All Topics / Help Needed! / Wagga Wagga Area

Viewing 20 posts - 1 through 20 (of 25 total)
  • Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    I've being looking at investing in the area for a while but i've heard certain areas should be avoided due to housing commission etc just wondering if anyone knows what outer suburbs should be avoided if any at all? :)

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of jacqui_03jacqui_03
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    @jacqui_03
    Join Date: 2010
    Post Count: 142

    I live in the area and know it very well, what suburbs and streets are you looking at? Alot of Sydney and local investors will buy the housing commission properties due to the high rental yields. PM me if you want opinions on suburbs or properties you are looking at.

    Jacqui

    Profile photo of NHGNHG
    Member
    @nhg
    Join Date: 2010
    Post Count: 198

    I think the suburbs you refer to are:
    Ashmont, Tolland and Mount Austin.

    Personally I haven't found much in Wagga that interests me, but Jacqui will have a much better idea of the area.

    However there are bargains if you look hard enough.

    I  know a real estate agent bought two positive geared properties in a nicer part of town a year ago. I was also shown two adjacent blocks of land with properties in the centre of town for an incredibly cheap price before it was released on the market.

    Sold within 6 hrs – I was only beginning to look around at the time so didn't know its real worth.

    Are you in Wagga yourself?

    Profile photo of jacqui_03jacqui_03
    Participant
    @jacqui_03
    Join Date: 2010
    Post Count: 142

    The areas NHG listed are all the main housing commission areas. Kooringal also has Housing Commission properties. Mount Austin would be the pick of the bunch as I have seen greater capital growth there of late. Tolland is being cleaned up however that may take some time. The prices have gone up abit since last year. You used to be able to secure one between $100k-$130k, Mount Austin is now approx $140 – $155k. They will need a quick reno for approx $10k – and then would fetch approx $200 – $240 p/w. Mount Austin will get the better rent in comparison to Ashmont and Tolland. Mount Austin properties may even get $250 depending on the time of the year you lease it. Just make sure you get a building and pest report done, I can recommend some people if you need too. Let me know if you need a good Property Manager too.

    Hope that helps a little tonyf897 :)

    Jacqui

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    I think the HC areas of Wagga will improve over time. It seems that LJ Hooker is selling of a heap of ex HC properties each week, which are being snapped up by investors and rented out for decent yields. I own an IP in Ashmont, and touch wood, haven't had any dramas yet. The yield is high enough to make it CF neutral and as other poster mentioned, there seems to have been a bit of growth in the area recently. I think the time has passed when ex HC properties could be purchased for under $100k.

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of ricochetricochet
    Member
    @ricochet
    Join Date: 2010
    Post Count: 1

    Hi Tony,

    I have had a place in Gelnfeild Park since late 2007, bought it new and never had an issue getting tenants, the issue is the tenants that are able to pay this kind of rent are usually posted/transferred out after a period of time. ie; engineer's on short term projects etc, maybe some military, have had a few tenants have to move after 6 months I paid high $200's for it and it's currently returning me $350wk and had a valuation on it at the start of the year of $340K. 3 bed, 2 bath, double garage,

    All the best

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    I just love Wagga, still looking for a motel there, pls let me know if you hear of one for sale.
    You picked a great place to live Jacqui.
    cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

    Profile photo of jadzia82jadzia82
    Member
    @jadzia82
    Join Date: 2010
    Post Count: 4

    Hello

    I am currently looking at purchasing an investment property on Townsend Place in Mount Austin?.

    Jacqui, could you please advise if you believe there would be any issues with this location? And do you think a fibro house could get the $240-$260 a week rent the real estate agent is advising?

    Thanks so much!

    Profile photo of jacqui_03jacqui_03
    Participant
    @jacqui_03
    Join Date: 2010
    Post Count: 142

    Hi jadzia82,

    I know the street as I was looking a buying an ex housing commission in Jack Avenue earlier in the year at auction and I missed out as it went well over what the agents predicted. I know there was a couple of houses in Townsend with extremly bad white ant damage where they had to gut the properties and practically start over. They required alot more work than a cosmetic reno. The agents quote between $200 – $240 p.w for most housing commission. $260 is possible depending on the quality of renovation you are doing and what time of year you would be leasing it out. Dec and Jan is the best in Wagga. There are quite a few rental properties on the market so you may not be able to fetch that amount. What is the purchase price or is going to be at auction? You can PM me if you would prefer. I can let you know of some previous sale prices if you want.

    Jacqui :)

    Profile photo of marsmacmarsmac
    Participant
    @marsmac
    Join Date: 2009
    Post Count: 21

    Hi all,

    Apart from the HC suburbs, what do people think about Lake Albert?

    I'm looking at a fibro 4 br house near the lake and the shops. It's on a big piece of land….something like 800sqm but then again most of the properties in the area are on large land.

    Does anyone know if the shops have finished building and how busy is the shopping centre? What services do they have there?

    Does the lake itself play any part in the value of the area? Is it more attractive for people to buy in the area if the lake if full or if it's low?

    Is Lake Albert a suburb where people want to rent because it's a little out of the city?

    Anyway, share your thoughts as I'm not a local but am looking at investing in the area.

    Marsmac

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Lake Albert is a nice suburb. The lake itself isn't spectacular but the suburb has a nice family feel about it.

    I was there in Jan 2010 and don't recall seeing any construction at the shops – maybe it started after I was there.

    It is a little further out, but nothing seems too far away in Wagga (I think the drive to the CBD was about 10 mins).

    What are the numbers telling you? When investing in regional areas, such as Wagga, I'd be looking for a decent rental yield. I've have an Investement Property Analysis spreadsheet that my clients use – it will give you an idea of how much the property will cost you to hold per week. Just shoot me an email if you'd like a copy.

    Cheers,

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of jacqui_03jacqui_03
    Participant
    @jacqui_03
    Join Date: 2010
    Post Count: 142
    marsmac wrote:
    Hi all,

    Apart from the HC suburbs, what do people think about Lake Albert?

    My parents own a 4 bdrm brick home with views of the lake, nice area mainly consists of familys.

    I'm looking at a fibro 4 br house near the lake and the shops. It's on a big piece of land….something like 800sqm but then again most of the properties in the area are on large blocks.

    All the blocks are a decent size. It all depends on how much your paying for the property. Majority of the houses were built in the 70's/80's and most are brick. If you advise of the street I can let you know more details. I know of a few streets which are near the shops which are mainly fibro, not saying they are bad areas though.

    Does anyone know if the shops have finished building and how busy is the shopping centre? What services do they have there?

    By shops I think you mean the Lake Village Shopping Centre – they have a Food Works, butcher, bakery, chemist, take away shop, stichery etc. The only build I can think of when they changed the Food Works to a builder area in the complex. There is also a corner on Main St near Lake Albert Public School (My old stomping ground ;)

    Does the lake itself play any part in the value of the area? Is it more attractive for people to buy in the area if the lake if full or if it's low?

    I think it does play a part in the values where the properties have views of the lake. It is in good condition at the moment and is nice and full but there has been issues in the past during the drought etc.

    Is Lake Albert a suburb where people want to rent because it's a little out of the city?

    Its affordable for families and the houses are generally 3-4 bdrms with decent backyard unlike some other areas.

    Anyway, share your thoughts as I'm not a local but am looking at investing in the area.

    Marsmac

    Hope this helps, only the basics. You can contact me via PM if you have any more questions.

    Jac

    Profile photo of jacqui_03jacqui_03
    Participant
    @jacqui_03
    Join Date: 2010
    Post Count: 142

    Sorry if thats hard to read, I didnt know how to copy in Quotes properly!

    Profile photo of ajayayyarajayayyar
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    @ajayayyar
    Join Date: 2005
    Post Count: 176

    Hello all – when we say that Tolland is being cleaned up – does this mean that it is no longer a housing commission area, or it is still "in progress" of being cleaned up.

    Cheers,
    Ajay

    Profile photo of gronk007gronk007
    Member
    @gronk007
    Join Date: 2005
    Post Count: 54

    http://www.domain.com.au/Property/For-Sale/House/NSW/Kooringal/?adid=2008956794

    Thought I would give this topic a bit of a bump…for those who are interested in Wagga (Kooringal – just south of Wagga)

    Thoughts?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    There are good and bad parts – I believe Ziegler fits in the latter.

    You really have to get on the ground and suss the place out. There are pockets of good and bad (and they can be very close together).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Steve-wSteve-w
    Member
    @steve-w
    Join Date: 2011
    Post Count: 5

    Hi Guys

    I've been lurking for a while and thought I better join. Great site.
    Tolland and the other DOH area's for me has potential. We just negotiated a 3 b/r house in good nick for 110k. Next door is under contract at 157k albeit with a clean reno. Rent should be 220 pw for a quick clean and tidy.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    That’s a pretty good buy. It should be worth a fair bit more after the tidy up as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Steve-wSteve-w
    Member
    @steve-w
    Join Date: 2011
    Post Count: 5
    Jamie M wrote:
    That's a pretty good buy. It should be worth a fair bit more after the tidy up as well. Cheers Jamie

    I'm hoping so. Based on the other sale results, there is no reason it shouldn't  re-value up allowing me to extract the original monies put in to purchase.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Steve – I’m confident it will. What was the initial LVR and are you carrying out most of the work yourself?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 20 posts - 1 through 20 (of 25 total)

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