Does anyone here have any knowledge of the Mount Gambier region for investment purposes? I am from Sydney and thinking of taking a trip to check it out in person.
Is there nobody out there with any ideas on Mount Gambier?v8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
HI Zoe. Everybody is washing the car and doing the lawns!
Do you get API magazine? There was an article on Mt. Gambier a few issues back. From memory it was a case of not bad buying long term, and rental vacancy was quite low. If you want, I can try and find the issue and let you know – you can always otder back issues.
All the best.
Thank you! I did see the issue incidentally, but was hoping there might be people out there who are in that market, as first hand experience is always better than magazine stories.lisasMember@lisasJoin Date: 2005Post Count: 36
I live in Mt Gambier and my partner and I a few properties in Mt Gambier plus our PPOR. There are opportunities here though not like there used to be. There is one "bad" area in particular to stear clear from. Anything east of Pick Ave I would steer clear from. When considering the prices here in comparison to Sydney they are very affordable.
Let me know if you have any specific questions or PM me for me email address. More than happy to help out.
Lisakaz101Participant@kaz101Join Date: 2005Post Count: 45
Sorry I haven't been on the forum for a while….
I actually live in Mount Gambier and I'm a property investor (bought property before I moved to Mount Gambier).
I can tell you that the Penola mill is not yet guaranteed (according to local papers) but since the article in API everyone is buying up round here like crazy. I went to see a unit for A$98,000 to practice my negoation skills (it wasn't in a particularly good area) but it already had offers before the open viewing. Real estate agents are being swapped with investors (one of the agents is a friend) and people are paying the asking price or in some cases more than the asking price just to buy here.
I've only been living here since July (moved from the UK) and I like the area but I'm not about to invest in an area where people are paying over the odds for properties. I realise that the properties will seem very cheap in comparison to those in the major cities though.
Karenkaz101Participant@kaz101Join Date: 2005Post Count: 45
Oh and I don't know of any cashflow positive properties out this way either unless you want to add value by fixing them up.
I wouldn't touch the flats (hospital conversion) at all since that development was overpriced to begin with and people have had those flats on the market for a while. Even if you could negotiate them down I'm not sure the rental would be enough to cover the mortgage.
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