A case of beer or a bottle of red says someone from this forum will buy that place within a week… [
]The lemmings roll on relentlessly…
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Be wary,
I know what is on either side of that photo.Mike
Be wary,
I know what is on either side of that photo.MikeWhat is it ?
Mike!!
Don’t be so cryptic- teeell!! It’s like torture!
kay henry
hi all
mcollins its not your house is it?[]seriously, what do people think of Broken Hill these days. i know 6 years ago i didn’t buy there even though you could buy for 25k because the town was declining and had a few vacant houses. have things changed?
by the way this property would not be cash positive even with a 20% deposit.
bye westanwestan,
I did a bit of research on BH a few months ago. The population has been about halved- from 40,000 to 20,000 over the last few years. 20,000 is still a reasonable population.
A new local mine has opened up there very recently. There are something like 30 art galleries in the town, making it something of a potential cultural centre. Pro Hart and his son are artists there, if that means anything to anyone
)One thing about these kind of “retro” towns is that there is really no new building there, which means over-supply can’t occur. But of course it might already exist given that the population halved!
Anyone can look up a map of broken hill (go to google.com and type in “map broken hill” and check out whether a potential IP is in the area of the mines or in the township. I tend to remember oxide street- from the url of this posting- is in the township.
kay henry
by the way this property would not be cash positive even with a 20% deposit.
bye westanHi Westan, im curious why you would say this property is not cash positive? The property just fits on the 11 second solution and even with a 20% cash desposit, that would definitly pass the 11 second solution.
Just curious on your thoughts why?
cheers
s.i.sok
purchase price
50k deposit paid 10k loan 40kinterest on loan $2700 roughly at 6.75%
water and rates $800
insurance and L/L in $350
agents fees and 600pa
repairs 400pa
total $4850
rental at 48weeks $4800
loss of $50
i’d want 130pw at 50k
regards westanthanks on your thoughts Westan
cheers
s.i.sno its not my house.
People seem to be buying positive cashflow properties in QLD. Won’t someone give us a glue where they have been doing it ?
What do guys think about Wagga Wagga ?
Hi guys,
Oxide St is close to the town centre and this house is in a good pos. except that the neighbours on either side are(how can I put this and not end up in the poop)undesirable.In the B.H. scale of things this house is$100/week but definitely no more.What else?Oh yes,population 21000,stable.It was 36000 20 yrs ago.We are in need of a boost(not alone there).If the mineral sands project gets going it will help.Personally Ibelieve that the $100/wk market is maxed and the arrival of some wrappers has caused that(my opinion only)House prices have lifted in the town and while still cheap not the bargains of 12mths ago.Hope it helps,Mikemcollins,
A good idea would be to look up “wagga” in the search engine on this forum and see a variety of answers to this question.
As to my opinion, wagga, with a population of around 50,000 is a pretty good place to invest. Prices have remained pretty flat in wagga (although an IP I bought 3 months ago did just have a bank valuation done on it and there was a 29% increase on the price I paid, so there you go! I don’t do the pozz gearing “rule”- I just look at reasonably priced places which get reasonable rents, but you should get around 7%-8% in wagga without even trying. Rents are about $120 for the bottom end of the rental market (2-bed unit)
Certain streets in wagga are pretty gross- violence and trashing things- so you might want to find out street names and ask on this forum what they’re like. It’s not really a “bargain” if you save 10k on a place, it gets trashed and you have to spend months fixing it, noone will rent it due to the reputation, and you can’t resell it because everyone but you knew you shouldn’t have bought it in the first place.
I think wagga is a great place to buy, personally :o) It’s completely non-industrial, it has a university, it’s quite pretty visually, and it still has affordable places for an investor.
kay henry
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