Port macquarie investment in new estate, thoughts?

We are just about to put our picton area nsw investment property on the market. (TENANTS are moving out and were at a 50% capital gains discount and its almost doubled its value since 2012. I dont believe it will increase jn value for a few years)
We will spend the selling price in port macquarie in a new property in sovereign hills the new estate just of the freeway, lease it and then hopefully move up there in 4 - 5 years. WE will purchase 4 bed 2 bath 2 car for approx 570k. Thoughts on port macquarie for investment? TIA

 

Hi @Alicia wilson

What sort of feedback are you after? This sounds like a lifestyle decision. Ultimately depends on your goal - if the key goal is to have a property to move into in the next few years, then what will make you decide otherwise?

 

Port is a great town, Alicia. I could happily retire there. I had a holiday apartment there - terrible investment, but we had some good family holidays.
But Sovereign Hills? It's a housing estate inland on the highway 15 minutes from the beach. It looks like every other housing estate on the outskirts of a country town. The only thing it has going for it is that the big servo and Maccas on the highway is probably walking distance.
I don't think there is any point retiring to a seaside town if you are more than a two minute drive or ten minute walk to the beach.
Scott

 

From a lifestyle point of view you coild be making a good decision as you will get depreciation and building write off claims for the first few years before you move in. Houses in Port Macquarie rent easily ( or at least that has been my experience).

Soverign Hills is an easy commute for work in Taree or Kempsey.

From a capital gains point of view, Port Macquarie seems to stay flat for several years.

My only caveat with Soverign Hills is that the smell of cooking oil from the fast food at the Service Centre might sometimes be noticeable. I would expect you would want good airconditioning - unlikely to get a sea breeze.

You might get better value in other parts of Port eg a 4 br home with pool and excellent outdoor area went forbabout $600k in Curlew Cres in November. On the other hand 2 3 bed townhouses in Koel around the corner went in the $530K range. I have a house in that area that we paid high 5's in 2016 - 5 br extra kiving area pool etc About 310 sq

 

Yes I cannot see the attraction of Sovereign Hills. Ten minutes further west you have Wauchope with reasonable shopping, coffee shops and a community.