Regional Investing-New South Wales..
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exactly.
Or combine a request for marketing advice thread with a 2nd thread offering the properties for sale in caveat emptor section. Help is available for those that ask.
knightm, can you give some insight on vacancy on south coast NSW?
I received some data from REINSW that July/Aug was 4.1/3.9% respectively. Prior the July it was 1.8-2.7%.
Do we see this trending upwards this year?
I received some data from REINSW that July/Aug was 4.1/3.9% respectively. Prior the July it was 1.8-2.7%.
Do we see this trending upwards this year?
The south coast is a big place. Any post codes in particular? Flat out today will check some tonight and get em down
RetireRich101...
2539 Ulladulla and surrounds: 1.5%
2536 Batemans Bay and surrounds: 2.8%
2541 Nowra and surrounds: 1.5%
2533 Kiama and surrounds: 1.4%
Not sure what/where your stats are for/from? Perhaps there is either a sample of holiday let homes (which could fluctuate from month to month) or otherwise a statistical error coz on the ground I can't see overall rates shifting like your stat indicates???
2539 Ulladulla and surrounds: 1.5%
2536 Batemans Bay and surrounds: 2.8%
2541 Nowra and surrounds: 1.5%
2533 Kiama and surrounds: 1.4%
Not sure what/where your stats are for/from? Perhaps there is either a sample of holiday let homes (which could fluctuate from month to month) or otherwise a statistical error coz on the ground I can't see overall rates shifting like your stat indicates???
knightm, attached. can you check validity of the data from PDF?
I am not sure what lga/suburbs South Coast consist, but from google it does consist of wide coverage as you said.
Like the suburbs you mention are all around 1.4-2.8% that got my interest in the first place.
It may be overall SC vacancy is increasing but is largely due to holiday homes?
I am not sure what lga/suburbs South Coast consist, but from google it does consist of wide coverage as you said.
Like the suburbs you mention are all around 1.4-2.8% that got my interest in the first place.
It may be overall SC vacancy is increasing but is largely due to holiday homes?
Interesting...
the Illawarra (top page) seems to be 2% which is the same as last yr but the fluctuations each month would indicate to me that the sample of data is not that big.
The bottom of the document says:
"
Statistics relate to data from a survey of REINSW members. Results are based on survey responses covering 138,121 residential rental properties. The vacancy rate is the proportion of unlet dwellings to the total rent roll.
"
Now that might seem like a big sample but that is across nsw. There are over 2 and a half million households in nsw.
So risk of poor data off this source in my opinion.
I will keep looking into vacancies in specific regions will try and get some wisdom but at this stage my best guess is a small sample off that survey combined with some vacant holiday let properties in winter create an inflated number.
Thanks knightm
Yeah, i think we need to look at specific suburbs vacancy rate to be certain, as the south coast is very big.
Yeah, i think we need to look at specific suburbs vacancy rate to be certain, as the south coast is very big.
Yep.
I did a bit more digging to find the area responsible for the over 3% reading.
The only one I can find is 2540 which is the bay and basin area is higher everything else is sub 2% bar BBay. 2540 sitting at 3.3% currently but its not a quick shift, its been that way for a couple of yrs. There are a lot of holiday let places there too which is going to influence the number. You really need to do on the ground research regarding long term vs holiday letting options depending on your strategy.
My view on the vacancies overall on south coast is that long term rentals anything that is not a dump is in high demand and there is competition from tenants to get it.
We just had a tenant move out of our granny flat in Berkeley and it took no more than a day or 2 to find a new tenant and even after that one pulled out, sacrificing his holding deposit in the process, we got another tenant in after only 1 open inspection. SQM shows the vacancy rate of post code 2506 currently at 0.4% and apparently hasn't exceeded 1% since 2009.
correct, Investar had a top 50 lowest vacancy and highest yield some 6months ago..and few south coast post code such as Koonawarra, Horsley, Bellambi, Lake Illawara, Oak Flats, Unanderra, Berkely, Fairy Medow made in the list, all under 1.5% vacancy rate.
good to know living in the backyard out that way is also popular...
good to know living in the backyard out that way is also popular...
Several of these are well under 1%, and yes GF's as well as small dual occs seem to be accepted.
hey knightm how is the nowra market going? did the new shoalhaven LEP make any difference to anything, apart from a few lucky people rich?
(my mum is looking to put on market 24 acres in nth nowra in the next month or 2 - though the lep was not good to us..not that im bitter)
Nowra is slowly starting to turn. Some areas better than others. Long term its still got good prospects, berry rd under construction will help when its done, and the buy in prices are reasonable with sensible yields.
That depends entirely on the goals, budget, property type etc.
And East Nowra is a big place, the HC areas are obviously a problem (for some, opportunity for others) but there are plenty of reasonable areas on the east side of the highway too. But if you are thinking west side and/or cbd area then for units you might find in the 6's and freestanding homes in goodish locations in the high 5's, good buying plus a reno always improve those numbers a bit.
um..turning which way ??
Up. Already off the bottom.
Norwa has a pretty high unemployment rate , suspect the Prnces Jighway upgrade will influence values in the short term but the project will effectively end at Bomaderry so it's probably three to four years at best then nothing.
Grafton on the other hand on the north coast is just as cheap similar demographic but right in the middle of the 5.5 billion remaining of pacific highway upgrade over the next give years.
You looking at Grafton Swearengen? What kind of deals? Its a different kettle of fish in terms of location - over 7hrs from Sydney vs 2?
True Nowra unemployment is currently high but its a two speed economy, those capable and willing to work are doing well. Any region with tourism exposure had this issue as a GFC hangover.
I see the ongoing improvements to roads providing longer term benefit and increasing the ripple effect south from Sydney as the drive gets easier, shorter.
