Kariong

Discussion in 'Where to Buy' started by Shamrock1, 29th May, 2020.

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  1. Shamrock1

    Shamrock1 Well-Known Member

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    What are the central coast locals thoughts on buying in Kariong for buy, minor reno and long term hold capital growth strategy.

    Trying to cash in on the migration to Central Coast by Sydneysiders who can still travel back to Sydney for work.

    Budget $600k-$800k

    Prefer to buy closer to Gosford and surrounds but most suburbs are either bushfire or flood prone or out of my budget closer to the beach.

    Pros
    - close to freeway so travellers can jump straight on and head back to Sydney
    -close to Gosford with all the investment there I’ve seen on other threads
    - close enough to water in and around Gosford
    - more affordable and better rental yield (even though no 1 priority capital growth
    - not flood or bushfire prone
    - looks like nice residential area


    Cons
    - half hour to beach
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Good idea. Many investors have been onto this strategy for the past approx 30 years since the then F3 freeway now renamed M1 motorway opened, replacing the Old Pacific Highway as the main driving commuter route to Sydney :)

    That's a broad sweeping statement and not entirely correct. There are many areas affected of course but equally as many (or more) that are not so affected.

    Only half hour to Wahroongah & the northern suburbs of Sydney too. It depends if your focus is on a 30 minute trip for a Sydney commute or being closer to the beaches.
     
  3. Shamrock1

    Shamrock1 Well-Known Member

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    Thanks for the feedback Alan. Yes, many suburbs closer to the beach aren’t bushfire/flood prone but they are the ones out of my budget!
     
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  4. Shamrock1

    Shamrock1 Well-Known Member

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    Yes, I’m sure investors have had this strategy for a few years regarding Sydney commuters but may be another surge post covid as more work from home
     
  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    If more people work from home, what would be the necessity to buy in Kariong for a short commute to their Sydney workplace? Maybe they can live at the beach now? ;)
     
  6. Shamrock1

    Shamrock1 Well-Known Member

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    True. But many would be working from home part time and heading to the office when required for meetings etc
     
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Is traffic that bad on the central coast that it takes half an hour to get to Umina Beach?

    What's your expectations for your budget? Is it realistic?
     
  8. Shamrock1

    Shamrock1 Well-Known Member

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    Wher
    Whereis.com says 25mins so I rounded up haha. Can you clarify your “expectations for your budget” question?
     
  9. Scott No Mates

    Scott No Mates Well-Known Member

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    What are you looking for?

    Wyoming - 6 beds $700k 25 minutes to Terrigal or Wamberal & 10 minutes to Gosford

    Springfield - 4 beds $600k

    Tascott - 3 beds needs work but has waterviews $660k

    Erina - 4 bed $660k

    None of these come near the top of your budget, most have good land content, in great nick or potential.

    None are far from Gosford but become further from M1 freeway once you go down the Kariong hill.

    So what are your expectations?
    • Mega bedrooms?
    • Brand new?
    • As-new?
    • Air-conditioned?
    • ½ acre land?
    • Waterviews?
    • Quiet street?
    • Close to train?
     
  10. Shamrock1

    Shamrock1 Well-Known Member

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    Thanks Scott. I’ve been looking pretty hard last couple of weeks to the detriment of the rest of my life haha so I’ve seen all of these. All but the Wyoming house are in bad bushfire prone areas. The Wyoming one isn’t too bad but I don’t see enough street appeal for this one.

    My expectations are a nice tidy enough house approx 500-600m2 in a good location near transport/shops. Doesn’t need a water view. Strong street appeal that may be a bit unloved and I can add some value immediately by “tarting up” by painting or quick reno of the kitchen and/or bathroom and then draw equity eventually when I’m ready to buy another. So can’t be too new OR too old. Not too much to ask is it? Haha
     
  11. Andrewjh

    Andrewjh Well-Known Member

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    Don’t buy Kariong.
    Firstly if your reason to avoid Wyoming or Springfield is bushfire risk, I think you should go and look at some news articles. Put it this way. Kariong burns well before Springfield. In January there was a fire threatening Kariong. My good friends in Springfield were not worried. Your assessment of the risks of fire and flood are not accurate. I’ve lived on the Central Coast for over 20 years

    Secondly almost any area of the Coast is nicer to live in than Kariong.

    you asked for thoughts. Take them or leave them
     
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  12. Shamrock1

    Shamrock1 Well-Known Member

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    Ok thanks for your locals view that’s what I was looking for when I posted. Kariong area doesn’t look that nice when I look at the street view of properties. The bushfire/flood comments I made are based on Central Coast Council’s online map and aren’t my personal assessment.
     
  13. Thedoc

    Thedoc Well-Known Member

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    Wyoming is a hole.
     
  14. Kersertwo

    Kersertwo Member

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    Is Ettalong out of budget? or you think the extra 25 mins travel is a bit too far?
     
  15. Shamrock1

    Shamrock1 Well-Known Member

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    It is a bit far from the freeway. Ended up buying in Killarney Vale a bit closer to everything
     
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  16. Phar Lap

    Phar Lap Well-Known Member

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    Now youre talking!

    Kariong is a hole too. Horrible.
    I worked up there during the late 80's early 90's as a tradie when the suburb was being established, god the ground is hard its pure rock, bloody ironstone I swear.
    Fires went through there around '92 I think it was, really hot summers compared to Killarney Vale where you get a bit of a sea breeze.
    Youll do well in K Vale. We did!
     
  17. Kersertwo

    Kersertwo Member

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    What streets and areas of Killarney Vale are the nicest?
     
  18. Shamrock1

    Shamrock1 Well-Known Member

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    No bad areas but i steered away from close to the lake as it’s mostly flood zone. Closer to the beach and shopping centre the better.

    A relo lives up toward the back of the suburb and it’s still a nice residential family area
     
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  19. Phar Lap

    Phar Lap Well-Known Member

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    anywhere up the hill to catch the breezes. School is up there, easy access to shopping and other main arterial roads, beach only minutes away. Yeah floods a bit down by the lake, but thats not very frequent and if you have an elevated house then its all sweet. But it can smell a bit down there (by the lake) too. Carlyon St is good near the lake, its elevated no flooding, but $xy