NSW Newcastle for $500k - the good & the bad?!

We are looking for a 3 bed in Newcastle that we can initially use as a rental and then fix up and move into for a couple of years.

We're in Sydney and have made a few trips up there but don't know anything about the socio-economics and demographics in the area.

We've found reasonable fix ups in our budget in the areas of Adamstown Heights, Lambton,
Georgetown, Stockton and Fern Bay, Carrington, Warratah, Tighes Hill and Mayfield.

I've pretty much been told that our suburbs are OK but to stay away from anything that is
Mayfield East as well as Islington.

Just looking to hear of others knowledge of the region and pitfalls we won't be aware of.

 

Hi JL sounds like a local BA would be a good fit for you in this scenario. Quite a few good operators in this area now too. Try @Propertunity for starters as well as Newcastle Buyers Agents and Fortune Property Finders- all REBAA accredited and know their patch. Members - REBAA
Good luck with your search!

 

Pretty much all suburbs in Newie you can currently buy at around the 500k mark, excluding your premium suburbs. It also depends on what you're after where you want to live, eg Stockton is very laid back quiet suburb. Mayfield / Warratah and Stockton have good stock for renovation. Other suburbs like Tighes Hill / Maryville / Carrington are tightly held. They are all close to the CBD, great for going out and well serviced by buses. Adamstown and Lambton are further out but still have very good amenities and major shopping centers close, Westfield and Charlestown Square.

Mayfield is a colourful suburb no matter where you are. Its the largest suburb in newcastle! Mayfield has undergone some serious gentrification in the last few years. And Islington has followed suit. Islington / Maitland Road was synonymous with the 'night life'. It has since been cleaned up and no longer a problem. Islington is next door to the other trendy suburbs and connects to Beaumont St, one of the main eating hubs in Newcastle. There is also a new development selling off the plan. SOHO Central 41 residential 1-3 bedroom apartments.

I grew up in Adamstown Heights and now live in Mayfield.

 

Also talk to @tomlemke

 

Take a visit up there...the suburbs you mentioned are all great.....you should be able to pick things for well under 500k...if you are prepared to do some work.....some even from 350k onwards...

 

Don't forget the south eastern suburbs like Dudley, kahibah, whitebridge and charlestown

 

What are locals' thoughts on Dudley and redhead?

 

Dudley thinks Redhead is ****, and Redhead thinks Dudley is ****.

 

[QUOTE="J.L.,

I've pretty much been told that our suburbs are OK but to stay away from anything that is
Mayfield East as well as Islington.

Just looking to hear of others knowledge of the region and pitfalls we won't be aware of.[/QUOTE]

Mayfield east and islington are great suburbs give me a call i love the inner city : )

 

Mayfield east and islington are great suburbs give me a call i love the inner city : )[/QUOTE]


Indeed, Islington is going ahead so much I doubt that you would find a property in the price range. It's a great suburb.

 

yeah all those inner city suburbs that you would never touch are now becoming a lot more desirable.

 

Is R3 in Wallsend of interest? Sub-$400k

 

But back to serious stuff. The problem you will encounter is just very old and tired houses that need immediate renovation.

I advised a Sydney couple not to buy another overpriced property in Adamstown heights because it's pretty standard to get under the house and see the concrete rotting and the bricks crumbling from the wet and rot because the foundations were never done properly. They have a sewerage problem that costs $3000 plus to fix, they don't have the money as they are investors so the tenant is complaining to the property manager and they are basically taking the rent and fobbing off the tenant with lies about it getting fixed while they wait for summer to foist the property on another sucker.

There have been shonky additions to many of the houses so that the sewers are innacesible. The houses in Newcastle are all typically filled with asbestos sheeting, or insulation or vinyl asbestos flooring and if it's in a garage its crumbling and dangerous. You need to get rid of it or mix wood glue with water and spray it. The houses have rat and cockroach infestation problems and I am the only one I know who DIY has solved that problem. The pest guys take your money and won't give you a permanent solution or else they won't make money. The houses are freezing cold in winter. You have to check all the wires by an electrician who is an immigrant because the rats could have chewed through them and the Aussie sparkies are not trained properly. Don't let one into your house it's to dangerous.

The sewers are the biggest risk, Newcastle gets a lot of water and the sewers were never laid properly, over the decades they move and get tree roots in them and crack and get blocked.

With the state of Property in Newcastle my advice is move here first, rent something out, take the time to buy something, renovate yourself while you are not living in it and then move in. It will be hassles and cost a fortune but it's the reality. Nobody did anything properly before , nobody will fix anything properly for you now or do a quality job, they will take your money with all sorts of promises, but it will have to be done by you in the end. The tradies here and the builders here and the real estate agents here all share the same mentality. Do it cheap, do it quick, try make it look good, grab the money and don't give a damn. It's sad but it's true. Prove me wrong and I will give you a thousand bucks.

 

Ald for your information, a plumber could rough in a whole new sewer system in plastic bypassing the old system in a good couple of days providing acess under floor is good.

 

You cant even get a 600 sqm block of land with a knockdown job on it for 500k in newi now just ask Ald hes not happy haha.

 

What is R3?

 

It's the land zoning under the Newcastle Local Environment Plan - R3 is Residential 3. Here's a link (NSW Legislation) to the relevant part of the legislation outlining what type's of buildings/occupancies are permitted with and without consent.

 

Multiple dwellings like townhouses...in Parramatta it is.

 

thread fairies have done some cleaning....well done

 

Thread fairies?!