Just after some general advice on whether or not it’s a good idea to buy a property that’s approximately 1km from a Correction Centre. The location also happens to be only a few minutes to 3 major freeways which will get people anywhere in the city quickly. The property I have in mind I’d hope to pick up for $340K approx and a similar yet less developed property in the same street is renting for $340 a week with vacancy rates of less than 1%
That is an interesting one! I guess someone has to live near our incarcerated brothers and sisters!
If it otherwise enjoys good amenity, and the rental yields are sound, I would suggest it's well worth a look.If it is minimum security then it might be worth a look. My parents in law love the fact that where they are the minimum security inmates come and deliver wood and paint fences etc so I don't think that is is the worst thing to be near. Anything that smells is a no no for me!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeIs there a decent rental demand in the area? Would you attract the kind of tenants that look after your property and pay rent on time? Does the area have capital growth potential?
Yes to all of the above. Thanks for the assistance I found a property with even more potential and further away from the jail yet closer to shops transport schools, ritzy village centre etc a few hours later. Blank Canvas older home on a good size block with plenty of room to add value which is more what we’re after for now
Little known fact: the development of units at Homebush Bay, adjoins Silverwater Prison…ooops high security housing development/secure environment.
Hi, This could be an opportunity to Bargain with The Seller Est Agent and discuss this concern. And for this reason you could put in a lower offer and walk away. Then wait for The Agent to approach you on The Sale. This negative aspect of having a Prision close by may give you negotiating power.
Renting It out should be Fine!
Remember that Melbourne House Prices will cont. to soar so any wise Investing Is bound to reap.
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