All Topics / The Treasure Chest / any comments on NSW surburb of …

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  • Profile photo of TheBigLTheBigL
    Member
    @thebigl
    Join Date: 2003
    Post Count: 1
    July 6, 2003 - 4:11 am

    BROKEN HILL.
    appreciate any comments on this surburb, such as it’s rental and vacancy rate and whether it is good for an IP, pros and cons of the suburb.

    thanks.

    Profile photo of richmondrichmond
    Participant
    @richmond
    Join Date: 2003
    Post Count: 831
    July 6, 2003 - 4:49 am

    Um, it ain’t a suburb… it’s a mining city in far western NSW. Cheap houses, but the mining industry there has struggled big time in recent years. If you do a google search on “broken hill” you’ll find a lot of info.

    Cheers
    r

    Profile photo of chericheri
    Participant
    @cheri
    Join Date: 2002
    Post Count: 23
    July 6, 2003 - 4:51 am

    TheBigL,
    we did a bit of research into broken hill about
    3-4 months ago and found heaps of +cashflow properties. what we found from our research and past connections with broken hill is that it has been “discovered” by out of town investors, which has had an impact on house prices.
    we spoke to both agents and residents about real estate and tenant issues. overall the response was that the population tends to be a little transient and leases often go to a week by week situation.
    the town is heavily reliant on the mines and also tourism. there a few primary schools, high schools and the dept education & training have a district office located there.
    the shopping facilities are pretty good.
    overall we did not feel comfortable about broken hill as a part of our investemnt strategy
    and decided that it was not for us, but remember that this is only my 2 cents worth[:)].
    i am sure there are other people out there in forum land who believe broken hill is perfect for their investing goals.
    hope this has helped a little.
    regards
    rie

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 7, 2003 - 1:25 am

    Broken Hill was the 9th fastest growing subsurb last year. (according to The Australian, June 7, 2003)

    The median price in this suburb jumped from $39,000 in Dec 2002 to $52,000 in Mar 2003. A 33.33% gain.

    This probably confirms Rie’s opinion that it has been discovered by out of twon investors.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of CeliviaCelivia
    Participant
    @celivia
    Join Date: 2003
    Post Count: 886
    September 7, 2003 - 12:26 pm

    Although this post is a month old now, I just want to say that I’ve been doing a little research on Broken Hill too, since the houseprices are so affordable. But when I discovered that its last mine the Pasminco mine will close in 2006 I lost interest. Because doesn’t Broken Hill depend mainly on mining? Or do you think it can survive on tourism alone? What will happen to your IP? High vacancy rates? No growth or even negative growth as the population diminishes? As far as I know, the population has already started to diminish.
    Is there only one real estate agency in Broken Hill? If so, this would worry me, too.
    May be I’m too cautious, others might not see ‘danger’ in investing in places that mainly depend on one industry, but it’s not for me.
    Regards, Celivia

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