Is Newcastle a good place to invest?
Newcastle is the 7th largest city in Australia and second to Sydney in NSW. Historical growth in Newcastle tends to be steady and does not tend to show the signs of the extreme highs and lows of other locations. This can be attributed to growing infrastructure, low unemployment, diversity of industry, close proximity to Sydney and a closely located airport to access other Capital Cities quickly and easily. Vacancy rates are low and population growth indicates a shortage of future housing. Entry price is affordable, especially when compared to Sydney prices. Newcastle is a great place to live, with world-class beaches and relaxed lifestyle against the backdrop of Australia’s busiest working harbour.
Is Newcastle a good place for Development?
The low entry price for properties with development potential in Newcastle and the Hunter make development an attractive option. Population growth forecasts suggest that there will be a future shortage of housing in the Newcastle area. There is a shortage of available land supply in a close radius of the CBD and as a result, the Council is favourable to increasing density on existing lots. Council Contribution fees are quite low in the region, particularly for properties located in the Newcastle City Council area.
How do I know what strategy to use?
Buying a property is no different to buying a dress – there is no such thing as one size fits all. We discuss with you your property background, experiences and a basic idea of what your expectations are with owning property. Some people love painting, while others don’t want to touch anything. It’s a case of working through some examples so that you can find something that resonates.
What strategies are possible in the Newcastle and Hunter Valley Market?
There are a number of different strategies available to investors in the Newcastle area. The best starting point is to buy a property and add value in some way. The quickest and easiest way to add value and increase rent is with a cosmetic renovation or sometimes just a quick tidy up of the property is sufficient. Granny flats are a popular way of increasing rental return. It is important with this strategy to build a granny flat that suits the style of the existing dwelling and also provides privacy and preferably car access to the granny flat while leaving the front house with useable yard space. A larger block can offer the possibility of building another house at the rear, known as a dual occupancy. Once built, the land can be subdivided enabling the options to sell or keep one or both. A house in poor condition on a large block can provide the opportunity of knocking down the existing dwelling and building new townhouses or villas on the site. All of these options require research and due diligence to determine the suitability of the site, cost estimates and end values to ensure that the project is viable.
How do I find the right Property?
Newcastle is identified as an area with a history of sound growth. Whether your goal is to onsell, use the property as an investment or your own home, it is important that the property is located near schools, transport and shops and in a good part of the neighbourhood. When doing research, it helps to gain a feel of the different suburbs, the different neighbourhoods and the different streets within your affordable price bracket. It is helpful to see examples of what other investors have done/are doing in the location. Explore the possibilities with the property – is it suitable for renovation, granny flat or development. If so, conduct a feasibility study to compare other similar projects and determine estimated end values. When a possible property is found, a Comparative Market Analysis will identify other properties that have sold in the area to help determine the right purchase price. Once a property is selected, the property is negotiated to be secured at the best possible price and terms.
How do I manage a project if I don’t live in Newcastle?
Whether it’s a renovation or a development, you will either be given guidance and good contacts to manage your own project or, if you wish, we can manage the any or all of the processes for you including the Development Application, Construction Certificate or the Building Process.
I want to buy a new family home?
This can be a difficult process, balancing finding a place of happiness but also ensuring that it’s a good investment decision at the same time. It’s also often difficult knowing the right price to pay and understanding if there are any obvious defects with a property. Finding a new home can be time-consuming, we love working closely with the client to find “the one”. For local buyers, this can mean attending open inspections together and for distance buyers, providing detailed photos and comments to show what is not obvious on the website and gain a better understanding of the “feel” of the property. We find it so rewarding to help someone secure the home of their dreams.
What if I want to sell a property?
We can provide assistance to help you find the most appropriate agent to sell your property. We conduct in-depth research in terms of the agent’s reputation, experience in the area and style of property, marketing methods used and fees. This is called Sellers Advocacy and is at no cost to you. The agent who is ultimately selected pays a referral from their standard fee. Best of all, it eliminates the need for face to face meeting with multiple agents.