Wagga Wagga

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

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  1. beachgurl

    beachgurl Member

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    The higher price may be worth it with those sheds. There are lots of entrepreneurial folk on centrelink round there.
     
  2. cimbom

    cimbom Member

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    I wonder if he can get me that much for our IP :p
     
  3. TMNT

    TMNT Member

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  4. rohan22no

    rohan22no Member

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    Pulling the Pin on my place in Mt Austin. Just too much work to maintain the thing, and I cant be bothered (basically).

    Bought for 145k in 2007, putting it on the market shortly and will probably sell for 155-160k. Sigh!
     
  5. cimbom

    cimbom Member

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    Good luck with the sale. Seems like it's difficult to sell in the current market though
     
  6. TMNT

    TMNT Member

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    thats not a good return.......
    feel sorry for you,

    although mine isnt much better
     
  7. rohan22no

    rohan22no Member

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    Yeah, will be interesting.

    The place has basically paid for itself since I've owned it, so its not the worst - I haven't lost any money, but I haven't made any either :p

    Whatever..
     
  8. Anthonyj

    Anthonyj Member

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    I purchased in Toland in 2013. After the first tenant did the runner, the next one has been very good.
    I hope the ripple from the Sydney market makes it's way out there and we see some CG.
     
  9. ShawnG

    ShawnG Member

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    Hey rohan,

    Just want to analyse your strategy there.. if the place has paid for itself and is providing you with stable income in perpetuity why would you sell for $10-15K more then you purchased it?

    Unless obviously the house isn't paid off or you have better opportunities elsewhere.
     
  10. ije

    ije Member

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    What's the thoughts on the Lake Albert area? The southern edge is very pricey compared the eastern edge? Looks like a different sort of neighbourhood to Ashmont etc.

    It is also the "proposed" location of a station if the high speed rail link ever eventuates. Wonder what this would do to prices there? Maybe a benefit for employment at the station and surrounds, local bus from home to the station, next stop Melbourne could be good.....
     
    Last edited: 21st Apr, 2015
  11. cimbom

    cimbom Member

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    Sure there are some areas that are a bit better than others but I would avoid the entire region at present and focus on buying in a metro area instead. The high speed train won't be built for a very long time, if ever. Certainly not in the next 20 years IMO
     
  12. ije

    ije Member

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    Yes, I'm happy to be a long term investor but maybe not 20years for a turnaround!
     
  13. rohan22no

    rohan22no Member

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    Hey Shawn,
    House definitely isnt paid off - I still owe about 100k. Its paying for itself but meh, so are my 2 other places. I'm quite bearish about the economy and the housing market in general, and I think this is a good time to let my 2 regional properties go to reduce some debt on my local places (In Canberra). Also the whole thing with repairs etc, I am happy to do renos/repairs locally, but its a chore to have to drive 3 hours a few times a year to fix up things.
     
  14. TMNT

    TMNT Member

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  15. cimbom

    cimbom Member

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    Our tenants are moving out next week. The house was broken into and they don't feel safe so are leaving. A big shame as they were unusually good for the area.

    I've decided to approach some local REAs again to see if any are willing to manage our property with the view of putting it up for sale once we get a new tenant. This IP is too much effort and stress and I can't see the area improving enough in the short to medium term to make it all worth it.
     
  16. beachside

    beachside Member

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    I might know this place, was following the DOH sales closely for a couple of years until too many property groups started flogging Wagga, especially from ACT I was told ;) Care to share the address or PM me if it was a DOH which sounds like it was at that price. I didn't mind Mount Austin. A reno of a DOH would have sold for around $180-$200k if flipped back then as many did.
     
  17. beaver700

    beaver700 Member

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    We have a few in Wagga and the general rule of thumb in the area is

    - if your buying a house cheap, say <200k, you will be buying in either Tolland, Mount Austin or Ashmont.
    - Tolland - stay away from the curved streets bounded by red hill road, glen field road Bourke street, and South of Bruce street. North of Bruce street is good.
    -Ashmont - Don't go further west than Tobruk street. There are good streets in Ashmont.
    - Mount Austin has pockets of housing commision about Jack street and in the streets off Northcott parade.

    Don't expect any major growth in the areas mentioned. Good for cash flow
    High vacancy rates in Wagga at present. A lot of landlords in ashmont offering a few weeks free rent just to get someone in.
     
    Last edited: 11th Jun, 2015
  18. rohan22no

    rohan22no Member

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    Hey guys. Bit of an update. Sold my place for 164k. It's number 4 Margaret ave for whoevers interested. Looking forward to putting the 60k or so into my other 2 mortgages!
     
  19. Anthonyj

    Anthonyj Member

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    Well done with the sale.

    Does anyone think the Sydney ripple will hit Wagga Wagga anytime soon?

    I have a great tenant in a Tolland property, but If the market moves I would offload it too.
     
  20. geoffw

    geoffw Untitled

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    Don't deposit it directly against your other mortgages. You may well have a CGT liability, so deposit any profit into an offset account against those mortgages. Even without CGT, that gives you maximum flexibility.