Tamworth

[The Dark Knight]

Hi forumites,
Just wondering if anyone has a good understanding of the bad areas in Tamworth. I've heard mainly bad things about the majority of the area just wanted to get some feedback before bothering to doing any research(cause im lazy ). Any help would be greatly appreciated.

Thanks

 

[D.T.]

There's good areas of Tamworth?

 

[DaveM]

I would recommend looking in coledale, affordable and good returns

 

[Indira]

Having just done a 14 month stint in Tamworth, I wouldnt touch Coledale.
Quite a few of the agents wont even manage Coledale properties because of the problems there. The housing commission part of Oxley Vale I wouldnt touch either and some parts of Westdale and South Tamworth.
Get on street view and take a drive down the streets you're looking in for an overview of the suburb.

 

[doozer]

My home town and where I grew up.
Firstly don't touch Coledale or Westdale.
Some parts of South Tamworth particularly off Robert Road at the western end is not great. The newer part at the southern end off Garden St is fine.

East Tamworth is the exclusive part of town where there are older homes but prestige real estate nonetheless. Parts of North Tamworth such in and around Lemon Gums Dr is good too.

Tamworth has a diverse economy but there is a big gap between rich and poor. In saying that if you pick well there are good returns to be had.

 

[Arnoldus]

Hi forumites,
Just wondering if anyone has a good understanding of the bad areas in Tamworth. I've heard mainly bad things about the majority of the area just wanted to get some feedback before bothering to doing any research(cause im lazy ). Any help would be greatly appreciated.

Thanks

With all respect for folks who live in Tamworth (I quite like the town, honestly), what compelling narrative does Tamworth have to warrant it being investment grade (or even a speculative punt)? Not being critical, just wondering, maybe I'm ignorant and lacking local knowledge, just wondering if there's a reason behind the question.

 

[The Fence]

A genuine growing city with diversity.

A range of property from $200k right up and over $1m.

Major regional centre midway between Sydney & Brisbane.

Smaller scale Sydney if you will.

Areas in Sydney you wouldn't touch too.

Is anyone prepared to say exactly why Coledale is a no go zone ?

 

[Truly Exotic]

A genuine growing city with diversity.

A range of property from $200k right up and over $1m.

Major regional centre midway between Sydney & Brisbane.

Smaller scale Sydney if you will.

Areas in Sydney you wouldn't touch too.

Is anyone prepared to say exactly why Coledale is a no go zone ?

I can give you a basic rundown,

feral tenants,
feral residents,
high levels of crime
agents get abused when they go there
your tenants will get a 'warm' welcome from neighbours when they move in
vacant houses will get targeted by young kids
vandalism by residents

You basically need patience and guts to enter these areas for investment, but its risk vs reward

 

[RetireRich101]

Is anyone prepared to say exactly why Coledale is a no go zone ?

Yes, 18 months I was attracted to Tamworth because of the 8% returns in some low entry housing.
As I was doing my DD, 2 minute parked on the side of a road in Coledale, some kids banged on my car window, asking if I was lost. I said no and as I drove off, there were f words coming from them loud and clear.

From a technical front, there are 18% HC in West Tamworth. However ~80% of this 18% are sandwich between Oxley Hwy and Warral Rd, which they call Coledale.

In my view, all the under 200k are in those pockets. Tamworth are over mostly over 250K-350k, and with this price tag, the yields are not that great.

The price differential of HC and non-HC properties are very similar to Muswelbrook

In speaking with RE then, I see they rather not managing properties in those pockets despite they are the one selling the property...

I do have properties that are surrounded with HC in other suburbs, but 8/10 in the street are HC, I tend to avoid.

Immediate across Warral Rd, such as certain pockets of Robert/Anthony/John st also has dense pockets of HC. The below 200K properties are there for a reason, definitely not for the faint hearted.

 

[DaveM]

Just to add to my earlier recommendation about coledale, just ensure you factor in the cost of rebuilding the house after it burns down every 5 years

 

[techie]

Coledale is supposed to be very bad. I asked a REA if its an official suburb because I couldn't find it on Google Maps. She said Yes. Apparently only two places will PM Coledale houses, at a whopping 17% fee. Though when you do the numbers, it will still work out to be positively geared. Insurance is a must as houses can be lit on fire Not sure what the insurance rates would be like.

West Tamworth as a result of Coledale will have poor CG compared to the rest of Tamworth.

East Tamworth seems to be the place to buy

 

[doozer]

Wow, everyone makes Coledale sound like a war zone. It's not at that level but it is definitely a no go zone for investing. I actually grew up in John St which isn't far away and one of the streets mentioned here as a crap area. Again I probably wouldn't advocate investing around that area but I can say that I only saw a police car come down our street once in 12 years.

In any respect, look at houses in East or North Tamworth (on the east side of Manilla Road). There's also relatively new estates around the Longyard Golf Course and the majority of occupants are families so it's not a bad spot.

 

[The Dark Knight]

Thanks for the replies everyone. I was considering looking at this property if anyone knows if this is a good street? I've bought in some hell holes before and they've been great investments(touch wood). its harder to burn down a strata unit in the middle of the complex but I've been wrong before.

http://www.realestate.com.au/property-house-nsw-tamworth-116969135

 

[doozer]

Petra Avenue is not a good area.

 

[The Dark Knight]

Petra Avenue is not a good area.

Damn why can't everyone just behave and pay their rent on time. Stupid bogans

 

[jkat]

I think you really need to spend some time in the area to get to know the good and bad areas (by your standards and not someone else's).

What I mean by this is that in every area there are places that most would consider to be too high risk/too feral/too whatever but for some this would be acceptable risk.

Other places most might consider to be fine with the proper risk management strategies in places but someone might consider it too risky.

The general consensus is Coledale is a no go area and quality tenants won't rent there (which was going to be my 2c, but everyone already said that). However, other areas that people might think are too risky might be fine for your risk appetite.

 

[doozer]

Something around this side of town would be much better:

http://m.realestate.com.au/property-unit-nsw-tamworth-117747711

 

[techie]

Petra Avenue is not a good area.

This listing is in between schools. Can't be all that bad!?

 

[beachside]

I was driving around Coledale once having a look for myself. I thought I saw a Magna drive past without a driver but a little later the same car drove into a driveway just in front of me and a kid about 10 yo old got out and walked inside - must have just been able to see over the dash. A few minutes later a cop car pulled up outside - someone must have reported seeing little Johnny at it again!

I bid on a HC property being sold off many years ago in Thompson St Sth Tamworth, not far from Robert St. I had a walk around the area and it was not too bad, just the odd house that was a bit scruffy. I spoke to someone in the street who told me that several of the older ex-tenants had bought their houses many years ago - obvious by their tidiness. But like all HC areas you have your good and bad streets or good and bad ends.

 

[doozer]

This listing is in between schools. Can't be all that bad!?

High housing commission area and close to Coledale. Not close to town and a long way from the more appealing estates. Wouldn't dream of investing around this area.