Holiday Observations

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From: Robert Longmore


G'day all. I have just returned from a 2 month driving holiday of the east coast of OZ. I spent approx 3 weeks just in NSW alone, and on this journey, i made a habit of checking out the local real estate agents and the local market. basically, the conclusion i came to is, If you want cashflow, out of sydney is Unbeatable!, sure capital gains won't be no where near as high as Sydney dirt, but there is some.

Eg. Kempsey. 2x2 bedroom units, on 760 m2 block at the back of town, asking $75,000 for both. Both units currently rented at $95 per week. $190 rent for a $70K property. Try and find that in SYD!

Eg Port Mcquarie, 3 bd house on 700m2 level block. house is 10 yrs old, only 5 km from CBD, renovated kitchen. asking $145,000, currently rented at $220 per week, to tenants that have been there 3 years already.

and take a look at the vacancy rate in Wagga! A friend of mine has got Married and she is looking to rent in wagga, sorry, get on the waiting list!

This trip was definatly an eye opener!
 
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Reply: 1
From: Sergey Golovin


We just came back from Dubbo last weekend.
Went to see Dubbo Zoo on the XPT (train).

Same picture - good prices, good rent, nice and smooth flow and no rush. Everyone is happy. And everyone is making money.

Serge.
 
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Reply: 1.1
From: Juzz O'K


A word of caution,

Some banks will reduce your nice 80%LVR
or higher down to 70% LVR or lower on
country property.

Others don't want to even consider
lending against any property out of
major city metro areas.

Another thing. Ask a valuer if they would
like to come & value your property 3Hrs
drive away.

Justin
 
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Reply: 1.1.1
From: Sergey Golovin


Do it locally.

Have to drink lots of beer...but... well, what can you do.

Serge.
 
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Reply: 1.1.2
From: Cathy Baxter


Being in the country is no problem getting valuers and we do have banks here - falling over themselves to lend you money! But try getting a quantity surveyor - some of them have never even heard of Armidale! And there is only one land surveyor between here and Qld border (inland that is).

The cashflow is excellent, no growth however, that's why next investment will be on the coast.

Cathy
 
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