Hello,
Just returned from a visit to Moruya on the NSW south coast. Was wondering whether anyone might be familiar with the area and able to give me an opinion on opportunities there.My sister lives there and tells me there is a strong demand for rental properties (predominantly free-standing homes) that rent for around $200pw. Spoke to a local agent who advised they only had a couple of properties in the actual town itself available on their books to rent and this was pretty standard.
Would like peoples input on whether duplex’s close to the town centre might do well. There do not seem to be many around, but there are plenty of older homes on large blocks and there seems to be a demand for two and three bedroom accomodations…
Houses seem to range between $200k and $450k and I am told vacant blocks come on occasionally around the $150k mark.
Thanks,
Craig.Anyone out there from the south coast of NSW? Comments? Opinion?
Hi craigsed,
You may be disappointed to hear I have no thoughts on this matter but could not let a chance to say HI go by the board .
It has been a while since I have seen you on the forum–that could be my fault also– so just thought I would say HI. There that’s it. Are you also aware that the Sydney discussion group is still meeting????Gday,
I am from Canberra but travel to the Sth Coast frequently to visit my parents just north of Batemans Bay. I am familiar with Moruya, but can see a few problems in terms of investing in the area.
1 – Relatively high prices in comparison to rental yield – not many of them even make the 1% of purchase price in weekly rent – so whatever property you purchase – unless u have a large deposit is going to be neg geared…
2 – Capital gain? South Coast properties are very popular with interstate buyers at the moment – hence unreasonable prices in some areas – whilst Moruya is at the lower end of the scale, perhaps have a think about why? – It’s doesn’t have a local beach, popular areas such as batemans bay are 1/2 hrs drive away…I personally would not look at purchasing it as a holiday homeBut on the upside if there is a shortage of rental properties for local long term tenants- perhaps it will drive rental prices upwards…on the flip side this target market may start looking elsewhere…so unfortunately there is no black or white answer…
My feeling is that prices are a bit too high at the moment…but good luck with your research!
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