NSW newcastle v wollongong

@Biz is that a typo ?

 

haha, true. Both positives and negatives.

Yep. Such a straightfoward system rather than "well for transport you fall in the eastern section northern quadrant D45 precinct, so that will be $4,500 per lot, except if you have lodged on a Tuesday when it will be $8,200 per lot. For sewer you actually fall within the planned growth precinct so that will be $2348 per lot, unless your name is George, in which case we will be pick 4 numbers out of a hat" and so on.

Here is the current Lake mac S.94 plan http://www.lakemac.com.au/downloads/592C7334D6BDEA7E8C598480E94416F4ECBE536B.pdf

 

Many don't chilli, but I particularly like it when they don't know a house has another homesite in the backyard.

 

@BuyersAgent, what are your thoughts on properties between Shellharbour and Wollongong, specifically looking at Port Kembla and Lake Heights?
Are they high/low maintenance? Easy to lease? Is it easy/difficult to get a development proposal through council?

Cheers

 

Sorry @propernewb I didn't see your post. I would say the opportunities in southern Illawarra generally are still quite good. Personally I tend to focus on southern lake suburbs rather than northside as I grew up reading stories of acid rain and health problems in cringilla and lake heights. Not saying that is a big deal anymore but proximity to steelworks still a downward force for amenity in my view. The market doesn't seem to be as fussy as me and they are growing anyway. All suburbs, including Port and LH have areas to be careful of and areas to grab if you can. Any under market or keen vendor with a water view will probably out perform. Personally being closer to new train at Shellharbour, plus new marina, plus proximity to Kiama's lovely beaches sees me doing a lot of work in Warilla, Barrack Heights, Lake Illawarra, Mount Warrigal, Albion Park and Oak Flats. Each have something different to offer, and as always know your area and do good due dilligence and you will be fine.

Rentals are generally tight, its not hard to find a tenant. If you leave a place unrenovated you will get low grade tenants, expect this. Fully renovated means you get to chose the cream. Council is approving developments on the right blocks and I am currently helping a previous client do a dual occ subdivision in his backyard. You need to know what to look for as site choice is highly specific to the development outcome you seek and they are quite picky on things like site access, drainage, etc.

 

mr brother lives in lake heights,,,council seem pretty generous...next door to him in standard resi they just put up a triplex (iirc they paid 137k for block, and sold with DA for triplex for over 300k!), then a few doors up there is 4 rentals on the one standard block (tho not sure if legit/ went thru council as 4). brother hates it, streets are narrow (newer infill), cars everywhere etc. but yes market seems strong for sales and rentals.

 

A lot of suburbs in Wollongong have experienced plenty of growth recently. Just a matter of doing your research and deciding on whether there's likely to be more in the short term, or it will be a long term prospect. More than likely it will go up in the long term, but you could say that about anywhere.

 

re wollongong region, I bought a 3b, run-down fibro house with unapproved 1b granny in Lake Illawarra in Jan 2015. I paid 359k, did a major reno, fully approved granny flat and rented both to separate parties for $615pw. Overall, I spent 410k and managed to revalue the property 9 mths later at 500k.

As I was not familiar with Shellharbour area, I used BA service provided by Matt Knight whom I found on this forum. Matt found the property in 3 weeks and assisted in all matters related to its purchase. Generally speaking, it was a smooth and very profitable deal.

Thank you, Matt!

Anthony
Central Coast NSW

 

G

Great results, will be a nice little earner.

 

Glad you are happy with the outcome @alatus and well done for having the stomach to tackle both reno and approval of the existing GF most would say too hard on that project. What yield did you finish up with on your cost base?

 

Yield on all costs incured is 7.3% - a real ripper
I'm hungry on another one of this kind, Matt!

 

Yes @BuyersAgent Matt, Wollongong seems better than Newcastle here according to RPData website suburb comparison tool:


Source: Compare suburbs to uncover potential bargains taken as at 14/12/2015

 

and less volatile!

 

Hm.. never thought about that factor mate.

Wollongong is somehow driven by Bluescope Steel and also University of Wollongong students (especially Int'l student) so when the AUD$ is rising, property price and rental in the area could be affected. Is that correct @BuyersAgent Matt ?

 

I'll see your chart and raise you a 15yr CG chart for houses Wollongong V Newcastle.

There's not much in it and you could not claim that Newcastle was lagging. Their CG seems to track each other pretty closely - both picking up the ripple from Sydney no doubt.

 

And that was pretty much my thought. The ripple would be going North and South from Sydney. Still interesting to see two correlate so closely though.

 

I suspect that the same thing would apply to the Blue Mountains to the west.

 

@Propertunity used LGA whereas the initial graph posted was suburb specific, perhaps that smaller sample size is creating the volatility? I wouldn't think Newy was actually any more volatile.

 

I agree the ripple is heading out in 3D. (except is currently hard to live in the tasman sea.)

 

Hmm, one would think there would be a correlate but I don't know. UOW seems to have grown yr on yr lately. This site has current international enrolments at just over 12k (on the right hand side) but doesn't show previous yrs.
Statistics - About the University @ UOW