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NSW Lithgow, is something happening?

Discussion in 'Where to Buy' started by Darlinghurst Boy, 7th Jul, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    image.jpg looking back at the old Somersoft Forum the Town of Lithgow was spoken about negatively.
    Lithgow was on the "where not to buy" thread.

    Lithgow is past the NSW Blue Mountains and about 3 hours from Sydney.

    Having a look at Domain Real Estate website today there are many houses i would say over 50% seem " under offer" ? And they seem overpriced compared to oversupply of rental accomodation apparently in that area.

    Is there something happening up there or is it just Real Estate Agents writing this on their adverts?
    Cant see anything happening there?
     
    Last edited: 7th Jul, 2015
  2. Chilliblue

    Chilliblue Well-Known Member

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    How long have the listings been under offer?
     
  3. wombat777

    wombat777 Well-Known Member Premium Member

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    Perhaps the great western highway upgrades? Not sure how far this has progressed.

    http://www.rms.nsw.gov.au/documents..._victoria_lithgow_community_update_june12.pdf

    Also - the Great Western Highway improvements between Hazelbrook and Wentworth Falls are almost complete. Significantly improves access to Lithgow.

    Long-term and there is a corridor being secured for a new road up to Kurmond (beyond Richmond). In time this will improve travel time to Lithgow via the Bells Line of Road route.
     
  4. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    The only thing happening in the Blue Mountains is the ripple effect from Sydney's heated market. Whenever Sydney does what it always does, areas within a 1 hour commute catch the ripple. Wollongong to the south, Blue Mtns to the west and Central Coast to the North - all having property booms at present.
     
    larrylarry likes this.
  5. Gibson

    Gibson Well-Known Member

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    More like 2 hours from Sydney these days
     
  6. C-mac

    C-mac Well-Known Member

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    I posted a fair bit on the SS Lithgow threads actually. I spent an overnight stay there fairly recently to do a bit of digging (it was actually for a long weekend retreat, so I didn't inspect properties), rather, I was just getting a feeling for the area beyond any cursory 'digital' DD I had conducted on Lithgow. It is a beautiful town with good amenity, but the elephant in the room remains to be employment opportunities (or lack thereof), in the immediate township. That said, renters may drive to Oberon or Blue Mountains towns for work (perhaps tourism? Agriculture?), and live in Lithgow, but this seems unlikely as the the drive to each is a good 30-40 minutes. I'm in two minds about the place.
     
  7. Chilliblue

    Chilliblue Well-Known Member

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    Why risk it when there are more solid opportunities in Bathurst
     
  8. C-mac

    C-mac Well-Known Member

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    Agreed - Bathers has more economic drivers going for it. Rental returns are almost as good as Lithgow / Oberon too.
     
    Chilliblue likes this.
  9. Pistonbroke

    Pistonbroke Well-Known Member

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    Bathurst also has more government investment in services and offices.
     
  10. markson

    markson Well-Known Member

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    Was looking a bit at Lithgow and +CF properties.
    2% vacancy rate and decent yields of 6%+

    Bathurst vacancy rate sitting at 3.8%

    I think they highway upgrade is really helping and a lot more people commuting.

    Lithgow

    Lithgow Residex.jpg
    Bathurst Bathurst Residex.jpg