came across this advert on realestate situated in Orange NSW... Could someone explain what a owner occupier caveat means?
I would expect that it should read 'owner occupier covenant'. By the looks of the property it would be an ex- housing commission property. The properties are sold to owner occupiers as opposed to investors. From ghetto to grove, a housing success story
It is likely a housing commission sale and they want to change the area by having long term owner occupiers not tenants.
Yes. Sometimes you can buy them with the caveat partly used up. However, drive and walk around the streets yourself. Talk to the locals. They'll ask why you would want to live there and warn you off it. Very rough. Sale St might be OK though.
Quite common in Orange, as others have mentioned its most likely an ex housing commission sale. Long term its a positive for these kind of areas as OO move in and improve their properties. A similar house on the open market might sell in the 145-195k range probably.
Wasn't looking properly - it's in South Terrace, not Sale St. That area has a few problems. But I agree that it would be good long term. If you could live in it and keep to yourself, as the good ones do in those areas, you'd be OK. As long as your animals/ children would be safe . You'd probably have to adopt lots of animals or get involved in finding good homes for them. When you move out, you might be lucky to lease your property to a single new-arrival Sudanese lady or gent rather than a local druggie scum-bag.
When I bought up there, there were no covenants. The properties were being sold to investors who were getting the same high quality tenants as the DOH were removing to put them on the open market. Very rarely are the auctions open to investors now. It does skew the Vals tho which can make refinancing difficult. Covenant properties are selling for low 100s while the unrestricted ones are coming in at high 100s.
