just to remind you all of what a buying opportunity is out there http://smh.domain.com.au/real-estate-news/coast-awash-with-bargains-just-buy-the-beach-20120113-1pz
Coast awash with bargains, just buy the beach
Stephen Nicholls, Toby Johnstone January 14, 2012Read later .
''It's not small, but quaint'' ... Brad Corcoran and wife, Tracey, with their nephew, Jack Curren, at the Bendalong house the couple bought in ''a fabulous deal''. Photo: Peter Rae
CASHED-UP bargain hunters are cleaning up on the NSW coast, as holiday-home vendors drop their price by up to 50 per cent after years on the market.
A Domain survey this week of agents up and down the coast from Tweed Heads to Eden about the state of the holiday home market came up with mixed results.
An agent in South West Rocks said last year was the slowest year for sales in a decade. Another at The Entrance noticed improved inquiries this year.
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High tide ... surveyed agents say the holiday-home market from Tweed Heads to Eden is awash with opportunities.
There is general agreement that the coast is awash with opportunity.
''People who are savvy are picking the eyes out of it,'' said Glenn Brunette, of Eden Realty, on the far south coast.
''The more prudent buyers who are cashed up are coming in early and get some terrific bargains. But they're not borrowing.
''Back in the boom, people were diving in and borrowing up to the hilt.''
Among the best deals on the far south coast was an unrenovated seaside cottage at Eden, which sold for $200,000.
Those in the market for a holiday house are often amazed at the low prices for property so close to the water.
A fibro cottage with Jervis Bay views across the road from a waterfront reserve at Callala Bay, was originally listed at $950,000 in October 2006.
It was down to $510,000 by late last year when Sydney painter Brian Morrison spotted it.
''I couldn't believe the price,'' Mr Morrison said.
''I put in an offer of $450,000, and it worked so I'm very lucky.
''I've been going down to that area for 20 years and it's been my little dream to get something down there like that.''
Currently rented for $250 a week, it will be the family nest-egg. ''My view is to tidy it up and have some fun with it and, when the opportunity arises, I wouldn't mind putting something brand new on it to take full advantage of its position.''
At nearby Currarong Malcolm and Sandra Cocoris, of the Blue Mountains, picked up a weatherboard cottage for $300,000 on December 2 last year. It was first listed at $400,000 in August 2010.
''We were in the right place at the right time,'' Mr Cocoris said.
''My wife went on the net and fell in love with it, so we bought it sight unseen.
''We think we've got a really good buy and we did a quick reno on it between Christmas and New Year.''
He said they put it straight up for holiday rental and it was already booked out for most of this month and February, attracting rent of $1000 a week.
Few would be surprised some of the biggest discounts have been for top-end holiday homes.
On the far north coast, a six-bedroom home at Casuarina, south of Kingscliff, sold last year for $1.05 million, after first being listed for $2.25 million just a year earlier.
Kaeren Smith, of Ray White Tweed Heads, said holiday homes with prices tags of more than $1 million were often for sale for a year or more.
''The beachfront homes are not selling; they're just sitting there,'' she said.
At Coffs Harbour, Rebecca Casey of Coast Front, said interest from holidaymakers was down this year.
''Normally we are getting inundated with inquiries but this year we've hardly had any,'' Ms Casey said.
Many were recognising there had been little price growth in the past decade.
''There is no real capital growth so people who bought in 2003-04 are getting much the same prices,'' she said.
''The return isn't enough to substantiate buying one of those [holiday homes] instead of a property with a permanent rental.''
Allan Deadman, of Ray White Bendalong/Manyana, summed up the mood on the south coast: ''We're having a really lean time of it. We've got 120 holiday homes but about 60 properties for sale, and not much is moving, that's for sure.''
Some coastal agents are also reporting a quieter January for holiday rentals.
Vanessa Roberts, of Century 21 at The Entrance, said although holiday homes were fully booked for the first week of January, this weekend a quarter of the holiday homes were not booked. ''People are holding onto their money more so than last year.''
Going for a seaside weekender
It is the classic holiday home in the south coast village of Bendalong, near Jervis Bay.
Just 200 metres from the beach and with ''filtered'' ocean views, the new owner of the three-bedroom renovated weatherboard shack could hardly contain his glee.
''It's just perfect for us - there's just the two of us - and it's not small, but quaint,'' said Brad Corcoran, a Sydney solicitor and training provider.
''I think we got a fabulous deal.''
Typical of many holiday homes at the moment, the shack had been for sale for 14 months and was heavily discounted from its original $600,000 price.
So Mr Corcoran and his wife, Tracey, were able to snap up the property for $545,000 at the start of last month.
''I've been coming down here for holidays since I was three or four,'' he said.
''So we'll use this predominantly as a holiday home, but we're also content for it to be holiday let when we're not using it.''
Mr Corcoran expects to use it at least one weekend a month, possibly two.
''We've both got flexible work arrangements which allow us to get away,'' he said.
