit.

I'm not having a go at you INVSTOR, I like reading your contributions....but I also get to see a lot of unrealistic vendors in my line of work and more than a few REAs that could not lie straight in bed.

Perhaps? his property was never worth $1.2M in the first place. Valued by who? etc etc you get the idea.

But I do agree that there are some terrific buys around at the moment - especially at the top end.

 

[evand]

Does this apply to claims of price rises as well? Or is it only for this example at Port?

As Judge Judy would say - "That's hear-say and we can't admit that evidence"

The $1M+ places everywhere are taking a hit but it is a stretch to believe that this particular property has taken a 50% hit.

I'm not having a go at you INVSTOR, I like reading your contributions....but I also get to see a lot of unrealistic vendors in my line of work and more than a few REAs that could not lie straight in bed.

Perhaps? his property was never worth $1.2M in the first place. Valued by who? etc etc you get the idea.

But I do agree that there are some terrific buys around at the moment - especially at the top end.

 

[INVSTOR]

As Judge Judy would say - "That's hear-say and we can't admit that evidence"

The $1M+ places everywhere are taking a hit but it is a stretch to believe that this particular property has taken a 50% hit.

I'm not having a go at you INVSTOR, I like reading your contributions....but I also get to see a lot of unrealistic vendors in my line of work and more than a few REAs that could not lie straight in bed.

Perhaps? his property was never worth $1.2M in the first place. Valued by who? etc etc you get the idea.

But I do agree that there are some terrific buys around at the moment - especially at the top end.

No offence taken Prop - I actually had the same thoughts myself. 50% is a huge drop. The guy is 70, still working in Perth. He's retiring this year and wants to retire in FNQ and had said he just wants to get rid of it. If that's the case I was wondering if his property is really worth something like $800,000, but he wants a speedy sale. I took a look at properties for sale for $600k to see if anything stood out but I really don't know the market well enough. I don't know all the det's though so you could be right.

 

[Propertunity]

Does this apply to claims of price rises as well?

Well I just back from a MIP auction of 3 units in one line.

They sold for $23K, $23.5K & $33K respectively above the reserve price.

It was well attended and a number of investors there were complaining that the prices paid were too high. The possible gross yields were below 5%. They all said it was because of the free money being handed out to FHBs and they were looking forward to more realistic prices post 1 July.

This is not an isolated event, I am seeing this all the time in the under $400K space. Valuers I have spoken to said they are having a hard time. To quote one of them, "When you get 1 in 10 selling for above market, then you can treat it as an out-of-line sale, but when you get 3 or 4 in 10 like that, well you have to take notice, its sets the benchmark".

 

[Rockstar]

Have you been on your trip yet CSC?

I grew up in Port and have just sold an IP there. I can never work out why property is so cheap. Rents are also cheap. Maybe because the council is pro development and the market is always well supplied? There is some great demographic info on the Hastings Council website.

 

[csc]

yes i actually went down just two weeks ago but only for a few days.........had a chat to a few agents who are going to call me when the market settles...

they all said business was quiet in mid/upper priced homes, very slow indeed.

the bottom there has not yet been reached thats one thing they all said to me..i found each agent quite honest in their opinions of the local market...that alone floored me, unlike qld agents...

heading back at xmas for a better look..

loved lighthouse beach area.

cheers

 

[Rockstar]

loved lighthouse beach area.

cheers

That's where I grew up - used to virtually own the joint

My folks bought their place in Crummer St for around 26k brand new around 1970 when there was only a handful of houses in the estate. Would be worth around 550-600k now. Ocean views to Laurieton and Bonny Hills.
If they had paid an extra 1k at the time and bought in Bourne St they could have had a property worth an extra 200k or more now.

 

[csc]

That's where I grew up - used to virtually own the joint

My folks bought their place in Crummer St for around 26k brand new around 1970 when there was only a handful of houses in the estate. Would be worth around 550-600k now. Ocean views to Laurieton and Bonny Hills.
If they had paid an extra 1k at the time and bought in Bourne St they could have had a property worth an extra 200k or more now.

isnt hindsight wonderful...we all have stories..i have a quick one from when i was real young and wanted to own the world...should have purchased a house at bondi junction in 1986 for $120k...i saw it sold late in 2007 for 1.8 mill....had a reno on it..... large block to boot but still a nice little earner.....not a bad nest egg for 19 years....prob could have done way better with other smaller purchases but this one stuck with me for years of the one that got away, it was a gift i had offered to me personally and didnt take up the offer.

if only!

i have a dozen of those stories...right place at the wrong time with no $$$ in my pocket.

 

[Rockstar]

A couple of +'s regarding Port that you may not know. Sovereign Hills Estate is now approved and work has begun on the new town centre. Virgin has recently launched services and made air travel much more affordable in and out of Port. And there will soon be dual carriageway all the way to Sydney. I think the Bulahdelah bypass is the only section to go?

I am also considering moving back to Port to support my parents in their old age. I am sure there are plenty of opportunities with property in the coming year or two. I also have the advantage of some local knowledge - my sister has worked in the RE industry there for many years. Also, being a landscaper, there will be plenty of work for me there too.

 

[csc]

ok thanks rocky..ill check it out this arvo..really want to buy with sea views...ill see what your area is all about..cheers