Hello everyone Im new to this forum!
Just after some advice really, I ve been offered a brand new 4 bedroom house with a double garage in Munno Para West for $297,000. Im just wondering what people think of this area and if this is a good price, would I be able to rent it out easily etc.
On the rental values I have been quoted I would be out of pocket by $6,000 a year as the rent does not fully cover the cost of mortgage, water, council tax etc per year, however Iam being told that the market is booming at the moment and house prices/rent figures are rising…is this correct ? Or optimistic ?
I have been told that the housing market is rising at about 8% per year at the moment.
I would appreciate any comments, good or bad.
Thanks,
Rich.
Hi Rich,
I've been in to that position before, to buy rental property in Munno Parra with a guaranteed rent for 6mos. off the plan
It's good actually but you may want to consider the value of the building
For what I gather, the land cost in Munno Para is around 90-100,000 at most, so you'll be looking around 197-200,000 for the building… I'm not sure, but I guess the lender's evaluation will find that expensive building cost expensive.
But of course you can check that with your lender.I'm interested how you go with you this one, we're also looking for investment somewhere in north area.
The location is around the area for defence, so you may attract tenants who work there, plus the mining boom on northern area.
All the best.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
