I’ve also heard a case where the siblings wouldn’t let one of the others buy it because they would have nothing of the capital growth so the person had to sell – things to do with money can be so hard to satisfy everyone
Made my home in newcastle for twenty years and have searched the area alot and still do.
Wickham, mayfield, tighes hill, those areas that you are talking about are the areas that i look into mostly – they are the old BHP towns – no-one wanted to live there and now it is uni students (i’m being very general here – no offence to any living in those towns) so the rental can fluctuate with the uni times if you are unlucky although this also means that it can be easy to pick up a new tenant as well
there are still undervalued places in those areas but sometimes they will require a bit of work which is what you should be looking for (problems not solutions)
carrington with the marina going in has had lots of price increases in the last years so it has stabilise a bit although that also means that a gem can be found
the tafe at tighes hill is also growing so the scope for rentals there is also large
hope this info helps – anything else i can help you with let me know
unfortunately it is always these people who get burnt but if they can use a buy and hold strategy now then they should look alright in the future – maybe their millionaire in 3 yrs timeframe is pushed out but att least it isn’t lost
I think it is a bit of both – a lot fo sydney people are moving up there to be away from the city but not and the lifestyle doesn’t change much to sydney (prehaps a little slower) and then sydney is also still quite close
industry is coming as well and the university one of the best for research
i mean it has riden on the wave of sydney just like woollongong (sp) because it is the closest big city
prices in newcastle are influenced by the sydney market
units prices have moved little for a while – depending on the suburb house prices still have a way to go
I use my parents in a similar way since they live near a house i bought and i’m a couple fo hours away – they can take care of it and they have no problems anything major and they ring me – tenant is fine with it as well
i have always found Newcastle to be attractive and has had some hidden gems – i was still finding properties up until a couple of months ago (althought not buying) – as always you have to talk to the people but places a little further out are still okay
prices have gone up a lot in the last two years and lots of development in newcastle centre