Sawtell and Coffs Harbour

[NSW]

Hi

Was wondering if anybody had any thoughts on the mid-north coast and how it is performing currently. I am looking at Sawtell and Coffs Harbour for our next IP (long term rental not holiday - I wish !). I have holidayed in both spots and love Sawtell (haven't been there for about 5 years). Does anybody have an IP there or Coffs and how is it going?

http://www.smh.com.au/lifestyle/paradise-found-best-little-place-in-the-state-20090807-ecza.html


Any suggestions to other spots on the MNC would be great as well.

 

[BV]

I did look at coastal properties but I'm scared of high vacancies and I can't afford to have an IP empty for 50% of the time or to rent it out cheap so that I have a long term tenant.

It could be an option if I was living close enough to use it when it's vacant. But it will have to be off season and/or during the week which might not suit us

A house with a granny flat would be perfect, I can rent the house out and leave the granny flat empty for my weekends...

 

[Jacque]

Hi
I have an IP in Sawtell and privately lease it to a terrific tenant who looks after the place as if it were her own. Smack bang in the middle of town, 2 min walk to beach, 1 min to shops etc. I love it

It's in a little 4 pack immaculately maintained and, though the rental return isn't great (mainly due to my land tax bill!) it's been good so far. Not wonderful in terms of cg, but then again I did purchase in 2004 when this area was in a boom! Paid $185K and it's now worth approx $230K- mind you I have spent approx $8K on renovations including new kitchen and bathroom upgrade. Renting presently $200 a week.
Hope this helps. Sawtell is a top spot but I'd only buy in town, as that's where most tenants are likely to want to stay. Been going to the place annually my entire life and love it to bits. Guess you could say it was an emotional buy

 

[yorkiefish]

i was doing heap of research awile back4 months ago, and all the signs where there for alot of baby boomers moving there in the next 10 years, so nows a good time to buy, not much happening price wise so go for it, only 10 mins from good airport as well, keep close to town as jacque says.
i have never been there personally, but its got the best climate in australia according to csiro,

let us know how you go.
yorkie

 

[NSW]

Thanks for the replies.

Had read that the rental vacancy rate in Coffs and surrounds was 2.7% as of end Oct 2009.

I know about the last boom Jacques, we decided not to proceed on a house (on one of the roads behind the pub) in 2002 that was less than your flat ....have been kicking ourselves since!

Was hoping that rental yields were better than what you are saying. Will keep digging around and see what I can find and talking to the agents. Agree with you about in town looking at the train line side of the main street, the headland is out of our price range for a house.

I too love that part of the world just wish it had not been so long since going, might need to go and do a look see .

 

[voodoo]

I have lived in Coffs Harbour all my life and I know the area well.

Like all towns / Cities there are the good and bad areas and these may only be 1 street apart.
2009 was also a very wet year for this area and there was a lot of localised flooding in certain areas.
Vacancy rates are low and I believe they will become very low due to the highway upgrade between Coffs and Arrawarra (33km nth of coffs) witch starts in sept this year. It is a $900million project for the RTA and the company either being Abbey, Thies, Leightons or Hogan will require rental properties for their staff for the next 5yrs.

feel free to contact me for any info on the area if you see any property that interests you,

cheers