NSW Newcastle 2020

That is a really good point. If you know the market you know best time to buy and sell as well

 

It is easier to pick a good deal and yes it is really fun haha

 

Advice for Maitland area with a mid $300's budget?

Options are:
a) existing unit/townhouse in East Maitland
b) renovate a house in Metford, Rutherford or Telarah
c) build new in Cliftleigh ($10k FHOG)

 

Investment or PPOR?

 

Personally I'd go for option no.2
No point buying units in Maitland. People go up the valley for land and affordability. Mid $3s won't get you much of a new house in Cliftleigh. Plus most of these are lego land estates getting tighter by the minute.
The renovation gives you the ability to manufacture equity. Be aware some of these markets have had a decent run as of late. So may be a little late to the party.

 

High end market is moving, this one just sold in the low $5,000,000

68 Memorial Drive, Bar Beach, NSW 2300

 

Anyone keen for a Meet-up in newy sometime soon?

 

The one on Stanley Street is a massive result Tom. I guess buyers are willing to pay good money for architectural top-shelf TURN KEY renovations to character homes?

The renovation/new addition and SDA plans would have cost the vendors $1m+ easily.

9 Stanley Street, Merewether

What was the profile of the buyer? Our of town baby boomer ??

 

@TylerJamesson yes it was a massive result, you are spot on with the renovation costs it was just over $1m 12 months ago. They were downsizers from Merewether that bought it, it was a two person bidding war prior to it going on the market.

That result has me seriously considering selling my own house, the market is insane at the moment for high end turn key renovation!

 

Could always goto Auction with an insane reserve, im sure youd be happy to sit tight if it doesnt sell.

How much would agents charge in that regard?

 

@tomlemke , very interesting, seems like cashed up baby boomers are willing to pay top dollar to get the turn key lifestyle and “FINAL” home they want.

Building high-end custom dwellings is hard and stressful. Not to mention it’s very expensive. Most married couples don’t have the stomach for such projects. Especially 65+ yr olds.

So results like that make total sense to me!

 

The marketing's the only cost if it doesn't end up selling, people would assume it would be cheaper for me to sell my own place but we don't get any discounts. The cost of marketing is the same for everyone. I would end up spending more than i would recommend to clients as i wouldn't want to miss a buyer, a good Auction campaign with Print would be between 5k - 6k.

 

No fee for the auctioneer on the day etc?

 

If/when they fix the beach fixed it'll go off like a rocket ... the Balmain/Manly of Newcastle. I'd like to buy another but hubbys being a pessimist

 

Deputy Premier says Stockton Beach is above politics as staff work towards offshore dredging

 

I'm with hubby, i think it will need a lot more than just fixing the beach.
Prices are over inflated in my opinion, 1m+ for an ordinary house near the beach on and 2m+ for beach front. It's still a 25 minute commute to Newcastle at the best of times, the ferry is not much better either.

 

Fix the beach and the rest will come. I give it five years ... and to not buy will leave me feeling like I do now, when I sold out of an ocean view property in Merewether 8 years ago (shud've rented it out) ... could easily put another $1mil+ on the front of what we sold it for

 

We'll have to agree to disagree. Personally I think $2 mil for Morgan St Merewether overpriced ... or near $4 mil for non waterfront, no views.

Granted, Stockton has a way to go re gentrifying but block sizes are usually over 500sqm, 15 minutes to airport, 5 min ferry ride to the CBD and its associated nightlife/day life and public transport, 15 mins to John Hunter, 15 mins to uni and 15 mins to the motorways north and west ... all 2-3 blocks from the beach and a community shop centre that had everything ...

All for average $6-700,000 and some sweat equity

 

This looks to be ill-advised these days.

Will be looking to buy in Newcastle in coming months though.

 

Me too when it's on special. New build already starts to slide a bit.