Any pros or cons about investing in Moree?
I heard there are good area vs. bad area…The new rail link infrastructure from QLD to Moree is going to be built soon.
Expanding of agriculture, tourism and mining
The yield is quite highObviously, there are plenty of deparment of housing with high crime issues, etc
Could anyone share the experience of having IP @ MOREE?
Thank you
The first stop should be the local cop shop. They know all the good v bad areas and where on the street it changes. The new recruits rent alot of property up there (they get blooded in the area before being sent elsewhere).
The worst areas in Moree are south-west corner….because that has high density government housing. There is also some government housing in the south-east corner. I think these areas are reflected in price.
Recently was about to buy a property there, and the banks valued it 15% less than what I had bid for it. In Moree there isn’t any Lender’s insurance (as far as I am aware) and thus you need to establish an 80% LVR. WIth the property coming in 15% under sale price, I would have had to fork up a lot of extra cash…and that made the property not worth while.
Plus you make your money when you buy. So I definately don’t want to lose 15% of my money the day I purchase the property. For me, being careful and getting my bank valuation done before I applied saved me a lot of money in the long run.
PS. Moree has also been declining in population over the last 5 years….something to be aware of.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeHate to disagree with Ryan again but if the property is a residential house upto $300K both Gemworth and QBE PMI will provide cover upto 95% in Moree.
Richard Taylor | Australia's leading private lender
Ryan,
the CF+ in Moree is normally cost <100k, and 20% deposit is only 20k
My main concern is the house get burnt down and difficulty in finding 'good' landlord insuranceScott,
I don't think the police would like to tell you. There is an area with NO GO ZONE for police. Do you have any IP in Moree?Richard,
Thanks for your info… do you have many clients asking for IP loan @ Moree, NSW?god_of_money wrote:Ryan,
the CF+ in Moree is normally cost <100k, and 20% deposit is only 20k
My main concern is the house get burnt down and difficulty in finding 'good' landlord insuranceScott,
I don't think the police would like to tell you. There is an area with NO GO ZONE for police. Do you have any IP in Moree?No but I was involved in both the purchase and leasing of property for a client organisation – this is where I got my guidance from. Paid over $500k for the house.
Hi GOM,
I have found that speaking to a number of property managers before speaking to sales agents can be worthwhile as they are the ones left 'holding the baby' after the sale goes through. Property managers do not want the headache of dealing with problematic tenants and unhappy landlords who may have properties vacant for extended periods of time or issues with property damage. Therefore if you speak to the PMs they will give you an honest opinion on where to buy in order to get a better quality of tenant and a property type that is in higher demand, therefore easier to rent.
After you have this info then talk to the sales agents, or look on RE.com
sonya
Thanks sonya
will give contact a few pm's @ Moree and asking their advice@ God_of_Money – I would be interested to find out how you go talking to property managers before you talk to the salesmen. This is an interesting technique that I have never heard of before. I would like to know if it works or not.
Ryan McLean | On Property
http://onproperty.com.au
Email MeNot yet… never invest in small regional town.. will find the experience soon
Ryans correct.
I was also going to buy in Moree. I had some relos there and they said WTF would you do that for. I said to make money from the rent.
They said exactly what Ryan said 'PS. Moree has also been declining in population over the last 5 years….something to be aware of.'The reason for this is there was allot of cotton farms out that way years ago. But since then allot of those have been moved to QLD. Which means no money. Bit like a gold rush town.
So no money + declining population means less people renting your flats etc.
I would stear clear mate. Dont waste your time.
PS. They say population is 10 000. My relo told me its more like 7 000.
I check my populations by using wikipedia because it gathers information from the previous census (which was 2006). It says Moree has a population of 8083
I wouldn’t run away just because it has a declining population. As far as I am aware the declining population has a lot to do with the drought. THose areas have been in drought for the past 10 years or so (I think). If the drought stops then the area could make a lot of money. But the population is simply something to be careful of.
Ryan McLean | On Property
http://onproperty.com.au
Email Meryan mclean wrote:I check my populations by using wikipedia because it gathers information from the previous census (which was 2006).Wikipedia…
Probably better to use other sources like ABS. Not sure about NSW but for Qld, also see Office of Economic and Statistical Research.
Also – if you are looking at the drought 'breaking' as part of an investment strategy, it's probably good to keep an eye on the SOI – in Qld, the government uses this, among other things, to estimate how much rainfall to expect looking ahead over a given time period, so they can estimate the amount of drought assistance payments they may have to pay.
Hope this is useful.
Cheers
Paul
Myself and my investing partners have purchased over 100 properties in Moree.
Ryan the 2 you had on your old home page queen and alice were ours.
Area has good potential.
Yes I have 97% LVR there with CBA.
Do you still own these properties or have you onsold them?
West part of moree has the problem with renting ?due to high density of housing department
not sure it is wise to venture into the uncharted teritory….Moree still has high yeilds and can see this discussion is almost a year old and perhaps a good time for a recap?
Anything developing?Myrp data has 9.45% Qtr and 9.02% Yr growth… Seems like a good area for a first IP?
Have a look at this.
http://www.moreesolarfarm.com.au/
A new industry or Moree.How have the floods affected the town?
Apparently cotton farms like lots of water so perhaps not too bad…
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