I have a 3 bedroom property in Medowie with DHA and have about 3 or so years left on the lease. I purchased the property for $290,000 as it was a good quality house in a nice estate. The downside was that it was only a 3 bedroom house surrounded by 4 bedroom dwellings. It was at the time a competitive price I thought and the DHA lease made it more appealing. The last 6 months has seen a 13% drop in Medowie despite a media push for the Pacific Dunes Golf Estate and Port Stephens council.
Does anyone have an informed opinion on this property. I researched a fair bit PRIOR to the sale and could see some growth for the area including expansion of the airfare base etc.
The doubts are lingering big time in my head that I have bought a lemon and I should jump out as I am a fair way negatively geared in this joint.. Market analysis suggests it will rise in time.
I want to have the courage and believe to buy again soon as I see that there is some future in this game. I am looking torward Northern Territory again. ( I purchased a DHA property in darwin in 2000 and it has gone really well )
Thanks everyone
parraboy
Hi there
I happen to know the area you are speaking about being posted to the area around 1999 – we ended up in DHA accommodation at Tanilba Bayyou may like to read the following article
http://hotspotting.com.au/index.php?act=viewArticle&productId=66I happen to agree with the article that DHA leasebacks are not a good investment – I think you are now finding this out with your Medowie property
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