Hi All
I recently posted my first question on this forum, without having contributed before and I feel a need to contribute, so... I thought I would post my thoughts up on the town of Renmark, SA, in the aim that it may potentially assist others (note that I do not own any property there or live there).
Renmark is in the Riverland of South Australia, being 250kms North East of Adelaide and 150kms west of Mildura Vic, with an approximate population of 10,000. There are also a number other large (3k +) towns in the district. The major industries are agriculture and services, with a new shopping centre having been built in 2008 (Big W, Woolworths, Dicksmiths etc).
The town when through a large boom in the late 90's and early 2000's, driven by grapes/ wine. During this time the town expanded somewhat, until mid 2000's where the grape glut and then drought result in a significant reduction in income for the district. There has been a bit of a resurgance recently as the Riverland looks to move away from agriculture, but it should also be noted that this has been driven by irrigators receiving exit packages from the government.
Real estate.
The real estate market has remained quite strong (considering the recent economic changes in the town) with cheap houses being 150 to 200k (there are a few $120k plus) and nice family homes being up around $300k. The market is quite at the moment (last 5 years), however the rental market is quite strong, largely in the more affordable end of the market (sub $200wk). There have also been a number of new housing developments in the last 10 years, with a retirement complex being the most recent.
The major issues I would consider prior to investing in the area are:
Land: The is lots of land available. This is also compelled by the situation where there is an abundance of irrigation land that can no longer be used for irrigation due to the government exist packages being applied to the land (no that for most of it people cannot curreently build on it, due to council restricts)
Economy: Other than agriculture and services there are no other single large industries in the district.
It should also be noted that the council(s) are quite progressive and recognise the need for further industries/ devolvement in the region and are quite encouraging of development.
Would I invest here: Yes, but mainly only in the cheaper end of the housing market with subdivision potential. If I was a gambling man I would also consider buying up a few (fruit) blocks ( irrigated farms, citrus, vines, stone fruit etc), if they were cheap enough.
Anyway, that's my thoughts on Renmark, please feel free to ask questions or anything. I hope this is useful.
Cheers
Patrick
(PS. Please note the above is only personal opinion)
I recently posted my first question on this forum, without having contributed before and I feel a need to contribute, so... I thought I would post my thoughts up on the town of Renmark, SA, in the aim that it may potentially assist others (note that I do not own any property there or live there).
Renmark is in the Riverland of South Australia, being 250kms North East of Adelaide and 150kms west of Mildura Vic, with an approximate population of 10,000. There are also a number other large (3k +) towns in the district. The major industries are agriculture and services, with a new shopping centre having been built in 2008 (Big W, Woolworths, Dicksmiths etc).
The town when through a large boom in the late 90's and early 2000's, driven by grapes/ wine. During this time the town expanded somewhat, until mid 2000's where the grape glut and then drought result in a significant reduction in income for the district. There has been a bit of a resurgance recently as the Riverland looks to move away from agriculture, but it should also be noted that this has been driven by irrigators receiving exit packages from the government.
Real estate.
The real estate market has remained quite strong (considering the recent economic changes in the town) with cheap houses being 150 to 200k (there are a few $120k plus) and nice family homes being up around $300k. The market is quite at the moment (last 5 years), however the rental market is quite strong, largely in the more affordable end of the market (sub $200wk). There have also been a number of new housing developments in the last 10 years, with a retirement complex being the most recent.
The major issues I would consider prior to investing in the area are:
Land: The is lots of land available. This is also compelled by the situation where there is an abundance of irrigation land that can no longer be used for irrigation due to the government exist packages being applied to the land (no that for most of it people cannot curreently build on it, due to council restricts)
Economy: Other than agriculture and services there are no other single large industries in the district.
It should also be noted that the council(s) are quite progressive and recognise the need for further industries/ devolvement in the region and are quite encouraging of development.
Would I invest here: Yes, but mainly only in the cheaper end of the housing market with subdivision potential. If I was a gambling man I would also consider buying up a few (fruit) blocks ( irrigated farms, citrus, vines, stone fruit etc), if they were cheap enough.
Anyway, that's my thoughts on Renmark, please feel free to ask questions or anything. I hope this is useful.
Cheers
Patrick
(PS. Please note the above is only personal opinion)
