Gunnedah and Quirindi

Thanks, found it!
However these discussions go a while back and I was hoping for updated information. The property prices in Quirindi fell heavily over the last few month and the rental yields are currently awful.
Gunnedah seems to be steaming ahead, but Quirindi took a step back.
We have found a possible IP in Quirindi, but are insure whether to go ahead with it. Quirindi has a low population and if BHP should pull out there is nothing left?
Any thoughts?
 
Thanks, found it!
You're welcome

The property prices in Quirindi fell heavily over the last few month
I seriously doubt that. House prices are not things you can monitor like shares on the stock market. There was though only 0.8% CG in the median price in 2009.

and the rental yields are currently awful.
So were you looking for CG or rental yield? Given that ppl mainly invest in country areas like this for yield and it is a long time between drinks waiting for CG, and the yields are poor, why would you bother?
Please don't tell me "because it is cheap".

We have found a possible IP in Quirindi, but are insure whether to go ahead with it.
Freudian slip perhaps? If you are unsure then you'd better insure :)

Quirindi has a low population and if BHP should pull out there is nothing left? Any thoughts?
If true, that would be enough to make me look elsewhere. This kind of thing is too risky for my style of investing.

Sorry I am no help on these 2 towns - I'm just refelcting back some of your thoughts to think about.
 
I would be looking more at Gunnedah,possibly narrabri area,with a larger population,

They are both closer to the mines with better amenities,
Also remember the flooding when you buy,(Highset or stumps).

Unless you have a reason to buy in Quirindi that nobody knows about.:rolleyes:
 
Thanks, found it!
However these discussions go a while back and I was hoping for updated information. The property prices in Quirindi fell heavily over the last few month and the rental yields are currently awful.
Gunnedah seems to be steaming ahead, but Quirindi took a step back.
We have found a possible IP in Quirindi, but are insure whether to go ahead with it. Quirindi has a low population and if BHP should pull out there is nothing left?
Any thoughts?

Seems like you know all about Quirindi so I'm wondering why ask...?

I live in QDI and can tell you that BHP is only a newcomer....this town has been built on the farming sector in the past which is not going to go away BHP or not....!

If however BHP goes ahead at Caroona...and it will....then Quirindi will have another leg up like it did a few years ago already.
But coal mining is not the only thing happening here just remember that...

There has been a tree change phase over the last decade and we still see retirees moving up to the quiet life and no traffic lights....also a number of young families have moved up and made their homes very easily.

Quirindi is also a satellite of Tamworth and many people prefer to live in QDI and work in Tamworth...this has been going on for decades...heck I went to school in Tam travelling each day from QDI.....30 years ago...:eek:

Propertunity is right about long time between drinks...you won't make a quick buck here but presently there are quite a few houses on the market and who knows what offers vendors will accept depending on their circumstances.

House prices here are what I'd call stable and I see no falling heavily in the last few months....where are you getting your figures from...?

I'd suggest there are many markets in QDI as well, even though it's small there is quite a diverse range of housing and differing areas of desire so to speak.

Good quality brick houses are in short supply always and they don't last long when on market.

By good quality I don't mean the ones recently completed on the northern side of town....with reports that they are already failing in structure and tenants wanting out I see these houses as white elephants and are largely ignored by any locals as most are owned by 'investors' from elsewhere who were seduced by a certain developer using the BHP story.

I could be wrong but it's right in front of me here in QDI and hard to ignore.

As a conclusion....best you come spend some time here and do some decent DD as you could easily be caught out, but just the same could easily do very well for yourself. I know quite a few local investors who are doing terribly well with IP's in town.;)
 
Thorpey, I must say that development on the N side of Qdi surprised me a few years ago when I first saw it. If you're going to live like that you may as well live in Tamworth.

As a person who worked in Qdi for some years and still has regular contact there I couldn't agree more. Gunnedah still has empty sites in its industrial area from when mining stopped several years ago.
 
Yeah, it's like anywhere small town....any town....you gotta get the right price not the asking price...sounds so blatantly obvious but it's simple and works.

There are always cheap props to buy and do up and rent out. The current rental market in QDI is the same as it's always been.... tight.... but these days renters are able to afford more each week whereas in many years gone by there seemed to be a limit on what renters could pay, no matter how tight vacancy rates were.
More than likely a reflection of wages growth for the town with new industries paying better then farming wages. It's feeding on itself well at the moment....
 
Thorpey, you are a gem! Thanks for so much valuable info!
Got my housing figures off CBA, guess they are not accurate then.
Speaking of areas in QDI. What do you think of Hawker Street?
 
What do you think of Hawker Street?


Hawker Street is a bit of a main throughfare to Tamworth. A bit busy I suppose, but that's by country town standards. At peak hour the traffic would be doing 45 k's instead of 50 k's. There'd be some trucks going past and the railway line is 500 metres away. The southern end is older houses close to the road, the northern end, more modern houses, and set off the road on their own street.

Probably nothing to worry about for a rental property.



BHP won't be going away. I think they will mine the ridges and leave the plains. That will mean there will be 100 years of coal instead of 200. They will come out in the media soon and say that they will compromise and leave the unique black soil plains alone, but I hear that the drill holes are being totally inundated with water, just as I suspected they would. The miners would need scuba gear.:eek:

I've got coal seam gas going in 5 ks from me, and they have been all around with their drill holes.

Why not check out some of the villages around Quirindi. Miners love acreage and space for big sheds for their toys. A lot of houses in the villages are on acre blocks.


See ya's.
 
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Quirindi has a low population and if BHP should pull out there is nothing left?
Any thoughts?


As Thorpie said, nothing has even happened yet with BHP, not a single kilo of coal taken out. So if BHP pulled out, it would not change a single thing.

So, there is currently a coal mine 10 k's to the north that's been going for 5 years or more, and the Chinese one is going in 40 k's to the north east. Horse studs are starting to move in from the Hunter. Farms are doing well, the last decade recorded average rainfall, and between the Liverpool Range and Gunnedah is Australia's safest broadacre farming land. Plus all the usual service industries, schools, hospital, and what ever else in a normal town.


See ya's.
 
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Speaking of areas in QDI. What do you think of Hawker Street?

Personally....?

You must know me hey....?

Lived in Hawker St as a teenager and living there again now....the road noise is not so bad and the trains you get used to....it's that bloody dog across the road that barks all night when the owner is away......that keeps me awake. LOL

So which one are you looking at...?
There is two just down from us 2 doors away and another up the street in the next block but it's been on market for awhile now and was on at the same time we bought this place. I'm talking the upper end of Hawker St where it divides into dual carriageway.


Topcropper said:
: At peak hour the traffic would be doing 45 k's instead of 50 k's.
LOL....peak hour in Quirindi..... LOL

You crack me up TC.....:D
 
What a coincidence :D
Yep, talking about the one up the street
Actually looked at all of them last week, drove up from Sydney!
It has potential. But old, no depreciation and rental yield low compared to asking price...
What are your thoughts on the property?
 
Presuming we are talking the same property (with the rotting sleepers in the backyard?)......
I neither like or dislike it......it all comes down to the $$$ equation.

It needs renovation to bring it out of the late 70's early 80's and that backyard is not pretty......small garage...reckon our small car would struggle to get in...

Add up the cost for all this and then derive a buying figure ....?

I would not pay any more than $200k absolute tops considering it needs total renovation.

Of course I'm using our PPOR as a guide/comparison and that's going back 3 years now.....we asked and bought way below asking price but I still think the seller did well.

Anyway, if you would like to meet up and have a chat I may be able to show you around from an investors point of view not from a local agents view....;) Just PM me...
 
Thorpey, agreed! We were thinking exactly the same. Good to know that we are on the right track.
Thanks for the great offer to meet up. We will take you up on that one.:)
 
Tell 'em you will still consider if they can't sell cause they have been on market for yonks now and sooner or later they will want to just get rid of it....I see quite a few utes and cars outside that house last few days now and one looks like a drilling company ute....

Patience is the key....;)
 
Thanks, Thorpey
The ute belongs to the tenants, husband works in the mines. Nice family! We met them when we inspected the house.
 
quirindi

Hey,
I am moving to Quirindi in 2 weeks. I was wanting some advice on buying in quirindi. I have read some comments about the newer brick houses on the northern side. Is that morning view close you refer to?
Jan
 
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