Forum Replies Created
I can give some rubbery figures as i dont have details in front of me so please check before you buy anything. Smallest block allowed with no house is 500 sqm and slightly bigger for a battleaxe. So 1000 sqm corner blocks or about 1100 sqm + for normal blocks is what you are after.
Also what is worth remembering is if you build to Dual occupancy guidlines you can then subdivide after building down to as small as 350 sqm. This opens up slightly smaller blocks around 750.
This is what i have to do. In order to keep my existing house and granny flat. The block to be created will be around 400 sqm. For this reason i must build to dual occ then subdivide.Its worth remembering in your search.
They are still around. You just have to wait for them to pop up.
Also i believe council are looking at reducing the minimum block size although when this will happen is anyones guess.
Also the new CBD plan for inner Nowra will rezone certain areas allowing significantly denser development. Worth looking at the council home page for that one. Nothing beats a favourable rezoning.
Cheers
For what its worth.
RP Data report just out says Nowra has performed well in recent times.
Houses up 3.4% in the last 12 months.
Rent up also.Unit and townhouse are up 25% in the last 12 months. Thats the third best gain in coastal Australia.
I believe that because a mate bought a 2 bed town house in the CBD about 30 meters from one of my IP,s. He paid $185,000 about a year ago. Similar ones in his block are going for $245,000 now. This should start to push nearby houses up too because some are not much dearer than this. Probably should get mine valued soon.
The horse may have bolted for units but houses may be the next to start moving.
evernat wrote:devo76 Im far from put off Nowra,In fact Im going to there within the next two weeks to start looking around the parts you have all talked about.I would never just walk away from one area just from one persons feelings,thats why I value everybody comments and the forum here.
JacM 100% right on the " INFRASTRUCTURE" , thank youHappy to here that. If you need more specific info just let me know.
The link road 92 will be great but people should realize that its only the Nerriga to Nowra section that is complete( opening ceremony in oct). We still need the Braidwood to Nerriga section completed. It will happen next. In fact if you want to land bank out that way. You can get big blocks( 100 acres plus) reletively cheap. Imagine the value after its sealed and all those wealthy public servents start driving past every weekend.The duplication of the highway to the north is at preferred route stage. This will bring dual carrige ways right to Nowra's doorstep.
Plenty of stuff on its way.the naval base expansion is also good for high paying jobs. There is always talk of moving Richmond airbase down here to free the airport up as a second Sydney airport. Not sure it would happen but that would be great for the town.The new helo contract will bring 100+ jobs buy itself soon.
My personal opinion is they need to stop stuffing around and develope the riverfront. Big plans are on the way including 5 star multy level accomodation and riverfront precinct. This would really kick the place along. It has a great riverfront but it has nothing on it. It is happening with i believe developers moving in now. It just needs to be pushed along so the council dont bog it down.
cheers
No offence to thecrest. But if his comments alone put you off the place. That’s a bit misguided and sad.
The gaol is south of Nowra and to the south of the industrial area. Not really a safety issue. I think it’s more benificial due to high income employees and there families moving in. As for inmates families. I haven’t seen a bad effect in goulburn but I’m not really sure.
Yes east Nowra is a bit rough but many social housing properties are being sold off. Check re.com. This will actually improve the area as private owners move in.
Central Nowra is great.
So is north Nowra,canbewarra and some of north bommaderry.Terry Ryder from hotspotting picked it for nsw. Also rates a mention from margrate lomas in the recent top 100 Australia wide.
Nowra is the employment hub for the greater area. Situated on the river next to canbewarra mountain. Minutes from beaches. A couple of hours from Sydney and soon to be the same distance from Canberra after link road 92 completion.
The naval base is still expanding with big employing contracts on the way. The aviation tech park next to the base is moving now.
In a nut shell you might be able to do better than Nowra but you could do a lot lot worse.
Shootings is a bit of a dramatization. Can’t remember one happening to be honest. There is a stigma around east Nowra . It’s a bit rough but I’m not talking burning cars and riots here. Just a lower socioeconomic area.most Towns have an area like this. Just be careful investing in areas like that Nowra or otherwise. Nathan on these forums does well targeting some areas like this.
OK in a nut shell Nowra has good and bad points. Unemployment is a bit of an issue but that being said it has many employment drivers and is below value compared to neighbouring areas.
I would stick to areas like
North Nowra
Cambewarra
Central nowraI like central nowra for IP,s because it is land locked and is full of older style properties on big blocks.
My last purchase was a 1000 sqm corner block property with granny flat. Cost $300,000 and returning $460 pw. I am subdividing and building on this block for extra profit.I knocked back a house a year ago
Central nowra 1000 sqm. Old house split into 3 1 bed units. Could have got it for $320. rent would be around $420.Another knock back was a duplex 1×2 bedder and 1×3 bedder.
Got it down to $250,000 but i was worried about flood problems. It sold and rents for over $500 pw. Should have jumnped on that one as only a 1 in 100 flood would have reached the footings.For central nowra. Stay north of Allbatross road and west of the highway. There is potential outside of this but you must know your area.
Jail almost built to the south
Riverfront development and CBD redevelopment in the works.
Naval base expansion with big contracts on the way.
Nowra to nerriga road completed but still waiting for Nerriga to braidwood. This last section will really boost things.Plenty more going on in the area. Hope this bit of info helps.
Cheers
I have two Ip,s in Nowra and building number 3 soon. About to fly down south so cant answer questions now. I will try and respond when i get back this afternoon.
eloi wrote:hey.yes north queensland or all of queensland for that matter is suffering but sydney and melbourne have started to show some signs of similar scenarios. rental vacancies have started to increase, rental returns have been neautral or %2 at most, auction clearences are at %50 and prices have not increased for the last few months and in some areas of sydney have decreased but developers are still building alot of properties which will come into the market this year or next year so the probelm is only going to get worse for vacancies and prices. in the inner suburbs of sydney houses are averaging 1.4mil + for an old house, 2 bed apartments are at 600k + for an old apartment. now you tell me who can afford these payments on 1.4 mil is about $2300 a week and on the apartments $1100 and these are old places. The average income in inner sydney is $90000 before tax so one person cant buy a house or an apartment on their own or will have to rely on rental payments but even then wont be able to eat or buy any clothes because everything goes towards mortgage
and if tenant leaves and no rental income comes through they are stuffed. SO 2 people have to buy property together but as an investor this does not work so it has to be couples with the intention of living in property. so lets assume both earn $90000 before tax then thats $180000 and after tax around $130000 so if they buy a house together in inner sydney $115000 will go towrds mortgage and they will be left with $15000 for everything else. now if they buy an apartment with $50 body corporate they will be left with around $65000 for everything else but this scenario is more likely for a young couple but what happens when they grow a family. overall the scenario is grim for anyone wanting a property in sydney un less you go out to outer suburbs but then you lose on lifestyle.Who says that the someone on the average inner city wage must be able to afford the average inner city house on the one income. Wake up. These people more often than not would have had equity or cash prior to purchasing in the inner city. They would not borrow the lot. You work your way up to things like that. <moderator: delete language>
Mick12345 wrote:Devo76, I didn't mention anything about selling property. The transaction costs would make that a pretty silly idea, especially when house price falls (or rises) are predictions.
However what I am trying to implicate, is that in the current climate I believe it would be wise to keep your money in the bank (if, that is, you have some money in the bank). Leveraging into the property market at the top of a cycle may not be such a wise move, but holding property for the long term and riding out the cycles would be.Not directed at you mate
Ummester. Yes that’s a more rational response. As for the undersupply thing. Who really knows. People push both sides. Must it be one or the other. Can it be above or below trend. I would still say with all the information at hand we are still leaning towards undersupply. I guess we will not know until the future becomes history/statistical fact.
Are we really going to start that old savings v property chestnut.
For starters history has shown property is the winner.
To even consider savings you must have cash. You can’t use leaverage.
To sell all your property and put into savings is a very big call. To get it right and come out ahead would require more luck than skilled as so many WRONG economists have prooved already.At this stage a massive collapse/depression is nothing but an educated(or uneducated) guess. Nothing is set in stone. And so far for every correct pick in the current climate we have several wrong ones. For the majority of investors having a buffer, controlling your risk and riding out the slumps is still the best option.
If a planner told me to sell everything and put into a savings account I think I would walk out laughing.
Wow. It seems our future is already mapped out by forum users. No point going on with life really
Just had a drive around our area. Yep still short of properties. They are there but still well below trend. I think it’s still way to early to call an oversupply at this stage. Everytime there is a bit of a move with anything in Realestate people exagerate and amplify/twist the results. It goes both ways and it’s quite funny.
Things will work out. Don’t get caught up in hysteria. Time will sort thongs out just protect your own backyard. And if the world collapses. Well we should all be on the same sinking boat anyway.
I think very few are suggesting a boom is in the near future. This thread is about a bust after all and even that does not seem certain.
My call is a long flat period 1990's style.
Total guess by the way.Can we not have something in the middle. How about a nice steady growth Australia.
100% correct
Now may be a great time. I bought a year or so ago against what the majority of the population was doing. The crunch didnt happen and i ended up with a positive geared property in cbd location that i am now subdividing. End result will be $100,000 equity and a positive geared IP. As is the property has gained over $50,000. So the gloom patch was good for me. What will happen next? who knows. We may finally get a crash.We may flatline for 5 years. This is up to your risk tolerance and cashflow. If you can ride any crash out and come out the otherside OK then i dont see why a well selected property bought now would not be a good move.
Not as hot as it was 6 months ago but it could be a winter thing.I recently got a bad tennant out and thought it would take days to fill. A month was the end result. Not so much the lack of people but more the lack of quality. Had a few interested but they pulled out. Each one pulled out because the house they were in was no longer being sold due to finance falling through.typically but after signing new tennants there was a rush for my property.
