Wagga Wagga

it's outside Wagga residential area really, 10 kms from Wagga CBD, basically a RAAF area, airport attachment, small supermarket, wouldn't expect any reasonable CG there, so if that's true would hope the yield would be higher.
I'd prefer to look nearer the town or Uni maybe. New houses being built near the Uni.
Cheers
crest133
 
hmmm, I tend to agree about the Capital Growth. Turvey looked like a goer if you could get something for the right money. What about Glenfield? I hear there are good and bad parts.
 
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
Forest Hill is out near the airport (domestic flights only) and considered a bit far out of town by a lot of locals (20 min drive).

Nothing majorly wrong with the area though, just keep that in mind. And wagga folk aren't used to flight noise, so even small domestic plans could irk potential tenants.

I don't have a crystal ball, but Wagga has been very flat for quite a while and isn't showing signs of capital growth. Cashflow, on the other hand, is there for the taking.
 
what would everyone do

have one in ashmont, been vacant sinc decemeber, but advertised for 4 months without success,

its just got broken into for the second time in 7 months, and this is while the house is all boarded up

very tempted to sell the damn place, I d come out breakeven or a few k extra after selling fees
 
The ferals don't come outside during winter. I think it would be a struggle for any property in Wagga to be retenanted in winter, even in the better parts of town.

I had a property vacant for 4 or 5 months some time ago in Ashmont. Touch wood I've been fortunate ever since. It is the one property I own where I get nervous whenever the PM mentions that the tenants are thinking of vacating.

As the weather warms up the market will improve.

Can you afford a rent reduction? There seems to be a few properties on the rental market and compared to last year's rates they seem to be lower by $20-40 per week. There looks to be a few houses for sale too.

I think I will sell mine in Ashmont in the not too distant future. Vandalism tends to be the most expensive holding cost at present, even with a tenant in there.

sorry I haven't answered your question but I just think winter is a sucky time to have to do anything in Wagga.
 
Mine took around 2-3 weeks to be retenanted. New tenants are just going in now. It is a much quieter time of year, had around 2-3 other applications but they weren't from quality tentants. Have put them on a 6 month lease on PM recommendation so they're due at the busy time of year.
 
I'll be in Wagga back at our motel on Mon 4 th August, could swing by Ashmont n sms a pic or 2 if that helps. PM me if i can assist.
Cheers
crest133
 
yields are good, prices are low, place seems well services by facilities and could have potential to develop further in the future. as a regional investment opportunity it seems to present well. if there is an agriculature boom in the future it seems well positioned to go well out of that? the other place i was looking at was Mildura for similiar reasons.
 
Ag area for hours and hundreds of Kms around Wagga is heavy with great looking crops nearing harvest, canola coming off now, everything on four legs is fat. Riverina looks so heavy it's fit to cave in. Hope the last minute weather puts icing on the huge cake. Agricultural sector poised for a good harvest.

Our motel in Wagga is going great too, just returned from there and some local touring. :D

Ask any Wagga PM before considering Ashmont. Avoid.

Cheers
crest133
 
It really depends on the particular section of each suburb of Wagga. Parts of Kooringal are pretty bad too. The worst parts of town are around Toy Place and surrounding streets in Tolland, the area around the Ashmont shopping centre and the streets located in the centre of Ziegler Ave in Kooringal.
 
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