Investing in Orange, N.S.W.
- Thread starter Cody
- Start date
I live in Bathurst and have been keeping an eye on the market for the last 18 months or so. There is a strong rental market in Orange, Bathurst, Blayney and Parkes. Unfortunately property prices have been driven up quite extensively because of the mining in the area. There are still some properties around at a decent price but may be in need of some general renovation.
I am a member of a rentals wanted group and there is a STACK of private tenants who just cant get rentals because it is either overpriced or leased to a mining company. These people would appreciate a long term rental and most are willing to pay more than market rent.
I plan to invest in the Central West but because Cadia has been going a while the "boom" of Orange is pretty much over. Gotta be lucky and in the right place at the right time at the moment.
I am a member of a rentals wanted group and there is a STACK of private tenants who just cant get rentals because it is either overpriced or leased to a mining company. These people would appreciate a long term rental and most are willing to pay more than market rent.
I plan to invest in the Central West but because Cadia has been going a while the "boom" of Orange is pretty much over. Gotta be lucky and in the right place at the right time at the moment.
Hi JWR & everyone
Im very new to investing and have recently purchased a land and home package in Delroy Park (Dubbo) for $369K....4brs on a 600m block.
Just wondering if I've paid premium prices and wonder if anyone can recommend a good PM in Dubbo or have any idea how much this can be rented for.
Any advice is greatly appreciated!
Thanks,
Amii
What is market rent then if they are mostly owned by mining companies and there are only a few "overpriced" rentals left.
So what more than market price are they willing to pay?
The one for $119k? Its under contract.
Thought I'd re-open this thread instead of starting a new one.
On top of all the development to the north of Orange in the last few years, they've now announced a massive new 1600-lot subdivision to the south, near the new hospital.
Apparently Orange has a growth rate of 6.58% and expects to grow by 8000 people in the next few years (I'm not sure who all these people are, but whatever, if the professional statisticians and demographers say they're coming, ok, they're coming).
I have on old house in an unpopular, but safe, part of town. I'm wondering what the effect of all this new housing stock will be.
Raise prices across the board because they'll push the average price up slightly? Make it much harder to sell/rent older housing stock?
If it's going to be harder to sell/rent once it's finished then maybe I should think about selling now? I've never like the idea of selling, and normally I wouldn't think about it, but this new sub division just seems so massive. I'm not sure what to do.
On top of all the development to the north of Orange in the last few years, they've now announced a massive new 1600-lot subdivision to the south, near the new hospital.
Apparently Orange has a growth rate of 6.58% and expects to grow by 8000 people in the next few years (I'm not sure who all these people are, but whatever, if the professional statisticians and demographers say they're coming, ok, they're coming).
I have on old house in an unpopular, but safe, part of town. I'm wondering what the effect of all this new housing stock will be.
Raise prices across the board because they'll push the average price up slightly? Make it much harder to sell/rent older housing stock?
If it's going to be harder to sell/rent once it's finished then maybe I should think about selling now? I've never like the idea of selling, and normally I wouldn't think about it, but this new sub division just seems so massive. I'm not sure what to do.
Not sure. Actually, I can't even find where I got that 1600 figure from. Depending on the lot size, it could be a lot more than that. The council site says:
"The City Council is now beginning the process of drafting a ?blue-print? which will guide the shape of future housing developments in a 276 hectare area of land."
http://www.orange.nsw.gov.au/site/index.cfm?display=403665
"The City Council is now beginning the process of drafting a ?blue-print? which will guide the shape of future housing developments in a 276 hectare area of land."
http://www.orange.nsw.gov.au/site/index.cfm?display=403665
WattleIdo, unfortunately it's not one of those lovely old character double brick places. It's a post-war clad cottage, surrounded by other post-war clad cottages. It has always rented well, good return, but again I'm not sure what will happen to the rental market if this big development goes ahead at the same pace that all the other surrounding developments have. Acres and acres of new houses every few months.
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