IP Advice please. Tamworth

[On The Way Up]

I was wondering if anyone has purchased in Tamworth or carried out some research as to the merit of an IP in this area?

Do you think Calala just outside of Tamworth is any good?

I have about $250k to spend and would really appreciate any thoughts on where I could find an IP with great CG potential.

Thank you very for your input.

Kind regards

Andrew and Monika

 

[Rahvi99]

I am also interested in small towns near Tamworth.. particularly Barraba and Manilla.. Curious to hear of anyones experiences.. or thoughts.

 

[Propertunity]

I was wondering if anyone has purchased in Tamworth or carried out some research as to the merit of an IP in this area?

Hi Andrew and Monika,

Friends of our moved to Tamworth some years ago, stayed for 10 years, and then relocated to Cleveland near the Gold Coast. We went to visit them a few times while they lived there. I'm not a big fan of Tamworth. Coming up on the Australia Day week-end the place gets packed out for the Country Music festival. When the river that runs through the town floods, which it does with reasonable frequency, the place gets cut-off. Maybe I just don't like the counrty life & music and that colours my view

Do you think Calala just outside of Tamworth is any good?

From a CG perspective it has done pretty well with a long term trend of about 8.5% (apm). Seems to take a while to get a house sold there though at 128 days on the market .....geeze that's 4 months. And I suppose that's what worries me about these small places in the country for investment.

I have about $250k to spend and would really appreciate any thoughts on where I could find an IP with great CG potential.

Why not buy a really good 1 or 2 brm unit for that price in Ashfiled or Auburn? You have millions of possible tenants to pick from and in an international city.

Just as a matter of interest - any reason you zeroed in on Tamworth?

 

[Propertunity]

I am also interested in small towns near Tamworth.. particularly Barraba and Manilla.. Curious to hear of anyones experiences.. or thoughts.

Well Rahvi99, I guess you read my previous post.....but to answer your specific question, Manilla has done pretty well lso from a CG perspective. See attached graph (apm).
But it only has a bit over 3,000 ppl that live there. And it takes on average 6 months for a house to sell from the time it is on the market.

Why this obsession with small county towns? Unless it is for a PPOR of course - then it is just personal taste.

 

[On The Way Up]

Thankyou very much for your comments regarding Tamworth.

The reason why I am looking at that area is because I want to buy a house that I can do a dual occ. development. My thinking is to add value buy building another house on the block and renting that out as well as the existing house therefore increasing my servicability and equity and use this to buy again.

Well thats my strategy. What do you think?

I would really appreciate your comments on this as you obviously know far more about the market than we do. Can you suggest another area which could serve us better keeping to the $250 range?


Regards

Andrew n Monika

Hi Andrew and Monika,

Friends of our moved to Tamworth some years ago, stayed for 10 years, and then relocated to Cleveland near the Gold Coast. We went to visit them a few times while they lived there. I'm not a big fan of Tamworth. Coming up on the Australia Day week-end the place gets packed out for the Country Music festival. When the river that runs through the town floods, which it does with reasonable frequency, the place gets cut-off. Maybe I just don't like the counrty life & music and that colours my view



From a CG perspective it has done pretty well with a long term trend of about 8.5% (apm). Seems to take a while to get a house sold there though at 128 days on the market .....geeze that's 4 months. And I suppose that's what worries me about these small places in the country for investment.


Why not buy a really good 1 or 2 brm unit for that price in Ashfiled or Auburn? You have millions of possible tenants to pick from and in an international city.

Just as a matter of interest - any reason you zeroed in on Tamworth?

 

[Propertunity]

The reason why I am looking at that area is because I want to buy a house that I can do a dual occ. development. My thinking is to add value buy building another house on the block and renting that out as well as the existing house therefore increasing my servicability and equity and use this to buy again. Well thats my strategy. What do you think?

I think its a good strategy.

I would really appreciate your comments

Andrew n Monika, well have you ever done a dual occ before?
Nothing wrong with the strategy, but if its your first one you'll need to be on-the-spot quite a bit while you're getting it sorted. Tamworth is 5 hours drive from Syd. I can see you getting quite tired of a 10 hour turn-around journey every time you need to be on-site.
Are there many dual occs in Tamworth?
What do tenants think of them?
Have you asked local PM's for their rentability?

 

[Stella]

So does anyone know the areas of Tamworth to stay away from?

Cheers
Stella