I am thinking to buy my first IP in Albion park Rail. The villa is being constructed with 3 bedrooms 1 bathroom 1 garage. This property is an NRAS property and costs 329k. The rent is gauranteed at $350/ week before taking 25% deduction. The villa is 100 m from the train station. I expect to hold on to this for at least 10 years, if I were to puchase. Do you have any idea about CG in this area? From what I have read from the past form, it seems NRAS is located in the low CG and the price of the NRAS is sometimes inflated. Do you think I should turn away and look for the non-NRAS property in the neighbour areas like Flinder or Horsley?
Property in Albion Park Rail
- Thread starter Maureen
- Start date
I guess it depends on where the property is.
I haven't looked at prices recently but there are many new developments in the area.
Have you compared prices of similar properties in similar location and how rentable are they to long term tenants?
If you are interested get them to drop their price.
There aren't many investors around these days
Hi Maureen,
I have started looking at NRAS as well. Which company is doing it ? Fair bit of development down that way and the improvement in roads etc makes it more attractive for people to commute to the City and live down there.
Keep doing your sums with them, it may turn out favourable.
good luck.
I have started looking at NRAS as well. Which company is doing it ? Fair bit of development down that way and the improvement in roads etc makes it more attractive for people to commute to the City and live down there.
Keep doing your sums with them, it may turn out favourable.
good luck.
Are they the new ones on the highway near the railway just past the shops?? Recent experience looking at properties in a similar price range in the Rail and the Park showed little to no great CG over the last 5 or so years. I wouldn't expect this to be any different in the near future and being a villa on a busy intersection (if thats them) then I would say maybe not much will change.
I suspect the NRAS to the only thing that makes it really attractive. For the same money you can get a 3/2/2 or 3/1/2 or maybe a 4/1/1 standalone house in the same areas or close by that may have similar or better returns with greater CG prospects except without the rental guarantee or Govt incentives.
An example is a 3/1/2 in Horsley was got for $340K and with a coat of paint and a few minor repairs get $400pw rent and we looked at many like this in that price range.
Just some of my experiences in the local market but I have no experience or knowledge in NRAS so it maybe good value and its also brand new.
I suspect the NRAS to the only thing that makes it really attractive. For the same money you can get a 3/2/2 or 3/1/2 or maybe a 4/1/1 standalone house in the same areas or close by that may have similar or better returns with greater CG prospects except without the rental guarantee or Govt incentives.
An example is a 3/1/2 in Horsley was got for $340K and with a coat of paint and a few minor repairs get $400pw rent and we looked at many like this in that price range.
Just some of my experiences in the local market but I have no experience or knowledge in NRAS so it maybe good value and its also brand new.
Hi it is MCKENZIE BOND PTY LTD.
Thanks. Yes that is the property at 199-200 Princess Highway. CG in this area is what I am worried. Only Govt incentive that makes this property interesting to be positive cash flow for 10 years.
Yes I can asssist.
Contact the local council and realestate.com.au for free information.
RP data and other similar companies for more definitive information available at a cost.
I would never invest in those units in A.park
first of all its Princess Highway, rule No.1 don't ever buy in busy streets, second they have railway track at the back of the block, and they are located in old part of A. Park, which is flooded, and right next to the Airport. No wonder they are advertised for 329k
Prices in A. Park haven't increased much in the last 5 years, and they will probably stay like that for few more years.
Its better for you to pay 400k and buy better property that getting something cheap and than struggle to make money on it.
Ok the rent is good, but who lives in A. Park? what kind of people? just drive around and take a good look. You will spend more money in repairs when the tenants leave than what you will make overall.
I'm sorry to be so negative, im usually not, but i think its good to hear other opinions as well.
Good luck.
first of all its Princess Highway, rule No.1 don't ever buy in busy streets, second they have railway track at the back of the block, and they are located in old part of A. Park, which is flooded, and right next to the Airport. No wonder they are advertised for 329k
Prices in A. Park haven't increased much in the last 5 years, and they will probably stay like that for few more years.
Its better for you to pay 400k and buy better property that getting something cheap and than struggle to make money on it.
Ok the rent is good, but who lives in A. Park? what kind of people? just drive around and take a good look. You will spend more money in repairs when the tenants leave than what you will make overall.
I'm sorry to be so negative, im usually not, but i think its good to hear other opinions as well.
Good luck.
Murderers.
hi
hi maureen,
How is your search going on for NRAS property... did you finalise 329k albion park property or you are still searching... if you have finalised then do update us... I am also looking for similar sort of NRAS properties but I find that prices are too inflated.... are mckenzie bond people ready to negotiate on prices.... about albion park rail.... tommorrowfinace.com.au has written something, so could be helpful...........
hi maureen,
How is your search going on for NRAS property... did you finalise 329k albion park property or you are still searching... if you have finalised then do update us... I am also looking for similar sort of NRAS properties but I find that prices are too inflated.... are mckenzie bond people ready to negotiate on prices.... about albion park rail.... tommorrowfinace.com.au has written something, so could be helpful...........
Thanks everyone for the valuable advice. Yes we are still looking for NRAS property. This one seems to be overpriced. I talked to them to negotiate the price. However, the reduction in price is still minimal.
NRAS Albion Park Rail
Hi Maureen and Crew,
My name is Jesse and I work for Mckenzie Bond. I noticed this forum and would like to add my two cents.
1. NRAS property(Albion Park Rail) is overinflated:
Unlike other agents Mckenzie Bond is an approved participant in NRAS providing affordable rental properties, not just onselling other organisations stock. These properties at Albion Park Rail were not overpriced, has anyone here tried building 3 bed for under $329,000(house and land)? We specailise in providing affordable dwellings, just because they are NRAS dosent mean they should attarct a premium over non-nras.
2. Who are Mckenzie Bond Pty Ltd:
Mckenzie Bond is a firm who specialise in NRAS and affordable properties. We have been involved since day one and are passionate about the scheme and the good outcomes it provides.
3. NRAS is only in crappy areas.
NRAS is only approved in high need areas. Places were rents have skrocketed. We have built NRAS properties throughout the Wollongong area, Maureen it is a pity you mentioned Horsley as we built four beautiful NRAS homes there-definetly-not crappy
4. The Tenants will be bad news because it is Albion Park?
Wrong the Tenants we have selected came with great references and and impecable tenant histories.
I hope I have not offended anyone here, when you are involved in a project for a number of years, it does geta bit personal. Anyways please feel free to reply with any questions about NRAS?not about our Albion Park Rail as they are now all sold.
Hi Maureen and Crew,
My name is Jesse and I work for Mckenzie Bond. I noticed this forum and would like to add my two cents.
1. NRAS property(Albion Park Rail) is overinflated:
Unlike other agents Mckenzie Bond is an approved participant in NRAS providing affordable rental properties, not just onselling other organisations stock. These properties at Albion Park Rail were not overpriced, has anyone here tried building 3 bed for under $329,000(house and land)? We specailise in providing affordable dwellings, just because they are NRAS dosent mean they should attarct a premium over non-nras.
2. Who are Mckenzie Bond Pty Ltd:
Mckenzie Bond is a firm who specialise in NRAS and affordable properties. We have been involved since day one and are passionate about the scheme and the good outcomes it provides.
3. NRAS is only in crappy areas.
NRAS is only approved in high need areas. Places were rents have skrocketed. We have built NRAS properties throughout the Wollongong area, Maureen it is a pity you mentioned Horsley as we built four beautiful NRAS homes there-definetly-not crappy
4. The Tenants will be bad news because it is Albion Park?
Wrong the Tenants we have selected came with great references and and impecable tenant histories.
I hope I have not offended anyone here, when you are involved in a project for a number of years, it does geta bit personal. Anyways please feel free to reply with any questions about NRAS?not about our Albion Park Rail as they are now all sold.
Hello Jesse and welcome to the Somersoft Forum.
Thank you for offering some information on NRAS properties. there are quite a number of forumites myself included who are curious about NRAS and appreciate any useful contributions.
It may be worthwhile posting on this thread more specific to NRAS questions;
http://www.somersoft.com/forums/showthread.php?p=807595&highlight=nras#post807595
Regards,
Kenny
Thank you for offering some information on NRAS properties. there are quite a number of forumites myself included who are curious about NRAS and appreciate any useful contributions.
It may be worthwhile posting on this thread more specific to NRAS questions;
http://www.somersoft.com/forums/showthread.php?p=807595&highlight=nras#post807595
Regards,
Kenny
Was down in Albion Park Rail a couple of weeks ago for a work project and noticed not much happening down that way. Is there any particular reason you are looking at purchasing NRAS specifically in Albion Park Rail??
If you look at other states such as QLD you can pick up an NRAS Property in Redbank Plains 3 bedder for about 350k. If you are interested I can forward some information. Also the as of August 1st QLD government are offering a $10k building bonus for new homes which includes NRAS so might be worth considering?
If you look at other states such as QLD you can pick up an NRAS Property in Redbank Plains 3 bedder for about 350k. If you are interested I can forward some information. Also the as of August 1st QLD government are offering a $10k building bonus for new homes which includes NRAS so might be worth considering?
one day ( someday! ) that part of the Princes Hwy will be bypassed - from just north of the airport to joining up at the Oak Flats interchange. The bypass will go west of the airport and then curl south of the Croom sports fields and then onto the East-West link.
Given last few years progress, that bypass ain't happening anytime soon.
Given last few years progress, that bypass ain't happening anytime soon.
It will be good when they bypass the Princes Highway. At the moment there is so much un-utilised good building land around Albion Park Rail.
I dont know about QLD for NRAS investment, I have heard they get their Tenants from the QLD social housing waiting list
Hey Kenny, Thankyou for the heads up about the NRAS forum-I will have to contribute!
I dont know about QLD for NRAS investment, I have heard they get their Tenants from the QLD social housing waiting list
Hey Kenny, Thankyou for the heads up about the NRAS forum-I will have to contribute!
