Hi All,
Any one know about Cobar in NSW. Is it good to buy IP there? I am thinking of buying there.
Cheers
AmitAmit, have a look at my post on next page re Cobar. I got a couple of replies.
RegardsAmit,
Are you looking to buy there simply because there’s cheap houses? Do you know anything about Cobar? Its main industries? Its infrastructure? You have to look past the cheap houses sometimes… they’re a good starting point, but there’s a lot more investigation you need to do.
Cheers
rThanks Richmond,Dennis,
I checked other post also Sorry I think I asked the same question which Dennis asked. [
]I checked on net last night and found out couple of things population is about 5k there.
three mines one all might close in 2007,2009 and 2011.IP which I am looking for returning good return. do you think it’s worth or not ?
Cheers
AmitHi Amit,
I can’t answer whether I think you should do it or not, because I don’t know your personal circumstances… I would say this though, is this a property that you’ve simply located through a realestate.com.au search, or have you hit the phones to find out what else is available in Cobar? If it’s just through the web, I’d do a lot more digging… not every property in Australia for sale is on realestate.com.au, although a lot of people seem to think this is the case.
Cheers
rRichard,
It’s not from realesate.com.au. It’s through some other way. let me give you an idea about the property it’s about for 125k and rent is 310 perweek. It’s not finalize but i will know 2-3 days.Amit
Hi Amit,
At that rent (310pw) it sounds like it’d be in the upper end of the prices for rentals in Cobar… if it gets vacant, it will be a bugger to fill. No buts or maybes… it is odds on to sit vacant for some time. There’s not that many people in Cobar who will pay 310pw, unless it’s filled by the mines, and they’re not going to be around forever.
I’m not sure I’d be paying 125k for a place in Cobar, but it’s your decision, and if you have done your due diligence and are confident with the decision, good luck to you.
Congrats too if you found the place other than by looking on the internet… at least you’ve taken extra steps that a lot don’t…
cheers
rHi Richmond,
I should have given more details. It’s 125 for 3 units so rent add up to that much (all are on rent this time). I didn’t find any unit for sale on net there. I never been there so don’t know much about Cobar other then my search on google last night.
Amit
Hi Richmond,
I should have given more details. It’s 125 for 3 units so rent add up to that much (all are on rent this time). I didn’t find any unit for sale on net there. I never been there so don’t know much about Cobar other then my search on google last night.
Amit
Hi Amit,
They’re not the ones on L****ey Street by any chance are they? 1x 1br (fully furn), 1x 2br, 1x 3br, garage too? Asking 140k? Let me ask you this… if you have never been to Cobar, how do you know where they are situated in the town in terms of schools, shops, etc… Don’t take the agents word… you are from out of town and they know it, and they play on it. You say you don’t know much about Cobar other than your search on google… I’d be doing a lot more than that. I notice you are in NSW… why not go for a drive out west? Take a day or two off if it’s that important… just don’t rely on looking on the web for all the answers… sorry if I sound bossy or something, I just worry when people appear to be rushing into things. Take your time and do your due diligence.
Cheers
rIt its the property with the garage, I drove past it on the weekend. Cobar is not too crash hot. Although the mines are eventually closing, they have streamlined the mines and the miners and drillers alike have been transfered to other mines. I would be very careful.
Thanks Richmond,
I don’t know about the street name etc. let me first find out more about it and then I will let you know. yes I will go and have a look after I get all the information. Thanks a lot for all the reply. Can I email/contact you after I get all the information before I go there I think you know about the area.Yes I am in Sydney [
]Cheers
AmitHi Amit,
I agree with George, be very careful.
I have a cousin who runs a plumbing business there, he might know of a good builder who can do an inspection for you.
my email is [email protected] Feel free to get in touch.
Cheers
rThis is probably off the track but have you tried owners.com.au it seems to be growing all the time some interesting deals
aaronAmit,
IF the mines are shutting down and theres no major industry taking its place id b careful because cobar could wind up been a ghost town in 15 years. That said Cobar wouldn’t be the only place with cheap houses in NSW. Although i went to denyliquin to look 4 houses and work on monday and wasn’t impressed. im in echuca moama, and everything is at tourist resort prices down here (overinflated!)Amit
I remember another place were industries were closing down (port kembla)Then there was Kiama the Highway was going to kill the area just a suggestion talk to the publicans and even the community radios newspapers they seem to know what is going on in the future but do a lot of home work (a dead town just needs someone with an idea)aaron,
at least port kembla and kiama are on the coast… u ever been to cobar? it’s the middle of nowhere… my family is from a small (tiny) town near there called nymagee… I can’t see cobar all of a sudden becoming a hot spot…
cheers
rr
must admit I’ve only been to cobar a few times to drop off some coffins but from what I remember not a bad place for hobby farms
aaronHey aaron,
i dont know, i said the place was going to be a ghost town in 15 years if things dont pick up, am i 15 years topo optomistic?[] You never know, the ABC could make another tv series circa SEACHANGE based in cobar and turn it into a holiday vila like barwon heads…….but then again maybe not!!!![][}][]I bought in Cobar 10 years ago and am still waiting for positive cashflow.
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