Some more about Queanbeyan, surrounds, and the block.
For a block map- see
http://allhomes.com.au/c/ah?a=uiad&i=35902
The maps shows 1216 square metres, the info 1195 sqm.
When I bought it, it was run down with a very low class of tenant- it was the bottom of the rental range in the Canberra area (short of a caravan park). Furnishing has raised the level of the tenant, and I've had a lot less tenant trouble as a result (it's the one non-furnished unit who needs the occasional prod now and again).
The units front onto Kinkora Place, and back onto Morton Street. On Kinkora Place there's four parking spots, right off the footpath (they would not be approved now). From Morton Street, there's six parking spots- two for visitors. There's no carports. I investigated this, but the company which did the work took their time, and after 12 months I gave up. I don't have the time at the moment- Subway keeps me too damn busy.
Construction- concrete brick block, outside and separating each unit; timber outside the units. Floors are Tasmanian Oak-they have polished up quite nicely.
There's storage space underneath. The Kinkora Place units are at ground level; the Morton St end ones are one story up; the units are stepped down.
State of repair- they have needed a few minor repairs, but not major. Hot Water services are old, I was told they might have needed replacing, but that hasn't happened yet. There are cracks (as you might expect in an old place), but nothing major
Heating is from a small electrical heater in the lounge/kitchen, and another one in the bathroom.
Furnishings:
.Small microwave
.Oven/hotplates (standalone)
.Bar fridge
.Kitchen table/chairs
.Leather lounge
.TV, TV stand, VCR/DVD/bookshelf hifi (various combinations, but each furnished unit has all 3 combinations)
.Large builtin mirror door wardrobes
.Double beds
.Front loading washing machine
I didn't initally go for strata title because:
1. Rates would have gone up substantially- it was not worth it as a B&H (though now rates have gone up anyway, so a moot point)
2. Construction would be required. The underfloor areas are connected in pairs, and would have to be bricked up to separate; some above ceiling areas may need to be have the same done. Ceilings would need to be fire rated- this last one would have been hugely disruptive to tenants.
Caretaker- he was there from the start. He's a really nice guy. He tends the grounds (have a look at the pictures- there's some nice garden growth down one side; there's a lawn area out the back). He keeps an eye out on the tenants, and lets the PM know if there's any problems. He's been able to alert us early of problems.
There's limited potential for more units as I understand. While there's space, the area is zoned singe residential; under "prior use" I might be able to add 10% of the floor area.
Queanbeyan is the poor sister of Canberra. It's never had the support which the ACT has from the government. But we lived in Qbn because, when we came, we could afford land and not a building; in the ACT we would have been forced to build within 12 months, and in Qbn we were able to wait a few years until we could afford to build on our block.
The units are in an older part of Queanbeyan. On one side, there's a Macedonian bloke who has lived in that house for many years; there's rental houses on the other side.
I don't see a lot of movement (in either direction) in the short term- just like a lot of NSW. Canberra rose very slightly in the last quarter, it had dropped a little before that. Queanbeyan, although country NSW, is in a lot of ways a dormitory town for Canberra, and is influenced a lot by that market.
There are a couple of top of the range new unit blocks in Qbn coming onto the market- but, being more expensive than a house, I don't think they will influence the rentals much.
Because it’s cheaper than Canberra, Qbn tends to get people who can’t afford Canberra. Initially, I did have some quite bad tenants- there’s a few stories in the forum. But making them furnished has raised the standard of the tenant a lot- that was a nice change, which I did not see coming. The people looking for the cheapest they could get because they were on a pension could no longer afford the place.
Tenants since have been 6-12 months. They’ve largely been people needing a place for a shorter period of time. There’s been newly separated people; people doing business in Canberra; students (usually post grads with scholarships); people transferred into town who need a place until they can establish themselves; or people with family nearby. We’ve only had one bad tenant in the furnished units- a 17yo party girl- a demographic I’ll be careful of now.
I’m not sure that they are suitable for further renovating- more upmarket tenants would more likely be looking for 2BR+.
The entire neighbourhood has been around for a long time, and has not changed much for many years. They are zoned residential- no more blocks would be allowed there now.
They are a block away from the bus into Canberra.