Ex Housing Commission

Discussion in 'What to buy' started by Nigel, 4th Apr, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Nigel

    Nigel Well-Known Member

    Joined:
    8th Sep, 2016
    Posts:
    55
    Location:
    Sydney
    Hi PC Community,

    Does anyone have experience (either positive or negative) in an IP that used to be ex Govt Housing or on a street with multiple Govt Housing homes? I am looking at Corio, Norlane around Melbourne and have seen a couple of these properties show up and am keen to get thoughts.

    Housing commission area means neighbours might be undesirable and may not be attract quality tenants but would love some thoughts from people who have been there and done that.

    Thanks
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    Most of mine are ex state housing

    They're small, basic homes which are cheap and have good yield. It also means they don't attract a grade tenants.

    Not sure if your area is the same as here where its mostly being phased out, which provides uplift to the areas.
     
    Annaelsa and Nigel like this.
  3. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    A recent auction Housing comm house just sold in Reza 772k - 550sqm.

    Go ashwood chadstone - they regularly hit the 1 million mark. And there are some streets filled with them say 70% of them

    Not sure abt geelong but would depend if the area is gentrifying or just staying the same. There are these Houses even in top suburbs like Balwyn,box hill south, Richmond, port Melbourne etc
     
    Nigel likes this.
  4. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,572
    Location:
    Sid en e - olympic city
    Will depend on area and who is buying and market conditions.
     
  5. NHG

    NHG Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    640
    Location:
    Sydney NSW
    Hi,

    I own one. Simple box house, easy to tenant proof.

    Wether they are an actual bargain or not comes down to.

    1. structural integrity of the house;
    2. plans to rezone / gentrify the area;
    3. price at purchase.

    I remember around 2013 when I was trying to purchase more housing commission, it was cheaper to buy a renovated 3 bedroom down the road than a ex-houso at an auction, as perception was that they were bargains. Same as fire-damaged properties. Still finding bargains with 'termite' damaged property, the word scares people, yet damage is usually minimal and termite removal can be negotiated off the already low price.
     
    Nigel likes this.
  6. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,222
    Location:
    Sydney? Gold Coast?
    Sorry to break it to you, but that's almost like asking if anyone has experience owing a small white house. Ex Housing Department houses are everywhere.
     
    jefn89, Nigel, thatbum and 1 other person like this.