NSW Wellington

I might head up to Wellington NSW this weekend.
I recall a poster on the old Somersoft Forum who had bought in Wellington and he had posted pics etc of his IP.

Wellington seems to have a lot going for it.
4 .5 hours from Sydney
A prison
Not far from major City Dubbo

House prices all seem to be in that 140ish mark though .
I will have to research current rental returns.

 

First time i have heard anything positive about Wellington.

 

Yes but i still think its overpriced compared to rental return.
And im not even sure if Commbank will let you take out equity in this town.

 

So much ice it is called Little Antartica
http://www.abc.net.au/news/2014-11-13/ice-scourge-giving-nsw-towns-an-unwanted-reputation/5888804

 

Well drugs are everywhere nowadays.
I suppose as long as there paying their rent and dont smash the propertyy I dont mind what Career choice they take.
Makes me wonder why they want to take it though, sad world we are now living in.

 

Hi @Darlinghurst Boy - I don't know your strategy or what you've purchased in the past. You may well be a very successful investor and now considering somewhere small (for whatever reason). But there is a possibility, that you're new to the game. Please correct me if I'm wrong.

I'd be keen to know what else is going for Wellington? I recall there was a thread on the area on Somersoft. Where the property was supposedly positive however had months of arrears and vacancy and not to forget, bad tenants! Similarly, people had gone and purchased in Ashmont (Tamworth) aka Trashmont by the forumites where people bought for say $130k, 3 years ago, when they could have spent $180k on a 2br unit in Western Sydney, which today would be worth $340k,

The biggest mistake people make is think that it's the 'number' of properties that count and go willy nilly and buy anything and everything. Early on 'number' of properties put stars in our eyes. It looked really cool to own 10 x 100k properties. Glad @monalisa and I have learnt and apply this - to ALWAYS buy well located properties in areas where there is potential for capital growrth ....Though say if a market is rising you may just jump in and everything goes up and that would definitely be in a capital city for us. Don't see this happening for Wellington.

So keep it simple and stupid. No need to make it complicated, unless your research suggests something the masses don't know..like massive infrastructure going in, Costco setting themselves up there? May be IKEA going in? You get the drift.

Don't need to re-invent the wheel. If you just see what some of the successful seasoned investors on here are doing, just be a sponge and learn. No need to go learning through massive mistakes which may happen in hindsight.

Best,
MsAli

 

Read this old advice from @Rolf Latham to @monalisa
http://somersoft.com/forums/showpost.php?p=886891&postcount=11

 

As our brother just said.....it's perfect if you have someone in jail

 

You know MsAli your right, i guess im falling into that trap of owning 2 IP's which are good ones to looking for anything with the money i have leftover.

Im starting to now STOP and think to myself am I buying these New investment properties because i can afford them within my budget and i just want to ADD more to my portfolio or would I be better saving more and in the long run buying something decent .At the moment it would be a gamble to waste the 150k or so for Country areas such as Wellington when I could save more and probaly gets something much better closer to Sydney later .

 

Indeed. Or why not look Brisbane? Bound to be cheaper areas.

I have to admit, I put an offer for a property in Townsville in mid 2012. I thought I had savings....so glad it didn't happen. So glad we stuck to Sydney.

 

DB each person's strategy is different as everyone has different reasons for investing.

I'm one that has a few properties in dodgy regional towns but I was looking for positive cash flow. I would not have been able to purchase as many as I did if I had just been looking for capital growth. While I could've bough in Mt Druitt instead and had a larger CG, I wouldn't have been able to make the choice to stay at home with my kids. our cash flow positive regionals pay our PPR loan which works well for us.

I looked at Wellington around 8 years ago and prices haven't shifted much. I think there are possibly better regionals worth buying into, but if it works with your strategy go for it.

 

Might be a good time to look at townsville again

 

Great to hear your excited but l seriously doubt that you really considered the places and completed your due diligence. Also, you mentioned around 10 places in NSW already so unless you have Star Trek Beam me up scotty, doubt you can attend all suburbs.

 

No offence but if you pay 130 k for property in Wellington you have rocks in your head.

You should be able to pick up one for 50 to 60 k that requires some work. Please bare in mind it will just positively casflow as rates are well expensive there

Might be ok for a quick equity gain. If you need to sell it might take a while to sell

 

I have thought about it but as some have gave advice in here its about Quality not Quantity.
I guess I get that rush of excitement to get more.
I am a newbie at this game, I am trying to learn .
I think newbies do make this mistake of buying a IP and wanting more instantly wherever they can afford and I think a good property investor as MS Ali says is to be patient and look for investment potential to an area.

I think rather than rushing in I will be patient and sort the 2 IP' s I have first then watch the market.

I would rather wait and see maybe try to save a little more in the meantime and get somethingof better quality.
Im not saying Wellington doesnt have potential as a town, it does but there obviously are better areas.

 

Omg !! Just had this town on A Current Affair TV tonight .
Major crime problems with the drug Ice !

Im sure you can warch it on the ACA site if you want to watch it.

The town is under siege !!!
BUT there still seems to be buyers?? Houses are priced well above average in Wellington most in the high to mid 200's , now that has got me mystified???

 

Same could be said about any inner city suburb

 

Darlinghurst Boy I think you need to hone in on a strategy. You're all over the place. I saw you have a post about taxi plates and now Wellington, this is some really scattergun stuff.

 

At least i can walk around mine at night , plenty of people walking around, cars etc.

 

No, Wellington NSW is actually an epidemic. I don't watch the scare-mongering ACA and trash like that, but in terms of medical accounting; Wellington is in fact the highest per-capita consumer of the drug ice.

There have been experts citing numerous research pieces on the likes of Q and A and the 7.30 report (much more credible sources).

So no, it is not just like any other metro suburb. The drain on the local council and state govs purse for ice relatee costs is substantial in Wellington. Avoid.