VIC What to look for in Regional Vic IP

Hi all, I am new to this platform and looking forward to engage with some of you. I live in Melbourne (Western suburbs) and looking to buy an Investment property in Regional Victoria. That's what brought me here

I am currently considering Traralgon 3844. Any thoughts, suggestions and insights on the location, insights would be of great help.

 

Hahaha... You are funny

 

Thanks Y-man.

 

Always happy to help pm me

 

Always happy to help pm me[/QUOTE]
@sauber , sorry i am not able to find the option to PM. However, i would love to your thoughts about IP in Traralgon region

 

@sauber , sorry i am not able to find the option to PM. However, i would love to your thoughts about IP in Traralgon region[/QUOTE]
I'll say missed the boat. I bought in Hamilton vic instead. Lots of flips going on and high yields if that's your thing plus literally everything these including hospital airport great schools list goes on..

 

I'll say missed the boat. I bought in Hamilton vic instead. Lots of flips going on and high yields if that's your thing plus literally everything these including hospital airport great schools list goes on..[/QUOTE]
Thank you @sauber . I am not looking flipping but more from long term point of view like 7 years or so. Want to go for neutral gearing as much as possible as this being the first IP. one of the reason looking for traralgon was from rental yield point of view

 

For starters, a time frame of 7 years is more short term, rather than long term.

We have one IP in Traralgon. I can't remember the date we bought it, but have had it for around 25 years. It's in the cheaper area of town, and while some would say to stay away from this area, we have had no issues at all with this house and it's been rented consistently the whole time. We bought it for $67k, it's now worth around $300k

 

Is that a new thing? Asking because at one stage I was getting constant PMs from newbies, and have noticed that it's not happening anymore. I can't say that I'm upset about this, as about 80% of the time it was people asking for me to do basic BA work for them and maybe 10% abusing me when I refused. Of course, it makes it a little harder for the genuine ones, but if they start contributing it won't take them long to be able to PM anyway.

 

Oh got it. Thanks Y-man

 

Thank you @skater ! yeah 7 years is the minimum. Rental market is pretty is good what i have heard as well. The rates have gone and as @sauber said might have missed the boat. I am also looking into other alternatives like Churchill as the rates are slight affordable there. Anything you can share about that area. Again, thank you for your help.

 

All my research is very old, so not sure how relevant. I do remember the yields were much better in Churchill, but there was risk that your property would be vacant for 6 weeks or so while the Uni was on Holidays during summer each year, so decided to stay away.

 

I liked the moe tratralgon area as an ip but when i was constantly knocked back by agents and informed me i was an "interstate buyer" that really ****** me off just cause im in NT and im from melb im classifed as that, so i ditched the whole area and went west, best thing i ever did!

agents arouind there never kept there listing updated and only wanted to spruik that it was under contract and it was never informed on line so trying to grab a deal while we could didnt work. i told them i was a cash buyer and was ready to go! it was there loss at the end of the day.

hamilton has been a great investment for me 6.5% yield and less than 1 % vacancy. well it sure worked great, tennants have been excellent and cannot fault them the PM is ok i guess but need to sort their **** out a bit better tbh,.

sauber.

 

Bought a block of land last year Jan for 159k in Wontaggi. Settled in Dec....worth over 300k just for land.

Will build for hopefully 220k for a 4x2x2.

End value is expected to be around 730-780k. There is definitely money in well chosen regionals.

 

Another regional Victoria town I like is Colac. I don't have property there but in the nearby towns of Camperdown, Mortlake and Terang I do. Colac has a number of growth drivers and is commutable to Geelong for work. Have a look and make up your own mind.

I'm not familiar with Traralgon although I'm sure it has plenty to offer investors. Much more familiar with the western half of Victoria.

 

that is strange. never thought there would be a preferential treatment for state / interstate buyers