Cartwright and Miller

So I have been searching around and looking into different area's to buy in for our next investment property. We are looking at a buy and hold strategy and need decent rental yeilds mainly because we want to buy more properties down the track and we aren't on great dollars at the moment.

Recently I have been really interested in the market of Miller and Cartwright. To start with, I know it's got it's own stigma attached to it - with Miller having alot of government housing and being a bit of a rough place. Basically, I am just wanting peoples opinions to tell me whether I am on the right track with my thinking or am I missing something.

What ticks the boxes for me:
* Close to M7, M5 and Liverpool
* Industrial area being built up at back of Prestons (more work available)
* Alot of shops close by
* T-Way access
* TAFE and Schools
* Main roads currently being upgraded
* Prices lower then surrounding suburbs (~280k for 3bed house) with decent rental yeilds (~$330 weekly for 3bed)
* Not to far from where I live, so I can do maintenance easy.

Concerns:
* No railway access, have to drive to Liverpool for that
* Stigma attached, will this ultimately effect CG?
* More chance of bad tenants?

I would be very greatful if people could let me know whether my thinking is justified. I look at these two suburbs and feel like I could pick up a bargain, considering at the moment there seems to be more houses for sale then meets demand there.

Cheers,
Andrew.
 
So I have been searching around and looking into different area's to buy in for our next investment property. Recently I have been really interested in the market of Miller and Cartwright.
Interestingly enough I too have been investigating Miller in the last week mainly because of the high rental yields.

What ticks the boxes for me:
* Close to M7, M5 and Liverpool
* Industrial area being built up at back of Prestons (more work available)
* Alot of shops close by
* T-Way access
* TAFE and Schools
* Main roads currently being upgraded
* Prices lower then surrounding suburbs (~280k for 3bed house) with decent rental yeilds (~$330 weekly for 3bed)
* Not to far from where I live, so I can do maintenance easy.
What also ticks some boxes is that it has been a steady (not stand-out) performer in terms of CG & low rental vacancy. In CG terms it peaked, like a lot of other places in NSW, in 2003/4 and the fell back for the next 3 years (& pretty badly in 2006 @ -17%) but it has grown in 2008 and put on 10% in 2009. Vacancy rates at present are <1% and have never exceeded 3.5% in the last 5 years.

Concerns:
* No railway access, have to drive to Liverpool for that
* Stigma attached, will this ultimately effect CG?
* More chance of bad tenants?
Yes agreed. There is as they say no 'free lunch'. If you are going to get low vacancy, OK CG, higher than average rental yields, then tenants may be an issue (??). But take out LL's insurance to minimise that risk and get a good PM.

....feel like I could pick up a bargain, considering at the moment there seems to be more houses for sale then meets demand there.
It is still taking over 100 days to sell a house in Miller so demand is not huge. But there are only 30 - 40 sales made most years there too.

Let us know how you get on.
 
Thanks Propertunity! I am actually going to an auction today to see what it goes for. Definitly talking to a MB soon to see what we can do!
 
I haven't looked at Miller but last time I looked at Cartright I didn't like it.

The streets didn't feel right to me and I particularly disliked the fact that the houses were placed on the blocks backwards. It felt strange driving into a no through road with a cul de sac and seing the rear of houses and high colorbond fences.

I think suburbs like this should be demolished and rebuilt.

IMHO
 
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Yeah they also have cheap drugs & stupifacients in plentiful supply, many teenage mums wanting to rent (with growing demand), very cheap household goods at garage sales, and abundance of car parts and accessories from the many local entrepreneur car yards.
Not that everybody appreciates such things and such finesse in urban design that BV pointed out.
 
I haven't looked at Miller but last time I looked at Cartright I didn't it.

The streets didn't feel right to me and I particularly disliked the fact that the houses were placed on the blocks backwards. It felt strange driving into a no through road with a cul de sac and seing the rear of houses and high colorbond fences.

I think suburbs like this should be demolished and rebuilt.

IMHO

Yeah they also have cheap drugs & stupifacients in plentiful supply, many teenage mums wanting to rent (with growing demand), very cheap household goods at garage sales, and abundance of car parts and accessories from the many local entrepreneur car yards.
Not that everybody appreciates such things and such finesse in urban design that BV pointed out.

Yes, there is alot of bad points about Miller and Cartwright. You drive through there and there are some not so pleasent streets around, with alot of the houses in need of some maintenance!

I am looking at Miller in terms of picking up a place under market value, and having a strong rental yield. It's not the best place to be looking in order to get strong CGs, but I think it's suitable for our price range. Keeping in mind we still intend on looking elsewhere like Campbelltown and etc.

Today I went to an auction at 12:30, but unfortunately had to leave before it got started because of family issues. I will call the Sellers agent on monday to see what price it sold for. It was actually being sold on behalf of a bank so they said it was to be sold today, and mind you - there was hardly anyone there. It is unfortunate that we had no finances worked out, otherwise we could have been interested. Agent said it would fetch 250-300k, but with hardly anyone there...who knows what it got picked up for!!!
 
Andrew, if your from Camden, I would've thought you'd be pretty knowledgeable on 2560 areas where prices have not risen and yields have and prices are relatively cheap.
Of course there's always the questions "determine market value?" and "what is string yield?"
 
Piston broke, you are right. I should have a good idea of whats going on in the 2560 area. Truth be told, i have been looking into ambervale because of cheap houses that are around! I'm suppose i'm just exploring different areas and seeing what i feel is best to buy. I will be keeping an eye on both markets. Appreciate everyones thoughts though, i've honestly only be doing this researching and everything for 3 months. So i've got lots to learn!
 
I also meant being familiar with which areas are better than others, not cheaper, as some prices are the same.
And I still think Rosemeadow has much better IPs as I posted in this thread.
Each suburb has it's good parts and bad parts.
And don't discard places like Park Central or Blair Athol, I've seen some occasional good buys there.
 
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