Port Macquarie

[Poor Andrew]

Could i get some thoughts please.... I am thinking of buying an investment in Port Macquarie. Its a 3 bedroom Villa 3 blocks from the beach for $250k and returning $260 per week.

What do you think of Port Macquarie as a place to buy? Has anyone done ant research into the area or have you got any better suggestions for this price range?

Thankyou all so much for your advice.

Andrew

 

[WASP]

Looks like a nice place (emotonial decision) other than that, know nothing

 

[Aimjoy]

Could i get some thoughts please.... I am thinking of buying an investment in Port Macquarie. Its a 3 bedroom Villa 3 blocks from the beach for $250k and returning $260 per week.

What do you think of Port Macquarie as a place to buy? Has anyone done ant research into the area or have you got any better suggestions for this price range?

Andrew

Hi Andrew,

I know Port fairly well, my folks lived there for 10+ years and still have relos there - so I take an interest.
Lots of retirees there now - God's waiting room
Good beaches - which one are you looking near.
Good shops now with Port Central & others
Probably can't go wrong near ANY beach really but the one IP you mentioned for $260 pw return for $250K - well that kind of return is popping up everywhere - even in SYD where you live. So why Port?

 

[urban cowboy]

I grew up near Port - it's one of the most beautiful places on the mid north coast...just gorgeous area.

Have a look at nearby surrounding towns too - all popular for sea-changers and tourists...Hat Head, Crescent Head, South West Rocks etc.

be cautious though...do your homework.

 

[Rockstar]

I grew up in Port. I have an IP there about 150m from Lighthouse beach. My parents and sister still live there.
Virgin airlines recently started servicing the town. Dual carriageway all the way to Sydney due to be completed next year. Massive new Lewis Land Group (Sovereign Hills) estate with it's own town centre going in at the moment with ultra modern facilities (all fibre optic etc).
Cheap houses and rents with everything you need in the way of shopping and facilities. Beautiful beaches.

I think the place has great potential but if it were me I would be looking for an IP where you can add value in the future - such as dual occ or units potential etc. The council website has a fantastic demographics resource - have a look.

 

[depreciator]

I've got a holiday unit there near the town beach. It breaks even, but we go there for holidays. I agree it's a fantastic place - the pick of the mid north coast towns. Great beaches, good shops, food etc. Prices would have really come off over the last couple of years and I suspect there are some great deals around. Unless it's a holiday unit that you're going to get some use out of, you're punting on capital growth and I'm not sure whether that's going to happen for a while.
Scott