Selling Central Coast NSW

Discussion in 'The Buying & Selling Process' started by Steve2017, 15th Apr, 2018.

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  1. Steve2017

    Steve2017 New Member

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    Hi, I'm selling my investment property on the central coast NSW. On the market for 4 weeks and had a couple of second inspections with no solid interest. 3 open homes. 6 groups both first 2 times and then only 2 last time. Should I be worried yet with no interest. Common comments are that it is too much work (paint and carpet). Other than that it is a looked after home with no major repair work. Currently tenanted for 470pw and agent does tell me it is clean but not amazingly clean. Listed for 550-600.
     
  2. freddy

    freddy Well-Known Member

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    Do you mind sending a link of your property
     
  3. spludgey

    spludgey Well-Known Member

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    Which suburb?
     
  4. Steve2017

    Steve2017 New Member

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  5. freddy

    freddy Well-Known Member

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    I recently bought there as well but at the higher end but for a potential to move in long term. What’s the reason for selling? I wouldn’t sell for less than 600k if I was you, land is very scarce there and heading already to 400k compared to neighbouring Hamlyn Terrace with smaller lots and it’s closer to Wyong Station and some of the best beaches on Central Coast. Has a Coles and Woolworths to be built and new hospital. You should also be renting it at least $500 a week after you do a tidy up. I think you have to keep the agent accountable by having eyes on the ground.

    I would buy another there at your price point if the bank would lend.
     
  6. freddy

    freddy Well-Known Member

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    It looks like you have a good cash flow investment there when you bought it but if you want to cash in your gains it’s definitely sellable for $600-620k. I would suggest let the tenant move out so you can make the repainting and tidy up of your carpets or even replace. The cost of these things can net you the price the property is worth.
     
  7. spludgey

    spludgey Well-Known Member

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    It's certainly nicer than my IPs on the Central Coast, but have prices really jumped that much that you can ask $600k for a clean outdated house on a 450m2 block near Gorokan?

    I'm not having a go at all, I hope you get it, but I paid $280k for a house on a 700m2 block in Woy Woy less than six years ago, so I'm a bit surprised. I would have put the value of my IP just over the $600k mark.
     
  8. freddy

    freddy Well-Known Member

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    The average for 4 bedroom 500m2 single story is $600k plus. Land for that size is already $350k -390k if any left. Gorokan although still a driving distance is hard to find something cheap now and is heading towards high 5s. Central coast properties were going up every week when I was looking. It’s close neighbour Woongarrah has a medium of closer to $650k. As that suburb continues to grow, will continually push up its prices up. You also have depreciation on your property for another 30plus years.
     
  9. freddy

    freddy Well-Known Member

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    Everything in Central Coast 6 years ago is about half the price paid.
     
  10. freddy

    freddy Well-Known Member

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    @spludgey i think you should get your place valued it’s probably worth another $100k than what you estimate
     
  11. spludgey

    spludgey Well-Known Member

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    I'm actually waiting for the property next door to come up for sale. I want to then knock them both down and build 7 green townhouses (solar, decent insulation, big rainwater tanks that could run the toilets, etc).

    Hopefully it'll come up for sale in the next decade.
     
  12. Propertunity

    Propertunity Well-Known Member

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    This is what the market is saying so either ditch the tenants and fix before relaunching or take a hit on the price.
    Everything else - position, location, configuration etc is just fine.
     
  13. Finn Simpson

    Finn Simpson Member

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    Also, be aware that time on market has rocketed during 2018. Last year Sydney and surrounds was experiencing 30ish days, this has now blown out to 60-70. If you are well priced (I'm not from this area so cannot comment on this), hold your nerve.
     
  14. freddy

    freddy Well-Known Member

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  15. The_Billy

    The_Billy Well-Known Member

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    Just be patient, I think people are still struggling with withdrawal symptoms from the property market frenzy (in Sydney and surrounds) between 1-2 years ago where a lot of properties were getting great offers prior to open home, people are still expecting this result.
     
    Finn Simpson likes this.