Investing in WA town 2000 people??
What do you think about getting an IP in a WA country town with a population of 2000 ?
House is on GEHA lease till april 2005… Its a mining town.. house returning around 15%…more than enough to cover all costs, and enough buffer for rate rise…
Still trying to hunt around for some rental information on the town..Any thoughts… any people invested in very small towns before…
comments good bad or otherwise…Regards
Kelvin
[email protected]Hi,
My folks hail from a 4000 people mining town in the NT which has been going for about 32 years and where up to two years ago you could buy a small house for $100K and rent for $220 per week with literally a waiting list of renters. People cottoned onto the benefits of owning these houses about two years ago and while the rent’s gone up to $250pw the price has gone up to $200K. They had opted for a neg geared unit in Brisbane instead, and have been kicking themselves ever since!
If the mine’s not going anywhere fast and the building is sound, go for it!! See a WA broker about the best lending options too – you’ll be suprised how much the lenders vary and you should be able to get at least an 80% lend no problem.
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Mel
[email protected]Thanks Mel
Will definetely have to give it some serious consideration…
Just have to see if there is a rental market…
Wow hope it moves something like your folk areas…Regards
Kelvin
[email protected]Hi Mel,
Which town in the NT? T or J?
C2
“Is it true the more you owe the more you grow until the bank steps in?”If this is the GEHA property in MM W.A
It was sold 2 weeks ago.
No not the MM one…MM has an even smaller population…
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