South coast nsw

[devo76]

Hi all.
I have lived in nowra on the south coast all my life and bought my first IP here 6 months ago.The area was part of the 2001 boom which luckily i bought my first PPOR just before. But since then it has been flat like much of NSW.I believe i bought my IP for around $50,000 less than it would have got in the boom but i cant see it climbing in value for some time yet.SE QLD WA and now SA are all enjoying rapid growth since then but still NSW is flat.
Do you see nsw moving again in the near future in particular the south coast nsw. By the property cycle we are due to move again but thats not a rock solid rule.I bought in nowra for a few reasons,Expanding navel base,ACT link road,Expanding shopping center, popular tourist area,great beaches,bays nearby,mountains and rivers plus it is generally the hub for surrounding areas.
What are your thoughts on the area in general. Has anyone bought or planning to buy in the area, if so what made you buy.I would like to buy again in a year if the climate is right.By then i feel SE QLD will be near the top of the cycle and therefore a bit risky for me and hopefully NSW will be set to move again.
What are your thoughts

 

[asdf]

Would love ot buy in Gerroa but don't have a spare $1M then another $500k to replace a nice house on the dirt. Would even settle for Gerringong but even that is pushing $600k+

 

[sparky23]

Hi Devp76

I would be sitting tight good things are coming.

The redevelopment of Stockland Nowra alone will be an investment of more than $50 million bringing additional employment to the local area with approximately 210 construction jobs and over 600 additional retail jobs on completion. The navy base has plans to expand over the next few years and the current link road is being upgraded joining Braidwood to Nowra which will provide a faster and more direct link to Canberra. Plans are also underway for a future Marina development which is under serious consideration by council.

Is it wise to wait a year before buying again? That depends on how long it takes for everyone to cotton on and drive up the prices. As the land is so cheap it probably wouldn't hurt to pick up a block, with council becoming a little more accommodating why not pick up a duplex block, plenty of large blocks around, then build when the time is right. I have listed a couple of Worrigee properties having given the area due consideration.

 

[BV]

Devo

I am actually ready to buy but was waiting to see how the intl credit squeeze will affect our markets.

Unfortunately this situation will take time to unfold and could extend till the end of our financial year.

Also, the new Government has promised reforms to improve housing affortability so it will be interesting to see what they do.

Cheers

 

[devo76]

I believe the area is well positioned and still down from 2001 highs. My property is around 800 meters from cbd in attractive street so i believe in time it will improve. The council is also part way through construction of the shoalhaven entertainment center. The navy base has a contract to start in the near future for 35 helicopters. That will bring many people.All the signs are there.Plus the highway to the north is being improved dramatically shorting the time from sydney and wollongong to the coast.This site has showed me what to look for and it shows potential. Prices to the north are a lot more expensive so things should improve.
Any other thoughts on the area?

 

[knightm]

Unemployment is at 10% - almost 2x national average (according to my search of ABS website today) also heard it is the highest in NSW (that part is rumour heard it from someone the other day.)
Not trying to rain on the parade, I agree there are positives too, just thought it would be relevant info.

 

[devo76]

Unemployment is at 10% - almost 2x national average (according to my search of ABS website today) also heard it is the highest in NSW (that part is rumour heard it from someone the other day.)
Not trying to rain on the parade, I agree there are positives too, just thought it would be relevant info.

Yes that is a concern but getting a job here is not hard at all. There is plenty of work. My guess is there must be plenty of people not bothering looking. A business recently was about to shut down because he couldnt find any drivers.This is a issue the local council is working to fix and they are actively chasing buisnesses to attract to nowra.
Forgot to add. A jail will be built south of nowra soon attracting more jobs.

 

[sparky23]

Hi knightm

All that will change though, just look at the Stockland opportunities on their own and I would also agree that there are areas in that neck of the woods where the people are happy to be living on the dole.

Don't know if mentioning the jail was a good idea though devo76 LOL!

 

[Kennethkohsg]

Hi Devp76

The redevelopment of Stockland Nowra alone will be an investment of more than $50 million bringing additional employment to the local area with approximately 210 construction jobs and over 600 additional retail jobs on completion.

**************
Dear Sparky23,

Money-figure and job number wise, I would consider this development, "small" one and by itself, I do not think that it will have a significant impact on the local housing prices.

What do you think or say?

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Hi all.

Do you see nsw moving again in the near future in particular the south coast nsw. By the property cycle we are due to move again but thats not a rock solid rule.

**********
Dear Devo,

Based on existing Property Cycle trend, I believe the NSW property market, will recover in 2009, all things being equal.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Unemployment is at 10% - almost 2x national average (according to my search of ABS website today) also heard it is the highest in NSW (that part is rumour heard it from someone the other day.)
Not trying to rain on the parade, I agree there are positives too, just thought it would be relevant info.

*****************
Any particular reasons why this is so?

Cheers,
Kenneth KOH

 

[devo76]

There are a few pockets of how do you say" lower quality areas". I know there is another nicer word. And i guess there isnt huge amounts of industry to employ people but things are changing.The areas population is one of the faster growing and many new high employment busnesses are starting up.I know a jail sounds bad but once you get over the stigma the fact is thay bring jobs and have no ill effect in the region they are built.The expansion of the navy base will bring a massive increase in jobs. The shopping center is trippling in size. Also the natural beauty of the area makes it more attractive than lots of places i have visited.Jervis bay and its townships are highly regarded by tourists and prices reflect that in places like huskisson.The direct rout from Canberra to batemans bay has had a obviose effect if you visit there. And soon a similar road will connect nowra to the ACT also.
So i do believe Nowra is lagging a bit i hope prices will correct in years to come.The town always felt like it was ten years behind everywhere else with a local council that held it back. But this is clearly changed over the last 5 years.

 

[Boost]

Hi

I'm so glad you posted this thread!! I live in Sydney and bought an IP in Nowra last year (March 06)....my first property. It's just around the corner from stocklands and that nice little lake/parkland.

My experience
Personally, I would not buy another one there for now, I like to mix my eggs around. I too am struggling with the fact it's flat. I had it evaluated by the managing agent recently and he told me if it was in April I would have had gains. I have been researching and found that RP data provides a different outcome based on your actual property, features and land size. Hmmm?

Location
I don't think there is many other areas in close proximity to Sydney where properties are still under $200k and near beaches. Nowra is surrounded by such nice (and expensive!!) areas i.e Geroa, Gerringong, further onto Huskinsson, Vincentia etc etc.

Rental
I am struggling getting decent tenants - it's been on the rental market for the past 3 months. I knocked back 4 applicants - 3 due to previous rental history in arrears and still in arrears and one of them simply a 'bad tenant' in previous property. I have a PM that lacks communication, so I am going to list with another agent. Based on your local knowledge you may be able to give me an idea of who has the better reputations down there.

Boost

 

[devo76]

Hi

I'm so glad you posted this thread!! I live in Sydney and bought an IP in Nowra last year (March 06)....my first property. It's just around the corner from stocklands and that nice little lake/parkland.

My experience
Personally, I would not buy another one there for now, I like to mix my eggs around. I too am struggling with the fact it's flat. I had it evaluated by the managing agent recently and he told me if it was in April I would have had gains. I have been researching and found that RP data provides a different outcome based on your actual property, features and land size. Hmmm?

Location
I don't think there is many other areas in close proximity to Sydney where properties are still under $200k and near beaches. Nowra is surrounded by such nice (and expensive!!) areas i.e Geroa, Gerringong, further onto Huskinsson, Vincentia etc etc.

Rental
I am struggling getting decent tenants - it's been on the rental market for the past 3 months. I knocked back 4 applicants - 3 due to previous rental history in arrears and still in arrears and one of them simply a 'bad tenant' in previous property. I have a PM that lacks communication, so I am going to list with another agent. Based on your local knowledge you may be able to give me an idea of who has the better reputations down there.

Boost

I use PRD. I have had hassles there but i am still happy with them overall. They got me a tennant 1 day after listing and he was great. He is now moving out and his boss is moving straight in so i am lucky i guess.
My property is a 2 bedder on kinghorn street 800 meters south of CBD.Its a bit trendy so i have had lots of interest from the more well off people wanting to rent.I was worried that it was a two bedder but its all been great. It seems to cater to the wealthy single or buisness couple which are good tennants to have.

 

[devo76]

Local paper just stated that there is a demand for older homes in central nowra. More so renovated ones to a more modern standard. This is my house in a nutshell. So although the market is flat i still believe when things improve my IP should show good growth. Hopefully

 

[mystery]

I recently settled on a townhouse (IP) in Narooma a couple of hours south of Nowra.

Rent return is not the best, but I've had my eye on one of these for a while, so when the opportunity came up we went for it.

http://www.realestate.com.au/reales...te+narooma/ygswow/rental+properties/402988632

Pop approx 8500, ... Narooma has similar issues that you seem to have in Nowra, but this opportunity to purchase so close to the water was to good to miss, ...

A recent article in local paper saying that real estate between $200k-$300k is starting to move more quickly in the area, ..... The market has been pulling back from its highs for a few years now, but recently prices seem to have flattened and now the bottom end is starting to slowly gain upward momentum, .... not sure exactly why, but I'm happy to see it.

Martin

 

[knightm]

Hi all, sorry to post then dissapear, was actually working on a refinance for the last week so we can go and get another one hopefully.
I agree a tripling of Stockland will have positive effect, I aggree there are some really nice areas, and some beautiful old buildings. I agree a Gaol will create both some social cringe factor and also economic positives. I am curious where this is proposed? Anyone know?
I have given more than a passing thought to purchasing in Nowra myself recently. Also heard around election time that the road from Gerrigong to Bomaderry is gonna be rebuilt - can anyone confirm or deny this? This would also boost things with the time from Sydney getting ever shorter.
Disclaimer, 3 months ago I moved from Syd to Ulladulla so now have an active interest in all things south coast.
I think Nowra will be a goer for investment, my question is timing - dont wanna get in too early and have 2-4 yrs of little or no growth then get the boom as this creates opportunity cost and I can see other places that are opportunities too.
My theory is that the South coast will again boom once Sydneysiders are flush with cash from new equity in their homes. (ie when Sydney booms next, S coast will too) Anyone wanna debate?

 

[devo76]

Hi all. Yes the kiama to Bomaderry/Nowra upgrade is all go( At around a $800 million cost). At the moment its up to deciding the best route. It will shorten the travel times quite a bit with it being dual carrage ways both ways including a large tunnel north of berry. This will make the roads from sydney all the way to nowra pretty much dual highway. This and the ACT to nowra link road will all be good. The Jail will be in south nowra just south of the industrial area so no real effect on current properties at all. The area towards jervis bay is earmarked for larger residential expansion including shopping precincts etc.Hopefully the council will soon develop the shoalhaven river a bit around Nowra. They have accepted that this is a current shortfall and are actively planning to correct this. Hope they actually do.

 

[knightm]

any idea on trimeframes devo? any links to govt sites with plans?

 

[devo76]

any idea on trimeframes devo? any links to govt sites with plans?

Well the main road 92 ( ACT to nowra ) road is 90% complete.
We just recieved a colour booklet outlining the plans for the kiama to bomaderry/nowra upgrade.

http://www.rta.nsw.gov.au/construct...onprojectsregional/southcoast/mr92/index.html

http://maunsell.sitebuilder.com.au/

The harbour would be excellent if it actually happened. There is also talk of building a harbour right in nowra next to the bridge but i doubt it will happen

http://www.shoalhavenharbour.com.au/