NSW San Remo - Central Coast NSW

Hey any thoughts on Lake Munmorah? We have had an IP there for 10 years and prices at present have skyrocketed..houses are mostly going within a week and the million dollar question is..to hold or sell? With power station stacks being demolished late this year and new Catholic College etc. I'm thinking to hold for another 12 months.....pressure of course from Realtors who don't have enough stock..

Any thoughts workbench greatly appreciated

 

workbench??? Sorry I meant would be...

 

How's the yield on your lake munmorrah property? I've only been to Lake munmorrah for camping not sure about real estate. A friend of mine who lives in Lake Macquarie opined that I should stay away from Lake munmorrah because of the demographics. I think there was discussion on SS.

 

I'm no expert but if I had a property there I would hold onto it for longer because I think the prices are getting higher and the area is getting more popular. I'm heading up there this weekend but nothing to do with property. I am always up that way.

 

"ifferent pockets of Lake Haven offer different opportunities but like most suburbs you should avoid some parts of it as there is a heavy housing commission concentration in some Lake Haven pockets and these are know for higher than average incidents of crime for our region. Otherwise looks beautiful driving around on a bright sunny day.""

Avoid Gorokan Ave townhouses, and sidestreets , they are all mixed Dept of Housing .I was up there today, townhouses are selling cheap because you will have to dodge the car with no wheels sitting on the front lawn and old washing machine.
This is Gorokan Ave Lake Haven , you think Mount Druitt looks bad wait till you see this street.
I would hate to see the quality of tenant i would get if i bought in Gorokan Ave and surrounding streets.
I was driving a "Go Get" rental car which has its name on the side of the car.
I decided to park in the middle of Gorokan Ave and look at a house that was for sale ( ex housing commission)
Whilst doing this a scraggly middleaged woman approached me and actually shouted to me if i was selling "goey" ?

I had no idea what she was on about until she points to the car " Go Get ,( goey i found out is slang for marijuana !! )And..... She was serious , along with her 45yo boyfriend who was riding a pushbike."shouldnt be sellin round here C... He says to me with a scowl on his face ,as i jumped back in the car and took off.

I mean really the intelligence of these people, if I was selling anything i wouldnt be advertising it on the side of the car !!

Go Get is a rental company.

Positive points is its only one side that is Dept of Housing but a big side if you drive down Gorokan Ave.
Its only walking distance from the shopping Centre.

I think just this part of Lake Haven /Gorokan is not the best , Gorokan Ave is not my cup of tea for a street to buy.

 

Hahahahaha, yes they are unique and special all rolled into one bundle of pure bliss.

Sounds like "Gorokan Drive" not Gorokan Ave.

Gorokan Drive is where people feel they are getting a bargain, the locals know you will get more than you bargained for

 

I think its Gorokan Drive your right.
Yes theres townhouses there cheaper than other parts of Gorokan but all surrounded by 1970s style housing dept commission houses.

I do love the Central Coast particulatrly Lake Haven shopping centre but never in my life had i ventured down Gorokan Drive
If you see houses for sale in this street . Maybe one day they will be gone but i prefer to look in other parts of Gorokan i think.
Guys were actually milling around me on pushbikes as i attempted to look at a house for sale.Not boys but grown men .
Ex housing commission among the housing commission but this is just one long street not all of Gorokan just Gorokan Drive which i only just discovered.
Not good to drive down this street with a Go GET rental car as they get excited thinking i was the ice cream man coming down.only not selling ice cream !!

But m sure theres some nice people living in Gorokan Drive .
It actually is close to the shopping centre just this long street with side streets is full of graffitti and young males on pushbikes going frim house to house?

The thing is what type of tenants would i attract to these townhouses sitting smackbang in the middle of this Housing dept area?
Could the area possibly change? Just like Mount Druitt did?

 

Well speak of the devil ... Number 5 Gorokan Dr Gorokan went onto the market last week (tuesday) and i went to look at it..offers over 480k said the agent.well it got sold yesterday, 4 days sfter going on the market.

Well next door to this nice corner house are housing commission houses , think next door with a old housing dept house 70's style with a car with no wheels in the front.
Think being surrounded in all sides with housing commission houses.
All with old cars in their front yards.
Even the neighbours approached me to ask me a question about my car.
To top that off its a corner block and a lot of noise with v8 engines coming past going into the housing dept area.
And theres a bus stop outside with schoolkids shouting.

BUT... It seems someone thought that paying 500k or so was worth it.
I didnt... Simply because i couldnt wouldnt want to live there and what kind if tenants would you get.

 

I would be selling right now in Lake Munmorah, there is only about three properties for sale and high buyer demand.
Remember only two years ago and average sell time in Lake Munmorah was over 2 months.

 

Was up at NSW Central CoAst today in San Remo, a house open in Barker Ave.
Over 40 people turned up.
Reason is because the agent advertised the 3 bedroom fibro house as offers over 280k.
But as soon as i got there she said offers now have to be over 350k as she just got a 345k offer.
The house was well away from shopping centres.
Not worth more than 340k in my opinion.old carpet, old doors etc

 

What are peoples thoughts on windemere park sales???

 

The agents up here often use bait and switch tactics which they feel is the only sales approach.
It becomes an unfortunate waste of time.

 

Yes .. They lied.. Advertised offers over 280k .. Even some people left after hearing them say its over 350k now.
Surely your not that desperate to pay over 360 k for a small 3 bedroom old fibro house in San Remo that rents out for $310 ????

 

This is an illegal practice and should be reported

 

I agree, hard to prove with a moving market though

 

If it has been documented in writing and enogh people complain about the incident then the Dept of Trading must invetigate it.

At the very least the agency recieves a warning.

 

Revisiting this thread. @Darlinghurst Boy just bought an IP in Lake Haven. Congratulations. I think I have missed the boat in central coast.

 

We were buying on the central coast up to about a year ago. Started around the Umina / Ettalong Peninsula a few years ago, but prices got out of control and then bought a few around Berkeley Vale (it has also boomed).

We are buying in Brisbane at the moment as it represents better value, stronger yields and good upside in my opinion.

I would avoid San Reno now as I think it will revert back to being flat sooner rather than later (the best time to have bought there has passed......

 

So close to doubling in the last years .....

Could be getting close to the top .

Bit like Sydney .

Biggest problem with Central coast is when it stops , it goes sideways and back for a number of years . My parents and some very close friends have lived there and had major problems selling when they had to .

Cliff