Postcodes 2319 and 2444
- Thread starter gss
- Start date
B
brains
Guest
I had a look at LPT mid last year and thought id missed the boat then re rental returns. There will still be good price growth up there in the future but im not into neg. gearing, so doesnt interest me.
gss,
I've just settled on a second property at Lemon Tree Passage. Bought my first one there in 2001 and prices have just about doubled in that time. You won't find anything under $200,000 now but 2 years ago there were 3 bed brick houses close to the water for around $100K-$130K.
Prices are still pretty good compared to surrounding areas, and there's rumours of a new ferry service from Nelson Bay, and possibly a restaurant opening there soon.
I agree with brains about there still being good future price growth, especially with the land shortage on the Tomaree Peninsula where people are being priced out of the market and forced to move slightly further out, bringing more people to the area.
I've just settled on a second property at Lemon Tree Passage. Bought my first one there in 2001 and prices have just about doubled in that time. You won't find anything under $200,000 now but 2 years ago there were 3 bed brick houses close to the water for around $100K-$130K.
Prices are still pretty good compared to surrounding areas, and there's rumours of a new ferry service from Nelson Bay, and possibly a restaurant opening there soon.
I agree with brains about there still being good future price growth, especially with the land shortage on the Tomaree Peninsula where people are being priced out of the market and forced to move slightly further out, bringing more people to the area.
B
brains
Guest
Congratulations on your purchase. What are the rental returns like these days in LPT? Hows yours specifically?
Hi brains,
Rental yields are a bit lower these days. According to Residex last years median rental yield was 5.55%. Average yield for last 10yrs was 6.75%.
My first property at the time of purchase 2yrs ago was returning 6.5% but based on todays prices is more like 4.5%.
The one I just bought is a vacant block of land which I'm about to subdivide. Expected rental yield once the properties are constructed is 4.5% minimum, 5.5% at best.
(Based on the actual purchase/construction costs the yield will probably be in the range of 5.8% - 6.8%).
Steve.
Rental yields are a bit lower these days. According to Residex last years median rental yield was 5.55%. Average yield for last 10yrs was 6.75%.
My first property at the time of purchase 2yrs ago was returning 6.5% but based on todays prices is more like 4.5%.
The one I just bought is a vacant block of land which I'm about to subdivide. Expected rental yield once the properties are constructed is 4.5% minimum, 5.5% at best.
(Based on the actual purchase/construction costs the yield will probably be in the range of 5.8% - 6.8%).
Steve.
I've had my eye on postcode 2319 after visiting there about 12 months ago. Port Stephens is ranked as the 18th fastest growing regional area in the country and over the last 5 years doubled the NSW average in population growth. LTP seems to be gaining in popularity and could be the place to watch.
