NSW Newcastle 2018

Hi Everyone,
Doom and gloom story, not really Newcastle but Lake Mcquarie.. Feel free to go your hardest here - looking for opinion/speculation and you guys seem to have a bit of that going on.
Check out this place 59 Stollard Street, Catherine Hill Bay NSW 2281 - House For Sale | Domain I built it completed May this year. First few weeks of marketing (4 months ago) got offers around 1.2-1.3m mark but agent said don't take it.
The past couple months haven't even had enquiries despite large price drop. The other owner is scared and says SELL ASAP!! I'd prefer to ride it out and sell in 12 months or so.. and currently I can't afford to buy him out.
Options:
1. Find another top notch agent to see if they can get it over the line
2. Take it off the market and wait 12 months
3. leave it on and drop the price like a falling angel

Its serious ocean views, like front seat whale watching type views.
Thanks for any contribution!

 

Looks great , dont think you will have a problem selling it at the listed price or for more.

 

How long will it have ocean views for though? Looks like once a few houses are built in the blocks in front of it the views will go ?

 

Upstairs view will not be obstructed even if they build 2 storey. Downstairs will be obstructed. There is a large rear balcony overlooking the ocean, plus large windows along that side of the house.

 

A million people have said the same but I can't even get a bite
Where are these rich baby boomers that all the Gen Y's complain about?

 

I don't get that impression from the listing. I remember seeing the listing a while back and thinking the same thing. Rich baby boomers might not be your target for that area as its not really close to the admentities they require and they usually are not after a 5 bedroom house. Your better marketing to a different demographic. I would be inclined to try a different agent.
Never sold a house though so my opinion might not be worth anything.

 

Target market, retirering cashed up sydney couple this would be perfect.

 

I would have taken the first offfer and run bit late now ...

However, Krispy is right - when you are older you look for homes close to amenities like hospitals etc. plus transport - its a fair drive to Newcastle and shopping.

Its just my humble opinion however have always thought a 2nd storey with weatherboard takes away the classy look of an expensive home.

 

I actually don't mind the weatherboards as it suits the Hamptony feel of the area. I think the photos don't do the place any justice though and make the ceilings look low and the don't show off the natural light.

 

Yep fair enough, thanks for all of your feedback.
Majority of residents there are retiree's. Some say its too big, most say its too small.. so conflicting.
And the weatherboards are a state DCP requirements, the entire estate is weatherboard to create a 'Hamptons' looks

 

Aaaaah! wasn't aware of that ...

 

What are everyone's thoughts on all the new high rise apartments going in around Newcastle West/Wickham/Honeysuckle? I have been away overseas for a while and come back to a lot of new development. Anyone bought or thinking about thinking buying one. How would they stack up as an investment.

 

I was at one of your neighbor's houses a few weeks ago. Theses guys sold in Hornsby which allowed them the $ to build & live a slower paced life away from the Sydney rat race.

Tough call as the location is lovely but isolated. A while ago I mentioned buying in the estate to my wife who was not keen due to the distance to work, shops etc and school etc.
If you can get people in the door to look through they will be hooked. The location is fantastic if you love the beach life.

Maybe door knock the estate and find out actually who is buying in the area and target towards that market? Don't leave it to the agent get on the front foot before everyone slows down for Christmas.

Good luck with it...& keep us posted

 

Oversupplied and overpriced.

 

Yeh thanks for the feedback.. I've done a couple posts on this place so will definitely post my result.
So many of the neighbours are from Sydney. I built near half of the houses in the estate and most of them were Sydneysiders looking for a change.

 

I think they were a good buy in the past 2 years to hold onto for a year or so just to get some cash out of capital gain.. but yep I think now there is an oversupply and there are better buys out there. We are looking a little bit like Brisbane - we haven't got near the oversupply they have but getting that way.

 

Hi Krisko.
We currently have one in the pipe line due for completion in two years next to Wickham Interchange.
I am not really too sure how well it would do as an investment as we brought ours as a PPOR as we are looking for the inner City lifestyle that we feel Newcastle will offer in the coming years.
My recommendation would be to buy one of the larger north facing if possible on the highest level you can afford as usually the premium positioned apartments do seem to hold there value a little better & are not so generic. The apartment block we are buying in to has a total of around 110 apartments & I would have only chosen maybe 8 out of these that would be worth buying from a livable point of view.

Although saying the above, I wouldn't be looking at buying one unless you are planning to hold as I don't think you will see much profit in the next few years due to the number coming online although saying that people seem to keep buying them so who knows.