Some may recall my earlier thread about buying an investment property in Wollongong. I didn't end up purchasing that property even though I felt it was an excellent buy at the base asking price. With that no longer on the cards I am looking at alternatives. I sold my Town House in Sydney originally looking to spend up to 1.4m for a 2 or 3 bedroom free standing home to do renovations on as my PPOR but Sydney has moved too far for me. I know Sydney never really drops so that dream is over. I'm now looking at spending less for a nice free standing home outside of Sydney. The idea being that we would rent it out now and when we leave Sydney in the future, move into it as our PPOR. As the title would suggest, our chosen area is the Southern Highlands. However despite knowing the area reasonably well, we know nothing about buying here. We were hoping to get a property with decent land for between 1 and 1.2m. The suburbs we are looking at are Mittagong, Bowral, Berrima or Burradoo. Looking to avoid Moss Vale. Something like these properties below would be a dream come true! Sold 5-7 Burwan Street, Berrima NSW 2577 on 28 Feb 2018 - 2014139794 | Domain Sold 88 Burradoo Road, Burradoo NSW 2576 on 17 Nov 2017 - 2013988394 | Domain Does anyone have any information on good parts of these areas or if there are any parts to avoid? How about rental demand and tenants? I assume the majority of people living in these areas own their homes but maybe someone has some knowledge of these areas for investment? Thanks!
My dream is also over and Ive reached the same logical conclusion as you, @JB40. I dont want to work to pay off a $3m mortgage for the next few decades, early retirement for me. But mossvale looked alright to me, why are you avoiding it?
To be honest, Sydney doesn't feel like a dream anymore anyway. You need to either be an upgrader (I went Unit to Town House then hoping to go up to house but the gap is now too large) or have serious emotional attachment to Sydney to pay the current asking prices (if you can afford them in the first place). Work is all that keeps me here so renting makes the most sense. Everyone tells me I'm mad as renting is dead money but they all bought houses in nice suburbs before the boom so don't see things as I do. Moss Vale has some lovely properties but I was told by a few locals that its better avoided if you can afford to do so.
Thanks for the mention @Property Twins ... appreciate it. @JB40 if you wish to discuss your options there are certainly a few. With your goals being a short term investment propery and a possible future ppor relocation (if I read your initial post right that you are still working in Sydney for a certain period but hoping to relocate later?) then it really boils down to which areas can offer the right numbers AND the right feel of property for you. I have had some clients in this exact position and achieved results together that they are very happy with. Its a bit more of a custom process than the standard investment property buying process of course. I usually do some research up front to get them into the right ballparks, then they do some "feel" based elimination of certain areas (the ones where the numbers are good but they don't like it personally) and then we assess every option that is left on its merits. Moss Vale shouldn't be totally discounted based on someone else's opinion (in my opinion). It really is more about what you want and need (with the budgetary constraints in mind too). Good and bad areas in the Southern Highlands can vary on a street by street level so don't discount (or include) whole towns without doing your research first. I know some very wealthy (and happy) folk in MV for example. Drop me a line if you want to discuss further.
Thanks for the reply and your offer of assistance. You are correct, we would look to move into this property when the time is right, my job/ industry keeps me in Sydney unfortunately so it may be long term. That's why I was originally looking at properties elsewhere with good capital growth to rent out with the thought of selling and then buying in the Southern Highlands at that point. However we then thought why not buy the Southern Highlands home now and rent it out to pay it down? Your comments on the street by street quality of houses in the highlands are interesting, something I will need to consider. I have family who have had weekenders in the Highlands and we have also made good friends in the Highlands so I may need to pick their brains further. They know nothing about rentals though of course. I will make sure I do a lot of research first, its a huge thing for us including my life savings. I've saved up for a very long time to invest in property, no overseas holidays, my car is 15 years old etc. I unfortunately have not made the money I should have selling my previous properties which has held me back. My timing has not been good... So I will take my time with this one. Thanks!
Great comments by @BuyersAgent and it comes back to what the renter wants. Having grown up in MV and my parents living just north of Mittagong, I don't see anything wrong with MV compared to other places. I think it all comes down to understanding what the renters want and are prepared to pay for and what you want out of the property. As an investment location, I would choose MV over Berrima. There are also the northern villages which are very close to the (now very busy) Hume Highway as I think there are quite a few highlanders who work in Campbelltown/Sydney.
Does anyone have any opinions on Bundanoon? It's definitely cheaper than it's Southern Highlands siblings but doesn't seem to be as well serviced- e.g. no local Coles/ Woolies. I know they are just down the road in Moss Vale but from an investment perspective would be good to understand more!
Not to derail this thread but have you thought of something a little further...like Bangalow? Great spot to retire to.
