Wagga Wagga

Had my property in Mt. Austin for around 14 months now.

Found a tenant whilst waiting for settlement, they were all good until the male in the property lost his job. After that they were late every month and would pay up just at the right time. Opted to not keep them on.

Advertised for tenant, property was vacant for 4 weeks. Multiple applicants but not quality. Waited til right tenant came along, now have a family with an elderly mother in the property. PM says they're looking after property as though it's their own.


As I've mentioned previously, I first looked at buying in Ashmont but after speaking with local PM's who either refused to manage the properties or were going to charge 15% management fee + other large costs... I decided they painted a pretty good picture for me.
 
I just posted this but it didn't show - apologies if it turns up elsewhere....

We reno'd a house in Turvey Park, Wagga earlier in the year and had a few applications at our first open for rental, which was before the finishing touches were put on the house. Got a great tenant paying $350 per week and the agent tells me she's keeping it beautifully. We go through Fitzpatricks and they've been excellent PMs.

Allgood
 
Brady,

Yeah, I think central is the place to be, probably followed by Turvey. Ours is on the Mt Austin side of Turvey but the PMs all said that it was zoned for Turvey Park Public School which was a biggie for potential tenants.
 
Also got a place in mount Austin, purchased 2007. Was vacant for close to 2 months. Just got re tenanted about 2 weeks ago for $15 less than previous rental :s
 
I Increased mine in Mt Austin by $10pw hoping the tenants would move out, but they accepted oh well......
I can understand the theory, but if you wanted to get rid of the tenants then either don't renew the lease or make the rent increase HUGE ....
 
Recently exchanged contract on this property settles mid June.

http://www.realestate.com.au/property-house-nsw-mount+austin-113434203

3/4 Bedroom 2 Bathroom weatherboard.

$216,000 Purchase Price

Current rent $315p/w I'll be happy with $300p/w
Update on purchase for those who're interested.

Automated Valuation (CBA AVM) $235,000

Rent $320 p/w

Had reasonable amount of maintenance, lots of small petty stuff.

Property was vacant for approx 3 weeks after not renewing lease of first tenant.

Now have sound very sound tenants.
 
As I've mentioned previously, I first looked at buying in Ashmont but after speaking with local PM's who either refused to manage the properties or were going to charge 15% management fee + other large costs... I decided they painted a pretty good picture for me.
Good decision. Wish I'd made the same one. Not sure what to do from here. We have good tenants now but still feel unsure as the previous tenant cost us so much. Unfortunately selling seems pretty difficult too.
 
My place in Mt Austin.
Bought for 145k in 2007. Worth probably 160k now (pfft). Renting for $220/wk.
Tenant is ok-ish.

Thinking about Reno/selling (100k left on mortgage) and pocketing the 50 or so K and using that for another deposit here in Canberra. Should I do it? Or should I reno and hold and hope that it increases the rent?

Plenty of things need doing - its a tired ex gov- weatherboard place. Things I could do off the top of my head - Paint inside and out, improve gardens, re do bathrooms, remove horrible 70's style awnings...etc.

Just tossing up weather to hold or not...
 
Would you get your money's worth by renovating? There doesn't seem to be much difference tween the renovated and unrenovated prices.
 
My place in Mt Austin.
Bought for 145k in 2007. Worth probably 160k now (pfft). Renting for $220/wk.
Tenant is ok-ish.

Thinking about Reno/selling (100k left on mortgage) and pocketing the 50 or so K and using that for another deposit here in Canberra. Should I do it? Or should I reno and hold and hope that it increases the rent?

Plenty of things need doing - its a tired ex gov- weatherboard place. Things I could do off the top of my head - Paint inside and out, improve gardens, re do bathrooms, remove horrible 70's style awnings...etc.

Just tossing up weather to hold or not...
Would chucking a granny flat out the back or putting duplex on the site help lift its value? I imagine the current house on the land wouldn't be worth much.
 
Hi Rohan,
I've just looked on realestate.com... I now think, sell up, cut your losses and buy something somewhere else. My honest opinion is that the house prices appear to be going nowhere in Mount Austin and you might be better off using your money elsewhere to get some growth happening. Melbourne or Canberra must have more upside.
I could suggest this to my sister because she has an IP in Mt Austin too... I think hers would be worth about the same as she paid for it.
 
My place in Mt Austin.
Bought for 145k in 2007. Worth probably 160k now (pfft). Renting for $220/wk.
Tenant is ok-ish.

Thinking about Reno/selling (100k left on mortgage) and pocketing the 50 or so K and using that for another deposit here in Canberra. Should I do it? Or should I reno and hold and hope that it increases the rent?

Plenty of things need doing - its a tired ex gov- weatherboard place. Things I could do off the top of my head - Paint inside and out, improve gardens, re do bathrooms, remove horrible 70's style awnings...etc.

Just tossing up weather to hold or not...
Rohan, funny you should think about buying in Canberra again. I have four places in Canberra and I am tired of paying high land tax and I'm thinking of going to Wagga to buy. You won't get anything that cheap in Canberra.
 
Would chucking a granny flat out the back or putting duplex on the site help lift its value? I imagine the current house on the land wouldn't be worth much.
I don't think there is much of a demand for granny flats down there. If you can rent a house for just over $200 per week in some parts most wouldn't rent a granny flat instead.
 
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