NSW Wellington

That's how it is in regional areas! WA has volunteer ambulance officers! I'm one. City slickers have little to whinge about when it comes to hospital and police

 

DB,

Did you end up buying in Wellington?

 

I'm going to guess no.

 

Thanks for the update champ!

 

Wellington prision is expanding and adding 220 jobs.

 

Ref: Wellington prison to be expanded to cope with record high number of inmates - ABC News (Australian Broadcasting Corporation)

 

Definitely more than a few wins with this. Most notable is more jobs of ourse but also good to see 12 hours a day out of cells. That's healthier.

 

I just put an offer in on another property in Wellington that was accepted. I'll reveal more details after it goes unconditional.

 

No worries.
Still haven't heard back from the OP, your guess is as good as mine I suppose.

 

The correctional increase will be a boost, as long as they are not taking too many of the tenants

What sort of CG do you feel your getting in town ? P/A approx

 

~ 4%.

Though if you buy well, that kind of helps.

 

I think your 4 may go up with the building and % of new people who may move there. Has to be a great boost in a smaller town. Bet the agents are feeling positive.

if DB has grabbed one or a few, he will do ok, and have last laugh

 

Oops, I forgot to update this post.

PP: $175k
3 bedroom post war home, 1 bath, 2 car garage/shed on a double block (1300+sqm). The block is massive and could easily be subdivided in the future.

So the prospective rent was ~ $270/week (8% gross yield) due to the large shed and size of the property, but because of the work on the local gaol, there was a need for fully furnished properties.

I wasn't particularly keen on buying a house-worth of furniture just for a 6 month lease or so, but I ran it by one of the locals I regularly get maintenance tasks done with.

My maintenance people in town knew of an old-age pensioner downsizing, selling her house and moving to Sydney to live with her son in a granny flat. She needed all of her furniture gone and wasn't taking anything with her, so we negotiated to take everything off her hands - a queen bed, a double bed, a futon, tv, tv cabinet, lounge suite, all her crockery and cutlery, kettle, toaster, pots and pans and a microwave. For $1000.

Rent per week: $550 (16.3% yield), on a six month lease, with the tenants looking to extend for a further 6 months due to additional work required in Dubbo.

Happy days.

 

Even if you go back too non furnished, sounds alright.

What are the PMs like there and how many are there ?

 

I exclusively use Plastos Raine and Horne; though LJ Hooker, Peter Milling and Co and some independent agents are in town, plus there are property managers in Dubbo who lease out properties in Wellington as well.

My property manager, and the entire team at Plastos are awesome.

 

I travelled out to Dubbo last week, spent the day in Wellington, visited real estates and explored the town. Parts are much nicer than expected and other parts are as expected.

I have concluded that in the second half of this year I will buy in Wellington if the right property (price, lot size and location) becomes availiable.

 

My latest purchase in Wellington settled in February this year:

4 bedroom, 2 bath, 1 carport house, 550sqm.
Rear lane access
1 block from the middle of town and across from a school
House has been split into 2 x 2 bedroom units
The front unit is now rented at $180/week
The back unit has just been vacated and needs a minor reno. It will rent for $220/week.

Purchase price: $122k
Estimated value: $210k
17% gross yield; 32% cash on cash return

Council permitting, I might be able to slot another 2 bedroom unit (or granny flat) in the backyard in the future.

The gaol is employing another 200 people, due to start in Spring. They've all got to live somewhere...

 

Thanks for the detail MJA, I have sent you a PM.