hi guys,
are any of u guys buying in morwell and churchill area?Westan, i heard that u bought it 6 yrs ago for peanuts. What made u buy there in the first place? Or did u just ‘whack it’ and give it a try anyway?
The people in morwell are always renovating their house isnt it, during weekends? nice little place.Hi leverage
yes i bought (only 2 and one for my brother at 26k) 6 yrs ago for 28k. The Power industry had laid off 2000 or so jobs and the Govt was selling off all their houses (hundreds) the housing prices absolutely crashed. even though the town was struggling its rental return was OK 110pw. Since then the Gov’t has spent 100’s of millions in the area to re establish the place, it has worked. The fast train will only help, the Uni at Churchill sounds like it is doing well. One reason i bought was because i knew that when the Gov’t stopped selling, prices would quickly move up (supply and demand). the town is working class, locals consider Traralgon better and Moe a little worse. There are some growing industries in the town.
Rents are now rising (last 12 months) the cheaper houses are getting 125-135pw. Having said all that i’m actually selling my houses in Morwell to reinvest in another market. if i wasn’t reinvesting i’d be happy to hold my properties but i wouldn’t be buying when the asking price is 90k+ and rent of 130pw.
hope this helps you a little
westanHi there,
Westan, I like your comment about the local’s thoughts [
]. My friends in Moe, think that Morwell is a lot worse and Traralgon just a little better than Morwell. I guess that just goes to show you the differences in opinion. [:0)] I actually enjoyed my visit to Erica (suburb) not far from Moe. Moe has some nice views over the valley. I was warned away from Morwell by my Moe friends. Everyone has differing opinions, which makes it all the more exciting to be human. []Cheers
Sooshie []“small steps make the journey” (SAS)
Sooshie
i had the chance to buy a few properties in Moe good condition 3 brm (recent paint) but my wife good nevous about Moe. it was 6 yrs ago around the time of Jaiden Leskie and there was a lot of bad publicity about Moe. Anyway i didn’t pick up some at 19,000. they would be worth over $85,000 now.[xx(] I like Moe and think its got a lot going for it.[]
westanSorry one other comment who would have guessed that Moe would have had better capital gains than Melbourne and Sydney over this time .
westan
]. My friends in Moe, think that Morwell is a lot worse and Traralgon just a little better than Morwell. I guess that just goes to show you the differences in opinion. [:0)] I actually enjoyed my visit to Erica (suburb) not far from Moe. Moe has some nice views over the valley. I was warned away from Morwell by my Moe friends. Everyone has differing opinions, which makes it all the more exciting to be human. [
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