Armidale investment area

From: Bruce Graham


Greetings,
I have the hots to invest in a
house in Armidale,a NSW country town.
Not knowing a lot about the place, except
from spending a day there once and the NSW tourist office, plus the internet, of course.
I have a great feeling about the place.
Cold in winter, hot in summer.
Now I need all your inside information(gossip)about the place.
Thanks.
Bruce G.(Sydney)
 
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Reply: 1
From: Guy Wood


It's a lovely city Bruce. The Uni adds a lot of culture & tenants. Some nice coffee shops & a couple of good pubs & some top restaurants.
Guy
 
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From: Guy Wood


It's a lovely city Bruce. The Uni adds a lot of culture & tenants. Some nice coffee shops & a couple of good pubs & some top restaurants.
Guy
 
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Reply: 2.1
From: Steven Parker


Bruce,

Just make sure you buy a place with decent heating! Armidale can get VERY COLD!
Cheers, Jacque :)
 
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From: Nik Mohan


Hi Bruce I spent 4 years there at UNE. Yes it does get very cold there in Winter - so heating is a must!

In terms of Rental capability - there are always Uni students - particularly the Post Graduate and PHD students and families are always on the lookout for accommodation outside of the Uni Colleges.

Shoot us a reply if you are interested and I can give you the contacts of a few of the Agents and Uni housing reps.
 
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Reply: 3.1
From: Gail H


Is that where Lismore is, or am I way off track? If so, I heard that property values were falling there because of the drift towards the coast.

But don't let me put you off if you feel good about it. If prices have fallen a bit, then that in itself can create opportunities, but I wouldn't be too sure about capital growth if that's your thing.

Gail
 
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Reply: 3.1.1
From: Bruce Graham


Greetings,
Thanks for the replys on Armidale.
Yes please Nik, I can do with all the info.
I can lay my hands on.
I know the place is a fridge in winter, but
your comments on heating will most definitely be first on my list. Thank you.
Lismore is nearer the coast and closer to
Byron Bay.I have looked there also, but the
place floods.At Lismore there was a block of
six,two bedroom units. built in double brick,
and not in the flood area.(so they said).
Each unit is rented out at $120 per week.
Going price $360,000.
$120 @ 6 = $720 wk =$37,440 yr = 10.4% return.I would be trying to cut him down to
$340,000 or max. at $350,000.
They were listed about two months ago.
Thank you again .
Bruce G.(Sydney)
 
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Reply: 3.1.2.1
From: Cathy Baxter


Hi

I am a resident and property investor in Armidale and everything that has been said above is correct.

Family rental accommodation (ie 3-4 bed houses) is always in great demand - not so much the flats and units. Returns can be pretty high and there is plenty of opportunity to make instant cap gains by adding, subtracting, dual occs, granny flats etc. Cap growth over past 2 years has been 2-3% and prior to that stagnant for about 10 years.

There are some issues that need to be considered including areas to avoid, smoke pollution and council's "tough" stand on it, future commercial development, population projections, heavy reliance on UNE and current government's funding policies.

That's probably enuf to think about and would love to chat to anyone interested. There are plenty of bargains here. Email me if you have any questions.

It's 20 degrees and sunny, but we had the fire on last night.

Cathy
 
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Reply: 4
From: Cathy Baxter


Hot in summer is a little exaggerated. At 32 the locals are sweltering. 35 is a heatwave. Most summer days are a comfortable 25 - 27.
But it also has a reputation of 4 seasons in one minute!

Cathy
 
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