within 4hrs of Sydney

Hi All-

After trawling through the loads of info posted on this site I've got a couple of questions of my own.

Looking at purchasing a rental/fix-up within the next few months. We're after it all really, good yeilds, cheap purchase price (less than $200K) and potential for good growth. Not too sure on whether to buy/hold or flip yet, I guess this may depend upon location.

Being a builder I want something to renovate but it has to be within 4 hrs of Sydney for ease to get to.

Any thoughts as to rural towns/ outer areas that have caught your experienced eyes lately? I know its quite a broad question but hopefully your experience can start us looking in the right places.

I have loads more questions but not really suited to this section of the forum so will post elsewhere.

Thanks in advance for your opinions
 
Orange CG Wellington RR

Four hours will get you to Orange on a good travelling day. Orange has had excellent CG over last few years for a whole range of reasons (public service postings, eduction, regional centre, arts etc) and particularly the Kadia gold mine. Some great houses too. Kadia has just confirmed a major expansion which will make the mine one of the biggest so Orange cant help but kick on. This will flow on towns nearby that might be cheaper now for similar quality.

Towns surrounding also have gold prospects. Internet searches reveal a number of investigation leases with good assay results eg Stuart Town. Some of these have other factors pushing up RR. For example, Wellington 45 mins from Orange on way to Mudgee and Dubbo both attracting Sydney visitors. A gas power station is just about to commence building in Wellington and a similar construction resulted in a big rush on rental properties and rising rents in Chinchilla Qld. A worker moving on from Chinchilla said he would buy up 3 or 4 rentals before the rush at the end of the year. Wellington is also still filling positions for the new jail. An average 3 bed brick property in town bought 5 years ago for $52k then renting for say $120/wk may now be $130k renting at say $180/week with reno potential and future growth particular rental as central west rental market is tight.
 
To paraphrase a rather well known book - I'm not going to give you the fish but i will tell you how to fish.

Get a map, get a compass - look at the scale of the map, measure 200km and open the compass so it is open at the same amount that represents 200km on the map. Use the compass, draw a circle with Sydney in the middle of the circle.

Now look at the towns that fall within that circle. Which towns meet the following criteria:

- are on a major transport route (railways, highways, waterways, air)
- have good sized shopping/service industries
- have good medical facilities
- have good educational facilities
- are a catchment area for surrounding towns

Check the following web sites:

- ABS
- local council sites
- Realestate.com.au
- local newspaper web sites

Find out the following:

- is the town in question growing
- are there any large/major developments occuring
- are the major franchises/chains in this town (Bunnings, Woolies, Big W, The Licorice Shop etc)
- what is the employment numbers
- what is the demographics of the town
- is it a tourist town
- is it a one industry town
- is the council investor/developer friendly
- do houses stay on the market for months upon months
- what is the water situation like
- are there plenty of business for sale
- proportion of renters to buyners/owners
etc

Go for a drive and have a look at the town.

So learn to fish - don't ask for a fish.


Hope this helps.



g
 
yep easy , buy as many 1 bedroom units in Queanbeyan NSW.
units range from 130k to 200k you could reno in a weekend , and they will rent from 200 wk to 280wk, great numbers , 4hrs sydney, has cnbr price bounce, and will be the largest population growth (70%) in any NSW town in the next 10 years, :D

better still buy one a month, :D
 
Thanks to all for your imput. Its given me plenty to think about.

By the way 'gg1965'-
Please don't feel I was asking anyone for a 'fish', using your analogy I am simply asking if anyone knows of any good fishing spots and what bait is best right now. I am more than capable of doing my own fishing, I just don't like sitting on the bank for what seems an age without even a bite!

Thanks to all again
 
Thanks to all for your imput. Its given me plenty to think about.

By the way 'gg1965'-
Please don't feel I was asking anyone for a 'fish', using your analogy I am simply asking if anyone knows of any good fishing spots and what bait is best right now. I am more than capable of doing my own fishing, I just don't like sitting on the bank for what seems an age without even a bite!

A perfect opportunity to bring up this 'Teach us to Fish' thread from 2001, especially Post #7!

http://www.somersoft.com/forums/showthread.php?s=&threadid=859
 
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