Regional Vic

...and remember I am passing up some, you can only gather in so many, deal with finance and acquire.

Which is fine, others have had some fun buying well too, there is no set thing for doing this, it's being there, knowing your area, what a place is worth, being aware of all the auction dates, AND attending them....even in rain! (All the better).:)

Knowing what is on the market immediately and the stuff that has been there a while, the agents might be having trouble? selling.

Some will say well, there is a reason it's not selling, well, that maybe correct, but that's where perception comes in, other buyers put off by a grubby looking property, untidy, maybe minor repairs needed.

I've seen buyers attend auctions and go hammer and tongs over property that needed major repairs, (new roof plus interior damage), pay top dollar for something they will then outlay more relatively big $$ just to bring it up to value/standard that is not a bargain.

But guess what, it was well presented.:) You do need to differentiate b/w adding value/bit of a clean up, minorish repairs, paint jobs, good airconditioning, landscape the garden stuff and serious repairs.

-So that is due diligence. On something you know about, (eg the property prices/values).

-Using the poorly presented property as a bargaining tool. The old: "oh, I might be able to take it off your hands" speil. You would be surprised how much leverage you can run with that.

-My personal favorite is attending the auctions and no one makes a bid....that is double leverage. Not only is the property poorly presented, (even though it's a fair dinkum GEM!!!) BUT nobody bid on it!!

Woohoooo!!!!!!!!!!!!!

So then you casually as casual can make out you might be interested, but not much. Put in a ridiculous offer, sometimes, that comes off. Sometimes you may go back and forth a little, so eventually get it for what you had intended anyway.

-I am finding the regional city areas are picking up, more interest, much more spirited bidding, prices creeping, creeping upward, I have possibly seen the easy pickings days pass. Thing is I have stashed away a heap of land through all this, so I go from plan A to plan B...build new houses ...new executive rental properties, and rent them for premium prices on land that I got very, VERY cheaply because I was doing the above.:)....and then repeat....

It's fun.

Investors may not realise the opportunity within regional cities, I see and hear people just on this board rejecting regionals for different and obscure reasons, these cities are catchment areas for the rest of the state.

Statistically they can perform, (if not better) than many of the metro areas, (if you buy well and know your stuff), remember that regional Victoria has almost 30 per cent of the State's population or approximately 1.4 million people. Give or take a bit of this and that...


It is affordable entry into property investing. If you do your diligence, learn a little more than what you think you might know...perceived no capital growth is jibberish by people that actually bought poorly or don't know what they are talking about. Learn about what you are doing, develop a mindset of openness, flexibility, creativity, lateral thinking, do your homework for yourself, network, although this forum is a fantastic resource, it is also a lot of people putting forward their perceptions from the point of where they sit and perceive life.

Yes, that includes me.:)

There are a lot of people investing in regional Victoria and accumulating a very fine base of wealth to kickstart them into whatever they fancy next..and it is a very affordable foothold to begin at.
 
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So.... the question remains, what do people think of Traralgon? Worth investing in now, or has the boat left? My budget is under $200k, and to be honest, its hard finding a decent IP with good yield and potential CG these days. With that in mind, Traralgon does seem to stack up..
 
What do people think of Somerville

Somerville is nearer to us.

I reckon it's a good prospect - straight shot up to Frangers, and with the by-pass built, will give better access to Monash freeway and Eastlink.

Not far from the beaches etc, and still reasonably affordable.

Have a look at Hastings as well. It's going ahead. Still very "trailer trash" demographic, so I wouldn't live there. Cause I'm a snob.

But as an investment area; yep.
 
Somerville is nearer to us.

I reckon it's a good prospect - straight shot up to Frangers, and with the by-pass built, will give better access to Monash freeway and Eastlink.

Not far from the beaches etc, and still reasonably affordable.

Have a look at Hastings as well. It's going ahead. Still very "trailer trash" demographic, so I wouldn't live there. Cause I'm a snob.

But as an investment area; yep.

Thanks for the advices, What would the capital growth be like?
 
Thanks for the advices, What would the capital growth be like?

No idea what it has been, or will be.

I've never researched it, other than to say that I go through the township once in a while, and I seen the movement, the infrastructure changes, the proximity to other key areas.

It is in a growth corridor, the town is growing; new shops, houses, KFC's, Safeway etc.

Not far from Frankston.
 
What do you all think of MORWELL?
Is anyone has IP property there and if then can you please share your experience?
Cheers
 
Traralgon is by far the superior location in the region. Stick with that. Current shortages in housing, land and rentals. Mild rise in prices. More jobs coming on board. It's all been covered in a previous Traralgon thread.
 
What do you all think of MORWELL?
Is anyone has IP property there and if then can you please share your experience?
Cheers

Hi CCP. I have a property in Morwell, bought 18 months ago. Looking at listings recently, there's definitely been upward movement in price and rent for 4-bedroom houses (which is what we have) - there are hardly ever any available for rent - a real shortage. When we bought it we wanted to do a cosmetic reno because the place was run down - the agent had people lined up to rent it at $50/wk more than it was previously rented for, and we had to do the reno in a hurry so they could move in! It's been tenanted ever since and we just raised the rent. It's now +ve geared.

Yes, Traralgon is generally considered a nicer area, and I certainly think it's got a lot of potential but you will generally pay at 100K more for the same place in Traralgon. I like Morwell because, particularly if you buy in the Bridle Estate on the east side of town, it's only 10 mins from Traralgon and shares most of the locational advantages. It's also got Mid-Valley, the main regional shopping centre, and the council headquarters for Latrobe council. Downsides are an older age profile, and some fairly rough areas to steer clear of (northside, Beattie Crescent has a reputation, though apparently improving).

The whole Latrobe Valley has a bright future, IMHO, because they got through the downsizing of the coal industry in the 1990s and there's a lot of investment there now. Population growth has turned around and the City is expecting about 12,000 more people over the next 20 years.

PM me if you want any more info.
 
Have a look at Inverloch. Alot of city folk are retiring down here as it is still reasonably priced.

Great rental soon too with desalination plant beginning construction soon. The shire wont let a village be built so they need 350-400 rental properties at $350-$500 a week!!

We are building a IP there, brand new seems to be the cheapest option on a 145k block.
 
Hi CCP. I have a property in Morwell, bought 18 months ago. Looking at listings recently, there's definitely been upward movement in price and rent for 4-bedroom houses (which is what we have) - there are hardly ever any available for rent - a real shortage. When we bought it we wanted to do a cosmetic reno because the place was run down - the agent had people lined up to rent it at $50/wk more than it was previously rented for, and we had to do the reno in a hurry so they could move in! It's been tenanted ever since and we just raised the rent. It's now +ve geared.

Yes, Traralgon is generally considered a nicer area, and I certainly think it's got a lot of potential but you will generally pay at 100K more for the same place in Traralgon. I like Morwell because, particularly if you buy in the Bridle Estate on the east side of town, it's only 10 mins from Traralgon and shares most of the locational advantages. It's also got Mid-Valley, the main regional shopping centre, and the council headquarters for Latrobe council. Downsides are an older age profile, and some fairly rough areas to steer clear of (northside, Beattie Crescent has a reputation, though apparently improving).

The whole Latrobe Valley has a bright future, IMHO, because they got through the downsizing of the coal industry in the 1990s and there's a lot of investment there now. Population growth has turned around and the City is expecting about 12,000 more people over the next 20 years.

PM me if you want any more info.

Thank you for sharing your experience and area information. I really appreciate it.
 
Have a look at Inverloch. Alot of city folk are retiring down here as it is still reasonably priced.

Great rental soon too with desalination plant beginning construction soon. The shire wont let a village be built so they need 350-400 rental properties at $350-$500 a week!!

We are building a IP there, brand new seems to be the cheapest option on a 145k block.

Inverloch is a good area though, just that the prices are above my budget.
 
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