Pillar Valley, NSW 2462

These places used to be old fisherman and squatters huts that have been added to over the years. Many contain dangerous materials like asbestos and lead paints and often they do not comply with building codes. There can be restrictions on what you can do with these places, often you cannot event maintain the properties. See on the arial photo how there are empty blocks because people have been forced to demolish run down and illegal structures.
Access can be very restricted, with the dirt track inpassable even by 4wd after even moderate rain, even the tide can effect access.
Check with the local council that what is built there is what is on the plans. The property we had there was riddled with white ants but when we tried to renew the structure we were told we could only build a fraction of what was on the site. So we patched it up and it looked great, then we sold it for a premium.
Most of these places are only occupied during holiday period, it is near impossible to rent them out outside of christmas holidays.
Do your research with these properties or you could be in for a nasty suprise.