NSW Newcastle 2021

Thanks, @tomlemke. With 95 Barton St, wouldn't the laneway put off people? Keen to hear what attracts you to this property.

10 Arthur Street, Mayfield NSW 2304 looks comparable, what do you guys reckon the property would go for?
https://www.realestate.com.au/property-house-nsw-mayfield-135204386

 

Really? Rear lane access puts people off? I think it is awesome! Would love side or rear access.

Cheers,
Inertia

 

I personally don't like rear lane access for a place to live in, but price wise it doesn't seem to have any negative affect from what I have seen. I like Arnold Street but would think 620 would be minimum on that. Decent street, decent property, some character features.

 

Do you think 301m2 block is big enough block for an IP at 95 Barton? I have always personally looked for >400m2 when looking for an IP

 

I think it is fine for the area. Development potential is limited, but for that part of Mayfield it is pretty standard. I've never had any problems getting my places tenanted, and eventually I will do a significant reno on them, but for now they are perfectly adequate, and experiencing some great capital growth.

Cheers,
Inertia.

 

thanks for the updates and insight @tomlemke
I have just sold and am ready for my next renovation/development project, but I am really struggling make the figures add up on any properties that are popping up at the moment with all of this price growth. Which suburbs do you think are still good value or have a bit of potential to flip? I think I'm priced out of the inner city/merewether type areas currently.

 

A Rear lane wouldn’t turn me off, most buyers in Newcastle loves these.

 

My picks Mayfield / Mayfield East/ Georgetown/ Waratah but you need to be able to buy really well if your trying to get in and out.

 

Fair enough
I think I am leaning towards 2x spec home builds, 1 in the Huntlee Estate and the other in Hamlyn Terrace. Cant really make anything else stack up apart from:
91 Michael Street, Jesmond, NSW 2299 - House for Sale - realestate.com.au (i think this is sold)

and
21 Warners Bay Road, Warners Bay, NSW 2282 - House for Sale - realestate.com.au

 

not a big fan of Jesmond myself, but maybe its the Mt Druit of Newcastle...

I wouldn't buy there - main road (for newcastle) - it is 1 of the 2 main routes to the lake, and steep AF. Although maybe not as steep down that end.

 

Agree with Tom - Mayfield is going absolutely nuts at the moment.

Had an open inspection on a townhouse offered at $540 on a 3 bedroom 2 bathroom on Monday afternoon with 20 groups through.

After just one showing we're getting offers well above the asking weekly rent (ie +$20-$30 per week) from potential applicants.

The weekly rent for this townhouse is up $100 per week in 4 years... terrific yield growth.

 

Fair enough, the warners bay one isnt too steep, but busy road. Im a builder so try to incorporate that into a plans a bit. thanks for the input

 

I know right.. I dont understand rush to the area, but i guess its good for Newcastle!

 

My wife and I did a day trip from Sydney to Newcastle via Lake Macquarie and the lovely beaches along the way. The lake and the beaches are just so great!
Then on the way back, we stopped by at Macca's in Mayfield. We put on our masks just as precaution when we walked in and all the staff at Macca's were all wearing masks on that day as well. There was a local lady probably at her 50's, no offence, but seems to be from the low socio demographic side saw us, because we got Asian background, she turned very unfriendly and started talking to the kids next to her with some racial comments and some of her own conspiracy theories of how the virus has been spread.

I must say in the year of 2021 this is TRULY GROSS! No matter what race we are, as Australians, we all work very hard (sometimes even with our ass off... ) to get through this global pandemics. The experience we had at Mayfield just pulled us off from the whole area.

Don't get me wrong though, majority of the people we met during our trip are very friendly and polite. But if you are a Sydneysider looking for a PPOR or IP in Newcastle, I would reckon get as close to the lake or sea side as possible. I wouldn't touch those gentrifying areas...

 

@Bluechips as a Novocastrian I'm sorry to hear this. Please don't discredit Mayfield by the actions of one dirtbag.
I have a few friends who have pppor in Mayfield and they will agree there are good and bad points to the suburb, however the financial gains are solid.

Good luck with your house hunting.

 

@Bluechips - it is a sad aspect of Newcastle, that hopefully is becoming less so. Newcastle is still fairly lacking in diversity though.

 

Mayfield is no different to Western Sydney in so far as diversity and economic profile of older residents. Does anyone remember the Cronulla race riots? They were held in a fairly affluent coastal anglo saxon Sydney suburb.

There are bad people in every Sydney suburb regardless of Eastern Suburbs, Inner West, North, South. The same thing applies even for Newcastle's wealthy suburbs.

This doesn't put me off the whole of Sydney.

With that said, sadly there is not a very large Asian or migrant population in Newcastle. It is still predominantly anglo-saxon and European

Nothing like Chatswood or Eastwood exists in the Hunter.

 

How are stock levels looking into the first few months of 2021 from your point of view Tom ? Seems like there is not much at all coming online right now, or is that typical for the month of January ?

 

Mayfield as a location is predominantly brilliant. Mayfield residents are predominantly scum. Sorry to hear of your experience. Most visits to Mayf Maccas are often negative.

 

I'd say there is still a small percentage of Mayfield residents that are from a very low socio-economic group.

But that's no different to say Redfern or Newtown in Sydney.