Has anyone had any experience investing in Tassie? I was looking for positive cashflow properties and found some cheap ones on the West Coast. My husband is hesitant as this is so far from home (Brisbane) and they may be this cheap for a reason. He is adamant that we should stick with QLD and North NSW but the only positive cashflow properties I could find here are literaly in the middle of nowhere! How far should an investment property be from a capital city?
Alotti
Hi Alotti. You will find some other comments about this in the forum if you have a look…..the general concensus being that part of tassie is a bit like buying a lotto ticket. Lot of vacancies and property managers up to a couple of hours away tend to influence decisions. Even a lot of the re salespeople in Tassie agree. Then again, if that does not bother you, and rental income is not critical, you have got to be in it to win it as they say. All the best. ……..
Me? Love the apple isle, and got some property over there, but fear of doing dough and wanting to prevent marrital discord would stop me buying in those areas.[headphone]Alotti,
Most real estate advisors would most likely say that you should buy property no more than about 8KM from a major city centre to realise the best property growth. I don’t think that you could get +Cash Flow properties within 8k but are more likely to be about 16KM or more from a major city. I’m currently purchasing a property in Bridgewater which will be a near + Cash flow investment.
Others may recommend looking in the growth corridoor between Brisbane and the Gold Coast as a better proposition if you have the capacity to buy in this area. As long as there is a large enough population in the area where you buy there will generally be a demand for rental properties.Cheers Karl.
Hi alotti,
there are plenty of properties in melb and syd that are cashflow positive. You should look at close to the CBD’s , they are difficult to sell at the moment.(good for buyers) Also they are easy to rent, people are paying serious premiums on rent , there are numerous opportunities. You dont need to offer close to what people are asking. The yield is only relative to your purchase price
cheers
tonyWholesale Property Brokers
http://www.wpb.com.au
Australia*Hong Kong*Singapore*India*MalaysiaThank you for the advice guys, that’s great. Tony, I like your words of wisdom, the yield is only relative to the purchase price, I will remember that!
I’m not a fan of chance, I like to sleep at night so I will stay away from Tassie for the moment.
Karl, it’s funny that you mention the corridor between Brisbane & Gold Coast as I already have 1 property there and was looking at another one yesterday. The price is $159k with a return $200 per week (-$20 body corps). Am thinkning about offerring $145k. Would that be a wise thing to do?
Alotti
Originally posted by alotti:Thank you for the advice guys, that’s great. Tony, I like your words of wisdom, the yield is only relative to the purchase price, I will remember that!
I’m not a fan of chance, I like to sleep at night so I will stay away from Tassie for the moment.
Karl, it’s funny that you mention the corridor between Brisbane & Gold Coast as I already have 1 property there and was looking at another one yesterday. The price is $159k with a return $200 per week (-$20 body corps). Am thinkning about offerring $145k. Would that be a wise thing to do?
Alotti
what are the monthly (or fortnightly or weekly) repayments on the loan?
The weekly repayments are $220. So I will have to make up $40 a week. Maybe I should offer $140k and stick to that. I hope that doesn’t offend the vendor, but they’ve purchased elsewhere so I think they are keen to sell… [cigar]
I’ve just been advised that it just went under contract. This is what happens when you procrastinate! Anyway, thank you for the insight. Will keep looking [blink]
There is not much to speak of on the West Coast of Tassie. The are a few nice places on the east coast that might do alright and Hobart and Launceston are reasonable but there are much better investments here on the mainland.
Stay away from Queenstown (TAS) it is the ugliest place I have ever seen.
Todd Burns
http://www.freepropertyhelp.com.auHehe, I apreciate your honesty Todd!![biggrin]
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