Hi everyone, Looking to invest and wanted your thoughts on Casino, NSW. I've currently got a couple of capital investments, doing OK, one in Sydney and one in Brisbane, and one rental yield doing OK in rural NSW. My focus for this one is rental yield. I know Casino is the heartland of beef, but wondered what your thoughts and experiences are with high end and low cost rental there? Many thanks.
There are currently 244 houses for sale in Casino out of a total number of 4720 privately owned dwellings. That is 4.64% of the current stock versus a state average of 1%. This tell me that more people are leaving Casino than going there. In the previous 12 months 128 houses were sold so the properties currently on the market represent 2 years supply. The average over the past 3 years has been approximately 125 sales. There does appear to have been a jump in property prices recently with average prices now at slightly above $300k while the previous 4 years average prices have been consistently at $250k. By contrast there are only 13 rental properties available out of 1376 in total so the rental market would appear to be quite strong. This makes for an interesting mix. It is a town that may provide good opportunities for cash flow but relatively few opportunities for growth and the ability to sell out of the market is very limited. High end rents (based on this small sample) are approximately $350pw which is way too low to expect positive cash flow. I'm not sure if this helps but I would suggest a lot more research is necessary before diving into this town.
Hi, I worked in Lismore for 6 months during the last year. An agent encouraged me to buy a 3 bed house in Casino with tenant willing to stay which was cash flow positive but problem was virtually no CG in the past. After B&P inspection there was broken asbestos which is exposed.I pulled out and think it was a good thing I didn't buy.
Very interesting figures! Thank you! If something were to come along, I'd look to keep it long term for the cash flow. Not too worried about CG for this one (would be a bonus though of course!), but the fact that it would be hard to shift if circumstances changed is a worry. On the flip side it sounds like it's a buyer's market up there at the moment, despite the increase in prices.
Good info. Thank you. I'd be interested to know which B&P inspector you used if you can remember. Yeah, probably a good call to walk away. Don't want to be messing around with exposed asbestos, especially with tenants in there. Did you end up investing elsewhere?
There were only few people doing B&P there. I used the Barling Construction and Co. He is a registered builder. You can google the contact details. Yes I did buy my first IP in Victoria using a buyers agent after wasting money and time on few places.
Great info/write up - wondering where you source all this sort of info (re # of stock for sale, how much sold 12 months ago etc)?
I use a program (that I wrote) that you will find if you google "Grid Variance Program". I can't advertise it here.
I know that this reply is a little late but I thought I would add it anyway.... I bought an investment property in Casino early 2015. We picked it up for $160k (as it was in need of some TLC), renovated and it was revalued early last year at $290k. We have had the same tenants in there since we finished the renos after we bought it and have been getting $310/wk. For us its been a great yield play but also if you have a look at the capital growth stats it has experienced some good capital growth over the last 12month (which is a nice bonus). Did you end up buying in Casino?
