Hi All,
What are the thoughts on buying in a location that is convenient? I understand its all about the numbers and the plan, but if there is some compromise is it worth a go? (Its not a total gamble!)
We are in Northam for around 6 months and starting to suss the area out. For those that dont know its about 100km north east of Perth and start of the wheatbelt. Population is 6500 and "it is the largest inland town in the state not founded on mining" (thanks wikipedia!) It is a business hub for the surrounding towns. York and Toodyay nearby are your city slicker hot spots for weekend trips, they are pretty funky but are a lot smaller towns. a lot of the the locals there come to northam to work (20-30min drive).
The perth/WA locals will have the inside info on the town as I know it has colourful side to it, with history at the hospital and crazy locals. And I am interested to hear their thoughts of future growth, I dont know perth so steering clear of the pandoras box down there atm
There is talk of a Super town or some BS from the pollies which I found old posts here in 2011 and pretty much its a hub for the region, but it does have a big expansion of the hospital planned for later this year, depending where you read its $20-50mil to help service the area. Plus the government website is pushing tourism in the regional WA plus it states the estimated population is to grow to 20,000 in 2031. Seems high!
Anyway While were here we can buy and do a reno, thinking paint, new kitchen and minor stuff in bathroom ideally, plus a pot plant or two. Otherwise id be looking to buy interstate and managing renos over the phone. Plus there are few larger blocks around so there is possibly an option later down the track for granny flat etc or maybe an all out development
So the numbers (from re.com.au)
House median $250k Yield 6.7%
2x1 house $170k 8.6%
3x1 house $245k 6.6%
YIP mag
$220k Yield 7.56%
vacancy rate 2.9%
The numbers look good but the future growth of the area (and WA) and future CG is where im unsure if i can tick the box, pretty important one!
What are the thoughts on buying in a location that is convenient? I understand its all about the numbers and the plan, but if there is some compromise is it worth a go? (Its not a total gamble!)
We are in Northam for around 6 months and starting to suss the area out. For those that dont know its about 100km north east of Perth and start of the wheatbelt. Population is 6500 and "it is the largest inland town in the state not founded on mining" (thanks wikipedia!) It is a business hub for the surrounding towns. York and Toodyay nearby are your city slicker hot spots for weekend trips, they are pretty funky but are a lot smaller towns. a lot of the the locals there come to northam to work (20-30min drive).
The perth/WA locals will have the inside info on the town as I know it has colourful side to it, with history at the hospital and crazy locals. And I am interested to hear their thoughts of future growth, I dont know perth so steering clear of the pandoras box down there atm
There is talk of a Super town or some BS from the pollies which I found old posts here in 2011 and pretty much its a hub for the region, but it does have a big expansion of the hospital planned for later this year, depending where you read its $20-50mil to help service the area. Plus the government website is pushing tourism in the regional WA plus it states the estimated population is to grow to 20,000 in 2031. Seems high!
Anyway While were here we can buy and do a reno, thinking paint, new kitchen and minor stuff in bathroom ideally, plus a pot plant or two. Otherwise id be looking to buy interstate and managing renos over the phone. Plus there are few larger blocks around so there is possibly an option later down the track for granny flat etc or maybe an all out development
So the numbers (from re.com.au)
House median $250k Yield 6.7%
2x1 house $170k 8.6%
3x1 house $245k 6.6%
YIP mag
$220k Yield 7.56%
vacancy rate 2.9%
The numbers look good but the future growth of the area (and WA) and future CG is where im unsure if i can tick the box, pretty important one!
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