Hi all,
I am interested in purchasing a property on the central coast. I currently have an investment property in Canberra which is going well, so i would be looking to spend mid to high 200’s.
I used to live on the central coast, and would like to purchase a property that I will keep forever (my strategy is to buy and hold, never sell) with a view to me moving back up there in 10 or so years (canberravis great for career but not much else). I would love to buy in terrigal or avoca, but the costs are relatively high. Therefore I am thinking kincumber might be good.
I have heard mixed things about kincumber — however the research I’ve done isn’t showing anything glaringly negative. Does anyone know specifics about the area or future development around there? Any other central coast areas that people would recommend?
Thanks in advance
Matt
if your looking for capital growth over the next 2-3 years then i'll be staying away. you will get good yields though so really depends what your after. Nothing dramatic is going to happen on the cc for prices to rise
the whole area has been stagnant for a few years now. there is heaps of land and not enough demand. I just offloaded one of two properties up there which ive had for 4 years and put my money elsewhere!!
the only place which i would buy up there if i did now would be a cheap 2 bed unit in Gosford close to the train station and shops
Yeah gosford has the infrastructure but it’s so disgusting (no better word). Plus I wanted something closer to terrigal and avoca. I would be buying a newer property, and renting it with a view to moving there in the next 8-10 years. I’m not really after capital growth as I wouldn’t sell. But the only thing concerning me is the opportunity cost of having my money in something on the cc versus a high capital growth option which I could sell in 8-10 yrs.
The other thing is vacancy rates on the coast, although I have read and heard that it is growing due to retirees.
Hi Mattewp,
The central coast well it depends where you buy for instance im currently selling a property in woy woy it has been on the market 6 months and not sold yet close to shops ,transport etc and it is well priced with the current market there just arent people looking.
If you look at Umina has changed alot over the last 2years and is still changing in west Umina they have put in a new Aldi recently a woolworths and also coles took over the old bilo and there is a bunnings warehouse going in the old flemmings store so it is changing down there.
If your going to buy on cc which i would suggest not at the moment as coalstar said buy in Umina for instance i know someone who bought a 4 bedroom 2 bath on good size block in umina for 420,000 18 months a go they spent a bit of money doing it up and is still worth the same money and they paid a bit under market value at the time so prices arent moving fast
just a quick question where did coalstar have his investments property if you dont mind me asking just doing research on areas that are growing positively and negative
Hi everyone
I sold 3 apartments in Wolli Creek, Rockdale and use the proceeds to buy 5 houses in Umina Beach/Woy Woy.
The price of 5 houses and rent are as following:
1. 2bed house at Woy Woy, $265K, renting $310
2. 2bed house at Woy Woy, $316K, big block, renting $290
3. 5 bed house at Umina Beach, $450K, renting $730
4. 4 bed house at Umina Beach, $385k, renting $500
5. 4 bed house at Umina Beach, $300k, renting $450
Umina Beach/Woy Woy is great potential suburb to invest. The house with cabin rent yields can be 8%
The price is undervaluedcharmhaven
Hi whitepanda,
If you dont mind my asking why did you invest in these areas?and how long ago did you buy your properties there?
If you do buy a property in Kincumber let me know as we have lived here for 12 years and have been in our last 2 rental properties for over 5 years in each of them and we are now needing to move and would be interested in renting around here again and we are long term tennants.
cheers
Racheal
Quote:Umina Beach/Woy Woy is great potential suburb to invest.Somebody explain to me how this can be construed in any way as an investment. With a gross rental yield of 6.6% and no potential for CG growth why would you buy these in that location.
There's been no CG growth in those areas for the better part of 10 years and some of those where the good years. I rented in Umina in 2000. Jeez the rents have hardly changed!
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