I owned a small block of flats there about 10 years ago. Bought with insufficient research on the wrong side of town. Managed to get out after a few years without losing any money.
@Kurt What are your reasons for researching this area? It appears it has a population of 16k as per 2011 census. I used to work with someone who had family there, and had moved to work in Sydney.
I need the yield play and I also have family there so I'm just looking at a few high yield areas. I'll be visiting them soon so I wanted to see what people thought and what areas to look in. From what I can see Brae st is the best in town and the Ross hill area. But that's just what I can see via online research.
It's a fair while ago and I successfully erased the experience from my memory. All small towns have a good side and a bad side. Locals know which is which. I do recall I had a great property manager. She was very tough. I added her how she managed keep the tenants mostly up to date with their rent. She said, 'I know which pub they drink at and what day they get their benefits. So I go there that day and hold out my hand.'
Cashflow is decent - and vacancy is super low. Vacancy is low mainly due to the wind farms being built up there at the moment but its steady otherwise from what i've heard.
Nice town on the improve it shouldn't be dismissed immediately. Good council in there at the moment that are quite progressive and future focused in attempting to diversify the employment prospects beyond agriculture & the meat works. The town has recently got funding for a hospital upgrade other than that not sure what other major projects are approved. Avoid Southside for sure. Ross Hill is the area to look at. Personally I'd look at Armidale over Inverell grater upside for stable yield and long term growth. Cheers, Phil
Thanks Phil - I've heard that the south side is to be avoided from the agents too. Good to hear. I'll take a look at Armidale too - probably drive through there so I can take a stop.