northerner

Hi,

We live in Sydney and love it to bits - can't ever see us leaving at this stage in time.

Here's the story:

We're in a rented house in Balmain until November, to buy somewhere we like in the inner west we're looking at min $600-650k - and that would be for a fairly small 2 bed. We love Port Stephens area and are up there quite often for the great diving and beautiful beaches/area etc. so we're thinking of carrying on renting in Sydney and buying a property up there (in, or close to, Nelson Bay) for say $350k. Keep it as a holiday home for 6 months to get the NSW first home buyers grant and use it over the summer, then rent it out.

I've done the sums and it seems to stack up. Would be great to stay living where we want to live but also have a property providing a bit of an income. Long term goal would be to kick out the tenants (in the nicest possible way!) and use Nelson Bay for weekends and stay in Sydney during the week - best of both worlds!!

Any thoughts?? I know the property market is a little flat but signs are for a slight upturn - and Nelson Bay is a very popular location so I figure we should be safeish...

Cheers for any advice,

Graham

esperanza

We've been considering this too - not in a position to go ahead with it yet, but have decided that if we do buy in Australia then it would be an investment property not a home, and on the coast somewhere Newcastle/Port Stephens region.
I reckon somewhere in a decent area with a decent view can't drop too much in price, can it....? I'm not an expert, but that's what I think!
Will be interesting to see what anyone else has to say on the topic.

TheRutters

Graham,

$350k gets you two bedrooms in Port Stephens, even less in Nelson Bay.

If you do find somewhere nice, let me know because I am rapidly falling out with my landlord!

Sleeping Beauty

mmm, not here. sister got herself a very nice 4/5 bed 2 storey 2.5 bathroom property for $360. have you looked in the examiner on a wednesday/thursday?

northerner

There seems to be plenty available at a reasonable price, this little place is top of our list at the moment...

http://www.realestate.com.au/cgi-bin...&tm=1180516882

Or maybe something like this?

http://www.realestate.com.au/cgi-bin...&tm=1180516882

Anyway, we're going up for the long weekend to look and the weekend after too so we shall see!!

Cheers,

Graham

(PS, we'd be great landlords LOL )

Sleeping Beauty

gosh, i love the first one interior wise, but not much room outside . the second one has more room internally and obviously externally - what gardens!! i dont know where the first one is, but i do know the road the second one is on. enjoy your investment hunting this weekend and next. a guy at work has been and seen some whales last week, so you should catch some, hopefully.

northerner

Yes we like the first one. Only 2 beds and not much outdoor space as you say, but garage, close to water and walkable to Nelson Bay centre.

It's all a balance I guess, but we'd rather have somewhere slightly smaller and close to town than further out with more room and a pool (yes they are available for the same price!).

Graham

northerner

Where abouts are you????