VIC Morwell/Traralgon

Hi I like to know how would you grade investing in houses in Moe? I know it has some negative vibes in the past. I hope it is better now? With houses increasingly scarce and expensive in Traralgon, it might make sense investing here?

 

as ive mentioned earlier, moe morwell traralgon chrurchill and any area around this is whjere everyone is buying, ive put in at least 50 emails stating i wanna buy and im a cash buyer!
these areas are either sold before they are online or sold in a few days. or the agents dont bother to update their listings. so when enquiring there already sold or under contract

as ive mentioned before, be prepared to pay full asking!

if you had bought 12 months earlier you would be doing very well now. i got a mate who bought 2 houses there and he reckons he is already up 80k

 

I have just started looking in Traralgon and same deal, every time I send an email asking about potential rent, etc of the property in question the agent says it is already under contract.

 

Some parts of Moe are actually really nice but other parts......

You really have to understand the street demographics of these towns (go for a drive and you can pick up the vibe pretty easy)

I am actually thinking of going further East to look at Sale now. Still reasonable priced stock in this town and decent yields as well.

Would rather purchase in Traralgon but so little stock to choose from at the moment!

 

I’m living back in Melbourne now but was in Sale for a few years. Happy to give my thoughts on certain areas because there are some spots that you really would be hesitant to touch, and some that would be fantastic.

 

i currently live in kakadu and i love it!!!! and if you read news recently of how it has retirned to aboringal land.

When i return to Melb I'll be looking at a country town to live in. from what I've been reading most small towns are really getting smashed with sales, I've been on the computer for a good week now and just studying the WHOLE map of Victoria. crazy i know, I'm a cash buyer and I'm ready to go!

these are the questions I've been asking to myself....
*where do you buy?
*what area helps me and my family?
*what services are essential to me? i.e. Woolworths Bunnings mitre10 etc.
*schools, cafes, town atmosphere community spirit.

and currently i cant see past one place that services most if not all these things. and that town is st.arnaud . I've just been given some info being a sparky and about the future of the town with fifo work and solar wind farms to be built here over the next 3-6 years. now i haven't been to Bunnings for 6 months and that was when i was living in Melb so I don't really need it. Woolworths i have to drive 2 hours to get to currently and do a massive $700 shop and last my family 6-7- weeks. but iga does the job here, little more expensive but that's fine and fuel is on par with Melb so no biggie.

the other place id be looking at is Hamilton....why i like Hamilton cause it has everything I've explained before.
good schools
good shops
Maccas, mitre10, cafes, country pubs, fuel stations
hospitals
good community atmosphere

i have now steered away from the east and headed over to the west. better value over in the west i reckon and better returns from what I've seen sofar. real estates have been extremely helpful in my property search sofar.

 

Hamilton, Horsham and Ararat are all earmarked as 'promote growth' on VIC planning but I remember looking at the population projections and them being quite small, which didn't make a ton of sense to me.
Same for Colac.

 

Yes, I have heard that the West End is sought after. How about the Central and South side? Any specific areas to avoid?

 

Hi Silly Goose, I have been looking at Sale for a high yielding IP. I am interested in hearing your thoughts on the town.

 

Sale is beautiful little town and fetches high rents too. I was there early in Feb this year, I do not have any property there but considering to buy one shortly.

 

I don’t claim to be an expert, but happy to share my thoughts on specific areas or try to answer any questions you have. Feel free to PM me if you’d prefer.

 

I purchase a 3br 1 bath in Morwell early last year. It is near the cbd.
Did work to it and added a second bathroom. It is now worth 330k-350k with good tenants in place. My advice is if you don’t know the area get to know it. Different streets would attract a different quality of tenant. I would advise buying in Gippsland for good cashflow however it does come with risks

 

Great job mate! I assume it is a 3 bedroom weatherboard house.
How much did it cost to add s second bathroom?

 

Nah it’s a brick veneer. 37 white st Morwell if you want to have a look on real estate.
I’m an old chippy and my brother is a plumber so the labour component wasn’t much. What I will say if the house was on stumps so a lot easier to hook into exisiting than if it was a concrete slab.
Currently rents for $310 a week

 

Awesome. I wish I had a plumber brother. Looking for a 3 bedroom house in Traralgon. Thanks

 

Hamilton has been in rapid growth in last 6 months! It's going insane!!!! I bought our place for 215 and I just got it revealed. They reckon 285k

 

How are the prices there now? I was also looking to buy a 3BR house in Traralgon 3-4 months ago and there was hardly any stock. Pretty much most properties got sold off-market or immediately after first open. Started looking elsewhere instead.

 

It is getting harder to find a free-standing house under 400k. The market is moving quickly.. The agent said he had more than 15 offers..
Any knowledge of pockets to avoid in Traralgon?
Cheers

 

And this is why I bought in Hamilton.

Plenty of stock

 

Prices in Traralgon have boomed for property in the more elite estates. There are a number of new house estates that locals are selling their old "mill houses" and moving up in the world!
Those that say it never floods in Traralgon have never lived there!! The last flood was an anomaly because it happened so quickly and without warning. The Traralgon Creej regularly floods and there are a few streets that regularly get hit

Out of Traralgon, Moe and Morwell, if I was looking for my next IP, I'd pick Morwell. Traralgon was always the more affluent area with Morwell in the middle. There is increasing activity in Morwell, and whilst it's not somewhere I'd choose to live, I think that it will pick up as a few people with families I know are choosing to buy there to get more bang for their buck.

The biggest issue for Latrobe Valley is that the region's employment is very focussed on electricity production, the local Paper Mill and forestry. Hazelwood Power Station closed and there was a great deal of job losses, the clock is now ticking for the paper mill. I think there's enough other business established down there now, but something to watch.

Happy to answer any questions about the area (former Traralgonite but my family are still there so I regularly commute down when borders are open!!)