The Gong
- Thread starter Sexyv40
- Start date
I take it you mean the Nan Tien Temple? http://www.nantien.org.au/en/
http://www.nantien.org.au/en/upcoming-events/2014-short-term-monastic-retreat
As for IPs, there is heaps of option in Wollongong with prices ranging from ~$200K to well over $2mil.
For cheap the suburb the Temple is in (Berkeley PC 2506) is one of the cheapest around due to its high HC ratio and low income residents but there are some reasonable streets around in the $300-$400K range.
Of course Horsley (where I am) is an option (+$350K) which is 5 mins down the road and has massive new builds (H&L) happening as well as many other options in PC 2530 or for units the Wollongong CBD and University (Gwynneville/Keiraville) area is covered in options. Best part of these two areas is the NBN is either here or coming next year with FTTP which is the best of Malcolm's solutions and can be quite desirable for renters such as Uni student or younger technophobes.
North of Wollongong gets expensive and south in Shellharbour/Kiama also can get pricey. There is also this recent thread which also covers some of the area. http://somersoft.com/forums/showthread.php?t=103861
If you have some criteria then let me know and I can give you some suburbs to look at or avoid from my 40+ years knowledge of "the gong" as can Matt (knightm) who is a BA in the area who should/could/will/may be along shortly.
Personally I would be looking in the following regions:
2541: namely Bomaderry (east side of the highway) and Nowra (no further south than St Anns Street).
2517 - 2519: Woonona, Corrimal and Fairy Meadow walking distances to train stations
2541: namely Bomaderry (east side of the highway) and Nowra (no further south than St Anns Street).
2517 - 2519: Woonona, Corrimal and Fairy Meadow walking distances to train stations
That's a big area with some danger zones so if your looking in or around Bomo then avoid "The Cres" (Sampsom Crescent) and streets adjoining such as Leonard Street.
https://www.google.com.au/maps/@-34.8455381,150.6062138,17z?hl=en
As for Nowra and south of St Ann's then that counts out Worrigee so I would just advise to avoid the area around any street that starts with "Q" in that area to be more defined.
https://www.google.com.au/maps/@-34.8912225,150.6125818,17z?hl=en
And this is coming from someone who lived in HC and has family that makes me guilt free from being biased
North of Wollongong gets expensive and south in Shellharbour/Kiama also can get pricey. There is also this recent thread which also covers some of the area. http://somersoft.com/forums/showthread.php?t=103861
If you have some criteria then let me know and I can give you some suburbs to look at or avoid from my 40+ years knowledge of "the gong" as can Matt (knightm) who is a BA in the area who should/could/will/may be along shortly.
Thanks Womble - my time sniffing round the gong is not as long as yours - just under 20yrs so don't ask me I'm a blow in!
Sexyv40 as already mentioned there are loads of different markets up and down the coast, with huge variations in socioeconomic profile, price point, lifestyle etc etc. If you want some specific info feel free to provide some more criteria that you would consider as "investment" compatible for you.
That's a big area with some danger zones so if your looking in or around Bomo then avoid "The Cres" (Sampsom Crescent) and streets adjoining such as Leonard Street.
https://www.google.com.au/maps/@-34.8455381,150.6062138,17z?hl=en
As for Nowra and south of St Ann's then that counts out Worrigee so I would just advise to avoid the area around any street that starts with "Q" in that area to be more defined.
https://www.google.com.au/maps/@-34.8912225,150.6125818,17z?hl=en
And this is coming from someone who lived in HC and has family that makes me guilt free from being biased
Womble, note that I stated to go no further south than St Anns so that would rule out Worrigee.
As to Sampson and adjoining, I know someone who purchased a property last year for $190 with a current rental of $270pw and no problems.
Just because there are a few HC does not make an area a no go zone.
That's what I was inferring with Worrigee, that its still Nowra but I would not put it in the same category as "East Nowra" and some reasonable properties there for under $400K and new builds with good returns but I may be biased thou as I own one there
Not saying you can't get great returns in any area but I was just adding some level of warning to a non-local from my experience/exposure. With these areas they are cheap for a reason and at that end of the rental market you tend to only attract low income earning tenants so I would classify it as a more risky investment.
Its similar to many other areas, such as Ashmont in Wagga or Airds in Campbelltown or Koonawarra in Wollongong, you can get good tenants but the chances you may get the one from "hell' is increased.
All good local info.
From your quote wobble...
...and for some the potential for hassles is just a cost of doing business, they are happy to pay it it the property meets their overarching goals. For others it would be an absolute nightmare and they should run for the best and "nicest" areas they can afford, accepting a dip in rental returns as a form of insurance. The trick is for investors to know themselves well enough to know which one they are.
...and despite all of the above, remember you can possibly get a dodgy tenant anywhere, even in Vaucluse.
