NSW Muswellbrook

Vacancy rate down to 1.3% and median up 6% over the past quarter. Definitely some positive signs and a bit more life in the market than the past 4 years. Recent data finally starting to support what agents have been saying on the ground for the past couple of months.

 

Would never ever buy a ip in muso

 

Not suggesting you should @lightbulbmoment . I just know a few on here have properties there and have been looking for some positive news over the past few years. Market has definitely bottomed out and showing signs of recovery.

 

I know you werent suggesting i should. Im giving my advice to everyone on here. Do not buy a ip in muso!!

 

Ive notices the asking prices of the comision housings are uo as high as 170k.
Some of these run down ones were selling as low as 120 even 110k a year or two ago.

There must be increased activity but im not sure if hoises are selling

 

@TMNT have a look at the sales dates on re.com

 

Yeah i did.
Csnt really tell
I find re.com sold history a bit unreliable


Some of the 120k sales from a year or two ago do seem to be hitting 140k+

 

50 Anzac Parade, Muswellbrook, NSW 2333 - Property Details
Just sold for $145k, original, seems a high price

16 Aberdeen Street, Muswellbrook, NSW 2333 - View Sold History & Research Property Values - realestate.com.au
sold for $150k, seems fairly cheap

maybe the outpriced metro people are looking into hunter valley now?

 

I work in Muswellbrook and live an hour away. So I'm about 35 minutes out of Newcastle. With the new Hunter Expressway finished its quite an easy drive between Newcastle and Muswellbrook so a lot of people are commutting from there in car pools. If the bypass through Singleton goes ahead that will drop another 10 minutes off the trip (I have no idea what stage this is at).
Follow the coal prices and you'll know how your investment will be traveling.
I personally would not purchse in Muswellbrook, these properties sound like they would attract certain tenants, and with all the infrastructure and estates popping up all along the hunter express people don't need to be living up in the dust bowl.

 

Vacancy rate down to 0.5%. Things are gradually starting to look up.

 

Definitely some more positives than the past few years!

 

Do you feel its because of any partixular factor or is it just general cpi increase?
Or the outpriced newcastle purchasers moving to outer suburbs.?

 

I think it’s a combo of a dramatic reduction in the vacancy rate and thus increase rental prices plus the flow in effect from people being unable to afford in newy. Also just the typical cycle. It’s been down for years and looks to have bottomed out and be on a slow increase. Spoke to my agent in the area and he has noted the same.

 

Days on the market slowly coming down. Rest of the year will be interesting. Hopefully the slight upward trend continues for those that have held through the downturn.

You can’t see in the screen shot but it’s uo 3.5% for the quarter and 9.26% for the year. Not bad.

 

I am also seeing a massive uplift in Singleton in both capital value and rental return.

My property has been renting for 300 per week for the last few years until recently I jumped straight to 340 per week and I was actually one of the cheaper one in the market.....

 

Yes we've noticed an uplift in rentals too finally - it's actually possible to buy at the lower end of the Singleton market and get positive returns 6-7% rental yields.

 

Capital growth is the other factor too. Prices have only just last year (2017) recovered to the point they were at in 6 years prior in 2011.


I too suspect that this recent growth spurt is mainly being driven by the ripple effect coming out of the Newcastle boom.

 

What do you think is in store for Muswellbrook in the next few years @Jacque @Propertunity ?

 

For me I have a rule that I don’t invest in mining towns, ever. I don’t know but I guess this town’s fortunes will rise and fall on the back of what happens with mining.

 

Are they really only just mining towns though @Propertunity ?