NSW Albury/Wodonga

I couldn't really say its not like Moree where the streets are just known for dropkicks. It doesn't seem to have crime issues I think location to amenities and schools would be your best bet to have less vacancies. The main issue with albury/Lavington there are so many units compared to the population. It's like they took an inner city suburb and dropped it in a regional town. Go to real estate.com.au and go to the rent section. So many units. Some of the blocks have 40+units others just have five and six. But you drive down the street and its unit block, unit block, two houses, two more unit blocks etc.

 

Prob dean and david st

 

Yeah and swift St...that's where I think a lot of activities are going on. Pubs restaurants shopping centre etc.

 

Whats the go with Wodonga, or do you have to be in Albury ?

 

Keeping options open.

 

Turning my mind to Thurgoona as well. Are the new builds for students?

 

Different state land tax thresholds and stamp duty costs are the first things that come to mind. Otherwise, pretty similar cities, divided by a river.

Eg for a $250k purchase:

VIC stamp duty: $10070, NSW: $7240.

 

Some, but Thurgoona is popular with tree changers moving from big city who want new build suburbia. Very much that.

 

Thanks @mja I was asking as if one area of Albury was the only place to go that would put me off.

And here I was thinking NSW govt had a long hand, that is a fair bit more tax.

 

I came across properties in mate street, plover st etc and noticed a huge water channel cutting across plover st. Are those streets flood prone? I saw one of the contracts that state the property is in the flood referral area and upon further reading on council website:

The Albury Local Government Area (LGA) contains several catchments that drain to the Murray River, which is the southern boundary of the LGA. Each catchment experiences flooding as a result of rainfall over the area (local catchment flooding) and high flows in the Murray River (riverine flooding), which inundates the southern fringe of each catchment. High levels in the Murray may also increase local catchment flooding.

We carried out flood studies for the following areas:

• Bungambrawatha Creek, Lavington Drains, South Albury and West Albury
• Thurgoona Creek
• Eight Mile Creek
• Murray River

Bungambrawatha Creek area
The flood study area includes Bungambrawatha Creek, West Albury, South Albury and Lavington Drains. It contains a large section of the Albury urban area. Localised flooding occurs at several locations in the area. The most recent events occurred in February 2001 and September 2005.

Bungambrawatha Creek is the largest creek in the area, running north to south through the town centre and discharging into the Murray River near the Botanic Gardens. During severe storms, the creek can overflow and inundate houses. Flooding can be worse if culverts on the creek are blocked or if the Murray River also has a high water level.

West Albury, South Albury and Lavington Drains are also liable to significant flooding. West Albury receives runoff from the wooded area to its north and conveys the flows through artificial channels. When the capacity of these channels is exceeded, properties in the area may be inundated.

The Lavington Drains area drains runoff from a relatively small catchment; however, the drainage can be insufficient in large storms, leading to flooding of properties and roads.

South Albury is subject to local catchment flooding as well as inundation from the Murray River; however, it is partially protected by a levee.

Now, have any of you experienced flooding in Albury?

 

The area was in the "Your investment magazine"

 

Luckily we haven't experienced this with our West Albury IP (touch wood)

 

The flood studies I have seen for Albury are very specific. When you are on flat land surrounded by hills you have to expect the risk of some flooding in a major rain/storm event

 

I noticed that there are heaps of new stock coming in the market now with big blocks of land! I wonder if holding the property for the long term may be the way to go.

 

I looked at one recently but it is situated near the stormwater channel...and I decided not to pursue further. It was like 900sqm.

 

What do you think Larry? Hold for the next 10 years?

 

Holding is fine because of the yield but growth is minimal.

 

For some reason even though the capital growth has been minimal, by gut feeling tells me that it's just a matter of time before it could experience growth. I feel that it just needs a push to really get it jumpstarted.

 

I think @The Dark Knight and others are able to provide further insights. It's still on my radar but not my wife's.

 

I just came back from a Reno down there. Plenty happening down that way. Really is a nice town. I think its still got room to grow even with the fear in the market as long as you buy sensible