NSW newcastle v wollongong

Hi folks, this is a great thread, thank you for all the comparison info on both regions and to @BuyersAgent and @Propertunity for your insights too

 

@BuyersAgent Thanks for your comment earlier in the thread much appreciated

What are your thoughts on units in Lake Illawarra/Windang? I see great potential as its wedged between the lake and beach with hardly any land leftover for future developments. I did notice that Windang sell a lot of Caravan park relocatable homes for cheap. I am concerned if you buy a regular unit in Windang that the sale of cheap relocatable homes will reduce the value the bank will put on the property for future equity withdrawal.

 

@Timwest how about a house in Lake Illwarra? Does this fit your budget? 93 Queen Street Lake Illawarra NSW 2528 - House for Sale #117832247 - realestate.com.au

You could put a grannyflat behind.

 

Would love to! Its just a little to much for me at the moment unfortunately.

 

what's your budget?

 

About 300k at this stage.

 

Have you met a broker about our borrowing capacity?

 

I like it - Windang is lovely and yes very limited supply, watch out for flood risk though there are some low lying areas so be a little careful of that. Not really concerned about caravan park it is a different product, being leasehold and I haven't seen the banks wanting to compare those oranges with apples. (brokers may have had diff experience but I haven't seen it.)

@larrylarry I would try and convert that garage into GF from memory it is legal height. Would you believe I tried to buy it for clients TWICE? Once in late 2013 and once in mid 2014 for between 300-320 each time, we had offers accepted in writing, but they owners baulked and reneged once we got to contract stage - they were hard work those vendors. Got one in Sammat ave in the end which cost a little more but more growth for improved location. Ke sera.

That leaves a limited set of options in 2528, smaller units maybe. If you want to do the reno +gf sort of thing you would need to head further out/down for more affordable areas or as stated check serviceability for a little extra.

 

@BuyersAgent really? Wow tough gig then. Yeah converting it to GF is good idea. 440k is probably around the mark but wondering about their motivation.

 

Yeah market value now and post reno, it is probably gonna sell around that price. I wouldn't pay it now but someone will and they probably wont lose on it either. These are the new owners that ended up getting it after we missed it, and then new folks have renovated it from the looks of the ad. So their motiv is $$$

 

Maybe I should make a low offer and get a reaction.

 

We purchased a unit a few years back a stones throw from Warilla Beach and it is a great location. Patrolled beach, lake, shops all within 5 minutes walk and a dew minutes drive to regional shopping centres, hospitals and schools.

Unfortunately for <$300K start looking further south such as 2541

 

My story begins in nineteen-dickety-two. We had to say dickety because the Kaiser had stolen our word twenty. I chased that rascal to get it back, but gave up after dickety-six miles. Grandpa Simpson

 

Hey what can I say, trying to use my phone on a bus.

 

What's a bus? Is that like when you get a driver to drive you to your appointments in the Merc or the Rolls? I blame Siri for all my mis-spellings

 

Something I now regret doing. Left the car at home and caught the bus to go to a meeting trying to be good and am rewarded with no air con on a 40+ Sydney afternoon and the suspension is horrible.

 

I must say, Siri is pretty good.

 

@Chilliblue takes the private jet all the way

Ouch!!! Refer to comment above for the easyfix

I tried to tell my wife I was headed home with Quiche today for lunch via Siri text and she asked "who's Keith?"

 

LOL! I'm an android user and surrounded iPhone friends.

 

Wollongong investor and Android user right here
I purchased last year in Farmborough Heights after searching around Lake Heights & Berkeley. The property had a partially finished secondary dwelling built which I'm in the process now of completing myself. Having looked previously around Sydney for a decently price dual income investment I found Wollongong had great potential.