I've being looking at investing in the area for a while but i've heard certain areas should be avoided due to housing commission etc just wondering if anyone knows what outer suburbs should be avoided if any at all?
I live in the area and know it very well, what suburbs and streets are you looking at? Alot of Sydney and local investors will buy the housing commission properties due to the high rental yields. PM me if you want opinions on suburbs or properties you are looking at.
I think the suburbs you refer to are: Ashmont, Tolland and Mount Austin.
Personally I haven't found much in Wagga that interests me, but Jacqui will have a much better idea of the area.
However there are bargains if you look hard enough.
I know a real estate agent bought two positive geared properties in a nicer part of town a year ago. I was also shown two adjacent blocks of land with properties in the centre of town for an incredibly cheap price before it was released on the market.
Sold within 6 hrs – I was only beginning to look around at the time so didn't know its real worth.
The areas NHG listed are all the main housing commission areas. Kooringal also has Housing Commission properties. Mount Austin would be the pick of the bunch as I have seen greater capital growth there of late. Tolland is being cleaned up however that may take some time. The prices have gone up abit since last year. You used to be able to secure one between $100k-$130k, Mount Austin is now approx $140 – $155k. They will need a quick reno for approx $10k – and then would fetch approx $200 – $240 p/w. Mount Austin will get the better rent in comparison to Ashmont and Tolland. Mount Austin properties may even get $250 depending on the time of the year you lease it. Just make sure you get a building and pest report done, I can recommend some people if you need too. Let me know if you need a good Property Manager too.
I think the HC areas of Wagga will improve over time. It seems that LJ Hooker is selling of a heap of ex HC properties each week, which are being snapped up by investors and rented out for decent yields. I own an IP in Ashmont, and touch wood, haven't had any dramas yet. The yield is high enough to make it CF neutral and as other poster mentioned, there seems to have been a bit of growth in the area recently. I think the time has passed when ex HC properties could be purchased for under $100k.
I have had a place in Gelnfeild Park since late 2007, bought it new and never had an issue getting tenants, the issue is the tenants that are able to pay this kind of rent are usually posted/transferred out after a period of time. ie; engineer's on short term projects etc, maybe some military, have had a few tenants have to move after 6 months I paid high $200's for it and it's currently returning me $350wk and had a valuation on it at the start of the year of $340K. 3 bed, 2 bath, double garage,
I know the street as I was looking a buying an ex housing commission in Jack Avenue earlier in the year at auction and I missed out as it went well over what the agents predicted. I know there was a couple of houses in Townsend with extremly bad white ant damage where they had to gut the properties and practically start over. They required alot more work than a cosmetic reno. The agents quote between $200 – $240 p.w for most housing commission. $260 is possible depending on the quality of renovation you are doing and what time of year you would be leasing it out. Dec and Jan is the best in Wagga. There are quite a few rental properties on the market so you may not be able to fetch that amount. What is the purchase price or is going to be at auction? You can PM me if you would prefer. I can let you know of some previous sale prices if you want.
Lake Albert is a nice suburb. The lake itself isn't spectacular but the suburb has a nice family feel about it.
I was there in Jan 2010 and don't recall seeing any construction at the shops – maybe it started after I was there.
It is a little further out, but nothing seems too far away in Wagga (I think the drive to the CBD was about 10 mins).
What are the numbers telling you? When investing in regional areas, such as Wagga, I'd be looking for a decent rental yield. I've have an Investement Property Analysis spreadsheet that my clients use – it will give you an idea of how much the property will cost you to hold per week. Just shoot me an email if you'd like a copy.
Apart from the HC suburbs, what do people think about Lake Albert?
My parents own a 4 bdrm brick home with views of the lake, nice area mainly consists of familys.
I'm looking at a fibro 4 br house near the lake and the shops. It's on a big piece of land….something like 800sqm but then again most of the properties in the area are on large blocks.
All the blocks are a decent size. It all depends on how much your paying for the property. Majority of the houses were built in the 70's/80's and most are brick. If you advise of the street I can let you know more details. I know of a few streets which are near the shops which are mainly fibro, not saying they are bad areas though.
Does anyone know if the shops have finished building and how busy is the shopping centre? What services do they have there?
By shops I think you mean the Lake Village Shopping Centre – they have a Food Works, butcher, bakery, chemist, take away shop, stichery etc. The only build I can think of when they changed the Food Works to a builder area in the complex. There is also a corner on Main St near Lake Albert Public School (My old stomping ground
Does the lake itself play any part in the value of the area? Is it more attractive for people to buy in the area if the lake if full or if it's low?
I think it does play a part in the values where the properties have views of the lake. It is in good condition at the moment and is nice and full but there has been issues in the past during the drought etc.
Is Lake Albert a suburb where people want to rent because it's a little out of the city?
Its affordable for families and the houses are generally 3-4 bdrms with decent backyard unlike some other areas.
Anyway, share your thoughts as I'm not a local but am looking at investing in the area.
Hope this helps, only the basics. You can contact me via PM if you have any more questions.
I've been lurking for a while and thought I better join. Great site. Tolland and the other DOH area's for me has potential. We just negotiated a 3 b/r house in good nick for 110k. Next door is under contract at 157k albeit with a clean reno. Rent should be 220 pw for a quick clean and tidy.