Wagga Wagga

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

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  1. Truly Exotic

    Truly Exotic Property Deal Finder

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    definitely not a gf market any where in the area

    say the house is worth $250 pw

    put a granny flat in, and youds struggle to rent it at say $200-$220,

    plus finding a tenant who wants the back say for even $200

    definitely gf is a big no no
     
  2. mbush8

    mbush8 Member

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    Speaking of Wagga, I know that multi million Chinese investment didn't happen and the hospital rebuild is underway. Do you guys for see any future CG potential?
     
  3. rohan22no

    rohan22no Member

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    Hey Guys,
    thanks for all the helpful replies.

    Beachgurl - I'm not sure if renovating is worth it? I kinda thought it was a given that you should paint inside and clean up the gardens (basically do cosmetic stuff) before selling (and you'll make double your money back or whatever), but maybe that's not the case?

    Gockie - Have looked into this briefly. Have 2 IP's in Canberra with GF's that are going great, but its not the same story in Wagga unfortunately.

    Property Girl - Yeah, I totally get the annoyance about land taxes. Thing is for me, I'd kinda rather an average deal locally, rather than a good deal elsewhere. I like doing Renos and adding value (GF's) etc, and its much easier for me to do that when the place is local. I'm cant be bothered driving 3 hours each way to do that kind of stuff.

    Re: not getting anything that cheap in Canberra, of course you're right. On the other side of the coin, I have the master bedroom in my local IP rented out for more than the entire house at my place in Wagga.

    If anyone's interested, the property I'm thinking of selling is 4 Margaret Ave in Mt Austin. Check it out on streetview or whatever and give me thoughts :) Would be interested to hear peoples thoughts on is a cosmetic reno worth it..

    Cheers!
    R
     
  4. TMNT

    TMNT Member

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    does anyone else have an ip in ashmont/tolland?

    must admit, its been a big struggle with tenants,

    finding one is hard, but seriously keeping them is another thing too.

    supposedly good ones, recommended by the agents, seem to turn out quite bad in a short period of time
     
  5. Coconutwheels

    Coconutwheels Member

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    I've got one in Tolland and have been lucky with the same tenant for nearly three years. It's a good part of tolland up on Nyrang St.

    However, I did have a three month vacancy when I first purchased it waiting for a decent tenant.
     
  6. cimbom

    cimbom Member

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    Our Ashmont IP has decent tenants for now (touch wood). They are employed and paying on time which is good. I did offer to sell it to them but they said they are not in a financial position to buy at the moment so I'm holding on to it for the time being. Hoping the rents go back up to 2012-13 levels but seems doubtful at present.
     
  7. TMNT

    TMNT Member

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    thanks guys, just wondered if its just me,

    my last tenant has done a runner after a domestic problem , 3 months into the lease, the previous left after 8 months into lease in a mess too,

    have had 3 broken windows as well, so yeah its been tough

    still remaining positive though

    PS not even considering rent rises or market directions for rents atm, just wanting it rented and not trashed to be honest
     
  8. cimbom

    cimbom Member

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    It probably is a bit greedy after the year we had last year :p
     
  9. Corey Batt

    Corey Batt Finance Broker

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    Have you considered the option of vendor financing it?
     
  10. TMNT

    TMNT Member

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    its a tough reality if a tenant not smashing the house down is considered a good year!!

    exactly what I thought too
     
  11. cimbom

    cimbom Member

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    What does that involve?

    I did think that maybe they just said that as a "polite" response because they weren't interested in buying it or were looking at buying elsewhere.
     
  12. TMNT

    TMNT Member

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    hey guys, what do you think, lets say in 3-10 years, do you think we will look back and say "yeah im glad we held on"

    obviously great capital growth would be good, but im hoping that the area would have cleared up, the ferals would pretty much be gone or moved on, and the growth has been at the area average or higher,

    I thought when I bought mine, timing wise it was the bottom. unfrotuantely, fast fwd 2 years, and things dont seem any better
     
  13. Brady

    Brady Big 4 Banker

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    Nearly two years on... My Mount Austin property has gone from $216,000 purchase price to $239,000 valuation (CBA AVM suitable for lending purposes / desktop). Also rent has increased from $315p/w to $320p/w. I had a vacancy of around 4 weeks after first tenants left, good tenant but one lost job so couldn't afford anymore. Waited longer for good tenants, now have a family with elderly mother in the property.
     
  14. cimbom

    cimbom Member

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    I hope so but hope isn't really an investment strategy. :p Not much else we can do though unless you'd be happy to sell at a likely loss.

    That's good to hear. Did you do any work to it over this time?
     
  15. TMNT

    TMNT Member

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    my one has gone up about $10k, alabeit off a much lower cost base so % wise its probably the same as yours, however., actually finding a buyer is another huge job in itself

    thats the reality
     
  16. cimbom

    cimbom Member

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    Yes. I was advised by the manager of my PM's REA that we'd need to take a ~20k loss if we wanted to sell within a reasonable time frame. I have no idea what the actual value is now - I'm too scared to check! :p

    Edit: According to onthehouse.com.au, the value is between 150 - 170k. We paid 155k.
     
  17. Brady

    Brady Big 4 Banker

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    Besides my PM organising silly maintenance requests like door handles and restringing clotheslines. No renovations.
     
  18. TMNT

    TMNT Member

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  19. tasso10

    tasso10 Member

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  20. TMNT

    TMNT Member

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    not if you rotate your pc monitor by 5 degrees:D