All Topics / The Treasure Chest / Katoomba

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  • Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    January 13, 2003 - 12:44 pm

    anythoughts on buying a house in Katoomba?
    Is it a go ahead area, lifestyle OK etc

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    January 14, 2003 - 8:19 am

    Hi,

    I have no idea about that area, but tell me three things:

    1. How much does it cost to rent an average 3Br home?
    2. What is the current median house price?
    3. What has been the movement in population over the past 10 years?

    Some of these factors can be found for free using the postcode profile review at:
    http://www.propertyvalue.com.au

    Cheers,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of SjsSjs
    Member
    @sjs
    Join Date: 2001
    Post Count: 8
    January 14, 2003 - 9:15 am

    I wasn’t the original poster who asked this, but since I’m trying to find an area in which to get started I thought I’d have a go at answering these questions.

    Katoomba is in the Blue Mountains, 110km west of Sydney.

    A quick search on http://www.realestate.com.au for 3 BR rental properties in Katoomba came up with only one property. Rent was $180 per week.

    Propertyvalue.com.au says the median house price for this area (postcode 2780) is $279,298.

    Regarding population, I don’t know how to find stats on population movement.. can anyone point me to a good way to find this stuff? Anyway, Propertyvalue.com.au says the pop for this postcode is 16540. I’m not sure how wide an area that covers though. From another source I have a pop for Katoomba specifically of around 8500.

    If anyone can give me some tips on better ways to get this info I’d appreciate it.

    Some other interesting info from Propertyvalue.com.au:

    Crime is low compared to the NSW average.

    Renters are the 2nd largest group in terms of nature of occupancy (fully owned is the largest.)

    Here’s my total newbie evaluation of Katoomba then:

    1) The population looks a bit low.

    2) Looking at the likely rent vs the median house price, this region is light-years away from the 11-second solution.

    Therefore (since my goal is financial independance, and hence I want to invest for cashflow) Katoomba is a very bad choice of area.

    I’d be interested to hear what more experienced investors think. Am I looking at it wrong?

    Thanks.

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