Hi all,
Anyone invested or knows Moree. After any info on where the bad areas are or if anyone thinks it is worthwhile. I have found a +cf but am unsure about the area. Any advice appreciated.
Carlyle
I haven’t invested there. About the only info I can give you is that like most rural areas the population is in decline as young people move to larger cities and older people die off (at least according to census 2001 figures).
The question to consider is how long you plan to invest there, and whether there is enough buffer in the cf+ if vacancy rates increase/rentals drop.
In 2001 the Moree Plains (Moree and surrounds) had a population of 16,230, next year this is expected to have dropped to 16,130, and in ten years (2016) it is expected to be 16,000. So on one hand, it’s only a couple hundred people, on the other it’s an adverse trend.
If you haven’t already, then check out what the council has been doing/is planning to overcome the decline. If they have some good initiatives to create more jobs or attract new industry then they might overcome the trend (or may already have done so, since this is 2001 data).
Also consider how the area is being affected by drought – the (severe) El Nino drought is due back on our side of the world in the next year or two so worse is to come. This will obviously have a terrible affect on agriculture unless they have implemented exceptional water saving strategies. (Moree might be saved by their bore water – but I don’t know).
From what I’ve heard you can get some good prices with very good rents in the Moree area. Its an area that I’m seriously considering.
Could be worth a go.
Dave.
I read an article a while back about the problems Australia faces regarding bore water. Apparently, it’s high salinity level, caused by many years of poor farming techniques resulting in high levels of erosion and destruction of the top soil, has rendered it useless and more damaging in most areas of Australia.
I do not recall where the article was so I cannot reference to it. Sorry.
Robert Bou-Hamdan
Mortgage AdviserMoree does ( supposedly) have an aboriginal problem but there are so many other areas with the same “problem”. It does depend on who you talk to and what areas you may buy into in these towns.
Best to go see for yourself and be your own judge.BTW where abouts are you, Carlyle81.
Please email direct if you like –I do have some further info that you may be interested in.Cheers for now
LenThere is someone on Somersoft who has invested in Moree. Post there and they may share their experience with you.
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http://www.depreciator.com.auHi carlyle81,
I have lived at Goondiwindi for many years in the past
but I would not touch a ip in Moree at any price.
Parts of Moree are no go zones for the police & fire brigade.
Hope this helps.Regards
CashpoorHi
I had friends renting in Moree – there are definite areas of town to live in. I myself drove through Moree approx three weeks ago and felt quite unsafe just driving through some areas – even stopped at Maccas and was a tad nervous. I don’t think I would invest my money there, having said that the people able to afford high rent wouldn’t live in the “bad” areas of town. I think you will find the percentage of indiginous aussies is very high in Moree.
Has anyone got investments in Moree? Is 12% return for the Moree area a good return (this is a block of 8 villas for sale)?
I have spoken to the agent there and he said it wasn't in the worst part of town, but it wasn't in the best part of town either. The villas are half empty but that is because the owner hasn't put any time or money into maintaining thoes villas.
Anyone have any thoughts?
Retiredone wrote:Has anyone got investments in Moree? Is 12% return for the Moree area a good return (this is a block of 8 villas for sale)?
I have spoken to the agent there and he said it wasn't in the worst part of town, but it wasn't in the best part of town either. The villas are half empty but that is because the owner hasn't put any time or money into maintaining thoes villas.
Anyone have any thoughts?
The owner may have got tired of fixing things and then having them broken again soon after.
Also, being a block of 8, it will be considered a commercial property by the Banks, and will require a bigger deposit from you, as they usually lend on a lower LVR for commercial.
I think in towns like this, you would want to look only at the best part of town.
I don't know about Moree, however I do know about these towns and about places getting thrashed.
Some points to think about if you go ahead with purchase:
1) Can you get the empty units boarded up until you get a tenant, so risk of vandalsim lower?
2) Get top of the range property/landlord insurance, so if place gets thrashed you are covered. Get insurance from the day you buy, not the day you settle, so you are covered in case there is a dispute between vendor and yourself about the amount of damage.
3) Use an excellent solicitor who can defend you and lodge claims should you have to.
4) Buy with finance clause, that way another way out for you if place gets trashed before you settle.
Good luck!Are you talking about the 6 one bedroom units that have been on the market for about 2 years,
A work mate bought a house there 6 years ago for $130,000. the area has troubles with dodgy locals and is severly effected by weather. When in drought the population drops massively. He sold his house 6 months ago for $130,000. Thats a profit of NOTHING. I would be careful.
Interesting – it is a few years since we drove through Moree, but at lunch time, in the public park in the main st, with 3 little kids even, we felt VERY uncomfortable with some of the 'aimless wandering tribes' there……just looking for trouble leaving a wake of vandalism after them. Man, I can only imagine a Fri or Sat evening there now. Scary stuff.
No it is 8 x 2 bedrooms each renting for $120/week. Is it really that scary? I will probaby drive down next week to have a look at Moree. 12% is a might attractive carrot to go down and have a look.
I've driven through a couple of times when driving from melbourne to brisbane, and personally I wouldn't slow below 60 in Moree!
Hi there!Any tips for a first time buyer, as in areas to look at? NSW regional areas that are under $150K? Had a look at Wagga Wagga, Orange, Wollongong,Newcastle..out of my price range.I have $10-15K deposit & first home buyers grant. Is it worth investing in such low cost property, as obviously the quality of tenant could cause potential nightmares?Also, what are the pros/cons to investing in your own name or as a business?
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