So I've been hearing that Tamworth is expected to have an oversupply issue. So I've been looking in surrounding areas. Armidale has looked ok. Maybe moved a bit already. But what about Manilla? About 45km from Tamworth. Too far? Population 2000. Not enough? Yield seems to be good. So cash flow would be ok. But I'm guessing no real CG gains for a while. I'm not really keen on it as my strategy is a based on a balanced approach but just wondering what others think? Anyone got an IP here? Anyone looked at this area but crossed it off their list? If so why?
I own a place in Tamworth but I think Manilla is way too small. I know there is an argument that if its within comfortable driving distance of a major centre people can find the services they require there but I wouldn't touch it. If its because its cheap and high yielding remember that you could achieve a similar return in a bigger centre which has better fundamentals. Too many good opportunities elsewhere IMO. Nothing wrong with a balanced approach though, I like holding some high yielding properties as well.
Geeze, it's possible. But there are places closer to Tamworth that aren't doing so well. Maybe I'm thinking of really small places like Kootingal. But 2000 is pretty small.
I've got three IP's there. Never much of a hassle to rent out, and the town is now seeing capital growth, as a flow-on effect from Tamworth. The town is land locked, so no over supply of new houses on the horizon. The town is contained well with an upgraded hospital, schools and regular buses to Tamworth. Manilla will hopefully see further boosts, with the nearby Maules Creek coal mine coming on line, and the multi-million dollar chicken industry expansion. http://www.theland.com.au/news/agri...-approval-gets-manilla-in-a-flap/2704742.aspx
Hi Mona. Yes I've read Margaret Lomas' 20 questions before. But I was just wondering if anyone specifically had any experience with this area and just general thoughts on it. Thanks for suggestion though.
Mr Damage - that's a lot of eggs to have in the one small basket. Do you live there or nearby? I have relo's in Barraba so know Manilla, or at least a few left right lefts through town. I know how slow it is to sell in Barraba - the agent does it part time when needed and both are similar towns. York - I have considered buying property in Tamworth a few times (older more central) but would not go beyond the outskirts which is mainly newer as the town moves outward ie Oxley Vale on north side. P.S. Keep in mind it floods sometimes, have had to crawl through axle deep water a few times on the main road coming in to town on south side.
Yes, I live near Manilla beachside. Got an IP in Barraba too. Even though I live near Tamworth - I'm not really a fan of buying an investment property there. Back in early 2000's yes. 2015 no. There's numerous new housing estates going up around the town. There's now a lot more competion as a landlord. Plus, the Tamworth rates aren't cheap. I read a newsletter from Tamworth Prooerty Management recently, advising landlords not to expect the rental yields they once enjoyed.
