IP in Gunnedah NSW

[kvellimalai]

I am currently thinking of cash flow properties as my bank says i have reached the limit for negative gearing.
So looking the reginal areas and i am concentrating on either Gunnedah NSW or Gulgong and Mudgee.

I am a city guy and don't have much idea about the regional areas. I did read on the forums about Gunnedah. but they are all old information.

Please advice I am looking for some regional areas around Sydney (about 4-6 hours of drive).

 

[Starofdavid]

A few years ago Gunnedah skyrocket in price.
I was up there last month, the Main Street is very quiet .

I heard the mines had or were closing , can anyone confirm that ?

 

[WattleIdo]

put Parkes and Forbes on your list

I don't know much either but I've been living in Parkes for a few years and have just bought a house here. Not saying you should buy here but I suggest putting it on your list of maybes.
There's:

1. a new hospital being built,
2. roads being upgraded,
3. airport being upgraded,
4. retirement homes being built all over the place (not sure why),
5. a Bunnings recently went up in Forbes (also a good town)
6. and a ring road being built to allow better access to the new hospital.

Also, it looks very likely that the inland rail will be going ahead. If so, Parkes is half-way between Melbourne and Brisbane. We get a (hell of a) lot of trucks going through Parkes so the rail would be great.

• It's a proposed 'transport hub'.

The ring-road being built will only improve the town. Currently, the Newell Highway runs right through. Noisy fast smelly dangerous trucks pelting down the highway 24/7.

• Plenty of tourists stop here because Parkes is Parkes. Satellite dish, Elvis festival (cringe), everyone knows someone in Parkes.

Hope you don't mind me suggesting this town but there's a real buzz here and I sincerely believe it's worth a look.
(FWIW - I've heard good stuff about Mudgee, too.)

 

[kvellimalai]

A few years ago Gunnedah skyrocket in price.
I was up there last month, the Main Street is very quiet .

I heard the mines had or were closing , can anyone confirm that ?

Thank you for the details. It looks it takes longer time to sell as the no of days in market is around 187..

Any advice please...

 

[kvellimalai]

I don't know much either but I've been living in Parkes for a few years and have just bought a house here. Not saying you should buy here but I suggest putting it on your list of maybes.
There's:

1. a new hospital being built,
2. roads being upgraded,
3. airport being upgraded,
4. retirement homes being built all over the place (not sure why),
5. a Bunnings recently went up in Forbes (also a good town)
6. and a ring road being built to allow better access to the new hospital.

Also, it looks very likely that the inland rail will be going ahead. If so, Parkes is half-way between Melbourne and Brisbane. We get a (hell of a) lot of trucks going through Parkes so the rail would be great.

• It's a proposed 'transport hub'.

The ring-road being built will only improve the town. Currently, the Newell Highway runs right through. Noisy fast smelly dangerous trucks pelting down the highway 24/7.

• Plenty of tourists stop here because Parkes is Parkes. Satellite dish, Elvis festival (cringe), everyone knows someone in Parkes.

Hope you don't mind me suggesting this town but there's a real buzz here and I sincerely believe it's worth a look.
(FWIW - I've heard good stuff about Mudgee, too.)

Thanks for the details on Parkes (which was not in my list before but now I will look into it.)
Any particular area to avoid?
Can you suggest me the areas to avoid?
Also, what about the rental vacancy?

Regards
Velli

 

[WattleIdo]

Velli,
Vacancy is pretty good. Double check on sqm but I think it's a little above 1%.
Where to avoid? Well it depends what you're after. It could be possible to get something run down in a good area (all of the 'east' near the High School and central Parkes is good). Unlikely to get something decent for less than 200K. But you might. I did.
One side of the tracks is definitely better than the other. The side on which the hospital is going up is the not-so-good side but I wouldn't rule it out. There is some houso around there and I'd avoid that area. (Be careful around Medlyn St, Woodward St, Howard St and stay away from the caravan park - or any caravan park.) On the other hand, you might consider those houses to be in a good price range. If you're able to reno, that could be helpful. The hospital will improve things there.
There's another houso area on the good side of town (diagonally opposite) which is being being sold off but it's still a bit rough. (North side of Mitchell St up near Spicer's Park/Oval). Was called the devil's playground but no so much like that now. Mitchell St has some great houses but the top end is the houso area.
Stay away from Westcott Cres.

 

[kvellimalai]

Velli,
Vacancy is pretty good. Double check on sqm but I think it's a little above 1%.
Where to avoid? Well it depends what you're after. It could be possible to get something run down in a good area (all of the 'east' near the High School and central Parkes is good). Unlikely to get something decent for less than 200K. But you might. I did.
One side of the tracks is definitely better than the other. The side on which the hospital is going up is the not-so-good side but I wouldn't rule it out. There is some houso around there and I'd avoid that area. (Be careful around Medlyn St, Woodward St, Howard St and stay away from the caravan park - or any caravan park.) On the other hand, you might consider those houses to be in a good price range. If you're able to reno, that could be helpful. The hospital will improve things there.
There's another houso area on the good side of town (diagonally opposite) which is being being sold off but it's still a bit rough. (North side of Mitchell St up near Spicer's Park/Oval). Was called the devil's playground but no so much like that now. Mitchell St has some great houses but the top end is the houso area.
Stay away from Westcott Cres.

Hi WattleIdo,

Thank you very much for the very detailed information. I am planning to come over to the city this week.

Regards
Velli

 

[Phar Lap]

A few years ago Gunnedah skyrocket in price.
I was up there last month, the Main Street is very quiet .

I heard the mines had or were closing , can anyone confirm that ?

More coal mines coming online in the future, obviously when the coal price is right. I have not heard of any closing, just scaling back.

Who in their right mind would think coal is dead? Maybe in the very distant future but now?hell no!

 

[ChrisA1]

Vacancy rates

You can look up vacancy rates and many other points at

http://www.sqmresearch.com.au/free-statistics.php

 

[kvellimalai]

You can look up vacancy rates and many other points at

http://www.sqmresearch.com.au/free-statistics.php

Thanks Chris..

 

[kvellimalai]

where to get the housing commission house details

I am sure there is way to get the housing commission area in a particular suburb. I am interested to get for Armidale where I am currently targeting.

Thanks in advance....

Velli

 

[Rolf Latham]

I am currently thinking of cash flow properties as my bank says i have reached the limit for negative gearing..

im going to side track this chat.

Why let your banker decide your financial future and what youd like to invest in ? if you dont need to ?

id bet a decent bottle of red that you arent actually stuck for income, and more lending per se, just possibly the small pond that your current lender has left you in.................

Plenty of great Sydney based brokers that post here than get you back on focus with what YOU want to invest in, rather than being guided by the policy of lender X


ta

rolf

 

[jkat]

Gunnedah

I don't know much about Gunnedah from a investment perspective but hubby has family that live there.
- scaling back of coal
- rents have gone done in price (anecdotal, not sure if accurate info)
- longer time on market because it is country and people are prepared to wait 3-6months to sell a house. It is 'normal' because there is a smaller pool of people buying.

There are some real estate agents in town who don't advertise online because they know everyone in the area so it may be worth to call around and have a chat with some of them.

Also am aware that Gunnedah has a fair amount of service apartment style accommodation for the FIFOs

Just my 2c

 

[dabbler]

I am no expert, but been to gunnedah, parkes, forbes, mudgee and other regionals all many times over last few years.

Gunnedah is an agriculture area & like Mudgee, went up when mining was high, and drops off when it is low, if hit with bad agriculture years as well, then, you can guess the rest.

Parkes I know less about, but only about 15 mins away is Forbes, so many people drive between the 2 as they are so close, they both tend to support/help each other it seems, agriculture is big driver, but the populations probably help drive each other as well, Forbes council seems pro business, and some of the large chains have setup in town & what is not in Forbes, is in Parkes, so residents also drive around for different shopping etc.

I think most regional s will take longer to sell, part of the package.

Mudgee, Gulgong, they seemed to me to be too reliant on mines, although Mudgee gets a lot of people visiting from Sydney etc too, but when I looked at some places over 12mths ago, for example 240k basically bought a dump and rents not so good I bet Mudgee is hurting a bit now, had someone trying to convince me to buy and build 2 houses for miners, thankfully I had no budget for that, nor the appetite for the risk.