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NSW Port Macquarie

Discussion in 'Where to Buy' started by PMQ, 7th Oct, 2015.

  1. PMQ

    PMQ Member

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    Anyone have any thoughts?

    The local consensus is that growth will continue, with the opening of the new university etc. But locals would like to think that. I am worried that roadworks have caused temporary demand (particularly rental) that will revert. But I am looking to hold for 8-10 years.
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    PortMacquarieHousePriceGrowth.jpg Growth will continue I'm sure, but over the past 10+ years there has been no single year where growth even managed to get into double digits. :(
     
  3. SaiMan23

    SaiMan23 Member

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    Where does one go to find suburb growth tables like the one above?
     
  4. PMQ

    PMQ Member

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    Average high single figures is all I'm looking for. Based on that table it would be fair to say it's not overpriced at the moment at least?
     
  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    One pays a small fortune in annual subscription fees to a data provider.
     
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  6. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I don't think you can draw a conclusion like that from the data, no. Just like you could not draw an "overpriced" conclusion from seeing 20% pa CG from a Sydney 2014-2015 data set.
     
  7. Ardi

    Ardi Well-Known Member

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    Do you think that this would indicate that it is ready for some double didgit growth?
    My thoughts are that port was probably due in the above 10 years, but the gfc would have hindered many people from the sea change retirement.
     
  8. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    No, I don't think you can draw a conclusion like that from the past 10 yr CG data either.
     
  9. Depreciator

    Depreciator Moderator Staff Member

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    Depends on what you buy. I owned a 3 bed unit in Port in a good complex close to the beach and sold it last year for less than I paid for it. And it wasn't a stupid buy in the beginning. It was just a case of more buildings getting built i.e. more supply.
     
  10. larrylarry

    larrylarry Well-Known Member

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    Flynns beach?
     
  11. Depreciator

    Depreciator Moderator Staff Member

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    No, near Town Beach. Corner of William and Joffre Streets.
    Flynns Beach is my preferred one for a swim, though. It's one of the nicest beaches I have ever seen.
     
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  12. larrylarry

    larrylarry Well-Known Member

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    A lot of multiplexes near Town Beach. Love taking photographs there at sunrise or sunset. We have visited and stayed in Flynns and loved it there. Always visit friends in Lake Cathie. Back to Port Macquarie I have looked at properties there during my visit, apart from tourism I don't know much about thelocal economy. It seems the prices are about the same as central coast? It's a small town in my opinion.
     
  13. Depreciator

    Depreciator Moderator Staff Member

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    Port would be a good place to retire to, I reckon. But from an investing perspective, it's way too far from Sydney to benefit from any ripple effect. There was a company selling blocks at an estate on the highway a few years ago and boasting that that they were less than 15 minutes drive to the beach. In places like that, if you are more than a 5 minute walk to the beach, you are too far out.
     
  14. larrylarry

    larrylarry Well-Known Member

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    Council rates in Port Macquarie is around $2k pa. Seems high.
     
  15. Be Developer

    Be Developer Property Developer Business Member

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    i heard there is massive 300+ lots + Golf course subdivision planned around Port Macquarie

    Agree with others, best place to retire and for week long relaxing holiday..... many years ago, there was billboard on pacific hwy promoting Port Macquarie ocean views with wording "Gold Lives Here"
     
  16. See Change

    See Change Timing Lord Premium Member

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    So we have a period of underperformance for ten years ....

    I don't have a problem with that .

    Makes me want to look further .

    We looked at a block of units in port in around 2003 and it would have been a good buy. Think it was four units for around 400.

    The wave typically moves up the coast from Sydney as people sell in Sydney and buy somewhere cheaper , or they can finally afford that weekender .

    Personally , I'm not looking there , but if I was thinking of buying in NSW , I'd check it out .

    Cliff
     
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  17. PMQ

    PMQ Member

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    Ki-ea? I looked at a couple places in there, but the strata is ridiculous, and it's lost that 'new-new' so not surprised it dropped.

    Not in the low end of the market. But over 500k I reckon it is a bit inflated by the sea changers. Absolutely re distances, I am living and looking to buy in Flynns, "5 mins drive from town" but I'm thinking it's far out because I can't literally stumble home from the pub....

    If the flights get cheaper there will be substantially more weekender traffic, I think. Currently they are consistently more expensive than Coffs, I don't know why.
     
    Last edited: 10th Oct, 2015
  18. radson

    radson Well-Known Member

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  19. Ben Chifley

    Ben Chifley Well-Known Member

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    I have a friend who lives in one of the small towns adjacent to Port Macquarie and she says unemployment is a big problem unless you work for either the health system or the university. She also said that theft from cars was an issue around the town, especially in the beach-side car parks.
     
  20. sandyfeet

    sandyfeet Well-Known Member

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    I have a couple of villas I built 18 months ago an hour south of port, I ordered a val at completion which came in at $x in one line with a note that they would be worth $320k each if on separate titles. 6 months on they were valued at $350k each. That was 3 months ago and I have seen a few sales/comparables getting $360/370 now

    There are no real growth drivers there, I think it's a combo of low rates and Sydney siders selling and moving up.

    Similar thing happened around 2003. Dad built a couple of 3 bed villas, was offered $220k at start of build and nearly took it - he said he sensed something was happening. He sold 12 months later for about $300k. He told me later 'I don't know what happened and nobody saw it coming'