Tamworth is it slowing down.
- Thread starter james110
- Start date
Just bought a house there, Market seems a bit flat although the agents say it is starting to heat up with stock declining as well as interest rates. But they would say that, I was still receiving calls from agents 5 weeks after visiting.
We concentrated in areas west of the river in the 200k to 300k mark and avoided the worse areas like Coledale. We also tried to avoid places that had high walk traffic from the bad areas.
Good yields can be found easily of around 7% before negotiating or renovating, and all places are sold discounted from the advertised price.
I was quite surprised with the amount of un-renovated stock on the market, every place I’d seen could easily be improved with a paint, new floor coverings and possibly new kitchen bathroom.
Plus what’s with the oil heaters in Tamworth, every place still had them.
We concentrated in areas west of the river in the 200k to 300k mark and avoided the worse areas like Coledale. We also tried to avoid places that had high walk traffic from the bad areas.
Good yields can be found easily of around 7% before negotiating or renovating, and all places are sold discounted from the advertised price.
I was quite surprised with the amount of un-renovated stock on the market, every place I’d seen could easily be improved with a paint, new floor coverings and possibly new kitchen bathroom.
Plus what’s with the oil heaters in Tamworth, every place still had them.
And removal of the old oil heaters...
Pretty cold here (just a few klm south) today though...Brrrrrrrr
Somebody told me you can put diesel in them? not saying they are bad (don't know), just never seen so many of them.
Oh I dont know james, I think it's probably just a lull if anything. It's not going to go gangbusters 24/7 then just stop. There are many many markets within the boundaries of Tamworth and they all have their differing supply and demand levels at different times.
Overall you will find Tamworth a good place to make a "slow" buck.
Try this tool http://atlas.id.com.au/tamworth
change the map selector drop down to Housing tenure -> Dominant tenure type. I'd avoid areas with majority social housing, but you get better gross yields of course.
EDIT: attachment added
change the map selector drop down to Housing tenure -> Dominant tenure type. I'd avoid areas with majority social housing, but you get better gross yields of course.
EDIT: attachment added
Attachments
Didn't actually look at any houses in the southern part of Coledale but seen a few places in Ridge St and Edingbourgh Ave around the 180k mark, probably rent around the $260. Wasn't to bad there, seemed like mostly home owners, places were generally well kept. Might have some issues from some walking traffic in the day and night though.
It's easy to keep the oil heaters going - the heating oil is around 6 parts kero to 4 parts diesel. So, you can mix it yourself and add to the tank.
Stay away from Coledale, parts of Oxley Vale and Roberts St. Have a look at the nearby town of Manilla - cheaper prices and close to 0 vacancy rate.
Stay away from Coledale, parts of Oxley Vale and Roberts St. Have a look at the nearby town of Manilla - cheaper prices and close to 0 vacancy rate.
With negotiation, you should be able to purchase an entry level 3 br house at Manilla for between $100 - 140k. You'd expect to get somewhere between $200 - $300 pw rent. 30 min drive to Tamworth and approx 50 min drive to the Boggabri coal mines. Well worth a look and cheaper rates than Tamworth.
I have been looking in Tamworth for the last 4 months or so and no, there is nothing at that price outside Coledale - not a house at least... not sure about units?
