Lithgow
- Thread starter james110
- Start date
I know the town very well and would suggest there's not enough going on for decent growth
Having undertaken a project there many years ago, I agree with the adage:
The only good thing about Lithgow is driving past it.
Research Bathurst or Penrith if you are keen on the region.
The only good thing about Lithgow is driving past it.
Research Bathurst or Penrith if you are keen on the region.
Well after spending a few weeks up there in that area and actually buying an IP.
This is how i some it up.
8% yields are easily found,
The majority of Tenants moving into the area have come up from Katoomba as the rents have gone crazy down there.
My particular Tenant commutes to Penrith everyday,and 4 out of the 6 couples who viewed it were commuting to areas such as Penrith,Blacktown etc for work.
Also my property wasw rented out on the first day it was on the market.
So im pretty pleased with the results.
Bought a house renovated it in 10 days rented it in a day. WIN WIN
This is how i some it up.
8% yields are easily found,
The majority of Tenants moving into the area have come up from Katoomba as the rents have gone crazy down there.
My particular Tenant commutes to Penrith everyday,and 4 out of the 6 couples who viewed it were commuting to areas such as Penrith,Blacktown etc for work.
Also my property wasw rented out on the first day it was on the market.
So im pretty pleased with the results.
Bought a house renovated it in 10 days rented it in a day. WIN WIN
Congratulations... What street is it in?
Does the property has renovation potential?
Renovation will, most likely, be the only way to get equity out of it over the next few years. Over the long term I doubt you'll regret the decision but I can't see how you're going to grow your portfolio with this property, especially when interest rates may eventually go back up to the 8% mark anyway.
I control two properties in Lithgow (Shaft St & Calero St), but that's only because I lived there for a period, they've been poor performers and have barely grown in 5 years and 8 years.
Does the property has renovation potential?
Renovation will, most likely, be the only way to get equity out of it over the next few years. Over the long term I doubt you'll regret the decision but I can't see how you're going to grow your portfolio with this property, especially when interest rates may eventually go back up to the 8% mark anyway.
I control two properties in Lithgow (Shaft St & Calero St), but that's only because I lived there for a period, they've been poor performers and have barely grown in 5 years and 8 years.
I live in Lithgow, and I agree with Jake. I bought a property in 1992 for 125K, now after 21 years it is worth about 300K. There are better growth elsewhere. The population has not increase in the last 20 years. A number of mining closing down. But you may have other reason to buy in Lithgow. It is only 3 hrs from Sydney, the road to Lithgow from Sydney is also getting better.
