Has anyone ever bought anything in a housing commission area? A couple of houses I saw which returns high rental is in those area.
Some people say do not buy in those area, some people say as long as the numbers stack up and you do good tenant due diligence it is okay. Comments?
We own several properties in Housing Commission areas and I wouldn’t say they have caused more or less problems than in other areas we own. It all comes back to having a good property manager (or being one yourself) and keeping a good eye on what’s going on yourself. After all – no matter how rich or poor you are most people just want to live in peace in a nice house. That could be Toorak or the bronx.
That’s a nice answer Malachii- welcome to the forum [
]I agree. And rich people make lousy tenants- poodle fur all over the floorboards, bolly spilled down the stairs etc
As a working class lass meself, I like your perspective. Well, I did renovate myself and then I became gentrified, but you know what I mean. [
]kay henry
hi all
most of the properties i’ve bought are ex commission houses.
these homes are easy to fix up and usually in a structurally sound condition. they are low maintenance as well.
some people claim you won’t make any capital gains on these properties. this is rubbish. i have acheieved better capital growth from these type of house in the past 5 yrs than the best areas of Melb/Sydney. One property i bought in Adelaide for 24k in 1997 i’ve sold for 93k in 2003. but that is the past what of the future??
Some tips for you. always make sure your home is well presented, as the quality of the house will refect the quality of the tenant. run down properties get bad tenants. check the area out well and don’t buy in areas where vacant houses get damaged.
i’ll keep buying these homes at the right price.
westanHi,
We also have bought a few in housing commission areas with no regrets. Our tenants are all happily paying on time every time, (so far).
As long as they are tidy inside & low maintenance, they will still attract a quality tenant.
Go for it,
Del
How do you find out about ex-housing commission houses that are for sale? I actually haven’t seen any advertised.
hi celivia
we are talking about houses that are privately owned but built by the state housing authorities. but the govt does sell them off every so often check with you state housing dept.
westanThanks Westan, interesting, I’ll give them a ring.
Yes i hav bought in a housing commision street just recently in Bathurst
Was very affordable compared to places a few streets away, rent was very good compared to price as well, bought vacant, stayed a few nites, had no problems…
whats worse i guess was that the whole street was boarded up, but then i learnt that the housing commision ppl were getting shipped out, and out of a whole street there was only 3 families to go,,, word is that the council / government is gonna sell em off to the public, or the land is getting bought up as a whole and re developed into new villas / town houses… in any case no problems as yet, and in the not tooo distant future the value will rise (lets hope so)
get heaps of advice, and just make as much of an educated decision as u can
all the best! Jason
jason
well done
why don’t you ring the housing commision and ask them, i’m sure someone will tell you exactly what is going on. you could be sitting on a nice Capital gain there. last year i wanted to buy a whole street inMillicent from the housing Trust but the whole deal got messed up by an incompetent agent, pity it would have made me a packet.
westanThanks all I’m going ahead with the housing commission area deal!
housing comission ex houses are brillant, high capital return and, for the ones i have, had no problems in getting to be rented out. my best friend who is 20 whos family lives in a housin comission have been offered to purchase the one that they are livin in.
purchase price $90,000.00 Market price $190,000.00 though they are only gettin this deal as they have lived in that home for amost 7 years not bad but.
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