Hi everybody I know the stigma with it obviously. I'm looking at getting a cheapie. I did some research a few years back and pretty much what I gathered than was to avoid the South West Area. From memory it was Amaroo Drive, Balo Street, Boston Street, Adelaide street and the worst I think was Barwon Ave. Does anyone have any properties in Moree? Any tips at all
I hear it's cold there at the moment and will be for a while.. and when I say 'cold' I don't mean the temperature. Just my opinion.
I'm interested to know, as geographically, the place is in the middle of nowhere. What's the town go going for it, any positives?
Not much too be honest. I'm quite diverse in my portfolio a lot of inner city properties, a few regional cashflow properties and done a few granny flats. I don't want to buy anything in one of the major capitals until their is a correction. At the moment I just want some passive cashflow. not expecting any capital growth and the cashflow will help boost my serviceability. I know a few people who have bought their over the last few years. I think you just need to buy in the right street with a tenant already in place. If the tenants been there for a few years and there is no issue your on a winner. Its when its vacant that seems to be the killer. I know someone whose tenant passed away and it took a good 3 attempts to get a "alright" tenant in. Would love to hear from another seasoned investor. Would strata units be a better option than a house in this region?
So wouldn't investing in Moree be a high risk vs reward situation? Even if you manage to avoid the high risk, the reward doesn't seem to be of a premium. It may suit some people, but surely there are better options.
Apologies to anyone who owns property there but I don't think its investment grade. There's plenty of larger, more diverse regionals with good yields which you could look at.
Born and raised between Moree and Sydney, family still in Moree and I am a regular visitor (ex Moree farmer). It is one of the richest agricultural area's in Australia with cotton, cattle and grain farming. Can't see many or any growth drivers myself, also council is notoriously anti development (i.e. commercial, it holds the town back)... Rates are expensive. Much of the town floods so be careful. Heaps of houses for sale and vacancy's are higher than usual due to the drought and not much water for cotton. Local business people or farmers are not buying the cheaper properties in the town but preferring the more expensive properties and areas like Greenbah and out of town larger blocks. Quality property management can be an issue too....
Ten years ago, Moree had a lot more agricultural jobs than it does now. But there are no more cotton chipping crews, it only takes one guy to drive a cotton baler verses the six or seven it used to take a cotton module. There has been little allocation of water and until Copeton dam fills again, that won't change. There is a good wheat crop going this year if they get a good dry harvest, but that is less bodies on the ground than previous years also, and for less time. The biggest employer in Moree is Centrelink, followed by the council and jobs are are getting more and more scarce. There was a big solar farm being put in by BP, but I believe that has been scaled back or shelved, maybe even cancelled? As far as other infrastructure upgrades, well, they just completed a bypass around the town.. I know a lot of people there. I know a few who've made money there in property. I know a lot more from there who have taken their money and done better elsewhere. Last time I checked, rents were dropping to try and fill vacancies. There was a liquidation auction just last Thursday by the council which consisted of a dozen or so properties that people had just walked away from and left the rates unpaid. Add to that a significant ice problem, growing crime and declining population and I'm not sure what other fundamentals you can come up with to make it more attractive than other regional area? If you do, I'm always willing to learn something.
There is a old thread i started on Moree.. U could dona search. I went to look at Moree... Tycannah street etc were close to a homeless mission. Houses are overpriced in my opinion because the population is dwindling. It does have the Moree hot water baths as a positive i guess but social problems are as such that some real estate agents refuse to do property management. I cant see much capital gain there ... But you never know.
Congrats... I believe you are doing well for yourself. Hope you (and anybody else from a small country town) don't take this the wrong way but.... I've heard that quite a few people who are from small towns end up being welfare dependent teen parents since there's nothing to do and there's not really the expectation of further education, well paying jobs/careers and whatnot. Or is this more true for coastal towns? Anyway, I have a friend who grew up in a small Victorian country town. She got out. Later on, she went to a school reunion and she says everybody who didn't get out is still small minded. My feeling is that the population that stayed are not exactly a population of people who Australia should be overly proud off. (Sorry!!) Whereas she managed to get out of that environment and has wound up doing excellent work heading up a company as CEO in Sydney. (The company she heads up is involved in Healthcare, that is, care for people who can't look after themselves). Really, its the people and environment around you that makes the difference of what you could end up doing and being. There's not so many professional jobs and professional people out there for kids to see and be inspired to be. Its rather sad for young people who don't get exposure to the possibilities of the world or simply exposure to other lifestyles and ways of thinking. But anyway.... I suppose its not too dissimilar to the Druitt population if they come from a family where there is no working parent as a role model.... (sorry again!) Ps. I'm just calling it as I see it. My apologies if this post has caused anybody any discomfort or offence.
Yes, my thoughts are it was probably worth 160k 20 years ago... (see my post on this thread, I'm a local when I'm not in Bris) that is not a good part of Moree sorry. Down there you will find burnt out houses (and cars), broken glass all over the streets and not so nice people walking the streets at night, fighting an carrying on - rotten drunk. You would be in regular contact with your PM, and your insurance company will get sick of claims for broken windows! I am not exaggerating either... I have a friend who does repairs for housing commission in Moree and he is never short on work, always fixing damaged properties as tenants leave. Only option is to buy dirt cheap, fix up and on sell asap to another investor quickly. I wouldn't touch it.
One and a half years later and that burnt-out unit/villa block is still 'for sale'... 80 Jones Avenue Moree NSW 2400 - Unitblock for Sale #113776763 - realestate.com.au Not only that but the same agent is selling a similar one now for $75K: 82-84 JONES AVENUE Moree NSW 2400 - Unitblock for Sale #124540214 - realestate.com.au Any PChat folks out there who've invested in Moree got any updates from the last 18 months or so (since this thread was last active?)
Those units are in a BAD part of the town. I wouldn't touch them with a barge pole either. We had a block of 4 units in Moree, bought for $210k, sold probably around 18mths ago for $380k.
Hey @skater even though yours were in a better part of town, was it worth it in the end for that CG return? How long did you hold, and how painful was it managing four sets of tenants through various rent, damage, and vacancy woes?
