Hi all, I'm currently looking closely at a few commercial properties in Inverell, northern New South Wales. Reaching out to see if anyone has any local knowledge of the area, hold any properties there or any general advice on the suburb? Entry point seems fairly reasonable for retail commercial properties with good yields. Cheers
I don't have any experience with commercial property in Inverell but have an IP there and I'm familiar with the town. Very busy town for it's size and acts as a service centre for a larger surrounding population including Tingha, Gilgai, Bundarra, Ashford, Delungra and Warialda. The risk with Inverell is if Bindaree Beef were ever to close it would be a big blow to the town. I'm not sure I could be tempted to buy a commercial property in a town with such a small population (around 12,000) but having said that I'd rather own one in Inverell than Armidale so population isn't everything. I've been very happy with my IP in Inverell. Low entry price, good yield and very low vacancy rate. There's been some growth in the last 5 years but it's just a solid little cash cow which is what it was purchased for. Inverell is definitely the best of the smaller towns in the area. Out of interest, what sort of yields are you seeing in commercial? Willy
Hi Are you still have investment there ? What do I think of the area so far ? I m thinking to buy investment there , what do u think ? Thanks
I live in Inverell. I moved here 16 years ago, as a farmer, and have just recently sold that. Decided to stay here for now due to kids in school etc. I have a small business here also. So not a long term local and therefore hopefully not too biased: PROS: Reliable water supply. In the last drought, thanks to Copeton Dam we didn't have any serious water restrictions, still washing our cars in driveways. New infrastructure includes police station, sewerage upgrade, largeish indigenous health facility, Dam wall raised in height, livestock saleyards, and hospital upgrade. Falling crime rate thanks to new police station including a dog squad. Relatively flood free, last flood was 1991. Dodged the current ones. Plenty of flood free areas though. Industries include agriculture (grain, cattle and sheep), manufacturing (Boss Ag) and beef processing ( Bindaree Beef). Also tourism due to Copeton dam being only place to legally catch cod all year round. There are plenty of real estate agents (about 14) who by all accounts to a good job with property management. Several are big enough to have someone focussed on just commercial. Some just focus on rural. CONS: Very reliant on Agriculture, especially Bindaree Beef as mentioned above. The last drought put a dint in most local business income. Can't think of any that closed down though. It's not that big, house prices have risen recently, but moving forward I wouldn't expect to outperform inflation. A shortage of GPs. Most will not take new patients. A lot of the original shops in CBD are in flood zone, and aging. Thorough termite inspection recommended. Industrial is newer and flood free. Hope that helps. I'd like too buy something in Coffs Harbour myself.
Very happy with my Inverell IP. Paid $200k and rents for $400/ week. Now valued at $300k. In 7 years it's been vacant for a total of 10 days with a relatively high turnover of tenants. Change of tenant recently, put the rent up from $330 to $400/wk and had a tenant the next day. Stay on the higher areas at either end of town to avoid the flood areas in the middle and there is one area to watch out for with reactive black soil. You'll know the streets because you'll see the cracks from the road.
