Hi all,
Have purchased my first Australian IP, have a share in one in NZ, it is in a regional centre in Nsw,I got it for 124K, 4 bedroom villa currently rented for 160 per wk with long term tenant. Not far from cashflow positive however the area is not fantastic. It has a pretty bad name but there is a lot of construction going on and a new subdivision less than a km away.
I am pretty worried that I have done the wrong thing but I instantly liked the area when I was there. It was clean and quiet and I stayed there for a few days to get a feel for it but when I went into the local police station to ask about the street both officers said 'dont buy there'. But I am stubborn and thought to myself you are police, what would you know about investing?
The area is only growing at about 3% pa so its not gonna make me rich quick but I just want to have an IP, I've been talking about it for so long, I just needed to do it.
Has anyone and good/bad stories about investing in regional NSW?
Would love to hear any advice anyone has.Cheers,
Emma
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