Wellington NSW

[brains]

Anyone know about Wellington NSW to buy IPs? It seems to have become a bit of a hot spot latley for investors?

[Mr Ed]

Brains,

Wellington, well I think I heard of a stat in the mid 80’s that Wellington has the highest account of teenage pregnancies, cannot remember the finer details but it does have a very high population of indigenous Australians…

Mr Ed

[Jacque]

Hehe...
I was just in Wellington on the weekend trying to be flogged some property by a company previously mentioned on this forum.
Apparently there is a new gaol going up there in the next year or so and it will bring new employment etc to the town. Growth has been very minimal in the last ten years but who knows if that will change? New house and land packages just outside of town are sellling around the $160K mark, whilst older houses in town (mainly fibro) can range from $40K-$100K.
Nothing against the ppl here who have investments there, but, quite frankly, most of the town appears to have a large housing commission pop and lots of low income earners. Some very rundown houses and several scruffy looking neighbourhoods make up 80% of the town. Rest is CBD and close by- appears ok.
Bit of a rough town all up- I think you would have to choose your area very carefully to avoid ongoing tenancy problems. High maintenance would also be an issue with most houses appearing to need work.
Just to give you a bit of an idea- when we went to have tea in the local pub, we were ushered in late because a fellow had just topped himself in the local bar and they had to clean up the mess. Bit sad, really.
For my two cents worth, I'm looking elsewhere. That's not to say you won't find a bargain. A fellow investor up there had done extremely well out of a converted pub/unit block, getting a return of some 15%. His IP was near the centre, however, and he had little trouble with tenants.
Each to their own.

[Alan H]

I had relatives in Wellington when I was fairly young and would go and stay with them in the holidays. This was 30-odd years ago........ahhh.......would you believe 10 years ago? No?....... ok....we'll go with the truth......30-odd years ago! I was two! ;)

Wellington was quite a nice little town in those days but I believe the battle for industry, shops etc between Wellington/Dubbo was well under way even then and Dubbo was the big winner(at the expense of Wellington!). Actually, my grandfather, who was a Wellington local, did quite well out of IP there before I was born.

I had an aunt and uncle there who had a beautiful house on the market for years and years. Not exactly quick sales.

Yes, I believe a new gaol will bring some new money into the town but without knowing the figures I'd think some of the larger Regional Centres such as Dubbo, Bathurst or Orange would provide a broader range of industry and hence renter support if it was positive gearing you were chasing.

I just checked some sales figures for Wellington.......looks like you could pick up a house there for $50,000........cheap........but then you DO need to rent it out and get some growth.........

There are those that can make money in any market and town, however, I think there would be 'easier' areas to do it in.........but then my dear old grandfather had many more properties than I..........



:)