Bathurst?

I am staying in Orange at the moment, working at the cadia mine.

The company I work for are paying between $800 to $1100 a week for furnished and serviced houses. Not sure how much more rent you would receive for providing a serviced/cleaned house once a week. But with doing 12hr days it is great to come home to a cleaned house!

Hi Hysteria,

Would you mind sharing what type of house, how many bedrooms etc and roughly what location you are living in?

Can you comment on what the mining companies prefer? I have been doing a lot of research and have not found returns quite that high. The highest I have seen is $800 per which includes linen washing, house cleaning, utilities and mowing. By the time that is taken out, the income reduces to $600 to the investor.

Thank you Kindly :)
 
Where to look

We are thinking of visiting Bathurst in a month time.

Could you suggest which area to look at?

We would like to purchase our IP number 2 for under $250k with renovation potential, or maybe build a granny flat in the back yard and rent them to students...

Thank you.
 
Thought i'd update in regards to my place in Orange.
Paid $265k + closing costs.
Spent roughly $18k on minor reno. (mates rates)
$7k on furniture for whole house. (3 bedder)

Signed lease last week for 6 months. $600 per week.

Might wanna jump on that train, Belbo...
 
Thought i'd update in regards to my place in Orange.
Paid $265k + closing costs.
Spent roughly $18k on minor reno. (mates rates)
$7k on furniture for whole house. (3 bedder)

Signed lease last week for 6 months. $600 per week.

Might wanna jump on that train, Belbo...

Sounds great locko24.

Houses in Orange are bit more expensive than Bathurst. That's why I am looking in Bathurst, but do you think Orange is better place to invest for cashflow + or neutral?

Thanks
 
Thought i'd update in regards to my place in Orange.
Paid $265k + closing costs.
Spent roughly $18k on minor reno. (mates rates)
$7k on furniture for whole house. (3 bedder)

Signed lease last week for 6 months. $600 per week.

Might wanna jump on that train, Belbo...

Jeeze.

I have been looking in Orange for the past few months, but never considered furnished.

Looks like some back of coaster calculations at the pub may be in order.
 
Jeeze.

I have been looking in Orange for the past few months, but never considered furnished.

Looks like some back of coaster calculations at the pub may be in order.

Too right, sounds very attractive doesn't it. Pity my wife and parents will talk me out of this investment LOL
 
Sounds great locko24.

Houses in Orange are bit more expensive than Bathurst. That's why I am looking in Bathurst, but do you think Orange is better place to invest for cashflow + or neutral?

Thanks

Imo, a furnished place in orange is much more likely to rent out. The guys renting mine we're doing something like 25 eleven hour shifts in a row. They then head back to whence they came, for just as long. The guys on those rosters don't want an extra half hour travel time. They pretty much eat, sleep and work for the entire swing.

Not counting furnished, I think the two places have very similar returns, only difference is orange is way more expensive. It seems to be going from strength to strength. I reckon my place would have gone up in value by ten per cent, even if I didn't do any work to it.

What has me leaning towards Bathurst, is the availability of places to reno! Good luckfinding exactly what you want in o-town. Its pretty much take what you can get.
 
Imo, a furnished place in orange is much more likely to rent out. The guys renting mine we're doing something like 25 eleven hour shifts in a row. They then head back to whence they came, for just as long. The guys on those rosters don't want an extra half hour travel time. They pretty much eat, sleep and work for the entire swing.

Not counting furnished, I think the two places have very similar returns, only difference is orange is way more expensive. It seems to be going from strength to strength. I reckon my place would have gone up in value by ten per cent, even if I didn't do any work to it.

What has me leaning towards Bathurst, is the availability of places to reno! Good luckfinding exactly what you want in o-town. Its pretty much take what you can get.

Thank you for your input. I will do more research (trying to get better at it but I am still all over the place).

Thank you
 
We did a granny flat in Orange last month.
The blocks are really huge so lots of potential for this sort of value-added develpment in a mining town (I used to work at Cadia in the eraly 2000's). Bloodly cold in winter hehe
 
Speaking of Bathurst. I'm working with someone with a house down there and it's been on the market for ages now. Finally got an offer yesterday that is what they paid for it 3 years ago.. And they made improvements to it, too like shed etc etc. They tell me that Bathurst isd a crappy place that has nothing (except for the races) going for it.
 
Speaking of Bathurst. I'm working with someone with a house down there and it's been on the market for ages now. Finally got an offer yesterday that is what they paid for it 3 years ago.. And they made improvements to it, too like shed etc etc. They tell me that Bathurst isd a crappy place that has nothing (except for the races) going for it.

I'd prefer Bathurst over Darwin.
 
Maybe a crap place to live (though I liked mining for gold there on year 6 camp!) But its a great place to invest.
 
Makes sense. I've been seeing Bathurst in magazines as an investment hotspot for years so there might be something to it.

My work-mate isn't investment savvy so I know one day they will regret the decision.
 
I tried.. I explained all the tax benefits they can gain from it.. Even depreciation. But apparently their account told them it wasn't worth getting a depreciation report done.. I told them it would but she didn't get it.

Thats why only a select few people ever make it. They just don't 'get' it.
I know that in 10 years time they'll be spewing cause they would have been able to sell it and pay off their $500k mortgage but instead, they are middle aged and I can't see them paying it off before retirement because they are paying interest only because they cannot afford P&I, Which is cool and all, IF you have some way of paying it off. I wish I could change their mind.. I believe they're about 44 years old.

Very nice people but they're not born investors.
 
Any update on those that have/are investing in Bathurst/Orange.

Are there areas to aviod, I have seen few posts saying stay clear of Kelso...

Does anyone have a property in Kelso thats going good / bad?

West Bathurst?
 
I used to go to Scots School, Bathurst from y8-12.

Personally I think Bathurst is an okay place to invest. There are probably a lot better places in Australia right now, but with that said there are a lot worse.

The suburb Kelso isn't too bad. It has a bit of a stigma among the locals as a less desirable area still. It's not a problem area or anything though. Kelso High School is a bit of a rough public school, wouldn't recommend owning anything too close to there.

Kelso isn't the best market for rentals either. It's on the other side of the Macquarie River, just a little further out of town than other suburbs in the city. Most people in the town drive so it's not a massive negative but with that being said if you're closer to the town centre you'll have a lower vacancy rate and better rents.

West Bathurst is a better area. Clement St, Russel St, Mitre St, and Howick St are locations that I favor.
 
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