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Thanks for your reply Richard. I see you are in Brisbane, we are not too far away. We have just put one of our investment properties on the market so that will help pay for the building anyway, and we don’t intend to build for 6 months.
Can I email you full details and you can let me know what you think?
I have been researching Muswellbrook for a long time and believe it has a lot going for it. The expected development expenditure in the shire over the next 5 years is 2.6Billion.
There are many coal mines, two major power stations that service most of NSW’s power, Accor are building a mecure hotel in the area, the F3 is continuing on to Branxton making travelling time shorter, they breed silver perch and crayfish….the list goes on.
There is a huge demand for newer houses by tenants (mainly miners and their families).
Monarch are developing a new estate which will have 1300 new lots and they are also upgrading the golf course.
I can tell you much more if you need to know anything.
Hi BJ,
I also use Prime Properties and have never had a property vacant for more than 4 days.
How much rent are you looking for? My properties are in the lower rent bracket.
Hi Andrew,
I purchased a couple of properties in Rocky last year. My advise is to drive and walk the streets. When you are looking at a property, talk to the neighbours. You can tell the bad streets just by looking at them.
Don’t be put off by the lower class areas as these can offer the best yeilds and you will find you will have tennants that want to stay forever. There are many houses in Rocky that have had the same tennants for 10 years.
There is an area called Depot Hill which is in flood zone. We walked around the area and the locals have all lived there forever and love it and would not be anywhere else in the world. Locals say they don’t move and they don’t get divorced. They all said when it did flood in 1991 the water made it to just under their floor line and they got around in canoes. Most of the locals beleive it will not flood like that ever again as council has done a bit of work on the river since then.
Locals regard the better areas as Frenchville, Berkser, Allenstown, Nth Rocky and there are more just can’t think at the moment (sorry doing 50 things at once).
I didn’t go to Gracemere but my property manager said rents are slightly lower and it could take a bit longer to find a tennant than in Rocky.
Anyway goodluck, do lots of research and get to know the current market prices and talk to the agents with confidence.
Kylie
thanks guys.
It is in our home town so we know the price is great.
I think the reason mum has to pay the double stamp duty is because if her friend pulls out she pays nothing but if she onsells it she pays stamp duty???
I did a lot of research on Rockhampton before I bought there. I have a lot of confidence in Rocky, even the flood areas as council has done a lot of work on the Fitzroy river to stop it flooding again. All the locals I spoke to are confident it won’t flood to that extreme ever again.
I think it would be hard to find +cash in Townsville and I have not researed Roma.
I found Mark and Louise at Molloys very genuine.
Please send me one and I will pass it on.
Please send me one and I will pass them on as well.
Hi everyone, I too have been looking at buying a property near a uni and renting rooms out. Wondering how you guys find the tennants. Do you advertise at the uni?
I have emailed you Lynchy. There must be more investers out there living on the Central Coast that are interested in a get together.
Hi Lynchy, I also live on the central coast and was thinking about doing the same thing. I have 3 investment properties (2 are + cash) and and in the process of buying a few more. I spend a lot of time researching areas and have found lots of +cash areas. My problem is finding time to drive or fly there. Once I have been to an area and got to know the streets I am happy to buy over the phone. What I am hoping to do is get a group of people and take it in turns in travelling to an area and find out the good and bad streets, agents etc etc.
Hi VPA,
I have purchased a few properties in Rockhampton in the last week that do meet the 11 sec rule. There are not many left and the properties that do have more than a 10.4% yeild don’t get advertised.
In regards to vacancy rates it is getting harder for property managers to find tennants and many landlords and dropping their rent to fill their properties.
Hi John,
Did you buy in heart of Cairns? Did you buy unit or house? I am also visiting a few areas in QLD very soon and Cairns will be one of them.
Hi all,
I WAS a corporate travel consultant. I now consider myself full time mum and property investor.
I also have been considering Cairns and have come across a few positive cash properties. Mainly units in the city. There is also a big demand for rental properties and agents have waiting lists for tennants wanting 2 bed units and 3/4 bed houses.
thanks Kirby. I have spoken to a couple of local agents and they advised me to buy in and around Mandunda because that is where the locals want to rent. Maybe I should stick to the beach areas?
Hi Redlilia,
Yes your right wyoming is one of the cheaper suburbs. It did used to have a fairly bad reputation but seems to be picking up lately. The beaches would be about a 20-25 minute drive away, not too much there just food shops, car yards etc. If Gosford continues to clean itself up this would be a good suburb to have an IP to rent to commuters. Still won’t get positive cash, should be able to get a 3 bed house for about $280k rent would probably be about $200-$250 per week.
I will try to answer all questions but please let me know if I’ve missed any as I am running out the door and will answer again when I get back.
Kincumber, some parts are close to the water and although it is only 5-10 minutes from Avoca, Terrigal, Saratoga etc it has not had as much growth as sorrounding areas. You can still buy a place in the $300’s which is rare for the south end of the CC. There are parts of Kincumber that are a bit rough (bit of housing commission) but this is slowly moving away. If you want more growth I would go to Saratoga or Davistown which are just around the corner and you can still get cheaper houses to renovate. I have a 4 bed brick house that I purchased for $320K and rents for $310 p/w. I am very lucky as this is very high rent for the area. You will not get anywhere near positive cash in the south end of CC as rents have a long way to go to catch up, one day they will if you can afford to hold on to them.
It is also very hard to get tennants at the moment. Everywhere you go in the Terrigal area you will see For Lease signs.
Erina is the main shopping area of the south. Prices are also still a bit cheaper here. Erina is not near water but only a 5 min drive to Terrigal beach.
Gosford used to be the main shopping, business district but this has changed overtime. Once Erina Fair opened it turned into a ghost town full of junkies. Things are now changing in Gosford and council is spending a lot of money in it. They are trying to move the CBD closer to the water by moving the road underground. This is also where the train station is. I beleive it would be a good area to invest in and hold on to. Again, you will not get positive cash property.
Property that has had massive growth on the central coast is any suburb close to a beach and if you can walk to the beach you have struck it rich now the lake areas are moving.
thanks, appreciate your comments guys!
