Redlynch Valley Cairns

[Digger]

Hi

I have been looking for an IP for several months now and gained a wealth of knowlege from reading various forums and just soaking up all that people say.

One thing I am sure of is that everyone has a differrent opinion and strategy.It is time to start making decision and once again looking for anyone who has purchased a property in the valley. I have seen that I can purchase a 4 bed 2 bath 2 car 200sq house on min 600 sq land for anywhere from $370K. Speaking to an agent up there they are of the opinion I can expect about $350-$400 per week rent????Is this true? Also what sort of vacancy rates are there in this area?

I would appreciate anyones valuable input.

Have a great weekend
Cheers
Digger

 

[Young Gun]

I've never looked at Redlynch Valley, but there are some nice schools in the area. Access to and distance from the city may be negatives however.

The rent quoted sounds possible. Have you tried calling some of the local property managers to get an idea of the demand?

 

[Propertunity]

I have seen that I can purchase a 4 bed 2 bath 2 car 200sq house on min 600 sq land for anywhere from $370K. Speaking to an agent up there they are of the opinion I can expect about $350-$400 per week rent????Is this true?

Probably - its only about the standard 5% yield you get out of vanilla version resi.

Also what sort of vacancy rates are there in this area?

2.5% but this would be all of Cairns included

http://www.sqmresearch.com.au/graphs/graph_vacancy.php?postcode=4870&t=1

For that sort of money, why don't you buy an IP in your home town first and get better yield?

 

[Digger]

Thanks guys.

I have phoned quite a few agents and have received mixed opinions ranging from don't go there to a diplomatic answer of its possible however you need to make the house more appealing than your competition and you may get up to $400pw.

I did actually make and offer on a block but it was knocked back. I made this offer keeping in mind that there are alot of rentals here and if it were vacant for a while I will need the money saved on purchase to cover this.

Anyway thanks for you help

Cheers
Digger