haha yeah I was going to say it's not somewhere I'd choose. We were joking at work today about a place selling there for $120k, we were calling it the meth lab. Any time we talk property at work, price is stated in terms of how many meth labs you could buy haha!
Regional Investing-New South Wales..
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haha yeah I was going to say it's not somewhere I'd choose. We were joking at work today about a place selling there for $120k, we were calling it the meth lab. Any time we talk property at work, price is stated in terms of how many meth labs you could buy haha!
a mates brother is a copper their reckons its got nothing on wellington
There are a number of successful cash flow investors who have made millions buying in areas with social stigma. Its not for everyone but it can be profitable if risk management measures are taken and the numbers add up. There are also some areas where the reputation is far worse than the reality (and then there are some where the reputation is well deserved too)
Agree with KnightM. 3 years ago we brought several properties on the beachside of Lake Illawarra (south of Wollongong) around the same as Sash I believe.
That suburb had a crime rate similar to 2770 but we calculated that properties 150-300m from a patrolled beach and neighbourhood shopping centre would eventually pay off. Stocklands were their centre, adjoining suburbs were becoming sellers markets and local businesses were expanding.
And it has. Returns of 8% from day 1 and an average capital growth of 30% over the last 3 years with more to come.
Sometimes it pays to do your research and look above the stigma.
That suburb had a crime rate similar to 2770 but we calculated that properties 150-300m from a patrolled beach and neighbourhood shopping centre would eventually pay off. Stocklands were their centre, adjoining suburbs were becoming sellers markets and local businesses were expanding.
And it has. Returns of 8% from day 1 and an average capital growth of 30% over the last 3 years with more to come.
Sometimes it pays to do your research and look above the stigma.
Raymond tce
Really ? At 120k? Please feel free to PM me the address as i sure can't find it in realestate.com . Heck! i will pay you finder's fee
Really ? At 120k? Please feel free to PM me the address as i sure can't find it in realestate.com . Heck! i will pay you finder's fee
Really ? At 120k? Please feel free to PM me the address as i sure can't find it in realestate.com . Heck! i will pay you finder's fee
Yup, it was in a newspaper, I'll have to have a look and see if we still have it. It was on the outskirts, and a very small block from memory
Yeah, it isn't the best part of town. Anyone who can afford to lives elsewhere in Port Stephens
Yep...bought mine in Barrack Heights......3 years ago also...bought for 242k vlaued at over $350k now.
The upgraded Stocklands is within walking distance. Rent is now $370 pw.
The upgraded Stocklands is within walking distance. Rent is now $370 pw.
something about RT
I recently purchased a IP property in RT. I spent a week there DIY renovating. The property is on a street with high HC properties.. I got worried on Day 1 but after a while I got used to it...
The guy across the street across was a HC tenant.. He came over for a chat with a VB in his hand... I get to know that HC is charging their tenants not that much less than market rent. He was paying 295/wk
You hear crimes on local papers every day. I live in Sydney West and this happens all the time, but it didn't stop buying frenzy in sydney west or 2770.
1 week renovating and spending time with the locals etc may not be much, but I felt I did my DD before buying into RT
RT less 5% HC properties scattered certain streets. 2770 has 20-30%, Logan has 10-15%
There are houses that are 400k, and there are houses that are 200k
I booked a hotel at Walsend, a 20-25min drive to RT each day
There is a lot of money going in Anna Bay, and it is not far from RT
No houses in Newcastle that are in that price bracket.
Unlike others, RT is not driven by certain industry or sectors.
over 7% is achievable for properties in 200k circa.
for example, I am confident a new paint, new kitchen and toilet for 5-10K, would take the rent to $275k-285. This is 7.15% return.
Correct you will get tenants like single mother, government benefit tenants, but as Datto said bogan needs houses
Agent said rental is bit soft there at their moment, but my property got leased within 2 week at 285/wk, with a total outlay of $175k that included reno cost, my hotel, stamp duty.
$300/wk is affordable for someone on pension or government benefits.
The property is under SMSF, with 120k loan on 6% IR...so you can work out the numbers..
I would not live in 2770 or RT, but I would invest there.
If you know property that is under $150k, please PM me.
I recently purchased a IP property in RT. I spent a week there DIY renovating. The property is on a street with high HC properties.. I got worried on Day 1 but after a while I got used to it...
The guy across the street across was a HC tenant.. He came over for a chat with a VB in his hand... I get to know that HC is charging their tenants not that much less than market rent. He was paying 295/wk
You hear crimes on local papers every day. I live in Sydney West and this happens all the time, but it didn't stop buying frenzy in sydney west or 2770.
1 week renovating and spending time with the locals etc may not be much, but I felt I did my DD before buying into RT
RT less 5% HC properties scattered certain streets. 2770 has 20-30%, Logan has 10-15%
There are houses that are 400k, and there are houses that are 200k
I booked a hotel at Walsend, a 20-25min drive to RT each day
There is a lot of money going in Anna Bay, and it is not far from RT
No houses in Newcastle that are in that price bracket.
Unlike others, RT is not driven by certain industry or sectors.
over 7% is achievable for properties in 200k circa.
for example, I am confident a new paint, new kitchen and toilet for 5-10K, would take the rent to $275k-285. This is 7.15% return.
Correct you will get tenants like single mother, government benefit tenants, but as Datto said bogan needs houses
Agent said rental is bit soft there at their moment, but my property got leased within 2 week at 285/wk, with a total outlay of $175k that included reno cost, my hotel, stamp duty.
$300/wk is affordable for someone on pension or government benefits.
The property is under SMSF, with 120k loan on 6% IR...so you can work out the numbers..
I would not live in 2770 or RT, but I would invest there.
If you know property that is under $150k, please PM me.
A lot of money in Anna Bay, and the new road. I haven't done any DD, but I can't help but feel that Boat Harbour and Fingal Bay are two good places to buy for longer term gains. Hopefully in 10 years time I can come back to this post and rue my lack of time (new baby), and not have it held over my head to prove that I know bugger all
We have 4 regional NSW properties performing well and positively geared. Due to seeking cash flow we find the entry prices better than metro areas and there's a lot of great regional towns plodding along nicely with new projects. Our criteria centre around looking for regional universities, new medical services and centres, hospital upgrades, good private schools, good flight options , rail stations, and within 3hrs of a major centre. If you're after capital growth though you should probs be looking elsewhere. Good luck with whatever path you take.
I own a house about 3 doors down, one of my best purchases in the last 18 months
It would also have a lovely view of the cemetery
About 2-3 years ago if you were lucky, you could buy a trashed house for $120k, not anymore though.
Raymond terrace is like any town: good and bad bits and it is cheap given it is commutable to newcastle, maitland and nelson bay. However I am sorry to say that it is not near Anna Bay, which is at least half an hour's drive away and, unlike Raymo, is located on an excellent surf beach. The problem with Raymond is there is a lot of land around it that will probably be developed into housing estates.
Cheers, Ali
Cheers, Ali
I recently purchased a IP property in RT. I spent a week there DIY renovating. The property is on a street with high HC properties.. I got worried on Day 1 but after a while I got used to it...
The guy across the street across was a HC tenant.. He came over for a chat with a VB in his hand... I get to know that HC is charging their tenants not that much less than market rent. He was paying 295/wk
You hear crimes on local papers every day. I live in Sydney West and this happens all the time, but it didn't stop buying frenzy in sydney west or 2770.
1 week renovating and spending time with the locals etc may not be much, but I felt I did my DD before buying into RT
RT less 5% HC properties scattered certain streets. 2770 has 20-30%, Logan has 10-15%
There are houses that are 400k, and there are houses that are 200k
I booked a hotel at Walsend, a 20-25min drive to RT each day
There is a lot of money going in Anna Bay, and it is not far from RT
No houses in Newcastle that are in that price bracket.
Unlike others, RT is not driven by certain industry or sectors.
over 7% is achievable for properties in 200k circa.
for example, I am confident a new paint, new kitchen and toilet for 5-10K, would take the rent to $275k-285. This is 7.15% return.
Correct you will get tenants like single mother, government benefit tenants, but as Datto said bogan needs houses
Agent said rental is bit soft there at their moment, but my property got leased within 2 week at 285/wk, with a total outlay of $175k that included reno cost, my hotel, stamp duty.
$300/wk is affordable for someone on pension or government benefits.
The property is under SMSF, with 120k loan on 6% IR...so you can work out the numbers..
I would not live in 2770 or RT, but I would invest there.
If you know property that is under $150k, please PM me.
Thanks for the info, esp on the land available at RT.
I did this investigation prior buying into RT.
From a Google Map perspective, yes it appears many hectares of vacant land surrounding RT that can be turned into urban subdivision.
However when you look closely at the RT flood map here,(if this url link doesn't work, you can google "Raymond terrace flood map") most of this land are in flood prone hence not possible for subdivision. There's still some land left but more in Ferodale than RT.
In addition, one needs to consider when was the last urban/estate release.
From google map, the pockets that you see with a newer roof are the ones in northern and eastern side of RT. However these were subdivided in 1992 and house were built shortly after. I am not seeing estate being released since then.
10 year old brick in good streets are selling 350-400k today..
It is the attitude of what's_there _to_lose on a 200K entry price tag, and with a 7% yield that got me buying in RT
The council just approved a development on the noisy side of Richardson Rd (IIRC), which caused a lot of consternation with the airport because it's inside the noise envelopes, and also because they're looking at extending the runway
Good points and you are right, a 200k property won't loose value with new development . If anything cheaper properties could benefit. I meant this kind of thing:
http://www.theherald.com.au/story/463783/raymond-terrace-land-rezoned-for-4500-homes/
Cheers, Alice
