NSW Port Macquarie

PMQ's only driver is those coming out of metro areas purchasing. The lower level stock was bought up by those coming up to work on the roads, but that would have mostly finished now - roadworks are expected to finish in 2017. I haven't seen prices actually move that much (askings - yes, accepted - not so much). It's also coming into tourist season - people put their expectations up hoping to get someone in love with the area on a weekend jaunt.

1. Essential (the major employer in town) is cutting jobs - a large number of VR's already, anyone on contract dropped etc. More to come once they get their contracts through FWA. Also playing through town in terms of the smaller businesses (fruit baskets, water suppliers, stationary etc) that they supported.
2. TAFE (third largest employer) is "restructuring" - read a large number will be repositioned at lower pay levels if you believe the union and press.
3. The 2nd largest employer (Hospital) has finished it's expansion six months ago - so staff in place (BTW if anyone tells you it's becoming a teaching hospital - has been for years - UNSW and Newcastle and SCU have all had teaching placements there - SCU now being replaced by CSU). Hospital like many regional areas has trouble attracting and retaining staff from metro areas long term. There is a private hosp in town but they specialise in geriatric conditions.
4. Massive supply release to the west of town - several thousand blocks, many already coming online. More again to the south of town (Lake Cathie). Interesting to note though that the "new" primary school at Lake Cathie is purely demountables - every single building except the COLA.
5. Tourism is around the 5th industry for town - Aged care and health, education, manufacturing all rank ahead of it.
6. The Port Premium - fuel, food, tradies, clothing etc all attract a premium (Diesel - 140.9 in town - all of town, in Coffs yesterday it was 118.9, highest we saw in Bris yesterday morning was 134.9). There's a mini boom in resi construction with a lot of building going on - getting a tradie out to do anything is horrendously difficult.
7. The unemployment issue - there's a lot of low level jobs (retail, aged care, hospitality), not much in between unless you run your own business, are an accountant, dentist or lawyer, then a couple of higher positions (Head of TAFE, a regional director for a State Govt dept) or a Dr (even then I've yet to hear of a Dr in town that doesn't bulk bill). For a lower - mid level job you'll get well over 100 local applicants.
8. Council can be interesting to deal with (see Masters, Woolworths, PCYC etc).

Flynns is the best swimming beach, but it's also one of the dodgiest areas. Shelley's is nice with protected lagoon but not patrolled. Lighthouse is better surfing and fishing (including for sharks given the number of recent closures). North Lighthouse and the pocket in at Timber Ridge behind lighthouse tend to be the better areas in town in terms of crime rate etc. Good hiking around the place. Can be very hard to get around due to lack of footpaths though. The public schools are to be avoided (locals will tell you how great they are - then you tour and compare to what you get elsewhere - or you talk to TAFE, local uni's, or local social services and find out what's going on with their kids and graduates, bit of an eye opener). Lower end you'll always get tenants if you're happy with young single mums etc (not saying they're bad tenants but that would be the main group).
The house we rent would be valued at over 800k and rent is $400 per week - less than 200m walk to northern lighthouse beach (patrolled area) - can see the beach from the front balcony. Rent hasn't gone up in 3 years despite every agent etc telling us it's a tight market. The biggest drivers for the market here are retiree/sea changers, and tourists purchasing investments. The latter generally subsidize the former in terms of rates and services.
It's very much a lifestyler area for 99% of the population - low education rate (less than 20% of working population have tertiary education).
It's like any area - do enough DD and time it right and you could probably do well - I'd much rather be buying in Brisbane for the same money at the moment though - but that's just my opinion

 

Did you end up buying in port?.