NSW Buying an IP in Orange/Bathurst

Discussion in 'Where to Buy' started by H2O, 28th May, 2020.

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Should I buy in Bathurst ?

  1. Yes

    1 vote(s)
    16.7%
  2. Wait for 4 months and then re-evaluate

    3 vote(s)
    50.0%
  3. No

    2 vote(s)
    33.3%
  1. H2O

    H2O Member

    Joined:
    28th May, 2020
    Posts:
    8
    Location:
    Bathurst
    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.
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
    Posts:
    7,538
    Location:
    Gold Coast
    Calling Euro

    ta
    rolf
     
    hash_investor likes this.
  3. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    2,243
    Location:
    Sydney / Canberra
    could be Euro with a different name :D
     
  4. H2O

    H2O Member

    Joined:
    28th May, 2020
    Posts:
    8
    Location:
    Bathurst
    No idea who Euro is....
     
  5. wilso8948

    wilso8948 Well-Known Member

    Joined:
    23rd Jan, 2018
    Posts:
    420
    Location:
    NSW/QLD
  6. euro73

    euro73 Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    5,373
    Location:
    The beautiful Hills District, Sydney Australia
    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
     
  7. H2O

    H2O Member

    Joined:
    28th May, 2020
    Posts:
    8
    Location:
    Bathurst
    Having a dual occ makes sense , but will you buy in current bathurst market ?
    So I wait or just pull the trigger...
     
  8. euro73

    euro73 Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    5,373
    Location:
    The beautiful Hills District, Sydney Australia
    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 :)
     
    Last edited: 29th May, 2020