NSW Moree

Regional NSW town Moree seems to have made some Capital growth.
Not much under 100k anymore.

But I saw this advertised 8 units , 339k , bringng in $100 a unit.
Now the catch is can you rent every unit?

Sounds good investment though for Regional Australia.

 

Moree = huge ice problem, no employment problem. Good luck!

 

Theres drug problems everywhere now.

 

I was looking at Moree a dew years ago from memory that was on the market than or its been relisted lately. It would either go really well or really bad :/

 

Was this on the market back then too? omg lol .

I think Country towns like Moree have lacked Growth for years but now we have a lot of young mum and dad investors from Sydney it seems interested.

 

Just because there may be a lot of mum and dad investors looking at a certain area just means if they don't understand the area it will be more sheep to the slaughter..
I wouldn't be buying based on a lemmings approach!!

 

hmmm there are worse parts of town than that in Moree.

Yes there are some dug & other social issues at Moree, however there is quite a bit of money floating around town there also with Cotton, Grain, fruit and grazing enterprises a plenty in the region.

Moree has recently came into redistribution of electoral areas in NSW now coming under the banner of Northern Tablelands and I'm sure the member Adam Marshall of the Nationals will be looking to start his time in that area of the seat with some big $$$ spending...

 

If you look in the map picture, that big yellow line to the left of this units is the Moree bypass. As of Monday 3/7, it won't turn the corner there, but will continue straight ahead and about 90% of the Newell Highway traffic will be running about a hundred metres behind this property 24/7.

If you look at the picture of the building, it's Besser block construction on highly reactive river soils. There are obvious cracks near the stairs in the main photo.

If you are serious about buying in Moree, the local knowledge is to stick to north of the river and mostly west of the Newell. There has been good growth on semi-rural properties just on the fringe of town.

 

Yep the north western area of town in the best area of town.

Another thing to consider is Moree does have some flooding issues.

 

There are a few ' no go ' area's. So long as you stay clear of them, it's not too bad. The best area is known as Greenbah, which, of course, is quite expensive. The town centre is in demand, but has flooding issues. Amaroo is on the opposite side of the river to Greenbah, heading out towards the airport. That is a newer area, and also not too bad.

There are two, I think, Missions, one at the end of Anne St, and the other on the opposite side of the train tracks. Don't go there! And there is a small area of Housing department homes which get through traffic from the folks at the missions.

 

Reading about Moree it has a major ICE empidemic.
This could be a positive from an investment point of view, i mean an investment in property not ICE but obviously the latter investment would pay more.

Just knowing when to invest is the key, because waiting to it gets low of lowest price then invest then waiting for the Govt to step in with welfare programs etc just like they did with Sydneys Cabbramatta in the 90's to increase value.

 

I was talking to a friend of mine yesterday who has a property in Moree (former PPOR). He has seriously discounted his rent to try and attract a trustworthy enough tenant just to look after the place. Town of 9000 people and declining, 124 properties on the market, many over hundreds of days. Make sure your DD is solid and stick to the NW corner.

 

What are people's thoughts on 'Centrepay' tenancies?

I've had good experience with tenants of this type in other states.

Only concern would be property sage by ice junky tenants (EVEN if their rent is auto-paid by the government! )

The contents insurance policies in Moree must be through the roof!

 

What contents? They’re out on the street.

 

Ha!

I was more thinking not the tenants personal effects, but rather the walls, mirrors, carpets etc. Ice rages have been widely reported to have the anger burst lash out at mirrors and walls etc.

That kind of damage needs big insurance in such areas!

Couldn't care less about the junkies personal possessions !!! Imagining they would have hocked a lot of their stuff already if they are ice junkies!

 

Just because the news says theres a ice epidemic there dorsnt mean the whole town is on ice.
Thats why the property prices should go down soon because of peoples perception.
Then the media will scramble to start a bigger story on it like their currently doing then politicians will jump on the bandwagon and pour money into Moree... Then house prices will rise.
But think of "drug" towns fir example Nimbin , now Nimbin is way out of my price range yet its known as the marijuana town.

 

Let me just clear this up for you.

NW Corner is the most expensive area, both for purchase and for rent. It's not the only area that is good. It is the only area that is expensive. As it is expensive, this could be part of the problem with finding a tenant, or they got lucky with an expensive rent during cotton season, and expect the same now, or it could just be overpriced for what it is.

There are always a lot of properties on the market in Moree, just like many Regional areas, but if you look close enough you will find that many of them are advertised through two or three agencies, so that figure is a bit inflated. The long wait on the sales is also a reflection of the market at this point in time and you would have found exactly the same in, say, the outskirts of Adelaide or in Logan, before investor activity started to ramp up. You would also have owners with unrealistic prices, or negative equity when they bought at the peak after the last Sydney boom, not willing or unable to meet the market.

We've been holding a block of 4 Strata Titles Units and a house in Moree since 2003. While I can't remember off the top of my head, what the insurance is, (I'd remember if it was high), it is no worse than what we pay out for any other property.

There are two 'missions' in the town. This is were you will find the worst elements, not in private rentals. Moree has no more problems than any other area, as far as rental properties are concerned.

 

Yeah..nah. Lived there for 25 years. Still go back. Not sure you need to clear anything up for me? Will be there this weekend actually if you want me to check something out for you...

 

Are you hoping for prices to go up or down?

 

Just another speculation and alleged claim without conducting any due diligence.