I’m looking for my 2nd IP . I’ve been concentrating on the Hunter valley NSW. I was told to have a look at a suburb of Newcastle, did a bit of digging and came up with house and land packages for under 400k. Close to everything, very few for rent in the area. fetching 450ish PW.
I enquired with a local agent about demand and it seems there are lists of 20 or more tennants waiting to veiw the houses as soon as they’re finished. growth in the area is strong too. My question is am I missing something here? This seems all too easy. Is there anything else I should be considering. I’m not a seasoned campaigner and am learning as I go. Any comments appreciated.Hi Dylan, a few things i would consider:
History
Suburb
(click for profile)Postcode State Property
TypeRental
YieldMedian Price
(Aug 2009)12 Month
Growth24 Month
Growth36 Month
GrowthSuburb
ProfileWhere
is it?What's
for sale?Newcastle <!– Newcastle –> 2300 NSW House 4.5% $555,000 -13% 5% 26% Have a look at sqm research for a guide on vacancy rates:
http://www.sqmresearch.com.au/graphs/graph_vacancy.php?postcode=newcastle&t=1Also have a look at street sales history, you can get this from:
http://www.oldlistings.com.au/real-estate/NSW/Newcastle/2300/buy/there are more tools on my blog below, it does sounds like a pretty good offer, which is why i guess you are questioning it. if you can give more info about the place ill see what i can find. One of my friends recently purchased a 3bed apartment next to the beach, advertised for $750k he offered $670k and they took it straight away, now he is wondering the same thing you are
sorry table above didnt come out:
4.5% is yield
Median Price $555k
(Aug 2009) 12 Month -13%
Growth 24 Month 5%
Growth 36 Month 26%Thanks Shahabra. It’s Cameron park.
street name?
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