Investing in Orange, N.S.W.
- Thread starter Cody
- Start date
Hi,
I have a couple of IP in Orange,you would want to stay away from Kurim Ave side to Lone Pine near Bunnings end as these areas are the lower housing commission area,Glenorie area is ok for families etc as a lot HC stock has mostly been sold off
Personally if I was living there it would be in Calare if I had children or South Orange close to town.
Just avoid the 'curly culdesac' streets over near Lone Pine Ave, and the curly culdesac streets at the north end of Spring Street. Otherwise the rest of town is all pretty safe, and it's just a matter of budget.
I quite like the area over near the East Orange Post Office in Bowen, for a cheap but pleasant part of town. Plus, like macca said, there are some perfectly acceptable parts of Glenroi. Both areas are close to CBD, and have cheaper houses you could reno.
Hardcore, 3rd generation locals would never consider living on the east side of town, but the people who do live on the east side of the train tracks quite like it.
I quite like the area over near the East Orange Post Office in Bowen, for a cheap but pleasant part of town. Plus, like macca said, there are some perfectly acceptable parts of Glenroi. Both areas are close to CBD, and have cheaper houses you could reno.
Hardcore, 3rd generation locals would never consider living on the east side of town, but the people who do live on the east side of the train tracks quite like it.
We have just finished a project in Orange (Glenroi) and it did take longer to rent than I expected. There does seem to be lots of places for rent. Saying that, you can pick up some bargains every now and then if you are quick. I'll be interested to see what this sub division does to the value of the house. Medium term maybe not so good but growth is good long term yes?
Apparently, though I've got no idea what's driving it. I mean, I love Orange, it's a nice part of the world, my mum lives there, etc. And I understand it's a nice tree-change destination, but I'm just not sure why the growth rate is SO high.
Another random Orange-question. Prices/valuations in Glenroi have been kept low because of DOH selling off stock at lower prices with conditions attached. Does anyone know how many years before banks stop including these cheaper sales in their comparable sales data? E.g., do they only look at comparable sales from the last 2 years, or less, or more? Bank valued my place at $240k back in 2008-ish but I'd hazard a guess that if I tried to get a valuation today, it'd come back closer to $190k because of all the DOH sales at around the $150k mark. Grrr.
Usually they will look to value with 6-12months unless there aren't any compareable and have to go back further.
(10 characters)I own property in the 'curly culdesac' area of Orange, yes it is the rough part of town but I personally haven't had any problems other than a few vacancies over the past 4 years.i had one period of about 4 weeks which was not ideal but I was happy that the pm waited until a better applicant was approved.
Strong yields in the area but I agree valuations haven't moved much over the last couple of years due to the sell off of DOH stock. Long term this is a positive as more owner occ move in
Strong yields in the area but I agree valuations haven't moved much over the last couple of years due to the sell off of DOH stock. Long term this is a positive as more owner occ move in
plenty of rentals here:
http://www.realestate.com.au/rent/i...activeSort=price-asc&includeSurrounding=false
Yep 3.5% current vacancy rate in Orange. Too soft imo.
I'm in contact with a couple of agents in the area. We have moved out of Orange (because we don't live in NSW anymore) but I still get some properties through to my email.
A couple have come through now that look good - one is selling for $169K currently leased at $200pw. Probably not the best area of Orange (I have looked too hard TBH) but having a tenant in there is a bonus. There are still deals out there if you're willing to look.
My place is also in one of the less desirable parts of Orange and we haven't had a single problem. We actually stayed in the house while we reno'd and the neighbours were really lovely. Could be a bit of luck though? I think it is also the general clean up of those areas, moving the DOH stock has good long term prospects.
A couple have come through now that look good - one is selling for $169K currently leased at $200pw. Probably not the best area of Orange (I have looked too hard TBH) but having a tenant in there is a bonus. There are still deals out there if you're willing to look.
My place is also in one of the less desirable parts of Orange and we haven't had a single problem. We actually stayed in the house while we reno'd and the neighbours were really lovely. Could be a bit of luck though? I think it is also the general clean up of those areas, moving the DOH stock has good long term prospects.
Please be careful!!
As a local real estate agent, I am constantly seeing out of area buyers chasing great returns in Orange.
As a rule of thumb, here's the low down;
Returns of 6.5%+ = High risk, long term tenants, possible high repairs and high arrears (normally rented currently at <$300pw)
Returns of 5% -6%+ = Average risk, medium term tenants, average repairs and average arrears (normally rented currently at $330 to $400pw)
Returns of less than 5% = Low risk, short term tenants, possible low repairs and low arrears (normally rented currently at >$470pw)
If possible, buy where the majority of tenants are looking; price and area, (throughout the full year - not just where they are looking in Dec/Jan). Gas heating is REALLY important. No-one cares about cooling. Tenants HATE pools. Double garage is a big plus; everyone hates scaping frost of the windscreen in Winter (or at least two car off street parking).
Also, some agencies aren't great - speak to at least three. Talk to them about your property goals and ask them what suggestions they would have. You will every quickly get a sense of do they know what they are talking about.
Good luck,
Pete
As a local real estate agent, I am constantly seeing out of area buyers chasing great returns in Orange.
As a rule of thumb, here's the low down;
Returns of 6.5%+ = High risk, long term tenants, possible high repairs and high arrears (normally rented currently at <$300pw)
Returns of 5% -6%+ = Average risk, medium term tenants, average repairs and average arrears (normally rented currently at $330 to $400pw)
Returns of less than 5% = Low risk, short term tenants, possible low repairs and low arrears (normally rented currently at >$470pw)
If possible, buy where the majority of tenants are looking; price and area, (throughout the full year - not just where they are looking in Dec/Jan). Gas heating is REALLY important. No-one cares about cooling. Tenants HATE pools. Double garage is a big plus; everyone hates scaping frost of the windscreen in Winter (or at least two car off street parking).
Also, some agencies aren't great - speak to at least three. Talk to them about your property goals and ask them what suggestions they would have. You will every quickly get a sense of do they know what they are talking about.
Good luck,
Pete
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recently purchased in Orange, rough diamond, good return, and low capital outlay. Orange has a good mixed economy with some strong investment planned to help promote the city. Long gains can be made, if Sydney keeps going up, these types of regional cities will be very affordable in comparison to metro prices.
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