NSW Can we start a Newcastle thread

Discussion in 'Where to Buy' started by Brad81, 20th Jun, 2015.

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  1. lightbulbmoment

    lightbulbmoment Well-Known Member

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    Wish they would do something about the gates at A town!
     
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  2. drg86

    drg86 Well-Known Member

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    Since flooding was mentioned, parts of the city flooded tonight with the intense downpour, 56mm in less than 1hr. Do your research and stay away from the flats and properties near the big drains.

    Also be aware of insurance hiccups on certain properties. My recent purchase was declined insurance by a certain company due to flood risk... didn't consider my actual street address and the fact I'm on the top of a hill, just wrote off the entire postcode. I'll worry about flooding if Nobby's lighthouse goes under...
     
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  3. larrylarry

    larrylarry Well-Known Member

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    Hi drg86, thanks for your post. When I looked at the flood map (prone and potential), it seems the entire Newcastle city is marked as flood zone. Like you said, some insurance companies would rather stay away from this area.
     
  4. Biz

    Biz Well-Known Member

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    About 80% of the land east of the university is flood prone if you look at the maps on Newcastle city council. if you look at what happened during the pasha bulka floods a lot of those areas were not effected so if it's just a buy and hold you are after should be ok. No good if you want to do developments though. The area isn't just land locked, it's almost development locked because of the flood restrictions. It will put upward pressure on rents and prices in the medium to long term.
     
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  5. Mr Dabolina

    Mr Dabolina Well-Known Member

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    You have nailed it. Youth unemployment is the area is around 14% and more job cuts in the Hunter/Newcastle area happening every week.I purchased in Mayfield a bout 1.5 years ago and have done very well but would not be rushing into the next purchase as the market is at or close to peak and when you consider the economy - employment rates and vacancy rates, the risk for me is too high.
     
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  6. Mr Dabolina

    Mr Dabolina Well-Known Member

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    Bit late but I guess you can always find a deal.. I'm local so let me know if you have any specific questions.
     
  7. inertia

    inertia Well-Known Member

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  8. drg86

    drg86 Well-Known Member

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    I noticed the date of the article is from a year ago...

    Forgacs, Sandvik shed 200 Hunter jobs
    By IAN KIRKWOOD
    June 27, 2014, 8:16 p.m
     
  9. inertia

    inertia Well-Known Member

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  10. drg86

    drg86 Well-Known Member

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    Yes true contracts finishing up are going to mean job losses and there is a high rate of unemployment for youth around the Hunter. The media jump on this and it can affect the psychology of the general public/new investors. A smart investor will know that you don't rely on media to determine if an area is a good investment.

    While the information can be helpful it can also be misleading. This week a new Aldi opened in Jesmond and I believe the Bunnings Boolaroo is not far off opening, heard it is the biggest one in NSW. The company I work for put on around 100 staff over summer. How many jobs are being created each week? Would big companies be investing in areas with no future growth...
     
  11. Ashis Sharma

    Ashis Sharma New Member

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    Thinking of buying in Edgeworth. any thoughts on this?
     
  12. tomlemke

    tomlemke Well-Known Member Business Member

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  13. tomlemke

    tomlemke Well-Known Member Business Member

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    why have you picked Edgeworth? plenty of housing commission make sure you use google earth. Yields don't seem to bad, don't know about future c.g tho as there is plenty of new land at Cameron park and Minmi
     
  14. AndrewTDP

    AndrewTDP Well-Known Member

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  15. larrylarry

    larrylarry Well-Known Member

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    Wickham is currently in a transition period... and has been earmarked to become the city’s future CBD,’’ the company’s application says. Do you agree with this? Wouldn't one choose a house over an apartment? Love some input .
     
  16. AndrewTDP

    AndrewTDP Well-Known Member

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    I don't think it is sustainable to expect a house within 3kms of the CBD without spending millions.

    This applies to all cities.

    Don't want an apartment? Don't expect an inner city lifestyle.
     
  17. larrylarry

    larrylarry Well-Known Member

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    Thanks Andrew. I guess I have only been looking at areas further out like mayfield and waratah.
     
  18. AndrewTDP

    AndrewTDP Well-Known Member

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    Mayfield and waratah are good suburbs indeed.

    Trying to find vacant land there or even an unrenovated property is the hard part.

    I could write a thesis on some of the stupid requirements in the current Newcastle LEP. 450sqm min lot size in Carrington being one such example.
     
  19. larrylarry

    larrylarry Well-Known Member

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    You are right about finding a land larger than 450sqm. They're like Newtown and stanmore houses with period features and all that.

    Are you looking to develop a duplex or something in those suburbs or nearby? I haven't figured out the yield yet but probably around 4.5% at max.
     
  20. drg86

    drg86 Well-Known Member

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    Have noticed some places being renovated which is improving some patches. As @tomlemke said good portion of housing commission. Good proximity to major shopping complex (Glendale)
     
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