Hi there,
Does anyone have some opinions to share regarding buying property in Young?
Thanks for your time.
Andrew
Does anyone have some opinions to share regarding buying property in Young?
Thanks for your time.
Andrew
Buying In Young
- Thread starter On the Rise
- Start date
Nice town - I've passed through it a few times. I'm guessing less than 15,000 people.
Fruit trees and cherries are what everyone thinks of. If this is all that props up the town, I suspect it may not be faring well in the drought.
I can't ever remember anybody here over the years asking about it.
Fruit trees and cherries are what everyone thinks of. If this is all that props up the town, I suspect it may not be faring well in the drought.
I can't ever remember anybody here over the years asking about it.
Wikipedia says it has a population of 7,000
http://en.wikipedia.org/wiki/Young,_NSW
why do you think young is a good place to invest? Or is this for your PPOR?
http://en.wikipedia.org/wiki/Young,_NSW
why do you think young is a good place to invest? Or is this for your PPOR?
Hi there, not a PPOR but more becasue the properties fit into my price range. I am looking around the $250k range.
Hey,
$250k isn't a restrictive limit - there are heaps of areas in oz within this scope. In the immediate area you've got larger hubs like Bathurst, Cowra and Orange with plenty of properties in the sub $250k.
Cheers,
Jamie
Buy when young indeed
I lived there for 3 years back in the 90's. Young has a very diversified agriculture and primary production industry. I was there in drought and the town held up OK. Although I note it's population hasn't grown too much over the last 15 years.
Rampaging Roy Slaven knows Young pretty well. Useless bit of trivia for ya
Yeah I've got a place there. Has been a bit of development in the town the last few years, oldies moving off the land to live in town and families moving there for job opportunities if the land hasn't fared them well. Some of the orchards have been sold off for new housing estates not far from the centre of town. They got an Aldi a year or so ago and Maccas moved in a few years before that, so the big companies must see good reason to open there.
I wouldn't spend that much on a place there. As with most places, the higher the rent, the lower the rental yield. Low end rentals tend to do well there as people move to town to earn some cash in the abbatoir or the local shops. The people who have better incomes generally buy there rather than rent. You could have some luck in that price range buying near the hospital, they have a high turnover of medical staff that would be looking for rentals. The abbatoir's had a bad run recently but it tends to run in waves. About a year or two ago the boss of the abbatoir was on ACA asking for workers and at that point there weren't enough properties to rent. There's also talk of a mine moving in not far from there. Might be slightly closer to Cowra.
So I guess it is a go-between town from living on the land to living in Wagga. Seems to have more people living there each year and more small business opening up but still sleepy. This is my hubby's home town and in the time I've known him I've seen changes there.
As for whether it's a good investment, the place we bought hasn't moved much in price since we bought it. Rents have increased well though. The place we bought is a potential development site close to the middle of town so I guess capital growth isn't huge for us, we just wanted a patch of dirt we could work with fairly cheaply to put a few villas on.
I wouldn't spend that much on a place there. As with most places, the higher the rent, the lower the rental yield. Low end rentals tend to do well there as people move to town to earn some cash in the abbatoir or the local shops. The people who have better incomes generally buy there rather than rent. You could have some luck in that price range buying near the hospital, they have a high turnover of medical staff that would be looking for rentals. The abbatoir's had a bad run recently but it tends to run in waves. About a year or two ago the boss of the abbatoir was on ACA asking for workers and at that point there weren't enough properties to rent. There's also talk of a mine moving in not far from there. Might be slightly closer to Cowra.
So I guess it is a go-between town from living on the land to living in Wagga. Seems to have more people living there each year and more small business opening up but still sleepy. This is my hubby's home town and in the time I've known him I've seen changes there.
As for whether it's a good investment, the place we bought hasn't moved much in price since we bought it. Rents have increased well though. The place we bought is a potential development site close to the middle of town so I guess capital growth isn't huge for us, we just wanted a patch of dirt we could work with fairly cheaply to put a few villas on.
The big news in rural areas yesterday was that Youngs abbatoir went into liquidation with 300 workers out of a job. I'd reckon that would be 10% of the towns workforce.
http://theland.farmonline.com.au/ne...ng-abattoir-slashes-300-jobs-pay/1741582.aspx
See ya's.
http://theland.farmonline.com.au/ne...ng-abattoir-slashes-300-jobs-pay/1741582.aspx
See ya's.
TC - yeah big news there. Our last tenants were employed at the abbatoir. We were waiting for this, there was a suspicious fire there just before Christmas which got tongues wagging. Was speaking to my PM yesterday and she reckons the bottom end of the rental market is really going to suffer in the short term. She expects that someone else will buy the abbatoir in the not too distant future as it's been doing ok. Word is that the owner went and bought himself a waterfront house a few weeks back so there was obviously some money in the place.