Sydney unit/Kempsey Acreage???

[INVSTOR]

I'm trying to help a friend who recently had cancer.

She wants to move back to Kempsey in about 2 years, and live on about 5 acres off Crescent Head Road, closest to Crescent Head.

She was asking my advice, whether to purchase a Sydney unit now to get some growth to later purchase at Kempsey, or just go straight to purchasing at Kempsey now.

She has told one agent who is suppose to be looking out for an acreage property for her, as well as a local friend. In 6 months they've both come up with nothing. Should she be getting a buyers agent to purchase on her behalf?
Her funds are a bit limited, although she could sell a unit at Crescent Head, overlooking the ocean.

Any advice, ideas appreciated?

 

[Propertunity]

She was asking my advice, whether to purchase a Sydney unit now to get some growth to later purchase at Kempsey, or just go straight to purchasing at Kempsey now.

Personally, I don't see Kempsey prices going anywhere sometime soon. See CG chart attached. However, I do see Sydney units going up all the time (for how much longer, who knows, but there is still lots of demand and short supply)

Should she be getting a buyers agent to purchase on her behalf?

Now how can I answer that objectively? Of course she should use a BA

 

[Roachy]

lol @ propertunity. You unbias man.

 

[hairyhouse]

Kempsey for me

I'd go straight for Kempsey myself - why waste the buying and selling fees on buying now and selling in two years, personally I doubt you gain.

I own in Sydney (ppor) and also Kempsey myself and I must say that although my Kempsey property hasn't had a great deal of capital gains in the three years that I've owned there the yield has been fantistic (165k) purchase price and I get $340 per week. So 10.7 percent - not bad huh!

If you buy there and need to rent the the place out then I can strongly recommend Anne from PRD she has been excellent with my property for the whole time I have had it.

Hope this is of interest

Pete

 

[INVSTOR]

Thanks for contributions guys - 1 for Sydney, 1 for Kempsey

 

[C-mac]

My portfolio is mostly Sydney based but I did survey this area recently when staying with friends in Cresent Head. Thinking a good strategy could be to pick up a high-yielding house on a decent block (600sqm +), and adding a granny flat to increase the yields substantially from day #1.

For your situation though (and being I am responding to an older thread now), I agree on just buying the acreage outright, avoiding the transactional costs of buying/selling/buying again.

 

[INVSTOR]

Thanks Cameron, they ended up purchasing a beautiful property at Crescent Head.

 

[Terry_w]

If she's got cancer or had cancer than I would go with the dream now.

 

[INVSTOR]

Definitely Terry! She was worried the cancer would come back and in the end decided to go with her dream but found out it had come back aggressively just as their offer got accepted. They were able to go ahead with purchase and held a big good bye party there this time last year and she passed away about 6 months later. I'm glad they went through with the purchase as she got to see it before she passed away, celebrate/say goodbye to friends and family and her family are settled there now.

 

[Terry_w]

I didn't realise this was an old thread. Glad to see your friend got her dream.