VIC Morwell/Traralgon

Thanks for sharing. I am looking into a property on Kay Street. I like the house but I am concerned it is on the main road which can be noisy and too busy? What do you think about Kay Street? Also any pockets to avoid or any pockets more desirable in Traralgon? Thanks,

 

Which end of Kay Street? If it's the part that is close to the shops, it does get busy but not like Melb/Syd/Bris busy!! If it's right near the new pool there will be some of that traffic in and out of the facility and is also near the nightclubs.

Desirable areas - anywhere from Breed St towards Tyers Rd. There will be some older property around Breed St, Gordon St before you hit the new housing estates. St Pauls Grammar is in this part of town.
The Ellavale Estate on the opposite side of town is nice, and the Mill Houses around Garibaldi/Layafette are cute cottages with potential.

There's a pocket between Grey and Kay Streets that I would definitely avoid. Avoid Whitakers Rd and Shakespear Av areas due to flood risk.

That's a brief start for you Like all towns there is good and bad, and depends on your budget!

 

The property on Kay Street is is close to Blanck Park Playground. Also, considering a house on Heather Grove which is close to Traralgon Golf Club. Thanks heaps!

 

The one on Kay St is right near that area I said I'd avoid. There's a reason why all those side streets on that side have speed humps

Heather Grove is nowhere near the Golf Course! It's the opposite side of the Princes Hwy (it may look close on a map but it's not a road to cross). It's a better section than the Kay St one, but it's not in the more blue chip part.

 

Just had a look online at current market, anywhere that's desirable is not in the same price range. If you are looking for an IP in the lower end of the market, you need to really look at Morwell.

In Traralgon currently you need to be spending 450k plus for somewhere where you'll get good tenants. The thing then, is that you can buy a house and land package for that amount!

If you don't know the area, definitely take a drive (when you can). It's pretty apparent in Traralgon when you are driving the streets where to buy.

 

My budget is 400k with rental yield more than 5%. Morwell seems to have good numbers for investment. Any thoughts regarding desirable and undesirable pockets in Morwell?

I wish I could drive there.. We are having the world longest lockdown in Melbourne!

 

If you are interested in investing in Traralgon then I would suggest you reach out to Laurie Eddy (First National) and Matt Johnson (Wilson Property) if you haven’t already and let them know your requirements. I have personally dealt with both and I can vouch that the latter is a gun! I found them to be very helpful. Good luck!

 

I haven't driven through Morwell's inner streets recently to be confident on areas to recommend. I know people are now being priced out of Traralgon and the Latrobe Council are finally putting in some investment into Morwell which is why it's worth looking at for both rental yield as well as capital gain.

Just bear in mind that your renters in Latrobe Valley won't be the same as capital cities and places like Ballarat. There is still very much affordable housing at all ends of the market. As long as you are aware of this when investing in this lovely part of the world, you'll make the right choice.

 

Off-topic but hope you are all out soon! My family are in Traralgon and Melbourne, so we'd like for them to be able to travel soon!

 

Can any Traralgon locals comment on the vacancy/for lease board amounts of retail (and any other commercial) spaces in and around the main drags? ie Seymour, Hotham, Church, Franklin (am i missing any?) I am wondering whether some of the retail spaces on these streets are worth looking at or if vacancy rates are too high to bother? It's a bit hard to leave Melbourne and go for a drive right now...

 

Not sure if there are any Traralgon locals on this page I was last there at Easter, but generally I'm back home several times a year
Basic rule of thumb though, the closer to Traralgon Plaza you are the better. Therefore Franklin St is a good spot, esp. near the Chemist Warehouse.
Church St always has been a bit of a dead zone, which is why it's a couple of takeaway places and not much else.
Seymour St between Church and Franklin has always has good foot traffic as well (although lots of T'gon people drive everywhere!!!)

 

The whole town is an undesirable pocket.

 

So true, I've spoken with a number of agents throughout Moe to Traralgon and they all say its red hot currently. One agent, who I won't disclose, advised that they still advertise the property even though it has sold prior to the online listing going up... simply for additional company exposure!

 

Hi Beejay, could you advise your local understanding of Morwell vs Moe?

I've recently spent some time in both towns looking at IP's and the general state of each townhouse.

The Morwell township (Commercial Rd, George St, etc) had what looked to be quite a bit of riff-raff around. Understandably COVID has been around but there didn't seem to be too many people or shops open. Maybe I was looking in the wrong areas of Morwell however?

On the other hand, there was Moe, which from what I understand on reading posts on PC and other forums has been a township down in the dumps for quite some time, but appears to be turning around. I grabbed a coffee Turn Back Time Cafe and walked the street, there were more people out in the town area than Morwell, however still a few interesting characters.

Also got to say, from reviewing Realestate.com, there are so many greenfield developments underway in Moe, Morwell and Traralgon! You'd expect all towns to get a good kick in population growth.

 

Now that the residential had a big run , the commercial should have a good run next.
https://www.realcommercial.com.au/sold/property-111-franklin-street-traralgon-vic-3844-
503884546
This one recently sold very well around $900k
If you want to buy in or around the best street in country town, look out for where the big 4 banks are. In Traralgon they are along Franklin st.
Franklin, Hotham, Seymour streets and Post office place are where the best streets are for retail.
Kay, Breed and Grey streets for offices.
Church st is full of empty shops for lease

 

Wow, that's a 4.66% yield! Certainly strong for a regional town, I wouldn't have thought yields got below 5%. Great to see

 

Poor Morwell's CBD suffered from the fact that Mid Valley Shopping Centre was built a substantial distance away. There's still a bit of work to be done to revitalise, but the Latrobe City Council Offices on Commercial Rd will help with the uplift.

Key differences between Moe and Morwell are access to infrastructure. The hospital is in between Morwell and Traralgon. Moe is another 20km from Morwell, and then further away from Traralgon obviously. Majority of big box retail is in Traralgon, car dealerships are Traralgon, Loy Yang A and B are Traralgon, Maryvale Mill is between Traralgon and Morwell. So with proximity to employment, brings opportunity. Moe/Newborough is dependent on Yallourn Power Station for employment or being able to travel. There is "riff-raff" in all 3 towns in Latrobe Valley, you just don't have the million dollar properties you can find in Traralgon in Moe/Newborough or Morwell.
Currently tree-changers are moving to Traralgon and surrounds out of the 3, and then obviously people then look to cheaper alternatives, which Morwell is next closest

 

As I noted, would I choose to live in Morwell, no. As an IP, yes I would very much consider it as a cheaper alternative to Traralgon. Same as I would also look at Churchill with it's big cigar!

 

I agree. I used to live in Morwell. Drunk people walked past my old house every night screaming and fighting.
I had my window smashed in twice. I had people walking to my backyard through my side gate looking for things to take in broad daylight.
Certain groups of people loved sitting near the bus station at all times.
I won’t live there again even if it’s free.

 

How terrible, do you mind letting us know what part of Morwell you lived in? Just so we can stick clear of it ha