So whats happening in the large regionals??

[Allgood]

Thanks Mystery,
I actually have Goulburn on the radar too. Used to live in Yass for a bit so I get the Canberra thing, although obviously Goulburn is much bigger. I thought I may have missed the boat on it but maybe there's still some good growth there, I'll look a little deeper.

BMW, Don't know if you, or anyone else can help me out by explaining the different areas in Tamworth. From what I see there are a few distinct areas...
- Coledale????? (on the left of Werris Ck Rd coming in from the South, before Gunnedah Rd/ Oxley Hwy.)
- South Tamworth (is that the bit between Werris Ck Rd and New England Highway?)
- Calala (as labeled on map), then East and West as labelled.

Is that close to being right?

Lots of cheaper places with decent yields seem to be in Coledale and South. I'm guessing they they the two rougher areas? If so is one better than the other and are we talking burnt out dwelling type/lock your car doors when driving rough?
I know every town has an undesirable element, eg I'm down the coast and would buy in Nowra but never East Nowra, although others do. How bad is Tamworth dirty side?

Thanks for any advice.

 

[mikezen]

We also have one in Orange and have dropped our rent by $20pw to get a good tenant. However, a recent reval has shown a value increase of 17.9% from the last one just over 2 years ago.

Little confused but did not question the val.

What bank was that with?

 

[Richard Feynman]

Purchased a 4x2 house in Wagga a few months back....

Bought for $260K, Rented out few days after settlement for $400pw.
Good Tenants and Good PM.

Drove from Melbourne to Wagga to suss out area, Pretty happy with Buy.

What suburb (and street if you're willing to disclose)?

Wagga bit early to tell recent purchase, price $216,000 rent $315p/w tenanted first day after settlement.

Same question(s).

 

[chilliblue]

What bank was that with?

It was AMP

 

[skater]

This one is renovated, and very affordable. I have no idea though about whether or not its located in a nice area or what the neighbours are like. It says walking distance to cbd. I guess that means walking distance to south Ballarat. Again i have absolutely no education or have done any research on Ballarat. I would have to research. Ballarat seems to be more affordable than Bunbury thats for sure.

http://www.realestate.com.au/property-house-vic-ballarat-115036271

From what I recall, you are wanting something neutral-positive, aren't you? Well....that place won't do it. The rent is only $175pw, and being a unti, you will have Body Corp fees to pay.

 

[BMW]

Thanks Mystery,
I actually have Goulburn on the radar too. Used to live in Yass for a bit so I get the Canberra thing, although obviously Goulburn is much bigger. I thought I may have missed the boat on it but maybe there's still some good growth there, I'll look a little deeper.

BMW, Don't know if you, or anyone else can help me out by explaining the different areas in Tamworth. From what I see there are a few distinct areas...
- Coledale????? (on the left of Werris Ck Rd coming in from the South, before Gunnedah Rd/ Oxley Hwy.)
- South Tamworth (is that the bit between Werris Ck Rd and New England Highway?)
- Calala (as labeled on map), then East and West as labelled.

Is that close to being right?

Lots of cheaper places with decent yields seem to be in Coledale and South. I'm guessing they they the two rougher areas? If so is one better than the other and are we talking burnt out dwelling type/lock your car doors when driving rough?
I know every town has an undesirable element, eg I'm down the coast and would buy in Nowra but never East Nowra, although others do. How bad is Tamworth dirty side?

Thanks for any advice.

these are essentially your areas, I'd avoid Coledale below Macgregor St, above that isn't too bad, also avoid Robert St, as you get a lot of bad walking traffic.

Check out this website for a rough outline of the good and bad areas, street view is handy too.
http://atlas.id.com.au/tamworth

 

[Allgood]

Wow, cool toy! Thanks for that BMW, I'll have a play!

 

[Truly Exotic]

Wagga's rough suburbs ie Trashmont and Tolland are interesting

you've got basically all indicators pointing towards gentrification

ie pop growth, selling off the HCs, investment by the local council, agents putting in better tenants, population growth

When the market looks like its about to take off, it comes back to earth because it just cant shake the stigma

most agents say 12-18 months for the area to take off, yet most PMs arent as confident (whether thats inexperience or emotion who knows)

Will be interesting to see what happens

 

[skater]

agents putting in better tenants, population growth

I like this comment.

The scum have to live SOMEWHERE. It is physically impossible to continue to put in better tenants, especially in a regional where rents aren't too exorbitant. They don't just disappear.

 

[RetireRich101]

Should be able to get something in South Tamworth or the north part of Coledale returning above 7%. Not great areas but certainly not the worst.

Few months back I was doing my research on parts of Coledale that are 7%+. That was the time when Angeline Joile was looking for place for her film Unbroken in Tamworth...

I pulled over at Coledale streets for 5 secs to check my google map. A kid around 12 yrs old in a group 3, knocks loud on my car window " are you lost?"..I said "no" and quickly drove off.. Then secs later, I hear them scream at me"F this F that" as I drove off. Quality education there

 

[TMNT]

Few months back I was doing my research on parts of Coledale that are 7%+. That was the time when Angeline Joile was looking for place for her film Unbroken in Tamworth...

I pulled over at Coledale streets for 5 secs to check my google map. A kid around 12 yrs old in a group 3, knocks loud on my car window " are you lost?"..I said "no" and quickly drove off.. Then secs later, I hear them scream at me"F this F that" as I drove off. Quality education there

Serves you right for lying to the poor 12 yr old haha

You probably hurt his feelings

 

[BMW]

Few months back I was doing my research on parts of Coledale that are 7%+. That was the time when Angeline Joile was looking for place for her film Unbroken in Tamworth...

I pulled over at Coledale streets for 5 secs to check my google map. A kid around 12 yrs old in a group 3, knocks loud on my car window " are you lost?"..I said "no" and quickly drove off.. Then secs later, I hear them scream at me"F this F that" as I drove off. Quality education there

Reminds me of being in Cape Town and getting hurled abuse as we took off as fast as we could because we didn't pay a guy on the street for making sure our car wasn't broken into.

I never bothered looking in the worst parts of Coledale, even though there are plans of fixing up and selling some of the commission stock. One look on street view was enough.

 

[Alex P Keaton]

From what I recall, you are wanting something neutral-positive, aren't you? Well....that place won't do it. The rent is only $175pw, and being a unti, you will have Body Corp fees to pay.

I'm a bit confused as to what to do right now. I have a bunch of different ideas and strategies i'm reading up on. I think it might be safer and more sensible to go with the suburbs that I know. In other words a ng ip.

 

[vaughan]

Allgood, .... take a look at Goulburn...

Campbelltown is only 1 hour 20 min drive away and Sydney Airport about 1 hour 30 min.

That's closer than the northern beaches to the airport.

 

[cimbom]

Just bumping this thread up. I spoke to my property manager today about starting the eviction process for our tenant who is thousands of dollars in arrears. They suggested selling the property due to poor quality tenants in area. I said we probably won't be doing that as we only purchased it two years ago.

I was thinking it could be a decent idea to knock down the house and use the land to build 3 townhouses which could be sold off. I haven't done any research in this but thought if it could be done for about 500k, we could sell them for ~300k each and use the 250-300k profit to get rid of most of our mortgage. Probably a catch somewhere though

Has anyone had much luck with tenants in this area? I don't think I've had one get to the end of their lease (even 6 month lease) without getting behind on their rent.

 

[devank]

They suggested selling the property due to poor quality tenants in area.

Agent simply wants to get more business.

 

[Brady]

Just bumping this thread up. I spoke to my property manager today about starting the eviction process for our tenant who is thousands of dollars in arrears. They suggested selling the property due to poor quality tenants in area. I said we probably won't be doing that as we only purchased it two years ago.

I was thinking it could be a decent idea to knock down the house and use the land to build 3 townhouses which could be sold off. I haven't done any research in this but thought if it could be done for about 500k, we could sell them for ~300k each and use the 250-300k profit to get rid of most of our mortgage. Probably a catch somewhere though

Has anyone had much luck with tenants in this area? I don't think I've had one get to the end of their lease (even 6 month lease) without getting behind on their rent.

What area?

 

[cimbom]

Wagga (Ashmont)

 

[Prop_Perspectiv]

Would be interested to know how people are going in Orange? We have had our place advertised for about 3 weeks with no interest. Starting to think about dropping the asking price, really just want it tenanted now. Is it slow there or is my PM asking too much?

 

[macca446]

Would be interested to know how people are going in Orange? We have had our place advertised for about 3 weeks with no interest. Starting to think about dropping the asking price, really just want it tenanted now. Is it slow there or is my PM asking too much?

Hi,
I have had one of my properties become vacant in orange 2 weeks ago with not much interest either the area is very slow at the moment ,I have seen a few in the area still vacant after 2 months,hope this does not happen but cannot do much if people are not looking .