Been looking at the possibility of buying a 4 bedroom house in Smiths Lake, near Forster, that we can use both as a holiday rental and for our own holidays. Price of house is around $420K and it is one street away from lake. Probably looking at around rental of $650 per week on low season and probably upwards of $1500 per week in high season.
Any suggestions regarding the area? From what I have read it seems the area is moving ahead and a lot of people go up to Newcastle and Port Stephens for holidays.
CheersSimon
I’m sure you have checked out Pacific Palms already. Blueys and Boomerang certainly coming to its own in the last 5 years. A lot of Syd money in the developments in that area. Terrigal and Avoca seems to have taken the back seat this decade. Perhaps market has already moved in that area? There are a lot of holiday homes up there. Only the prime properties will be rented first and there are a lot of new ones with wooden floor boards, water views, shmick appliances…etc. My mate just finished a pole home for $400k unfurnished. Block was $300k 3 years ago so say $800k all up incl surveyor, architect fees and holding costs. Not sure what its worth but has lake views through the trees on Amaroo. I know I wouldn’t pay $1M in that area. Run occupancy rates at 6-8 weeks a year. I think you’ll find it should be more of a holiday home than an investment. Good luck.
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