Went through Wagga today returning from Adelade, anyone own property there? What's the market like?
Regional Investing-New South Wales..
- Thread starter our obsession
- Start date
From what I hear there are parts of Dubbo that you definitelysteer clear of. Quite a lot of it, actually. You'd really have to make sure that you know the area you're buying into. Sorry, I've forgotten where the super-dodgy area is. They're trying to clean it up by selling it off.
I think Dubbo is still a gradual mover. Prices were really low about 3 years ago (of course) and it has gone up since then but still moving I believe. Put it this way - it has a long way to go.
I just posted this in another thread....knight or anyone keen to provide input?
http://somersoft.com/forums/showthread.php?p=1229208#post1229208
Hi S1mon, thanks for the heads up will comment on that property in that thread to keep it consistent.
Yep WattleIdo is correct. Dubbo is like a small inland capital city and has a complex market geography. There are areas to avoid and areas they are trying to clean up but policy limits on the kind of deals the Gov. want to do seem to be hamstringing any progress. Its a great market, good entry price, tight rentals, good diverse economic base, growing in population and capital values. But be careful there are some dud areas and dud properties too. Take your time, visit a few times, get some local or professional knowledge if you can before buying.
definites to avoid is the apollo estate
the yulong estate is now a thriving and pleasant area,
however until just a few years ago, it was the 'avoid at all costs'
suburb
the yulong estate is now a thriving and pleasant area,
however until just a few years ago, it was the 'avoid at all costs'
suburb
FYI did a automated valuation today (AVM through CBA) find them to usually be a bit conservative. They can be used for lending purposes up to 80%.
$307,000.
Purchase price was $265,000 Nov 2012.
You saw the graph in the other thread?
8% for '12 and 7% for '13 1% for '14
So how you gonna use the 30k equity?
If you bought at end of '12 then you have outperformed the local market by a bit.
You saw the graph in the other thread?
8% for '12 and 7% for '13 1% for '14
So how you gonna use the 30k equity?
If you bought at end of '12 then you have outperformed the local market by a bit.
Yeah purchase at the end. Property I bought had been on the market for a fair while. Was very stale I watched for about 6months. I'm sure if it was fresh listing would of come close to its final asking price. I got it well under it's asking price which had come down over the 6months. I believe slight UMV but don't we all
This purchase I used a guarantor, will top up one loan and reduce the guarantor loan. $0 input for the purchase.
I believe slight UMV but don't we all
Well you need to back yourself! Still a good result well done.
i think that prop you purchased is an absolute steal !!
a great buy indeed and would definitely reval 200+ these are the
buys that propel you forward .
port stephens and maitland council are expecting massive population growths
in the coming years . and are spending lots of $ to accommodate btw maitland city council in particular is very cashed up with the help of a 7% rate rise of 7 years ( ouch )
another great positive is the new maitland hospital located on metford rd metford. and massive extension to STOCKLAND green hills i strongly believe EAST MAITLAND and surrounds will be blue chip in less than 5 years and the places like raymond terrace wood berry tenambit metford stigma will drastically change
Thanks Theodore,
RT is a 20-30min either way to Newcastle or Maitland. Hope the ripple effect from will get to RT soon.
my 6 month lease with the same tenant is about to expire... They want to renew. The rental market is a bit soft across board incl RT. I am a bit greedy and requesting to add $5/wk...fingers crossed.
Dunno if this has been posted elsewhere but it looks like a lot of fun. Is it big enough to help the local economy along?
http://m.thechronicle.com.au/news/big-wet-boost-to-tourism/2561802/
http://m.thechronicle.com.au/news/big-wet-boost-to-tourism/2561802/
I'm still unsure about what to do with our Ashmont (Wagga) IP. How do others see the prospects for CG in the near future? I don't really feel confident TBH. Seems like there are many properties for sale at the moment but not many actually selling.
Sort of wishing we went for a metro IP for our first purchase now as we have done OK from our PPOR. Probably could've purchased 1-2 more IPs with the CG if we did.
Sort of wishing we went for a metro IP for our first purchase now as we have done OK from our PPOR. Probably could've purchased 1-2 more IPs with the CG if we did.
Cimbom in hindsight I wished I'd bought in the burbs too. Although at the time the positive cash flow allowed us to buy more properties.
My land tax bill just came in and the value of the ashmont land is down 20k on last years figure. So not great for CG prospects.
I wonder if the fast speed rail that's being talked about at the moment will be anything otter than talk? That could make a big difference in wagga values.
My land tax bill just came in and the value of the ashmont land is down 20k on last years figure. So not great for CG prospects.
I wonder if the fast speed rail that's being talked about at the moment will be anything otter than talk? That could make a big difference in wagga values.
I'm thinking of offering it to the tenants in case they want to buy it (they have done some repairs/work on it already) but this seems risky as I don't want them to get worried and move either. Tenants, let alone good ones, in this area are very hard to come by now. I can't see the gov't doing anything about high speed rail for another 20 years at least. We seem positively third world when it comes to building this kind of infrastructure.
