g’day – i noticed when scanning the net that traralgon seems to have quite a few ‘close’ to +ve cashflow properties. ie sale price 70-90k with promises of 140-160 per week returns. this really sparked my interest until i also did a search on houses for rent in the same area and discovered that there are hundreds of houses looking for tennants. these seem to be recently listed also.
have others found this problem? even if you find one with a ready made tennant with all the new investment properties on the market what is stopping them from jumping ship and finding something cheaper.
i was heading down there for a trip this weekend to see what i can find out. anyone with an ip in traralgon or other arwas who may have experienced this problem??
I really like Mudgee in NSW. We were visiting there recently. I really surprised and liked how the town looks. Very neat, wide roads, most of all the houses are big Victorian style build and the land are huge. Most of them are under $150k. Apart from that I do not have any other statistics.
Anyone been to Mudgee, Gulgong area up in the Hunter region?
Ta, Paul
aussierogue
i’ve got two properties in morwell, they have both had a change of tenant in the past 4 months and both were rented out quickly (under 2 weeks) and both the rent went up 120 to 125 and the other 125 to 135. but vacancy appears to have increased slightly in a few areas in the last couple of months (eg. portland), this is the quieter time ie too cold for people to be moving. if there are “hundreds” of houses waiting for tenants that is terrible for Tralagon. i would have thought 30 vacant houses was bad.
westanthanks westan
hundreds my exageration – but 30-40 seems about right. i checked realestate.com.au rentals and rang a few agents.
will let ou know what i find
cheers
Hi guys,
Does anyone have any recommendations regarding country towns in WA?
Thanks
MHi Aussierogue,
Yes, we bought our first IP in Traralgon in about Feb this year. Cost us $80,000. We spent almost $8000 on doing a reno – new kitchen, new bathroom, new laundry, paint outside & inside, new downpipes & guttering. It come up great
]The house still took 6 weeks to rent!![
] We had lots interested, but they cancelled out the day they were supposed to sign the lease, or other frustrating reasons. The house seemed like a lemon for a while.It’s now rented at $165 pw to what seems to be great tenants.
Personally, I’d steer clear of the valley for a while. I reckon there will be a few fire sales in the near future.
Too many investors – Not enough tenants!!!!!!However, the agent did appraise it after the renovation at about $120,000, so that was nice.
Del
thanks for the advise del. good to hear yours working out well. cheers
Westan,
u said property in thse areas are selling before being listed. How do those buyers find out baout them ? Is there a way to know about these deals before they are listed?Fallout,
u said property in thse areas are selling before being listed. How do those buyers find out baout them ? Is there a way to know about these deals before they are listed?I have been advised by other investors to ring on Mondays for Deals that have fallen through from the weekend and ring on wednesdays before the properties are published and then again on Fridays just before the weekend rush.
Hope this helps
Becky
Invest in People for a Prosperous Future!
hi fullout and becky
sound about right becky, if the agents know you are serious they will send properties your way. i,ve just sold two in Millicent (bought 12 months ago for 52 sold for 88 and 93), the agent just rang a list of investors who are waiting to buy, sold without advertising, maybe that means perhaps i could have got more but 5 weeks ago they were only worth 80K. So some agents will keep a list of buyers. but remember they get so many calls from people they have to think you are serious, so keep contacting them. i had a local agent see me in the street about six months ago came over to me and said i was about to call you i have a seller who wants to sell it on the quiet, anyway i got it for 41k, 10k under value, because he knew i was a serious investor.
westanStawell Vic.
Let’s not forget about the other side of Australia (WA). Early research on Geraldton shows good opportunities. Southwards of Perth? May have missed the boat……Any other thoughts for opportunities in WA?
Hey Westan send some my way…[
]Canuck,
Just looking in the Echuca local paper and although are few bargain basement price houses there are only 3 houses and 4 units in the rental listings. There are a couple of big things such as a new dept store and a large stainless steel factory happening before end of year and some other large stores (bunnings harvey norman super stores ) rumoured to be coming in the next 5 years.
J
junior,
when u say bargain basement, what are the stats? price etc? I know Echuca reasonably well having worked for a while in Shepparton
cheers
rRicho,
a property recently (in the last week) sold for $110k ish with an expected rent of 140-160 p/w. at current there are a few houseas 4 auction with a reserve of approx 130k. theres a couple that i cant afford that mite be in your price bracket that are coming up soon but i dont think i can say the address over the forum. email me on [email protected] and i’ll send you some details. everynow and then a renovators delight comes along for 80k+, But i want that 1 ![
]Hi,
new to this and wanted to say thanks for the great ideas. As a new south welshman and just starting wanted to chip in with possible tamworth and armidale. Both big regional centres with good rental returns and average to good capital growth. Was in tamworth recently and even with 2500 properties being sold in the last year to first home owners, the rental market is still going strong. Prices are higher than the <$100k you were talking before, but at $150k with rental of 180p.w plus, it looks ok.
On that note, Canuk, do you take into account council rates etc when doing your sums?
Simon.I have a farm in Moe. I do not have any IPs in the La Trobe – tell you anyting?!
Quote:Once you find out vacancy rates and expected rental returnsCanuck, this is my first posting. I have been trying very hard to learn as much as I can about investment properties. We have just bought one in Redcliffe,Queensland. My question is twofold, 1. how do you find out vacancy rates and expected rental returns. It seems to me that the realestate places will tell you anything they think you want to hear. Secondly, what sorts of things would you do to an investment property to make it more appealing to a good renter?
Thanks so much for all your info so far.
PS I’m originally from Edmonton. You?[]
]
] We had lots interested, but they cancelled out the day they were supposed to sign the lease, or other frustrating reasons. The house seemed like a lemon for a while.
]
]The topic ‘Top Ten Country Towns for Investing’ is closed to new replies.
