Forums / Property Investing / Help Needed! / Wallan or Kilmore, Vic

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  • Profile photo of MargotMargot
    Participant
    @margothudson
    Join Date: 2014
    Post Count: 2

    Hi, I am stuck. I have narrowed my search for a two bedroom unit as close to the $220K range as possible but I can’t decide between Kilmore and Wallan. They are only 15 minutes apart. I have viewed potential units in both. Wallan is labelled as suburban and is being developed fast with a Westfield soon being build. Prices are slightly higher than Kilmore but surprisingly rent is not. Kilmore is classed as rural and is listed as ‘fire prone’ but prices are still lower than Wallan, rent is relatively good with all properties I viewed returning over 5% but it is small and very country for a rental unit, assumedly much lower demand for rental? I’m stuck. Do I spend more in Wallan or save my dollars for the same rental return in Kilmore but with the possibility of longer tenant free periods and less capital gain?

    Profile photo of tom123tom123
    Participant
    @tom123
    Join Date: 2013
    Post Count: 91

    all i could find is this link

    http://www.yourinvestmentpropertymag.com.au/news/mortgage-delinquency-on-the-rise-in-victoria-189535.aspx

    wallan has a 30+ days delinquency rate 3.5% could be some good deals.

    I also have looked in both. I’m going to kilmore next weekend.

    how come you want to invest in a country town / rural area?

    Profile photo of MargotMargot
    Participant
    @margothudson
    Join Date: 2014
    Post Count: 2

    Thanks, Tom. Interesting. Perhaps that also explains why rent is not higher in Wallan than Kilmore. The prices are very good out there and lot’s of very new, modern developments. Have to be careful as a lot of Wallan is flood prone. I’m going rural simply for the maths. I’m avoiding mortgage insurance as I am looking for my very first property.
    Good luck in Kilmore next weekend.

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hi Margot,

    A few clients of mine live in wallan
    I thought I would ask them some questions for you…
    1) insurance premiums are flying through the roof.
    2) council rates have been increasing

    But in saying that the demand in the area for both rental and purchase is going strong.

    If you need anything please let me know

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

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