Jindabyne Holiday Rental?

[jennyn]

I saw an ad for Cobbin Creek Estate the other day. They're selling land 5 k's from Jindabyne starting at 57k, 1 and 2 acre blocks, including power, sewerage, phone, water and bitumen roads.

It says in the blurb, "outstanding opportunity for asute investor, extraordinary weekly rental returns during both winter and summer" yeah, yeah.

Has anyone had experience with a snowy mountain holiday rental?

I was thinking I could put 4 houses on the one huge block, a la Michael Croft. They'd be kit homes or manufactured ones or freebie fibros.

If I rented each one out for approx 14k per year, mainly in the ski season, that would be 56k per year and the land and houses would cost approx 280k? (approx 50k per house) + furnishings.

Does anyone think this would work? I know I'd have to check with the council first that I'd be allowed to put 4 houses on and be able to holiday let it.

Jenny

 

[michaelg]

Hi,

Had a similiar thought last year.

Something to consider would be a "system" how will you manage cleaning, repairs, collecting money.

I guess a property manager down there would do the trick, but compare the fees.

Another thing, 5kms from Jindabyne is a loooong way away from the centre of town. You'd want something to attract people to stay at your place and be worth being 5kms away from pubs, and shops etc.

Capital growth is not much, basically a cashflow biz. So your entry costs must be very good (I believe).

Michael G

 

[XBenX]

Whilst 5kms sounds nothing when we are talking about city property for some reason when you convert that distance to Jindy - 5kms is some huge distance (i would of thought it was the other way around) and you'll struggle for tenants

Im an avid snow sports person (30+ days a yr) and the only reason id stay at cobbin creek would be for a substantial discount

The other problem is the fact the devil lies in the detail im 90% sure these are all semi rural zoning so you cant put 4 houses on the one block :/

Keep thinking though ! I dont mean to discourage !!! Plus there is a chance im wrong re the zoning - I havent done any investigations.

 

[jennyn]

Thanks for your replies. I thought 5 kilometres would only be about 5-10 mins away but I've never gone to the snow.

I'll keep thinking

Jenny

 

[michaelg]

Hi,

What a great way then to start!

See if your accountant can write a weekend of skiing off tax as an investment investigation field trip.

Explain you need to experience skiing to find a suitable site to buy

Michael G

 

[XBenX]

It is only 5-10mins but after a days skiing/boarding that is forever !

Take this example... Friends have a property out past the Station Resort, past pats patch its probably the same distance as Cobbin Crk... I can stay there for free or I can stay in Jindy through some other friends for $20/night - I stay in Jindy...

Maybe its just because I do lots of days that I value the convience of being in Jindy... I dunno the extra drive just sucks

Ive been thinking about this all day... whilst im quite sure you cant do the 4 houses on the one lot - it is worthwhile doing some more investigating... (as if you could do this it might be worthwhile... Let me know if you find anything out.. Ill ask some qn's as well

 

[Joe D]

If 4 separate housing-modules were put on the property with some form of inter-linking (eg covered pergola walkway), had a single address, single water connection and single sewerage system, would this be considered as 4 houses or one very large dwelling ???

Just a thought ....

Joe D

 

[jennyn]

I'm thinking of going up there in autumn/winter, having a look around and seeing what accommodation is close to the snow. There's selfcatering cottages further away from the PO than Cobbin Creek in the NRMA book that charge $500 + per week so I could check those out and see how far away they are really and if they get lots of bookings.

I think the last API mag said Jindabyne had gone up 27% in the last 12 months capital growth wise.

I'll also ring real estate agents and ask them to send me a free property brochure. There's not much on realestate.com.au

You've been very helpful, xbenx! It's good to get the perspective of someone who goes there and stays there.

Jenny

 

[XBenX]

Joe D - I like that idea - have to check the Snowy councils DCP to see what you can do.

Hrmmm Ive avoided alpine property due to its seasonal nature (of both yields and vacancy) along with some dodgy K growth.

Maybe I should do some investigation rather than just relying on the usual assumptions.

Ive checked out the DCP, obviously the main issue is zoning. If it comes in 2v (Village) then you are set, but if it comes in rural residential then its a no go.

There is also some interesting figures relating to vacant land in the snowy shire... (Ill post them later) there is always land available and there is several rural residential subdivisions around jindy already approved but not released

With the amount of advertising ALC is doing for cobbin crk I think you may be paying a premium (hrmm when i get the vacant land stats ill post the historical sales data for stage 1 and 2 as well)

 

[jennyn]

That would be great if you could post those, Xbenx.

Jenny

 

[rossv]

Hi all.

Reading this post reminded me of a development site i bought in '96
in jindabyne.
I only bought it because it was offered to me by a bank I was dealing with at the time (mortgagee in posession) at 45% of GV.
My initial feasibility shows my projected sale prices as follows
3br townhouses $160K
2br townhouses $140K
1br townhouses $110K

Did a quick search of jindy prices today and found these prices looked optimistic ........six years later!
So.......is jindabyne ready for a spurt of growth, maybe as the next ski season comes around.
Or is jindy just a no go if you want any capital growth?

Anyone who wants a devel site in jindy, give me a ring.......


rossv

 

[Steve KKK]

For current RE for sale in the NSW Snowfields try the following page;

http://allhomes.com.au/c/ah?a=buynsw

and click on the area you want.

It's part of the Canberra based allhomes.com.au RE site.

Couldn't find anything on Cobbin Creek but you can find info on the local agents up there who may be helpful with inside knowledge about zoning, etc.

Steve K

 

[jennyn]

Thanks for all the info.

I received the Cobbin Creek map and price list today. Half of the lots are already sold. The cheaper ones (59-61k) are on the side where a proposed plantation buffer will be situated. Most of the sites are just over an acre.

It also says the sites are dual occupancy.

Jenny

 

[geoffw]

Those sites are being heavily marketed in Canberra at the moment (perhaps only morning TV?)

That may indicate something about saleability- I have been seeing those ads for some time.