NSW Metford Area

Discussion in 'Where to Buy' started by Melissa Williamson, 9th Mar, 2018.

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  1. Cmelderis

    Cmelderis Well-Known Member

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    thoughts on this as an IP? Is this in the older part of Metford? Wonder if someone on here has flipped this as it was bought for 279k in feb.…..30 Cedar Close, Metford, NSW 2323
     
  2. mtooler

    mtooler Well-Known Member

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    Its right near the school, railway and oval. Want some pretty decent security installed!
     
  3. Cmelderis

    Cmelderis Well-Known Member

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    Are the young ones that troubled?
     
  4. mtooler

    mtooler Well-Known Member

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    Yeah and their older siblings. The other bad area is behind the Christian School.
     
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  5. Cmelderis

    Cmelderis Well-Known Member

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    Jesus would not be impressed :rolleyes:
     
  6. TMNT

    TMNT Well-Known Member

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    Definitely ppor intended Renos
    You don't want to overcaptilise,
    If you get the Reno at a discounted price vs average house, then its fine for investment
     
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  7. Islay

    Islay Well-Known Member

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  8. orangestreet

    orangestreet Well-Known Member

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    Agree. If you can get it a good price, might be worth a look. It will be walking distance to the new $450 million hospital (see below) and Metford Station is also close for a quick commute to Newcastle.

    New Maitland Hospital Development | New Maitland

    As always, do your due diligence.
     
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  9. TMNT

    TMNT Well-Known Member

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    Rough Estimates
    $5k Paint
    $5k electrics
    $5k flooring
    $7k kitchen
    $1k Electrical fittings
    $5k back deck
    $4k bathroom
    $5k landscaping
    $2k Roof/gutter paint
    $1k Doors
    $2k window repairs/paint
    $3k external brick patch/paint
    $5k miscellaneous


    $8k Stamp duty
    $3k staging
    $10k Selling costs at $400k

    Total $71k
    $400-$278+71=$51k profit for 5 months work if you can sell it at $400k
     
    Last edited: 31st Jul, 2019
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  10. Cmelderis

    Cmelderis Well-Known Member

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    Is that considered a good ROI in developers world? I dont flip so no idea....
     
  11. TMNT

    TMNT Well-Known Member

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    im not a developer, but ive done many renos before, if I could get $71k for project managing and getting tradies to do all the work, yes in a heartbeat

    I used to work on a $50k margin for renos, however, my entry point wasnt $279k, it was more $100-$200k
     
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  12. Cmelderis

    Cmelderis Well-Known Member

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    Agree that 51k profit for simply project managing seems decent to me....they did a nice job
     
  13. Islay

    Islay Well-Known Member

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    plus termite treatment?
     
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  14. Lizzie

    Lizzie Well-Known Member

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    Then take off CGT
     
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  15. Bluesky2000

    Bluesky2000 Member

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    Looking into the Metford area for an IP. Beside the areas mentioned above that may be troublesome, are there any other pockets of Metford that should be concerned? or are there pockets that are clearly more desirable? thanks :)
     
  16. leostarkz

    leostarkz Well-Known Member

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    Have you been able to find anything?
     
  17. Bluesky2000

    Bluesky2000 Member

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    I have changed my tactic and is now thinking the Brisbane area.
     
  18. ww2_nut

    ww2_nut Active Member

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    I've read through the thread and am aware of the 'rough' areas of Mertford, but was wondering if people could give me some insight into the following suburbs - Mertford, East Maitland, Ashton field & Tenambit. I'm looking to buy near the new hospital and wondering what people's thoughts are on the above suburbs. Looking for info like the good/bad & ugly and the positives and opinions on which suburb people would prefer over the rest. Not overly familiar with the area and currently researching as much as I can before we start looking at properties.
    I look forward to your input.
     
  19. bhutcho

    bhutcho Member

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    Thinking about it with an investment lens:

    Metford - avoid at all costs. May be close to the new hospital but known for high crime rate. May be some cheap properties to completely renovate from time to time like those listed but for me there are plenty of other areas with the same opportunity with lest risk.

    East Maitland - still close to Green Hills shopping centre, and the new hospital. Mostly a good area with the exception of the streets on the other side of the highway from the shopping centre such as Skilton Av Cumberland Street and the like. I'd avoid that section and anything too close to the schools or train line for noise. A large proportion of the homes are older so will come with decent sized blocks but you'll pay a premium for them. Different parts of East Maitland are zoned for the 2 High Schools Grossman and Maitland High.

    Tenambit - A bit further away from Green Hills but close to the new hospital. Pockets of the area are ok and others are hit and miss due to housing commision in the area. If you get a solid house that you could do up you might make some short term gain but prices are already accounting for the new hospital etc.

    Ashtonfield - easily the best area of all you have mentioned. Local public school has an excellent reputation, you are close to Hunter Valley Grammar for those wishing to private school their children, a number of other Catholic schools both primary and secondary nearby.
    Its very close to Green Hills shopping centre which also has a dining precinct and movie theatre so very handy to have.
    Family friendly neighbourhood and you can see much more pride in people's homes in the area so I'd say it's majority owner occupied. It is close to Maitland Private hospital as well as the new public hospital currently being built. Another major selling point is the ease of access to other areas. 25 mins to Newcastle via the New England Highway and easy access to the Hunter Expressway whether it's to head to the Vineyards, up the Hunter Valley for those working in the mines or if you want to go into Sydney.

    Prices in this area are higher than the others but if you pick a decent property in the long term I think will be reflected in much better capital growth as this is the type of area will appeal to personal buyers especially those on decent incomes in mining, healthcare and white collar industry that are nearby.

    Hope that helps.Happy to answer any questions when I get the time.
     
  20. orangestreet

    orangestreet Well-Known Member

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    @bhutcho seems to be a local and might know a fair bit more than I do. But I can offer a counter narrative.

    Disclaimer: if I had the spare cash, I would have tried to get into East Maitland back then.
    Instead, I bought in Metford 10 years ago and I have been very happy with my purchase. It has always been tenanted and and apart from the usual property hassles, it has done everything I had hoped it would do. Rents have gone up, the property has always been cash flow positive and the capital growth over the last few years especially has been very good. I have no problems holding the property for a very long time. For the record, I hold properties in other capital cities and I have found my Metford property to have done just as well if not better. Mind you, I bought well in the first instance with the help of a buyers agent and that has put me on the right track.

    My property is 5 mins from Green Hills shopping centre (many parts of Metford are), 5 minutes to the $450 million new hospital (could be closer if they take a pathway). There is a train stop in the suburb and when I was there a few years ago, I could not believe how close to Newcastle felt on the train. There is a primary school within walking distance (no idea about its quality) and houses around my IP have sold for fantastic prices over the last few years.

    I am obviously biased and am hoping that the suburb benefits from the new hospital and gentrifies over the next few years. I have been told by other locals before about the crime and housing commission flats in Metford. I have never had any issues of crime at my IP and like I said, has always been rented in a flash with multiple applications to choose from. Sure, the tenants are not investment bankers and driving around in Teslas. But I don’t need them to. All I wanted was commensurate rent in comparison to the price I paid for the property.

    If I was looking for a PPOR in the area, I might choose differently. But for an IP, If I had known 10 years ago that this is what I would end up with, I would have gladly taken it.

    YMMV, always do your own due diligence.
     
    Last edited: 3rd May, 2021
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