Hi all,
If you had to invest in one of the following regional areas and looking for the best capital appreciation, infrastructure services, future growth etc, which one would you select?
– Wagga Wagga
– Tamworth
– Taree
– AlburyThanks,
Ajaywell, the last couple of years has seen hume hwy upgrading so Albury is now bypassed.
Wagga, has just flooded, so need to be wary, likewise taree has similar issues – hwy & floodprone.thanks Scott – so with hume hwy upgrade, you think Albury is a reasonable bet?
Scott No Mates wrote:well, the last couple of years has seen hume hwy upgrading so Albury is now bypassed. Wagga, has just flooded, so need to be wary, likewise taree has similar issues – hwy & floodprone.Almost every country town experiences some flooding from time to time:
http://www.smh.com.au/articles/2004/01/25/1074965440345.html
www.alburycity.nsw.gov.au/…/CHAPTER_O_PLANNING_FOR_FLOOD_ AREAS1.pdf
http://www.heraldsun.com.au/news/breaking-news/hundreds-of-residents-evacuate-as-wagga-wagga-floods/story-e6frf7jx-1225965816227http://www.ses.nsw.gov.au/infopages/8805.html
If you want to invest in one of these towns buy in a an area which is not floodprone but be aware that if you have a 1 in 100 year rain event eg 100mm in an hour you have no guarantee that a town's drainage can cope with that.
I'm not sure of the issue raised with Taree and the highway. Taree was bypassed several years ago and with the upgrades to the Pacific Highway is an easy drive from Sydney. THat area may become more popular when Buladelah is bypassed.
Wagga and Tamworth both have good infrastucture. Wagga has a Uni, Tamworth's nearest is UNE at Armidale. Capital growth will depend on projected population, availability of land etc. All the Councils should have this kind of information.
Tamworth may get some spinoff from the coalmining happening around Gunnedah.
ajayayyar wrote:thanks Scott – so with hume hwy upgrade, you think Albury is a reasonable bet?It has got a uni, a few industries, large army base and a sustainable population. It could be worth looking at.
As for floodprone areas – just do your due diligence in your areas of interest.
Hi All,
Just an FYI,
I was one of the guys coordinating the flood relief in Wagga Wagga.Flooding is dependant on where you live, the little towns around have flooded (i've written most of them off my possible places to invest list). However when I was in town people were still walking along the main street having a cafe breakfast almost completely unaware there was a flood.
So town itself isn't bad as are most suburbs towards the south. I'm still not sure about investing here though, most properties are ridiculously pricey for what they are, yet i know people who find the occassional bargain.
I'm looking at a few smaller towns in close proximity that were not impacted by the floods to invest in, but it sounds like land-bankers and developers have already set up shop in those places.
Any thoughts on how to find positive geared properties?
Hume Hwy hardly bypasses Albury, it practically divides it!! Lived there until July this year. While the freeway development has impacted tourism ventures in Albury it isn’t as if it has impacted the city like happens when small towns are bypassed. Albury has considerable industry, its border position is a positive, it has a university – which is moving out to Thurgoona which will impact Central Albury prices. I have 3 properties in Albury which are either neutral or slightly positive atm. Prices are a bit flat in Albury at the moment. Albury is also a town that tends to have a few excommission houses for sale. I was at an auction earlier this year and saw 3 passed in at $80k each. They could have easily been done up, unfortunately I had only just bought a place so not in a position to buy another.
lbluedento How do you think the UNI moving out to Thurgoona will impact Central Albury prices. Good/bad?
As you said Albury has been flat for a while and vacancy rates aren't that low. How has the new development areas affected existing housing?
Population growth is projected to be stable for the next 10 years but there seems to be a lot of building going on (and huge Bunnings stores and new Aldi's). Do they know something we don't?Any chance you have the addresses for the ones passed in? Just curious as to which area they were in. $80K was cheap.
east Albury I think. There are plenty to choose from.
The ones passed in were in two fairly heavily commission areas. West Albury has some very dodgy areas and not too far away some nice areas. There was one on Myrtle – from memory this one was in fairly poor condition, but not anything like the burned out shells I have seen on various forums. I think one was on Hibiscus and one on Mulga I think. Then there was one in Glenroy I think it may have been on either Burrows or Ryan Rd (near the roundabout where these streets intersect).
Central Albury is full of units and share housing for students. Once the uni moves out to Thurgoona there will be initially units that will be harder to tenant as students will want to be closer to where their classes are being held. There is also a huge redevelopment potential. I don’t know what the situation is now with that as we moved in July. I know they were planning on finding a single buyer to redevelop the whole CSU land.
ScottNoMates is also correct in saying East Albury has heaps of possible properties for sale. As with all of these areas you’d really want to pick your street
My places are in Albury and North Albury so I don’t actually have any ownership experience in East Albury, Glenroy or West Albury but I did look at plenty of properties while we were living there.I live in Tamworth and I can tell you Tamworth is booming at the moment. It is one of the fastest growing regional areas in NSW recently. A lot of regional business HQ and a progressive council. Huge new housing developments going on in several directions, capable of housing 10-15000 more people over next few years. Also a lot of new unit complexes going on.
Drivers are RAAF flight schoot, National equine centre (AELEC), many industries such as beef, poultry abbatoirs, expansion of all the major retailers (eg 3 Coles now, Woolies wants to add second store, more Macdonalds recently etc-those guys do their research). Just no ALDIs, which sucks.
Also a lot of surrounding mining activity at week in/week out commutable distance (within 2hrs).
Rental return quite good.
Tamworth floods but levibanks all upgraded and damage usually limited to playing fields and occasionally to low lying businesses.
Tamworth also one of the "Evocities" (along with some of those other towns mentioned). Although no Uni here, there is a large UNE and Uni of Newcastle presence here, esp in the medical world, as v good regional hospital and teaching facilities.
Thanks.
I went to a few auctions there. Bought in North Albury. Lovely street, lots of private owners. As you said, you need to know the streets. I know Hibiscus. Looked at a couple there. One agent said they won't manage it if I buy there so looked elsewhere.Parts of East Albury are scary (around Eastern Circuit). When there are wardrobes and lounges on the verandah I keep driving.
Be careful of termites too. I've seen a few in Albury.
Definitely take care of termites in Albury. We get our places checked thoroughly each year – I don’t mean someone who takes a walk through and knocks on the walls (that is a strategy I have seen in inspections).
There are many scary parts in Albury – it helps that I lived in Minneapolis and Chicago before Albury!
My places are in Albury and North Albury so I don’t actually have any ownership experience in East Albury, Glenroy or West Albury but I did look at plenty of properties while we were living there.
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