Hi, I bought a 2 x bed unit in 2014 and was getting good rent. Now its gone down and im very negatively geared and cannot afford it long term. Can anyone advise of the future for Muswellbrook? Also i don't think i will be able to sell even if i want to, there are 3 other units alone in my complex that have been on the market for over a year now. Your thoughts would be appreciated?
I'll let someone else respond that knows the area better as I haven't looked into it since 2011. I remember considering purchasing years ago there, but decided not too as the risk wasn't worth it for me. Can I ask, have you called any agents in the area? If so what have the told you? Why haven't the others sold as yet? Are they asking to much, is there absolutely no demand what so ever in area? Usually you can sell, but the market has obviously turned and you won't get the same prices you would back in 14. So can you afford to take the loss now as I personally don't see any growth occurring anytime soon.
I have been looking at Muswellbrook for a while now...prices have gone up..and i remember the ex housing commission house in Tobruk Ave was selling for 95k early last year and now they want 145k ?? Overpriced in my opinion... They have high vacancy rates... So who thought about raising the house prices ??? Prices need to come down if they are going to sell. If you want to sell...lower your price !!! There are threads on this forum about Muswellbrook if you do a "search " I notice other threads have mentioned the high unemployment, the closing of mining and the building of many new housing estates that arent even selling.
They really haven't gone up Prices have come off its peak but those 95k ones would have been very poor condition Actually i think maybe a fire damaged one sold for 95k . As for 145k . Illl bet its renovated It is still a bit expensive but not ridiculous. Prices haven't really risen. I think the drop had stopped for the moment. . As for the future. Who knows?
I see no light at the end of the tunnel, you will have to decide to either sell and have a loss, or hold for as long as required, and no one knows how long that will be.
I think its too expensive for the risk your taking. Oversupply of stock, new housing developments apparently being built close by etc etc ... = overpriced. I think if they come down say 40 or 50k investors and poorer people maybe will buy . Take for example Ashmont in Wagga where you can still buy houses ex houso for 100k. Im not comparing Muswellbrook to Ashmont even yhough the houses do look similar .
I personaly wouldnt touch muswellbrook to be honest, the only point I would even consider is when the prices start to move up, even slightly I dont think prices would fall40-50k, as the yields would simply get too high, that is unless there is a firesale of some sort which I dont think is happeneing at the moment, im no expert but I dont think what would trigger a firesale for existing sellers since no one is buying anyway
It's a resource dependent town. Prices and rents are down because commodity prices are down.There are fewer jobs and less money flowing into the local economy. With patience, there will be some sort of recovery in commodity prices and the industry overall.......but that could take years. If my read of the stock market is remotely close to being right, commodity prices may hit their lows this year. However, that won't mean an automatic recovery in the resource industry. In the meantime, small operations have gone out of business and the majors have placed their operations in sleep mood.........or worse, wind down. The economy will recover...but it may not be to your timeframe. Your timeframe is the ultimate decider. Long term patience vs short term exit regardless of the cost. Both options are do-able, depending upon your financial outlook and financial pain/commitments.
I wonder what happened to my unqualified tradie. Was quite good. First project happy with 40 per hour. But a few months later told me it wasn't worth him getting out of bed for 66 per hour or less. I didn't use him at that price
Maybe some light at the end of the tunnel... Upper Hunter horse studs prepare to oppose plans to revive mothballed mines - ABC News (Australian Broadcasting Corporation) Tinkler finds funds to acquire Dartbrook mine - ABC News (Australian Broadcasting Corporation)
Bulga residents withdraw appeal against Warkworth mine expansion A positive at least for the rental market.
