NSW/VIC Regionals < $150k

Hey Guys,

Just playing around with some numbers...

Any suggestions on NSW/VIC regional towns with properties (houses) < $150k?

Moree, Wellington...etc. - those types.

Thanks

 

Moree and Wellington have some high housing commission areas so make sure you check streets beforehand and expect problems tenants.

Are you against units/townhouses? Can get some strong yielding properties in Albury which will in my opinion have stronger capital growth than the above towns. If you can push the budget a little higher 3 bedroom houses would be possible on decent blocks of land close to amenities.

 

Avoid avoid avoid. Enough said

 

N

Not adverse to TH, purely after yield and yield only...

So TH may even be a better option by way of getting into a better regional town with better yield (eg Albury).

Will have to crunch some more numbers, but im looking for 8-10% gross yield..

 

For these regional towns, yields is high but any capital growth in the long run??

 

Because you had a bad experience in Ashmont?

 

Hi Tony,

Which parts of Albury would you suggest to look at?
The 'forever hyped' South Albury?
The 'expensive' East Albury/Inner West Albury
Or areas like North Albury/Lavington who are traditionally a slightly lower socio-economic status?

I'm originally from the area, and agree with what you've said - yield is pretty good, and definitely have great employment opportunities than a lot of other country towns.

 

Moree is very cheap... for a reason ... and I believe only 1 Real estate in the town is willing to do Property management !!!

 

You could get 8-9% easy with a 12% deposit and a small cosmetic reno ($2k) to make it rent easier/increase rent in the townhouse market.

 

If you are just looking for a simple buy and hold strategy I would go Albury/East Albury.

If you are chasing yield and have a lower budget than North Albury and Lavington would be your best bet. Proximity to Lavington square and schools is a big tick in my opinion.

 

There's a market someone can tap into!

Monopoly in any market = $$$

 

Yeah sure ... must be fun being a property manager in Moree !

 

You might be better investing out of NSW to get better quality of tenants for the budget, i.e SA, WA and QLD. 150k can get some reasonable places in those states not far from cities.

 

That's a relevant point. Can you steer me in the right direction? Any suggestions on towns/centres?

 

No better or worse than other areas. Western Sydney has very high housing commission areas, too. There are many here who have made a sh$tload of money from Western Sydney. Do your due diligence & know which areas to avoid.

There most certainly is. We bought a block of 4 Strata Units in Moree, in 2003 for $210k, sold a couple of years ago for $380k. We could have got more if we'd been bothered to reno them. 100% Occupancy, in good area of town.

I really like how everyone is an expert, yet have no idea.

There are good parts of town & bad parts of town. There are four, or maybe five, I can't remember, Agents who do Property Management. That being said.....if you buy a crap hole in a crappy part of town, you may have difficulty with finding an Agent that WANTS to manage it.

 

I did well 5 years ago at public auctions up Taree way, buying 3 between 75-82k each
Sold 2 last year
Keeping one atm

Sold 1 which doubled
Sold 1 which was found it had extensive termite damage so a local builder knocked 10k of asking price (almost double)

Keeping 1 which next 3 years is leased by nsw housing at $310 a week with $10 increases each yr
Not bad for 80k purchase price
Will prob flog off in a yr or 2

Maintenance is the annoyance and tenants can be quite rough (1 did a runner with snakes and puppys left in house holes in walls etc)
Hard to find a decent tenant.

Would I buy this product again.. NO

Happy That I did 5 years ago.

 

There are other people here who would know these states better than me and I would not b able to give you informed info. I have been researching myself for places in this budget and I just noticed there were a lot of options for this budget out of NSW. Have a look around on RE and Domain and narrow down some areas that interest you then come here and ask for more specific info on those areas and I'm sure people who know those markets will give you some advice. Also, Skater knows what she is talking about so don't write of NSW yet but just keep your options open if you able to invest Australia wide.

 

Units in townsville are dirt cheap as it is currently oversupplied. It will not remain this way, however yield is not awesome
Could possibly find a house fixer upper for 150k
Otherwise rockhampton, bundaberg, mt isa, mackay (north mackay is your budget)

SA - could buy in any town pretty much for 150k - narracoorte, augusta, whyalla, gambier, wallaroo
Lincoln maybe if lucky

Tas - burnie , devonport, ulverstone

Vic, bairnsdale, ararat, lakes entrance, colac, hamilton
Maybe sale

Wa - kalgoorlie, then you have the towns smashed by the ming boom
All the other towns with population over that 10-15k mark would be out of your budget i would think

 

Just like @SOULFLY3, I would not buy that product again....but happy that I did at the time. The reason I wouldn't buy again is not due to any issues with the properties themselves, but rather a different stage in my life. I'm not saying things were plain sailing either, as you learn things along the way.

Early on, we were broke, so had to find properties that were cf+, so we bought a heap of cheapies & ex-housing department properties. This obviously worked well for us as we had amassed a rather large portfolio, of which we have sold several in the last couple of years, enabling Hubby to retire from the workforce.

 

Launceston units ?

Or a house in " Ravo " ?? For the brace hearted

49 Warring Street Ravenswood Tas 7250 - House for Sale #125207714 - realestate.com.au

Cliff