Cooma?
- Thread starter Big Tone
- Start date
Don't know too much about Cooma. Good rental yields though. Have noticed high yields over many years now. Not sure who the big employers are/economic drivers for the town. Income from ski industry in winter (passing trade and those that stay overnight or rent equipment) and people employed with snowy hydro electric scheme and in the wool industry (sheep) and rural service industries. Has an airport.
Hi Big Tone,
From RPData:
Area Profile
The size of Cooma is approximately 98 km². It has 38 parks covering nearly 3% of the total area. There are 9 schools and 2 childcare centres located in Cooma. The population of Cooma in 2001 was 4,712 people. By 2006 the population was 6,266 showing a population growth of 33% in the area during that time. The predominant age group in Cooma is 10 - 19 years.
Households in Cooma are primarily sole parent and are likely to be repaying between $400.00 - $600.00 per month on mortgage repayments. In general, people in Cooma work in a non-specific occupation. In 2001, 67% of the homes in Cooma were owner-occupied compared with 68% in 2006.
Currently the median sale price of houses in the area is $217,500
From APM:
See attached CG chart of medians for last 10 years - good long term @ 8.39%
Takes a long time to sell a house there though - at over 5 months
From SQM research: Rental vacancy sitting at 2.4% - under 3% is generally good
And rental yield also looks exceptional at 6.6% (APM)
Overall just from the numbers alone it has a low entry level @ just over $200K, good yields of 6 - 7%, low vacancy of < 3%, good CG of over 8% pa.
Close to the snow, growing population......bears looking into more closely.
Attachments
I've been wondering the same thing.
This property has caught my eye several times over the last 6 months.
This property has caught my eye several times over the last 6 months.
Shady,
That looks like accommodation for Snowy Hydro workers (2 of them joined together) . I know someone who about 40 years ago purchased a similar building off Snowy Mountains Scheme (I think it cost $1000) and had it transported and placed on a property at Anglers Reach on Lake Eucumbene (costing another $300).
The foundations were made by filling 44 gallon drums with cement then the building would be lowered onto the foundations.
That looks like accommodation for Snowy Hydro workers (2 of them joined together) . I know someone who about 40 years ago purchased a similar building off Snowy Mountains Scheme (I think it cost $1000) and had it transported and placed on a property at Anglers Reach on Lake Eucumbene (costing another $300).
The foundations were made by filling 44 gallon drums with cement then the building would be lowered onto the foundations.
I drive through Cooma occasionally with work. The region is doing it tough with the drought.
The town itself, .... nice place, but I don't see where the population growth or employment is going to come from. As others here have said ... it's mainly tourists and farming. From memory around 8,000 population.
Look do your own DD. but I've looked into the town and I just don't see where future CG will come from, .... no new industries in the pipeline that I'm aware of.
Anyway ..... not trying to be a downer, ... just my thoughts
Martin
The town itself, .... nice place, but I don't see where the population growth or employment is going to come from. As others here have said ... it's mainly tourists and farming. From memory around 8,000 population.
Look do your own DD. but I've looked into the town and I just don't see where future CG will come from, .... no new industries in the pipeline that I'm aware of.
Anyway ..... not trying to be a downer, ... just my thoughts
Martin
