I’m a newby from the Canberra area and I’m looking for property in a radius of about 2 hours drive from the Nation’s Capital. Has anyone come across any good buys?[
]I believe Nth Lyneham is what you’re after!!
I am not expert but I did until recently live in Canberra for 22 years. North Lyneham is certainly a good area location wise, but I think you would find it very difficult to get positive cashflow properties there at the moment. With regards to Canberra in general I would wait to see what the market does there it could be very close to its peak.
McDeyess
Funny enough, I was contemplating a cushy public service job to facilitate my property investing.
The question you ask about positive geared property (2 hours drve) is exactly the issue which I am confronting. Seriously, I won’t take the job if I can’t do the property thing as well.
I think I did find some opportunities but you have to be pretty creative and flexible. Property in Canberra or soroundings is chronically overvalued so really you don’t have a choice of going into that market at all. There are positive gearing opportunities but its a test of your determination
Good luck
Funny enough, I was contemplating a cushy public service job to facilitate my property investing.
The question you ask about positive geared property (2 hours drve) is exactly the issue which I am confronting. Seriously, I won’t take the job if I can’t do the property thing as well.
I think I did find some opportunities but you have to be pretty creative and flexible. Property in Canberra or soroundings is chronically overvalued so really you don’t have a choice of going into that market at all. There are positive gearing opportunities but its a test of your determination
Good luck
Designer,
I have invested in the inner south area of Canberra. 2 hour’s drive from Canberra covers a pretty wide chunk of land, including Wagga, the snowfields and Sydney [
]Are you after rural investments or do you want to know what’s good in the Canberra suburbs and surrounding districts such as Murrumbateman and Yass?
Rowan
Rowan, what I think Designer and I want is Positive cashflow. Estimate for us the value of your Canberra properties, chances are they are not close to positive geared, although I’m sure you’ve done very well with capital gain
What are the closest towns to Canberra (not Queenbeyan). There is Yass (50kms)which is even overpriced and is that it?
Thank you for your support, Harold. And you’re right. I’m looking for positive cash flow properties in the environs around Canberra, as I suspect that finding PGP’s in town would be close to impossible. I have used 2 hrs drive as an arbitrary cut off as I need to be close enough to be able to keep control of these properties.
Specifically I was considering such places as Captains flat, Braidwood, Goulburn, the Bay, Bombala etc.
Has any one found a Positively Geared property in this region, or perhaps an area they think is about to go off for Capital gain?
Ok, sorry, I didn’t know exactly what you were after!
You and Harold are both right in assuming that there are very few positive cashflow properties here in Canberra – but that is not to say that there are none!
Without going into too much detail, I have +ve cashflow, but largely because I have purchased ahead of the mob and the subsequent rush in property prices.
There is a lot of development work going on in Turner, Dickson, O’Conner, Nth Lyneham and near Lake Burley Griffin in Forrest. We also have a major development called the Kingston Foreshore that is a multi-stage site that many people have already bought off the plan. I fear an over-supply of apartments in the inner suburbs…
Because of the controlled release of land in Canberra, property prices remain artificially high – this is further exacerbated by the relatively high average pay packets in this city and the loss of some 500 homes due to the bushfires.
I still manage to enjoy gross rental yields of 6.3% but that sort of rent is reserved for top quality executive style property and you would not get that sort of return in the rural environs surrounding Canberra.
The local gossip is currently focussed on Bungendore and Braidwood – the Dept of Defence is building the new defence headquarters out at Bungendore and it will employ thousands – so land and properties in sleepy Bungendore are about to explode – some land is already being advertised quoting the impending move of Defence Headquarters to that part of town which is about 30 mins drive from Canberra.
Cheers,
Rowan
Hi,
Canberra is a very hard place to find good positive cashflow IPs. Actually its impossible. Our family has 4IPs in canberra but currently they are all negatively geared. The return is not bad and tenants here are better than other areas in Australia.
I would however wait a little while longer before buying anything here ….. esp. in regard to apartments… there are too many and plus with Defence building its complexes out of Canberra there could be “issues”
Canberra they think is not going to boom that
much as majority of workers there are Government
workers and Political based. Where as in Syd,
Melb, Coast is it different. Kavita where you
from…. Lighting Ridge?Hi Sach,
I actually reside in Canberra …its a great city to live in.
And yourself?
What did you mean by Lighting Ridge? there is a place called lighting ridge…i know about ridgeway in NSW
I am a 2 month old Melbourne-er… I used to live
in Sydney for 7 months before that (upper north
suburbs) and before that 3 years in the Gold
Coast. Came to Melb due to cheap living and
to further my COMEDY / Entertainment career.
What you do for a career?I am in boring finance ( actually I really enjoy it)
Comedian….and IPs that would be interesting. I have been in ACT for last 11 yrs. Before that I was in NZ for a couple of year ( its good to buy Ips there too)
And i am currently using work time for some “private” reseaching. This place is addictive
Kavita… yes, a lot of kiwi’s or x-kiwi’s seem
to be on this forum. thanks to these property
developer / adviser / motivator type people
(Henry Kaye, Rob Kiyosaki, Peter Fitgerald, Dolf
De Roos, Steve McKnight, Tony Robbins, Justin
Herald) I have found n got so work material for
my comedy routines. Studying their body language,
their voices, the things they say.Kavita,
I agree with you regarding the virtual impossibility to find positive cashflow in Canberra, right now.I just think that the market is too high and people who a buying IPs to avoid being left behind are the ones who will be burnt at this time.
P.S. Im an ex-Melbourneite and have lived here for about 12 years – yes, it is a great city to live in[
]Cheers,
Rowan
a bit too COLD for my liking – CANBERRA
Sach,
Get a jumper[
]!!True, it can get cold, but the air’s fresh, the water’s good for homebrew and it’s not too crowded in the pubs and clubs!
Oh, and tenants are still paying high rents![8D]
Cheers,
Rowan
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