Wagga Wagga

Discussion in 'Where to Buy' started by Brady, 9th Oct, 2012.

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  1. Brady

    Brady Big 4 Banker

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    Done some more research on Wagga, few bits and peices i've found so far.

    - $58M logistics hub ($14.6M funding announcement june 2012)
    - $282M redevelopment of Base Hospital (2010-2015)
    - $3.3M day surgery (2010-2015)
    - $2.8M medical clinic (2012-2013)
    - $3.4M assisted living facitily (2011-2016)
    - $60M Renewed Metal Technologies (2011)
    - $63M Stage 1 for Riverina Oils & Bio Energy, 65 jobs(annual revenue $125M)
    - $3.4M calvery hospital drug & alcohol
    - Bowmen business park contributes $64M and 260 employees
    - One of Australia's largest and fastest growing cities, population ~63000
    - Young population, assisted by University & Tafe
    - Unemployment rate ~5.5%
    - International Motel, Lake Albert Road $8.5M
    - Murrumbidgee Mill, Edward Street $20M
    - Masters Home Improvement, Hammond Avenue $23M (to be completed 2013)
    - NBN rollout 2013
    - Wagga Wagga is an Evocity, NSW largest growing inland city
    - Defence force base
    - Possible $400M trade centre to be invested by Chinese
     
  2. C-mac

    C-mac Member

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    Wagga is an area that I've thought of several times, and it can also benefit from NSW's 'evocity' campaign, being one of the major regional centres/cities of that plan. This means that on top of all the infrastructure/population growth increases, there are benefits offered to 'tree changers' who move away from the Sydney/Newcastle/Wollongong/Blue Mountains area of NSW.

    Cameron McEvoy
    www.propertyspectator.blogspot.com
     
  3. TMNT

    TMNT Member

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    I just saw the figures of the number of people taking advantage of the grant and evocity plan,

    im not 100% convinced that it people will be willing to change based on $7k, I think it might tip people over, if they are on the fence,
     
  4. Brady

    Brady Big 4 Banker

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    Agreed on the Evo City, so far haven't seen a huge number drawn for this reason, but it's another piece of the pie.

    More interested the the Govt selected Wagga to be one of the Evo Cities.

    The govt pumped alot into the hospital, its a good sign... The govt supporting Wagga having a transport hub good sign.... along with foreign investment.

    Its ticking boxes.
     
  5. TMNT

    TMNT Member

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    my favourites for nsw are Wagga, dubbo,,goulburn and penrith for sub $200or $250k (in no particular order)

    I think wagga has moved up in the short term
    dubbo still flat
    goulburn moved up in the short term
    penrith flat to slight movement

    im currently analysign wagga vs dubbo atm,

    i think the fundamentals for dubbo are better
     
  6. azzae89

    azzae89 Member

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    Wagga has been on my radar too.. Just trying to work out which suburbs within it are best..

    There are some seemingly good deals in Ashmont with nice returns. Can anyone that's local (or knows the area well) say in general which suburbs are great and not so great?
     
  7. Brady

    Brady Big 4 Banker

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  8. Anthonyj

    Anthonyj Member

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    Recently exchanged on a property too. I took the cheaper/riskier route.
    All depends on the tenants you get with the cheaper properties. Time will tell:eek:
     
  9. baby blue eyes

    baby blue eyes Vicki

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    Looks great Brady
     
  10. Brady

    Brady Big 4 Banker

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    Thank you :) I didnt mind it, nice set and forget. Some of the picture didn't do it justice, in other pics i've seen the kitchen it alot nicer. Big shinny dishwasher.

    But one agent had it for a long time, think it was previously on the market with other agent for $259,000, before being move to LJH for $237,000.

    I looked at some compareable sales along with few other quick online valuations they all seemed to think it was good value for the $216,000 I purchased for.


    Has the 2nd bathroom and 4th bedroom so should make it easier to tenant.

    Having a look at realestate.com for rentals, hopefully be able to lock in over $300p/w. If I could get $320p/w I would be happier than a pig in mud. $300 just happy :)
     
  11. Brady

    Brady Big 4 Banker

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    Tolland or Ashmont?

    Have you arranged a PM already or are you going to self manage?
     
  12. Anthonyj

    Anthonyj Member

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    Tolland. Have one lined up with the selling agency, but will see if anyone else is willing to take it on.

    Yours looks nice and tidy, good luck with arranging your tenant.
     
  13. Brady

    Brady Big 4 Banker

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    Thanks I've got a month til it settles, plan to start advertising next week so hopefully won't have much if any vacancy :)

    Best of luck with yours as well :)
     
  14. TMNT

    TMNT Member

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    just been made aware by a friend of mine of flood a damaged property in the flood zone north wagga, im moving into the area for a year or too to be closer to family

    been getting insurnace quotes ranging from $5-$6k, which seems rather high

    obviously id have to take into consideration of the insurnace costs, but im also thinking, of not insuring it for floods and putting it on the market as well for sale

    how do you guys assess these sort of properties, am looking to either hold long term or flip, or I might even live there for a few years,
     
  15. Aaron_C

    Aaron_C Finance Broker

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    You'd have to pay cash for it to avoid insurance.
     
  16. JT7

    JT7 Member

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    Any updates on settlement or tenant interest Brady?

    Jack
     
  17. Brady

    Brady Big 4 Banker

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    Settlement was due for yesterday, but got a call the day before settlement to say the vendor isn't ready... Somehow the documents got sent to the wrong bank and they won't be ready to settle for 2 weeks because the docs got sent to the wrong bank. I checked the title and it's westpac so not sure how you get that wrong... I'm thinking accountant suggested they sell next financial year.

    But tenant went in today 12 months $315 per week so happy :)

    Also noticed in the news that there is a little more developing with the Chinese $400M trade cente, be nice to see actual contracts and approvals on this
     
  18. nhg

    nhg Member

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    North Wagga is a can of worms. I use to work at the council there and worked on a flood study. That place shouldn't exist. They tried kicking everyone out but the bull heads liked its convenient location. I was there during the floods. It would be the first place to go under, kept getting evacuated and the locals kept on sneaking back in and putting a single sand bag at their front door, like that was going to do anything.

    Sigh* it was a frustrating few months.
     
  19. crest133

    crest133 Member

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    Hi All.
    My motel in Wagga is doing well, near the hospital, amongst the day clinics, usually quiet at night except starting this week RMS are re-surfacing the road, Sturt Hwy (Edward St) for many weeks and decided in their wisdom to work from 8pm to 6am to "minimise disruption to business", having no regard for the motel guests who want to sleep in the 4 motels there during that time period.
    22 motels in Wagga. One new motel completed just before Xmas. Another one refurbished. Very strong economy with pop 68,000 plus Uni, Air Force and Army bases, as per Brady's comments. Masters completed. NBN still coming.

    Business confidence is high in Wagga, looking for some nearby units myself.
    Cheers
    crest133
     
  20. Allgood

    Allgood Member

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    Hi Crest,

    I was in Wagga the other day and stayed at the Carriage Inn (or Carriageway???), I should have thought of your motel! I placed an offer on a place at Turvey Park but it hasn't been accepted, it was a bit low ball and I'm not prepared to go any higher. I dragged my 5 year old around to around 20 inspections from Kooringal, Glenfield Park, Tolland, and Central Wagga.

    I also looked at a few in Forest Hill and there's one I'm pretty keen on with a yield of about 7.5%. It looks like a reasonable area - tenants seemed to be happy and they all said it was very safe, but the only thing I'm worried about is that capital growth seems pretty limited??

    Does anyone have any thoughts, good, bad or otherwise about Forest Hill?

    Ta,
    Allgood