Hi All, Very close to buying a property in the Cessnock area ( Aberdare to be exact ) just going through motions etc Is anyone else following, investing, holding or selling in this area currently? I am not looking for advice per se, I just love hearing about other peoples thoughts, journeys, wins, losses etc Also if anyone can recommend a good PM Thanks Guys!
I had a quick look at East Maitland the other day and was pleasantly surprised with its community and demographics, very friendly people. I am told that mining is the main driver there. Prices seem to be in the mid 400's which is the same as what you can still get in Lake Macquarie and Adelaide.
Cessnock also has a TAFE, recently expanded Jail, Hospital....I am looking <300k hence limited options
Great to hear! Have you spent much time in the area? Ive heard Kurri Kurri has a good vibe with a great community How long have you had your properties there?
Bought 2 in 1993, sold one 5 years later, bought another one 7 years ago now. Both positively geared. My parents moved there after my first purchases and loved it.
Yep.. buy and hold. The first two were my first ever purchaces. $50k each.. $100 a week rent each. Wish I'd bought 10.
Noice....what are they worth now? Did oyu buy anymore since in other areas? I have one in Tenambit (Maitland) plan to sell this....
Not hard to get a 6-7% gross rental yield in most of the Hunter towns for basic houses. We've bought and sold in FHB price brackets and these seem to be the most popular with investors. @Cornflower I remember when you were renovating one of these (back on the Somersoft forum) - still on the tools?!
I live in East Maitland and looking at relocating to Darwin for work. Have resided in East Maitland and Ashtonfield for past 13 years. Sydney prices leaked into Newcastle and now into Maitland areas due to affordability. Prices taking off due to new Hunter Expressway to Newcastle that links East Maitland and Cessnock etc to it. 500 million addition to Stockland Greenhills, new major hospital being constructed in metford and massive construction of new dwellings. Bought home for 275,000 in 2009, renovated it, valued about $650,000 only 2 blocks from Stockland greenhills. 4/3/1 Area is a mixture of old and new dwellings, old fibro homes are cheaper than newer dwellings. If that helps at all. My friend owns a stack of investment properties around here.
I'm thinking of selling up in Sydney and getting a small PPOR (<300k as well) so I can study Nursing. Started looking at Lake Macquarie but coastal areas looked too expensive so I've moved the search inland towards Maitland and Cessnock. Following this thread to find out more about local areas. Good to hear Kurri Kurri has a nice community...
As a local avoid Kurri Kurri and Cessnock if you are looking to live there. Well known for criminal activity, particularly cessnock. Wallsend and outer areas in newcastle, (maryland and minmi no train to university. but nice areas) thornton, ashtonfield and east maitland areas train straight to newcastle university.
Good advice but hard pressed to find anything <300k as requested. Kurri/Cessnock better than it used to be but still certainly will take a few more years to shake the stigma of the past.
I currently got a property in Singleton and seeing all the growth been happening there I'm thinking if I should buy one more. Any thoughts from you guys that know more about that area?