Muswellbrook, top 10 hotspotting

I'm in the same boat. Own a property up there that is neutrally geared. I spoke with a couple of agents up there early in the new year and they seemed to think that things will pick up later in the year, especially if the carbon tax is scrapped. I'd hang in there for at least another year or 2, it's a notoriously up and down market up there and you'll be selling at the bottom if you put it up for sale now
 
daniel cunningh said:
I'm in the same boat. Own a property up there that is neutrally geared. I spoke with a couple of agents up there early in the new year and they seemed to think that things will pick up later in the year, especially if the carbon tax is scrapped. I'd hang in there for at least another year or 2, it's a notoriously up and down market up there and you'll be selling at the bottom if you put it up for sale now
Click to expand...

yeah agree, now is the worst time possible to sell, I am a bit worried about finding a tenant in a few months once the current tenant leaves, and am thinking if I get an offer before the lease expires, ill let it go
 
hmmm. work for trades must have dried up in muswellbrook

12 months ago, when I was there and tried to get handymen to work on my house, most scoffed at $45 per hour, and said they wouldnt get out of bed for $60-$65 per hour (and thats hiring them for a week, not for an hour or two ). One guy reckoned that after taking out his tools, car repayments, maintennacen, insurance etc. etc. etc. $60 would be break even.

I put up an ad on gumtree for handymen last week, and I had to take it down because of so many responses, I advertised for $40 per hour, and got people offering to do it for $30,

I wonder how that guy who broke even at $60 per hour is going!! it must suck to lose $20 per hour if you do a job for $40 per hour :D
 
TMNT said:
hmmm. work for trades must have dried up in muswellbrook

I wonder how that guy who broke even at $60 per hour is going!! it must suck to lose $20 per hour if you do a job for $40 per hour :D
Click to expand...

I got a 1 week reno up that way too, so may intend to bring a Handyman in Sydney up there

He said he could do on a $30/hr if I can provide him motel accommodation, petrol, food cost etc, and maybe the 5hr travel time to/from Sydney to New Castle..

Just thinking of the numbers on a daily basis
Say $30/hr for 8hr = $240/day
Breakfast + Lunch + Dinner = $50/day
Motel $100/day
Total for day = $390/day
$100 for Petrol total
$150 for 5hr travelling

say 5 days = 390 x 5 + 150+100 = $2200
2200 /5 = $440/day
$55/day...so cloe to $60/hr

wonder if this approach is worth it?
 
RetireRich101 said:
I got a 1 week reno up that way too, so may intend to bring a Handyman in Sydney up there

He said he could do on a $30/hr if I can provide him motel accommodation, petrol, food cost etc, and maybe the 5hr travel time to/from Sydney to New Castle..

Just thinking of the numbers on a daily basis
Say $30/hr for 8hr = $240/day
Breakfast + Lunch + Dinner = $50/day
Motel $100/day
Total for day = $390/day
$100 for Petrol total
$150 for 5hr travelling

say 5 days = 390 x 5 + 150+100 = $2200
2200 /5 = $440/day
$55/day...so cloe to $60/hr

wonder if this approach is worth it?
Click to expand...
Your figures look about right, there are a few backpackers in teh area for $35 per night, but depends how much you like your tradie as they can be quite basic,

if you can get someone for $35 per hour, you'll be saving $25 ph x 40=$1k,

how well do you know this tradie? are you going to help him out?

if you explicitily trust him, then it might be worth the hassle free ness,

alternatively, for $60, you could almost get two people at that price,
You could get some gardening done or something you werent going to do

so I guess it depends on whether you are going or not, how well you trust him, how reliable the local person is (my guess is he will be reliable due to lack of work), and whether you wont get ripped off in terms of hours
 
TMNT said:
so I guess it depends on whether you are going or not, how well you trust him, how reliable the local person is (my guess is he will be reliable due to lack of work), and whether you wont get ripped off in terms of hours
Click to expand...

I will be doing the work with him, traveling from Sydney as well.
Mostly not to watch him, but need to be in and out in a week.
 
If I had the spare cash I would buy in muswellbrook, isn't the saying be greedy when others are fearfull, most people seem happy to be lemmings buying into the tail end of a boom, ie gladstone, suspect Toowoomba will follow soon,

Muswellbrook has been smashed in the downturn.
Plenty of cheap stock on the market. Just a waiting game really. If mt pleasant got the go ahead that's 1000 jobs (construction) 4kms from town. Then 350 + contractors to run it. Not to mention suppliers etc.
 
jameso said:
If I had the spare cash I would buy in muswellbrook, isn't the saying be greedy when others are fearfull, most people seem happy to be lemmings buying into the tail end of a boom, ie gladstone, suspect Toowoomba will follow soon,

Muswellbrook has been smashed in the downturn.
Plenty of cheap stock on the market. Just a waiting game really. If mt pleasant got the go ahead that's 1000 jobs (construction) 4kms from town. Then 350 + contractors to run it. Not to mention suppliers etc.
Click to expand...

yes I have heard of that saying and I totally agree with it,

BUT! its more aimed at businesses/property/shares/cycles that are in a downturn due to no particular reason whereas the fundamentals are still the same,

if you buy in a falling market because the fundamentals are disastrous, no point in buying a $500k property that has dropped down to $250k, which is going to be worth $100k in a few years!
 
Yes, I think this statement applies more to a GFC type situation where the market as a whole goes south, rather than individual investments. If a particular location/share/business went south, you need to understand why and if you're happy taking on that risk.
 
Well we know why muswellbrook is low at the moment. Coal. Will coal pick up again? Yes. When? Thats up to the market. I know I'll be kicking myself in a few years for not buying in muswellbrook.

Mt pleasant mine is still postponed. However I was talking with and contact today and he informed me there is a time limit on when they have to start it or they will loose the approval. Not sure if this is true. But interesting non the less.

James
 
Damn, what a bargain that was

http://www.realestate.com.au/property-house-nsw-muswellbrook-116166715

sold for $100k, agent quoting $150k,

im surprised they let it go for that little, im shocked

damn, the local market is stuffed!!

Take a look at this one that popped up today!
http://www.realestate.com.au/property-house-nsw-muswellbrook-117120971?rsf=emailalert-propdetails
worth say $240k just for argumetns sake
VS
http://www.realestate.com.au/property-house-nsw-muswellbrook-111674675

holding costs, agent costs, $20-30k for reno

theyd be lucky to get out with $10k -$15k profit
 
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