G'day I am a newbie and just realized that it is a good time to get into real estate. I am exploring to buy an IP in either Bathurst or Orange. The long term goal is to hold while having some cash flow (not into negative gearing). Orange is very bullet proof atm as there are independent sectors investing creating jobs = demand for housing. The prices also reflect this despite C-19 impact and good ones are well over my budget. My Budget is ~ 380k to 400k and I can service a loan upto 85% LVR (have deposit + Stamp duty) On the other hand, Bathurst is also doing well however more affordable to buy near the CBD or established areas. The reason can be no major investment happening (like Orange) and CSU also having issues since most foreign students are stuck/new admissions not picking up. So after searching found on an old property (circa 1980) which is on a big block - 650+ sq mtr . However, the RE is adamant on sticking to the sale price. The rental market is doing Ok atm, some of my friends are having difficulty finding a good rental in the area despite good hospital jobs with history. At the moment, should I let it go and wait to see if C-19 can have an impact or jump on it ? HWT property report highlights that Bathurst is at the peak.
Not me . I don't use phantom accounts Orange is a favourite, yes.... but we are into Dual Occ's in Orange and sometimes in Bathurst ( Kelso, Raglan etc) .... not vanilla single income dwellings built in the 80's, as is being discussed here
Having a dual occ makes sense , but will you buy in current bathurst market ? So I wait or just pull the trigger...
I think Orange and Bathurst are strong locations for Dual Occ . If you buy an asset that generates excellent income , WHEN you buy isn’t super important . Focus on locations with low vacancy rates and land that is affordable. Over time it will pay itself off and leave you a very nice income stream.. Let us know if you’d like us to build you something
very solid market, as is Dubbo. Neither are quite as strong as Orange or Goulburn have been. Tamworth and Armidale are taking off now.
@euro73 I am also looking to buy in the range of 550k-600k Can you please suggest which one is better between Armidale and Tamworth. Also, as property market is slowing down in Sydney, would it be a good time to buy in these regionals for Capital Growth? Thanks
I operate in a specific niche- house plus granny flat . I don't operate in the single dwelling space which your budget would be applicable to... so I can't really recommend one market over another for a single dwelling. I can tell you that Armidale rents and Tamworth rents have surged in the last few months due to chronic shortages of rentals, and even more chronic shortages of modern/reasonably modern rentals.... so new or relatively new /modern homes are getting huge rental uplifts - over $100 per week .... Both markets are really really strong and both have extremely low vacancy rates but right now Armidale weekly rents are starting to move away from Tamworth weekly rents, even though land prices are a touch lower. So overall the yield is a touch stronger in Armidale at the moment , even though both are very strong As for growth, when rates start climbing, borrowing capacity starts suffering, holding costs start suffering , and you should temper your growth expectations anywhere and everywhere
Anyone able to recommend a property manager in Bathurst. I have an existing property that needs new management. Only just getting told about a 41 day overdue rent via a email without and details of plans of remedy or proposed action from PM. Still no contact from the PM for days after asking for plan for the tenant or any details at all. PM has been extremely poor communicator for a long time.
Another week goes by without contact... Attempted to ring the PM only be told she's on 'extended leave' without a return date. Someone else is looking after the property, but still no contact from them. Think it's well any truly time to change offices. Any recommendations would be greatly appreciated.
