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NSW Where in Wollongong

Discussion in 'Where to Buy' started by qonyx_sydney, 26th Jun, 2015.

  1. qonyx_sydney

    qonyx_sydney Well-Known Member

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    Hello,

    I'm considering Warilla for my next IP however am interested in where other people are looking in Wollongong

    My priority as below
    1 - Large block to allow for future value add (+GF or subdivision)
    2 - Neutral Cashflow
    3- Capital Growth

    Do people feel that there is still some steam left for the gong in his property cycle or is it at the peak?
     
  2. Azazel

    Azazel Well-Known Member

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    I've got friends who have been looking for a while and have had to go up price brackets a couple of times.
    Probably more to go as the ripple from Sydney keeps going.
     
  3. Chilliblue

    Chilliblue Well-Known Member

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    Look further south like Bomaderry and Nowra central. 2528 has done its dash with some properties selling for ridulous money.
     
  4. Azazel

    Azazel Well-Known Member

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    Yeah, Nowra picked up a fair bit.
    Even further South around Sanctuary Point (cheaper than the ridiculous Huskisson and Vincentia) has picked up a lot. All the signs in the RE's windows say 'Sold'. Agents are actively chasing listings.
     
  5. larrylarry

    larrylarry Well-Known Member

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    @qonyx_sydney have you found anything in Warilla? What's the feel in the area? 2 for sale and 8 for rent.
     
    Last edited: 17th Jul, 2015
  6. Tekoz

    Tekoz Well-Known Member

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    @qonyx_sydney: how about in Dapto, Horsley, Warrawong and Berkeley area would that be too expensive already for your price bracket ?
     
  7. qonyx_sydney

    qonyx_sydney Well-Known Member

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    I inspected a property in Berkeley & Dapto on the way to Warilla a so am definitely considering these as other options.

    It seems the spillover effect of Shellcove into Warilla has already started and where Warilla and Dapto (ex-houso) seemed to be priced very similar not so long ago, they are now attracting a premium. The lower end closer to Warilla beach is noticably more expensive.

    Properties do come up that are suitable but much like anywhere in a 200km radius of Sydney, they get pounced on very quickly. In saying that I do think that there is better value down the gong.

    I'm itching to put an offer on a place however still waiting on getting my finances sorted as i hit a bit of a wall due to the macroprudential put in by the banks.
     
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  8. larrylarry

    larrylarry Well-Known Member

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    I'm itching to put an offer on a place however still waiting on getting my finances sorted as i hit a bit of a wall due to the macroprudential put in by the banks.[/QUOTE]
    Tell me about it! I am now facing roadblocks thanks to APRA and my decision to be self-employed and employed others. But I hope out of this situation there will be greater opportunities.
     
  9. C-mac

    C-mac Well-Known Member

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    Larry, story of my life right now, mate! Lenders wreaking a bit of havoc!
     
  10. larrylarry

    larrylarry Well-Known Member

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    We cannot give up. We must find a way out.
     
  11. Tekoz

    Tekoz Well-Known Member

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    @qonyx_sydney yeah, me too mate I'm currently not allowed to get borrowing more than 6x of the income.

    APRA is tightening the screw everywhere
     
  12. qonyx_sydney

    qonyx_sydney Well-Known Member

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    Tell me about it! I am now facing roadblocks thanks to APRA and my decision to be self-employed and employed others. But I hope out of this situation there will be greater opportunities.[/QUOTE]

    I definitely like your thinking. Where other people see issues/challenges that is where there are always opportunities.

    There are a couple of indicators seem to signal that demand may start to taper off and as a consequence favor those that continue to look for the good numbers in deals
    • The 27 basis points raise by the banks
    • The APRA macro prudential
    • Sydney Median prices being at the point where even the herd is starting to realize that there is not enough grass for everyone
     
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  13. larrylarry

    larrylarry Well-Known Member

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    This makes selecting properties even more important .
     
  14. Chilliblue

    Chilliblue Well-Known Member

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    So true
     
  15. Chilliblue

    Chilliblue Well-Known Member

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    Have you found anything?
     
  16. Tekoz

    Tekoz Well-Known Member

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  17. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    This is Matt Knight territory. He's a BA down that way - does a great job. I don't think I've seen him on pchat yet though (he was on SS a lot). He'd have some good input into this thread.

    Cheers

    Jamie
     
  18. qonyx_sydney

    qonyx_sydney Well-Known Member

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    Already sent a reply to this thread a little while ago.... can't do anything at the moment unfortunately.
     
  19. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Hi - yes this is a suitable area for 2 of the 3 (meaning large block and growth but cash flow is getting harder and harder these days.

    I don't think it is at the peak yet, still some steam, even though yes prices are WELL off the bottom.

    Correct, prices are getting higher in the Illawarra and better value now further south.

    Nowra is well off the bottom, Bay and Basin having movement but more patchy, it depends on specifics for relative demand. Stock is generally low, having spent the last 12-18 months dropping.

    Shucks Jamie thanks. I will be around here much more, I had a time of mourning for SS, and then my wife got sick so I have been working and single parenting with no time for fun.


    But FYI to the OP and others I have just done several small development sites in Warilla region and also Nowra and Bay and Basin, we generally find out about them before they hit the internet and try and have our due diligence done early so we can either buy off market or in the first week if appropriate given stock levels. Old house, big block, with subdivision or dual occ potential seems to have been my most common brief in the last 6 months. Be careful each council has a few peculiarities when it comes to approvals.


    Matt
     
    Last edited: 28th Jul, 2015
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  20. qonyx_sydney

    qonyx_sydney Well-Known Member

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    Ah is you that that is responsible for some of those properties that were taken off the market the moment the agent emails get sent :) i have noticed that the viable IPs are quickly under offer
     
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