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Moree - Good Investment?

Discussion in 'Where to Buy' started by tangy, 6th Jul, 2016.

  1. tangy

    tangy Member

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    hi Everyone,

    is moree a good investment for capital gains? ive use to review the yield is high and ive always been thinking about investing there but have always been deterred due to the vacancy, crime rates and off loading of houses. i know motels have exchanged hands as well in the last year.

    appreciate any thoughts, especially from people who have invested there before :)

    Thanks
    ,
    TangY
     
  2. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Hi Tangy,

    I lived there a few years back in a previous life. From what I can see nothing has changed there since we bought in 2010. In fact a next door neighbours house is still on the market and has been since 2010. If you are going to buy there be mindful of flood zones. We were in a 1 in 100 year zone and 2 weeks after we sold it it was under water, again 6 months later. I have not looked at the area for investment so can not really comment too much. What have you seen that will/may generate CG?

    Mick
     
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  3. tangy

    tangy Member

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  4. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Tangy,

    I was a police officer in Moree. I personally would not put my money anywhere near that part of town. These things are cheap for a reason. There are large pockets of government housing and missions in Moree and this is very close to a couple of them. Higher rates of crime and general anti social beahiour in these areas. If i was looking to invest in Moree, and that is a huge IF for me i would be looking close to the Hospital and out to the golf course. Generally speaking anywhere west of the Newell Highway is better than east. North of the river is better than south (socially not flood haha) and don't go near the high public housing areas/missions.
     
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  5. Biz

    Biz Well-Known Member

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  6. neK

    neK Well-Known Member

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    Is this one of Nathan Birch's property that he's trying to offload?

    Just checked RPData... it was. No wonder it looks familiar.

    Nathan Birch purchased it for $50,000 in June 2011, sold it for $60,000 in Oct 2014
    Now some poor sod is trying to offload it again.

    The same agency that sold it in Oct 2014 is selling it again.

    I have to wonder what Nathan claimed this property was worth while he owned it.
     
    Last edited: 6th Jul, 2016
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  7. youngy

    youngy Member

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    Why would u bother
     
  8. tangy

    tangy Member

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    ah good Ol Nathan birch
    Is he active on property chat? I know he use to on SS

    I guess not
    Thank you all
     
  9. skater

    skater Capitalist Premium Member

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    W've invested in Moree since around 2013. I bought 2 houses & a block of 4 strata units. It didn't take me long to offload the first house. It was a cheap area & every time it was vacant, the neighbours broke in & stole stuff. I sold for a small profit, and had no issues with the tenants, just the neighbours who were housing department tenants, so they were never going to move.

    The block of units were in a better area. We paid $210k for them & sold them last financial year for $380k. We had issues with a couple of local PM's who weren't leasing them out, as they were prioritising local landlords. Since changing PM's we had them leased permanently on a Head Lease agreement with one of the housing co-ops. We could have got a lot more rent by putting them back on the market through traditional rentals, but we would have had to spend some good money renovating them, so just left them as is. The block was renting for $640pw when we sold it.

    The remaining house is also in a better area than the first. We've had no issues with tenants & it's always been rented. It's earmarked to go as well. Just deciding when to pull the pin on it. There's nothing wrong with it, we're just selling as we've been deleveraging.
     
  10. Birdseed

    Birdseed Active Member

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    How was that experience @Mick Butterfield? I used to travel up there occasionally for work and I can remember the motel locking it's guests inside the gates at sundown!

    While it has been a few years since Ive been up that way (used to live in Dubbo and traveled regionally through NW NSW with work) - I didn't see much up there in terms of CG drivers/positive demographics for a good future outlook. That goes as much for Moree as it does for a few other towns in the region I've seen discussed on other threads. No doubt you could probably find some handy yields though if you have tolerance for risk...
     
  11. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Hi there Birdseed. Work up there was interesting. I loved the time away from work there but the whole police thing was not for me. Moree as a town for property investment certainly is not for me. In the time i was there the town successfully managed to refuse/block a Big W (Glen Innes) and a nut processing plant (Tawoomba). These two things would have provided about 600 jobs for the community which in a town that size is almost 10% of the population.
     
  12. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Sounds like clever locals o_O
     
  13. ashish1137

    ashish1137 Well-Known Member

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    Wowww, with so many success stories and good words about Moree, I am tempted not to go for Moree in my investing spreee..

    ..

    Ever.
    But what do I know, I am just a newbie. :D:p