Hi All
There has been a lot said about buying property in small rural areas in particular Cobar, NSW.
I was wondering if we could have a discussion about what we look for in these small towns to help some of the new people.
To start it off I myself dont feel confident in investing in a small town that at present has 2 main indistries. Wool and miming according to CTC@cobar the mining indistry is the bigger employer. It has 3 major mines with the longest life expectancy 2011. Drilling for future mines is occuring.
The community is looking toward other things to keep the community alive like tourism to give it a future but at the moment the lure of the bigger regional towns and cities continue to drain its youth.
I have not found anything to point to this town being a good place to buy. What else should I be looking for?Erika
Hi Erika,
Cobar only came up as part of another discussion and I believe I said the population is transient due to mining.
I have not myself looked into Cobar to investing simply because I have not been in the area for around three years now!
I just wanted to defend smaller areas to some degree because when I was in the area Cobar had started new a new mine that was to be used for at least 50 years whether that has fallen through I do not know.
Erika you need to do exactly what you did if the population has a down turn in population then it is not promising for investment but if it has shown growth then it it could be, this applies to any small population.
There was a really good website mentioned (and do you think I can find it now [
!]) that gives information about population growth and new industries. It was not the ABS though if anyone can help that would be great.Bronwen
If the good die young then I will live forever
Hi Bronwen
What I was after was for people to say how they look into small towns not just cobar I just gave Cobar as an example. Do most people have a min no of people in the town or does this not matter if the town is expanding?
There are plenty of people on this site who cant find +ve geared properties it cant just be that they arnt looking hard enough.
Do most people look at the towns first then look at properties or the other way around.
Do most people stick within 2 hours of where they live?Hi Erika,
I was thinking of buying in Cobar and I put a post here before and lot’s of people replied. If you search you can find that post and answers to lot’s of you questions.Cheers
Amit
What I was after was for people to say how they look into small towns not just cobar I just gave Cobar as an example. Do most people have a min no of people in the town or does this not matter if the town is expanding?
There are plenty of people on this site who cant find +ve geared properties it cant just be that they arnt looking hard enough.
Do most people look at the towns first then look at properties or the other way around.
Do most people stick within 2 hours of where they live?Now I can’t answer why people can’t find +ve properties.
I have just started looking and altho I have not found one that fits the 11ss I am finding ones about the 7 or 8%.
This gives me hope as i HAVE just started looking.
I have moved out of my comfort area, originally only looking at areas close to me (1/2 hr drive) but am starting to look further abroad. This will lead to small towns.
Now I am NEw to this so please this is just what I am starting to do there are others out there who will no doubt give much better advice.
Population doesn’t bother me. If it is rising or steady but not dropping then it is something to look at. I used to live in a village (no more than 200 people) and when we left it our house had gained incredibly. People were wanting to live there as it was convenient between two towns were jobs were this village was called Geurie and was situated between Dubbo and Wellington.
Wellington at te time was dying but word was a gaol was coming and this would mean jobs peoplehave started to buy property there and Wellington is slowly making a come back. 3 years ago I would not have purchased there at all now it could have growth.
It can be very hard to determine. A high crime rate would put me off but high unemployment might not. If the population hasn’t declined at all then these people will need somewhere to live and buying may be out of their reach. I would thoroughly screen these people but then I would do the same with any tenant.
If there are definate prospects for the area then I would consider anywhere really.
Sorry if I’m not much help really.
Bronwen
If the good die young then I will live forever
What I was after was for people to say how they look into small towns not just cobar I just gave Cobar as an example. Do most people have a min no of people in the town or does this not matter if the town is expanding?
There are plenty of people on this site who cant find +ve geared properties it cant just be that they arnt looking hard enough.
Do most people look at the towns first then look at properties or the other way around.
Do most people stick within 2 hours of where they live?Now I can’t answer why people can’t find +ve properties.
I have just started looking and altho I have not found one that fits the 11ss I am finding ones about the 7 or 8%.
This gives me hope as i HAVE just started looking.
I have moved out of my comfort area, originally only looking at areas close to me (1/2 hr drive) but am starting to look further abroad. This will lead to small towns.
Now I am NEw to this so please this is just what I am starting to do there are others out there who will no doubt give much better advice.
Population doesn’t bother me. If it is rising or steady but not dropping then it is something to look at. I used to live in a village (no more than 200 people) and when we left it our house had gained incredibly. People were wanting to live there as it was convenient between two towns were jobs were this village was called Geurie and was situated between Dubbo and Wellington.
Wellington at te time was dying but word was a gaol was coming and this would mean jobs peoplehave started to buy property there and Wellington is slowly making a come back. 3 years ago I would not have purchased there at all now it could have growth.
It can be very hard to determine. A high crime rate would put me off but high unemployment might not. If the population hasn’t declined at all then these people will need somewhere to live and buying may be out of their reach. I would thoroughly screen these people but then I would do the same with any tenant.
If there are definate prospects for the area then I would consider anywhere really.
Sorry if I’m not much help really.
Bronwen
If the good die young then I will live forever
I am also looking at small country towns for my first Investment Property and am seriously considering Temora in NSW. Does anyone else out there have property in Temora and/or have any personal knowledge of the town? I am planning to take a driving trip there in the next week, but would appreciate any comments or thoughts at all about Temora.
Thanks & Cheers,
Manhattan.[
] hi guys i do a bit of homework on a town re population industry etc and basically ask why would people want to live there[]
!]) that gives information about population growth and new industries. It was not the ABS though if anyone can help that would be great.
] hi guys i do a bit of homework on a town re population industry etc and basically ask why would people want to live there[
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