NSW Albury/Wodonga

I share the same sentiments. I might have a new client from Albury and may have to make my way there. #blockofunits

 

Good idea Larry. The only concern I have with the area is the vacancy rate in excess of 5%. I know it's not that high in comparison to some of the other areas and the entry price for properties is not too bad. If properties were in excess of $400k, for me personally, I would prefer to walk away.

 

It's low entry for me so holding costs may not cause a damage.

 

I agree the vacancy rate is an issue. I just had two units become vacant. Two weeks before we got a tenant another week before they can move in. The other is getting work done at the moment so i'll let you know if it takes long. They are at the lower end so they seem to rent easier as people may only be able to afford that price.

 

@The Dark Knight you'd probably already knew this: Record deal for Albury ATO site There are 1260 ATO workers in Albury. a fairly large number. The ATO lease extends to 2027. I'm reviewing Albury for yield play.

What sort of insurance did you take out for a block of units?

 

1999 132 $150,000 10.7%
2000 149 $150,000 0.0%
2001 147 $180,000 20.0%
2002 137 $214,000 18.9%
2003 139 $287,000 34.1%
2004 92 $332,500 15.9%
2005 109 $345,000 3.8%
2006 113 $368,450 6.8%
2007 115 $360,000 -2.3%
2008 95 $375,000 4.2%
2009 81 $335,000 -10.7%
2010 90 $365,000 9.0%
2011 79 $370,000 1.4%
2012 80 $388,500 5.0%
2013 87 $370,000 -4.8%
2014 82 $425,000 14.9%
2015 96 $456,250 7.4%

2016?

 

hi guys - a friend is asking whether there is a good building and pest inspector anyone here can recommend for the albury/lavington area?

 

Hopefully double digits

 

Hi, if you are going through Albury, go and have lunch at Oppy's Pasta, Albury - Restaurant Reviews, Phone Number & Photos - TripAdvisor
We had a really good lunch.

Also, Albury has really good vibes. It's a big city really. It's got so many establishments (banks, hospitals, shops etc).

 

Hi folks, noticed this thread has gone a bit quiet. Any recent success (or struggle??) stories to share?

Has anyone had success with blocks of units here?

 

Maybe @Tony Fleming could update us.

 

Hi @C-mac Albury is still plugging along capital growth wise. Vacancy rate is getting better and the hardest time to rent is Feb-Mar so that is a good sign. If you want the best bang for buck I'd stick to the middle and lower end market. A lot of renovation potential 3 bed brick homes on decent blocks under $260k.

Plenty of good unit blocks on the market. As always cash flow is super strong but you have four kitchens, bathrooms etc to worry about so consider that with your number crunching. Also don't believe the advertised rental income until it's confirmed with a PM or the current tenant ledger.

Hope this helps and best of luck.

 

Yeah, the unit blocks look good on the surface, but after digging no advantage to buying houses or even separate units possibly. Look at all the costs etc that Tony mentions.

 

What about the bad areas of albury? Anyone had any experience. I passed on the slums for various reasons a few years ago was wondering how it's going now

 

.....somewhere TMNT says is too rough and slum like.

If you really want to know, I suspect it has become as popular as Mossman.......

Spoiler: Mossman

Mossman Gorge that is....at the bottom of the Gorge

https://goo.gl/images/sb2o6y

 

Lavington (aka Stabbington) is getting a lot cleaner... there are still dodgy areas along with parts of west albury and G block

 

Yes I was referring to West where they have those flower names and common housing commission street names.

OH and eastern circuit everyone told me to avoid. I drove past In the morning expecting it to be like hell on earth. But was disappointed

 

Yeah they don't even try and be subtle about the housing commission in West Albury or Glenroy. Lavington is a million times better than what it used to be. Springdale Heights has some patches of housing but the houses are generally better quality than West Albury and Glenroy in my opinion anyway.

 

Very much so. When I was looking to move to Albury a while ago I was looking at Springdale Heights and East Albury for rentals and the former was much newer area and better housing standard (90s+ vs 60's+). I also liked the Norris Park area.

 

I grew up in Albury/Wodonga but since becoming qualified, i moved to Melbourne for Job opportunities. It's definitely a change of pace, however some people really enjoy the area.

Unfortunately i think unless you can manufacture your own capital growth (DIY renovation) there isn't a lot of CG to be had. There's just so much land being developed (whitebox rise, thurgoona etc..), and with so much land being developed, supply will always be there.

Especially now with the Vic gov doubling the FHOG for regional vic, why would you rent, when you barely have to save a deposit to buy?

I think Ben Kingsley has mentioned in his podcasts that if there was a fast train connecting Albury/Wodonga to Melbourne in around an hour the place could boom (currently it takes 3-4hrs depending on track condition). But i can't see that happening anytime soon.