We invested 2 years ago in 4 x 2 Wonthaggi house - started off with poor property management so will finish tenancy shortly and manage ourselves. We felt the locals are looking after own interests and not encouraging outside investors. Pity because this town has a lot to offer and could prosper if locals treated outsiders willing to invest better as it promotes growth. I blame some real estate agents for trying to keep both purchase of properties down and rentals. I currently live in a town where there is progress and rental demand and rentals are high but hey everyone WANTS to invest in this town so Wonthaggi wake up! This town has a lot to offer but you need to change your mentality!
Wonthaggi investment
- Thread starter exwran
- Start date
You may not realise that until the de-sal plant project, Wonthaggi was a very quiet town, with a low average wage. The de-sal plant workers coming in with their relatively high wages has pushed up rents and house prices; not good for the still-low paid locals. So the locals may not want the same growth that you are seeking - THEY can't afford it!
Small towns with new projects often end up with 2 speeds. There will always be some who resist change and are unable or unwilling to adapt. Its true that agents can be parochial and look at the past sometimes.
With your rental as always it will come down to supply and demand. If there are tennants who can pay more and want your house there is nothing stopping you from getting a better result. Go get it.
With your rental as always it will come down to supply and demand. If there are tennants who can pay more and want your house there is nothing stopping you from getting a better result. Go get it.
Wonthaggi
Thanks for your comments. It's interesting to hear others thoughts re Wonthaggi! I heard or read somewhere Coke Cola were considering investment prospects which would link into the desal resource. I hope they are successful in their endeavours as surely it can only make the town prosper even more following on from de salination project. Cheers
Thanks for your comments. It's interesting to hear others thoughts re Wonthaggi! I heard or read somewhere Coke Cola were considering investment prospects which would link into the desal resource. I hope they are successful in their endeavours as surely it can only make the town prosper even more following on from de salination project. Cheers
Investment
ok,so its been a while since the last post.. long enough for Bunnings to be nearly completed, big w to expand greatly and the new Target store development to come out of the ground... 20 speciality shops and another big chain store going in there... Is that ennough investment in the area foir you now???
ok,so its been a while since the last post.. long enough for Bunnings to be nearly completed, big w to expand greatly and the new Target store development to come out of the ground... 20 speciality shops and another big chain store going in there... Is that ennough investment in the area foir you now???
I have a few properties here and am pretty disappointed at values and rentals- price gone back to near what I paid 7 years ago, well before desal boost effect. Hard to figure,- seems like its good on paper - close to beach, reasonable size, hospital with helipad and lots of major retail moving in,- but too much property on market and not enough takers, with logical and unhappy consequences of decline in value and rents. Do agree that more could be done to encourage investment/residents, but remains stubbornly flat. Will be good if you can hold (aren't they all).
In my lifetime it has always been a sleepy town with a holiday population over summer.
Most of those areas down that way are.
Kilcunda, Leongatha, Inverloch etc; nice places but seasonal....(In the 80's I used stay at a mate's parent's holiday house at Inverloch a fair bit; surf there and play golf at Leongatha), still a bit too far for the commute.
Agree, the desal plant brought alot of the workers which provided alot of growth for san remo and phillip island as well as Wonthaggi, apart from that nothing much has changed. Significant ramp up over late December and January, which I hate as I have a place at Surf Beach and there are way too many people for my liking (and my dogs)
Probably has something to do with the derros that live there
Seriously the place is about as bogan as it gets
Good buying on the island these days though - the 2000 odd houses in the new estates have pushed the prices on the old beach shacks down significantly
Still can't work out why they have built all these new houses for a population of 4000 (cowes)
Probably to try and capture the holiday house owners.
Yeah the thing is they arnt really holiday houses - tiny blocks, townhouses
Some of them look like a new estate in the western suburbs
Some of them look like a new estate in the western suburbs
Hmmm, its a worry. Bit harsh maybe but I get the sense of what you are pointing out. Even 10 years ago it was a lot of older people who had lost jobs when the mine closed and the town folded. They held on to keeping the place tidy and making do on not too much. Unfortunately, they are not being replaced with people who want to live there (not enough jobs) or weekenders (not enough coffee shops), so the demographic who are being drawn in are doing so based on price to rent....low price, high stock levels.....
More jobs might fix it and I see it is listed as a one of the growth towns, but still a ways short. Would like to see the council get a little more assertive about framing the place as other than a gateway.
As for the Island,- too much like the worst parts of the peninsula these days....too many people and the traffic on and off is hellish on holidays,-even with the new road. Still, you don't have to like it to invest, right?
Thanks for that will check them out tomorrow morning
Just as many derros on the island mate. I'm pretty sure the island has one of the bigger unemployment rates around that area.
I'm guessing All the greedy people who owned rentals during desal and pumped up prices and pushed many locals out who couldn't afford the rent are now feeling the pinch.....what goes around comes around.
The island attracts a lot of alternative types.
But as an investment I would feel way more comfortable having one on the island, even if they are over supplying
But as an investment I would feel way more comfortable having one on the island, even if they are over supplying
Greedy people? You mean investors who probably worked hard to earn their money and are trying to provide a future for themselves and their family by investing in residential property? Maybe uninformed, unfortunate but I am not sure you should brand them all as greedy, particularly on a forum based solely on investing in property.
Also, owners don't pump up price, the market determines the price. The market being made up of willing buyers and willing sellers. It takes two to tango.
