Regional Property

Don't know who RD is, but Orange is flat at best still, been too much building, vacancy is not tight & tenants get to choose.

In saying that, I do not like lot's of competition Average CG is under 3%

 

whats your source?

 

Is it possible to find fire damaged properties in ex-mining boom towns? He'd make a killing.

 

Thanks dabbler, I think RD may have left the building after some quick salesmanship. I looked at bletchington a while ago which is a pretty good part of orange, thought it might be worth picking up something while things are flat and sitting on it until it picks up.... if or when it happens. Some pretty solid old federation places for low 3's, or more average places in the high 2s.

 

Very flat indeed! Although i am looking for bargains whilst the market is poor.
I do believe you would need to get something a little different to do well. Something with dev potential or federation close to cbd. But i would imagine federations would be very expensive to reno to add value.

 

Toowoomba is very slow at the moment selling lower priced properties under 400k, top end is still selling well. Rents have dropped in lower end as many new small houses are coming to market which has pushed vacancy rates from under 1% to 4%. Lots of future projects are planned to go ahead as they say, most projects are confirmed. Don't know what that will do to the area, I'm sure in time it will rebound, but for now you can definitely pick up some properties at a discounted price from this time last year. I see it staying flat at least another year or perhaps 2.
Also the area has a population of around 163,000 people so it's not small and doesn't rely on mining. The biggest thing that is affecting prices right now is confidence in the market, this has been mentioned by all real estate agents I've spoken too. They are giving feedback that most people looking to purchase are waiting on the sidelines to see what will happen with negative gearing and government policy's.
So will be good to see what happens once voting is in, which ever way it goes.

 

I have been in and out of Orange so many times over last 2 years, while it is flat to nothing or even negative, you really have to watch to get the bargains, most are gone straight away as locals grab them.

Don't get too bogged down on which part of town, housing is buying new places in expensive parts of town and plonking tenants in there, so selling off of many of the ex housing & putting them all over town, but I would avoid being right in the middle of housing if you can unless you know the street well, there is a couple of spots that I think would be ok in housing area. The general advice of do not be East of the tracks is rubbish as far as IP is concerned.

Yep, buy while it is a buyers market, it has been down for a while, so I agree (that is why I was asking why Dubbo) I have been thinking of maybe something within walking distance to main st, but those federation places are still not cheap, I do not like them myself, those sort of places and rent returns are the most depressed many locals told me.

I like the later style, or 50/60S as earliest.

Was nearly going to grab a place that could be developed, it went quick too, but then there is so much development there, may not be the time unless it can be held for a while with reasonable return. I know most people do not want units, flats, or small blocks.

 

News paper cutting from Singapore paper.

Not sure if this huge investment from Singapore govt will spur property development in Townsville and Rockhampton (town closest to Shoal water bay).

 

Could definitely be interesting for the region Xiao.
We have some units in the regional centre, Biloela, that we are now looking to sell. Yields are around 6% in town. Any ideas on a attractive return to target out of town investors?

 

Yeah, there seem to be some pretty solid 60's homes close to town there that could do with a cosmetic reno.

 

There are heaps of places that you can reno, would keep a reno show busy for decades, many stinky old places with shag carpet, wallpaper and that stale mouldy smell ! Luckily many of the vendors are unrealistic so you can pay a premium for the pleasure...lol

 

haha, nothing more enticing than spending winter renoing an old clunker in Orange!

 

Well, at least you won't get over heated

Will be up there for a few weeks in a row toward the end of this month, was up there last winter when it had heavy snow, kids were out everywhere building snowmen, they were having a ball !

 

Do you mean a snow-ball?

 

In Orange there were snowmen everywhere, it was good to see so many kids having fun and would have driven past more than 100 snowmen, every few houses the kids had them.

They were out in the parks having snow fights, on taboggans etc

 

Nice, I used to live in Bathurst back in the uni days and spent a few cold days building snow men on Mt Panorama or heading to orange to play in the snow. It was all good fun!

 

Will actually be going to Orange on Sat 14th if anyone is interested in meeting at one of the cafe's , either morning or after 2pm some time, will post in meet ups in case anyone will be around.

 

Shame i am overseas at present, otherwise i would be in for sure.
Let me know next time you are up, be back from the 28th

 

Wow, does it get that much snow there?
Canberra got the stupid cold, but not the fun snow.

 

It was a rare event for that much snow, I think the mountain up there gets snow, but to be all over the whole town is not that common, when you see many of the locals out taking photos, you know it is not that regular