Hi,
I’ve recently moved to Mildura (Victoria) for work purposes and will be here for atleast 2 years. I’ve saved enough for a deposit but don’t know if I should buy here or save and wait until I move back to Adelaide?
If I bought in Mildura I would use the FHOG ($10,000) and live in it
for 2 years until I move back to Adelaide.Has anyone got investment properties in Mildura or can advise whether they think the area is worth buying into? New houses are around $230,000 now and there is a lot of subdivisions being built at the moment. My main concern is their appears to be a large high vacancy rate based on what I see and read in the news and papers.
Thanks,
PaulHi Paul,
You could always buy a house half an hour away in Ouyen for $50 grand…your FHOG would give you 80%lvr !!! (ahrgh..just joking!) Seriously though, if you are living there for two years, paying rent, and you could get into a modest home using your grant, and deposit where necessary, without paying any more for the loan than rent don’t you think that would kinda make sense? And even if not much is happening there at present, unless you bought unwisely you would have to be pretty unlucky to lose money. You would be back in SA, and have a nice little investment property to rent out in Mildura. How do the figures stack up? All the best with whatever you decide.I remember reading that Margaret Lomas was investing in Mildura for some reason. I can’t remember why but she’s a fairly savvy investor so there must be something to it.
Todd Burns
http://www.freepropertyhelp.com.auI say buy something. I just been to Mildura and spent two months thier and it seem pretty good. I wouldnt go for a new home though I would get something for 130k so bargain hard it’s true value would be 160k and be able to rent with a bungalow out the back for $280.
Very nice town love the town layout street etc regard it as one of the best in Australia that I have seen anyway. Very good liad back Country attitude.
I seen three +Cash flow properties when I was their.
Why wait two years if you have the money and can buy then get out their and track down a deal and buy it. Get one in an average area you don’t know when the grant will end so cash in on that as well.
If you buy a property up thier that does not attract Stamp Duty on then that is a bonus as well. All the Investors here will be saying how do you buy a property with not stamp duty on it. Well I know something you don’t know. Ouyen is not such a silly idea provided you can secure a perhaps long term tenant in a lease then it could be considered, like all things it deppend how well you do it that determines the success.
I did a full study of the town ( Mildura) and I found the vacancy rate to be 6.9%. Is this what others think?
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Jaffasoft.com – Web Design Services do you need a web site?What do you all think about investing in Mildura now in 2009? Apparently the worlds largest solar station is planned for the area. It's obviously a plodder area, wonder what vacancy rates are these days?
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