am i looking at a happening area that is just about to happen, ettalong beach/umina will have an hour trip to sydney cbd by ferry or train from woy woy (5 minutes away) and what looks to be a nice clean ocean beach and a harbour for safe sailing, have just purchased a managed short-stay unit in the yet uncompleted ettalong beach resort, this area surely has a strong future?
I have no clue about the area at all Coolstil but all I can say is ifthis kind of investment fits your mould then that is excellent. I personally only buy property that is positive geared or that I can do a quick Reno on then sell. I find the cost of long term holds like the one you talk about are just not my approach…..not saying it isn’t good for you. I also fear that too many of these sorts of proprties will leae me cashflow poor and unable to reach my target of freedom in five years. (Five years to choose if I want leave work.Think I already know the answer).
On a different note it will be interesting to see how well the beachfront properties do over the next year….I will own one for myself in the not too distant future but that is more of a lifestyle thing. Then again I can no longer look at any Real Estate without an appraising eye…what a horrible disease I have caught.
Hope this helps.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHi there,
Just some stats for you in case you don’t have them:
Umina/Ettalong – postcode 2257
-median unit price $254,000 (june 02)
-capital growth units 13.2% (last 12 months)
-rental yield units 5.27% (last year), 6.03% (last 10 years)
-average rent units $270pwThese figures are nothing special but you’re correct that the fast ferry may have an impact.
Just got the new API magazine – a great article on capital gains vs positive cashflow I’m sure you’ll all enjoy!
Hope this helps
-Nickquote:
I have no clue about the area at all Coolstil but all I can say is ifthis kind of investment fits your mould then that is excellent. I personally only buy property that is positive geared or that I can do a quick Reno on then sell. I find the cost of long term holds like the one you talk about are just not my approach…..not saying it isn’t good for you. I also fear that too many of these sorts of proprties will leae me cashflow poor and unable to reach my target of freedom in five years. (Five years to choose if I want leave work.Think I already know the answer).
On a different note it will be interesting to see how well the beachfront properties do over the next year….I will own one for myself in the not too distant future but that is more of a lifestyle thing. Then again I can no longer look at any Real Estate without an appraising eye…what a horrible disease I have caught.
Hope this helps.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithBeing a local I’m very intouch with this proposed fast ferry. This ferry has been mooted for the past 4-5 years. And there is also a competitive tender ferry going to gosford. The unit development was only going to be constructed on the back of the ferry i.e. its a ferry to know where at the present time. This development started work 3-4 years ago work was stopped due to lack of funding and has since within the last few months been picked up by multiplex. However the capital fundraising for the ferry is well behind schedule. The Ettalong Beach War Memorial club obviously (due to being the primary beneficiary of the developments) is talking up the ferry and unit complex. Prices have risen over the past 4-5 years due to this talk but we are still yet to see anything. Hopfully your in for the long haul.
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