Hello
I am heading up to Brisbane this week to look at property and we will be going through Inverell. My attention was captured when I bought Acerage Review the other day and they had a big write up on Inverell. Noticed that there were quite a few inexpensive houses there. Anyone have any ideas / opinions of the area, is this the type of regional area which you could create positive cashflow?
Thanking you for your input.
Nikki K
Hi NikkiK,
Boy do I have some ideas for you.Well yes and no!
We have some strata units at Inverell we purchased June 2004.
Paid 62.5k for each of 4 in block of 8.
One in same block on market for 75k at the time and rents are not up to 11 second rule but we believe the capital growth should be fine in our case.Also had a look at house there at the time for 95k returning 165/wk.
Another block of 3 sold for 145k returning 290k. I say this just for your info only and to say or suggest you call in and talk to Mike Ward and Joanne at Raine and Horne in the main street for some helpful advice with no pressure. In fact we found that r/e agents were so different to Sydney r/e’s. A lot more helpful !!I wish you well and I believe there is still some reasonable deals around up there and it is a great place to visit anyway.Would be very keen to hear your thoughts when you return.
Cheers for now LenHello Len
Thank you so much for your response. I’m really quite keen to have a look up there. Will let you know we go once I’ve returned home.
Thank you again
[thumbsupanim]
Nikki K
A few years back we had to sell a relatives house in Inverell.
It took 2 years to get a single bid on it and during that time 3 people came through for a look. We ended up getting low $60’s for it.
The house was in very good condition and well positioned. Keep in mind this was 4 or so years back and things may have picked up.
Its a very pretty town !!!
Hi Nikki,
I sold a property there late last year – I felt the market had peaked.
City investors (like me) were largely responsible for pushing the prices up and I think they will pull back. This is the case in many towns where investors have been the main driver (as opposed to places where retirees have also been pushing up prices). If I was going to invest in the country again, I would look for a place with a population that is growing and where there is a spread of industry/employment. I would also look for a place where retirees are heading. But this is just me.
Inverell is a good town, but like all towns it has its bad bits. The agents will tell you where to avoid – I think the southside of town may be the dodgy side.
Find out what is happening with the airport, too. It closed for some years but I’ve heard it’s open again. Not sure for how long.
Resist the temptation to invest in towns around Inverell. I was told that any Inverell population growth came from these towns. Drive through Tingha and you’ll see what I mean.
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