I am considering investing in Inverell (about 6 hours drive from Sydney, Population about 10000, New England Area NSW).
I would like to pick peoples brains who have some knowledge of this area.
I know that the population has increased 4% from 1996 to 2001. I also know that prices in the town have risenin the last 12 months. The median growth for this area is 29.1%.
Can anyone answer the following:
1. What are vacancy rates like?
2. What are capital growth prospects like in the town?
3. Is it hard to sell a place in this town?
4. Any general thoughts on the town.If you are from this area I would VERY much appreciate an email:
Thanks in Advance,
Tim.Hi Tim,
Most of the statistical info can be gained online for a price.
For mine, the population seems a little small. So, without a niche deal or expanding infrastructure, you may find growth to be restricted.
From a cashflow point though, so long as you can mitigate the vacancy issue, then yields may be attractive.
Regards,
Steve McKnight
**********
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1. What are vacancy rates like?Very low at the moment, I’ve spoken nto both property manager’s there and also to locals (including a niece who is looking for a place to rent) and there is a a shortage of decent rental property.
2. What are capital growth prospects like in the town?Long term probably ok, short term – who knows. There seems to be quite a bit of migration to Inverell from surrounding towns.
3. Is it hard to sell a place in this town?Shouldn’t be too hard at the moment, provided you ask a realistic price.
4. Any general thoughts on the town.It’s a good town, it’s the major shopping centre for the region. There are a couple of major employers including the abottoir, it has closed down in the past (and obviously reopened), so there is some risk there.
Another thing to not is that parts of the town are subject to flooding. The last major flood was in 1991.regards,
Rod.
thanks Steve and Rod. That is just the info I need. Also thank you for your suggestion about paying for stats steve. I have purchased a residex report on the area and am waiting for the email.
Kind Regards,
Tim.
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