Hi I'm looking at buying a IP in Wagga Wagga, problem I am in Victoria and this makes things difficult. I have been trying to find where the recent floods affected and what areas to avoid. Any investors or locals out there with any thoughts or information on area would be greatly appreciated.
If you’re going to buy an IP in wagga I’d recommend that you actually hit the ground and check it out in person. There can be good and bad patches on the one street in some areas.
Generally speaking, Tolland, Mount Austin and Ashmont have a lot of the ex dept of housing stock that’s constantly auctioned off by LJ Hooker. There’s some decent yields in the area – but tenant selection is paramount so you’ll need a good PM looking after your property.
thanks Jamie we will be in Wagga next couple of weeks but was hoping for some information before we get there to actually look, as we will be a little time poor.
No worries. What sort of IP are you looking for? If you're in the market for one the cheap ex housing stock, it would be worthwhile getting on the LJ Hooker mailout list. They send a regular update of upcoming stock. Most of it goes for around $100k – $150k and needs work.
Jamiemike.12Member@mike.12Join Date: 2010Post Count: 36
I have an IP in wagga wagga – In Glendfield Park.No floods in that are.try there for your IP.if you wish.
because I am living in Vic, I don't want any thing that needs work. I prefer something renovated in good condition,preferably on a large block that could possibly be subdivided at a later stage. Cash flow neutral to positive.
Hi Here to learn
There's plenty of renovated stock in Wagga. The only issue is that you'll probably be making someone else a profit.
thanks Jamie it's a bit hard to reno from afar but at least I can depreciate the work someone else has done. I'm more after which areas to buy in as I don't want something that may flood or be away from infrastructure.
Glendfield park does look good and with big blocks but is it too far out of the main town and infrastructure.lpool05Member@lpool05Join Date: 2007Post Count: 7
did you manage to buy any IP in Wagga Wagga. I am hoping to drive there this weekend.M.InvestigatorMember@m.investigatorJoin Date: 2012Post Count: 134
Hey here to learn,
If you want to check out and know specific areas in a suburb that have been affected by floods, there are 2 ways that you could check.
1) Check the website of the local council. Often councils have floodplain maps and maps that show flood affected areas by streets. I've seen some of these myself for when I was examining investment properties in Queensland.
2) You could call up the council to ask them directly, or sometimes even the State Emergecny Service also has info on specific flood affected areas.NHGMember@nhgJoin Date: 2010Post Count: 198
Use to live there and worked on the capital projects in the area. Have a flood map showing lidar analysis of the entire area on a cd somewhere which isn’t readily available to the public. If I can find it and figure out how to upload it I will.
Central: Close to everything except university. Prices are steady and some flooding along Fitzpatrick St. University and professionals rent here.
Wagga Wagga North: Flood area, a lot of the developments here are not approved.
Mt Austin/Tolland/ Ashmont. Housing commission, some great bargains, though need to know the area as certain streets are really bad and to be honest, and every street is different from the next. Spent a lot of time doing community work here, actually nowhere near as bad as they make it out to be, definitely worth a look. Most of the local agents are a little ‘too close to home’ to know anything about the area and provide non bias feedback – may as well be another world with a giant fence and flaming sword blocking the entrance. Talk to indigenous liaison officer and police, may be more specific about which streets are which.
Kooringal: Where I would say majority of the average folk reside, some good bargains at $300k is mark. Average familys rent here.
Bourklands/Tatton: Tatton from memory was the more expensive of the two suburbs, nice looking area, poor soils in Tatton, could find your house will have cracks in the near future (beware agents talking up the area). Though the community was incredibly nice and friendly.
Glenfield Park: Newer-ish developments, $400k nice new houses, big blocks. Not sure if I would invest here as there is plenty of land to be developed further back on church land. A lot of home-owners.
Springvale: Larger blocks, kinda far from everything. Expensive for Wagga. Most residents like to keep to themselves.
San Isidore: Considered far out of town by locals, and residents are generally against any new development.
Forest Hill: Close to airport, and army barracks. Seems to be a spot to look at.
Estella: Close to university, shops are being built/have been built there last I spoke with the local developer. Prices already seem a bit steep. University students rent here, and in central.
Cartwrights Hill: Near abattoirs, smells, close to all industrial area.
Areas further out like Ladysmith etc, have flood issues.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992NHG wrote:Use to live there and worked on the capital projects in the area. Have a flood map showing lidar analysis of the entire area on a cd somewhere which isn’t readily available to the public. If I can find it and figure out how to upload it I will..
Pls email it to me as well because I have a motel in Wagga and would very much appreciate the info to know more about our existing investment as well as future purchases.
BTW – Any forum members visiting and staying in Wagga will receive a special discount if they need accommodation at our motel called Best Western Ambassador Motor Inn.
thecrestNHGMember@nhgJoin Date: 2010Post Count: 198
Sure, I’ll look for it when I get home to Sydney this weekend.
My colleague and investment advisor TOM RYAN, no joke, happens to be staying at the Western Ambassador this weekend. I told him about the offer, I hope you don’t mindlpool05Member@lpool05Join Date: 2007Post Count: 7
I will take you up on this offer. I have already made few offers and waiting for response from the agent. Personally I dont mind flood prone areas provided the price is right for the property.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
Hi NHG and lpool05.
You're most welcome, hey hope Tom Ryan enjoyed his stay Been in Fiji at the Best Western annual conference so was a bit out of touch last 10 days. I'll check with my motel managers in Wagga when I'm down there next week to make sure they applied the discount as I emailed instructions to discount the rate for any visiting forum members.