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NSW newcastle v wollongong

Discussion in 'Where to Buy' started by matt carmen, 12th Oct, 2015.

  1. matt carmen

    matt carmen New Member

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    Hi
    I wanted to know peoples thoughts about investing in newcastle and wollongong. Looking for a house with renovation or sub division potential in the long term ie nor urgent, around the $400k mark. Has anyone heard anything about future growth potential of these areas?
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Both places are approx same distance from Sydney. BHP moved out of Newcastle some 10+ years ago and the place is all cleaned up and undergoing gentrification. The 'Gong still has a BHP presence and so is somewhat behind Newy in that respect. IMO Neey is further along.
     
  3. matt carmen

    matt carmen New Member

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    If newy is further along does that mean wollongong has greater growth potential long term?
     
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  4. qonyx_sydney

    qonyx_sydney Well-Known Member

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    I grew up in the gong and surrounds and agree that it Newcastle has passed it in terms of gentrification. In the 90s it was rife with NIMBYs that were anti development and the irony is that it is built around a massive industrial steelworks.

    You will struggle to find a splitter block for 400k unless you are looking amongst the ex house suburbs of Berkeley, Dapto or maybe Warrarong.

    I was looking down there a couple months ago and decided it was too close to the peak so not much room to grow.

    I dont know the Newwy market well but id imagine it wouldnt be too far from the Gong it its property cycle.

    If you are keen on coastal NSW i reckon you could go further south or north but these regional areas are going to be more volatile.

    Hope this helps....
     
  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    It depends. Is W'gong going to ditch its steel production too?
     
  6. SaiMan23

    SaiMan23 Member

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    Alan, could I ask your opinion on Newy ATM? Still growth to be had or peaked for the time being?
     
  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Still growing.
     
  8. Tekoz

    Tekoz Well-Known Member

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    @matt carmen perhaps @Matt Knight can suggest in this thread about the future of the South Coast area in general ?
     
  9. Tekoz

    Tekoz Well-Known Member

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    @Propertunity Wollongong also still have University of Wollongong and Innovation Campus near FAIRY MEADOW NSW 2519 where it is planned for the small business park & research centre.
     
  10. larrylarry

    larrylarry Well-Known Member

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    @Tekoz haven't seen you for quite a while. Have you been researching the Gong and surrounds?
     
  11. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I caught up with Matt Knight at the REBAA drinks night in Woolloomooloo last night. He's vey bullish on The 'Gong and surrounds. He might have some thoughts to share here.
     
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  12. Tekoz

    Tekoz Well-Known Member

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    @larrylarry Yeah, I missed you guys. I've been on holiday to refresh my mind :cool:
     
  13. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Hi Matt - I do a lot of work in Wgong. Houses with reno and dual occ potential is one of my main investor briefs. For 400k this is a real stretch in most of Illawarra but there are a couple suburbs left where you might make it happen (just). You will need to look south of the steelworks around the banks of lake illawarra, if you want to chat suburb specifics feel free to call. Be careful as streets differ greatly and whilst ex housing comm is fine in some cases, there are some streets that are much worse than others.

    It was really nice to see you and the others @Propertunity . I realise how easy it is to get lost in your own little world when you do this job outside of metro, so great to come in and be real humans in person.

    I am still bullish on gong but it is (I think) a little over half way through a cycle or so it feels northside and maybe around half way southside.

    The steelworks is an ongoing issue but as you mentioned the change of a shut down can actually improve a town dramatically as with Newy. I see that happening down here long term, but locals will see it as painful short term no doubt. Here is the latest news on Bluescope progress.

    http://www.afr.com/news/policy/indu...-accept-pay-freeze-job-losses-20151007-gk3wmz
     
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  14. AndrewTDP

    AndrewTDP Urban Planning Consultant Business Member

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    The thing I like about Newcastle from an investment sense is how pro medium density the controls are.

    200sqm subdivisions can be done and townhouses are permissable in every residential zone.
     
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  15. Biz

    Biz Well-Known Member

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    Newy council is pretty good. They go easy on section 94 too...

    Lake Macquarie on the other hand...
     
  16. AndrewTDP

    AndrewTDP Urban Planning Consultant Business Member

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    Yep. 1% of costs unless out in the western growth district (Minmi/Fletcher). Nice and simple.

    Dealing with a change of use DA in an existing shopping centre in Lake Mac where they want nearly 6k for roads contributions. I've come in post DA to try and resolve that one...
     
  17. larrylarry

    larrylarry Well-Known Member

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    Newy is showing promise. I spoke to a friend yesterday who grew up in Newy and his memory of Newy is so different to the present one. He's confident in Newy growth. On another note, some commented that Newy growth lags behind Sydney by 9-12 months. It appears that Sydney prices are slowing down, what does it mean for Newy then?
     
  18. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    True @AndrewTDP down here it is a bit more tricky to know what a site can achieve. On the plus side the agents don't always know what they are selling!
     
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  19. Biz

    Biz Well-Known Member

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    Yep, nice and easy and nothing if under 100k.

    If you do a granny flat in Newy - $0 contribution fee's. Two minutes away at Rape Macquarie - 13k!!!
     
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  20. Chilliblue

    Chilliblue Well-Known Member

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    On the plus side the agents don't always know what they are selling![/QUOTE]

    And some do not even care.