Hello
I am thinking about a trip downt to Orange in the next few weeks as see some opportunities down there and also a
lack of good rentals in the town and seems also to be some opportunities to do affordable housing, executive villas and also
build and fully furnish accommodation for all the workers and management coming in for the Gold Mine expansion and resources things going on down there.Anyone got any ideas? or doing things down this way?
I know the town a little as lived there for about 6 months and my family are down there
Kylie
0408 38 4434Hi Kylie
I am also checking out Orange as a potential investment area.
Cadia mine is in the construction stages i understand and there is a shortage of rental accomodation. There are extentions happening at the hospital as well.
Terry Ryder mentions Orange as a great place to invest – refering to it as a rock solid regional investment.
Serviced Apartments are popular with the workers from the mines and if you go this way you could end up with a decent return. Pay $330,000 for a house and as long as it is fully self contained you can achieve around $600 – $650 a week rent.
Problem here is that you pay over 11% commission to have it managed as well as weekly cleaning, garden maintenance, power and water. This all adds up and eats into your profit big time.
Apparently there is no inbetween. You either rent unfurnished or make it a serviced apartment. From what I have been told, no agents will manage a furnished property.
I am planning on doing some more "due diligance" tomorrow.
Where are you located ?
fingerscrossed
Hello
I am located on Gold Coast but I do projects in different places. I could build furnished villas etc, or mini homes as have people down there that would do gardens and upkeep as required, and I would manage the bookings. By trade Im a licensed principal and owner of an agency as well. I am working out whether I do a few more furnished homes on Gold Coast as have a few and they average about $1000- 1200 per week return before interest, cleaning fees, rates, water- but I bought the land at the right price, whereas now a basic block of land has gone to $230- 250 per block and build costs have jumped up also so it may be interesting to also look at other areas.
I am looking for a parcel to subdivide, maybe an old stone house to reno and furnish or a block I can put a D/ A on to do 4- 6 villas.
What are you looking to do? and where are you based? and what has attracted you to Orange?
Kylie
Hi Kylie
I like Orange because it has the 2 billion dollar Cadia mine expansion which is estimated to create 1300 constructrion jobs and 880 ongoing operation jobs,
I like the diversity of the economy. It has agriculture, education, tourism, manufacturing and great helath services.There is also a $260 million dam and pipeline network planned for the area.
It is affordable and the yields are looking ok as well
I am finding properties with yields of 6.5% with depreciation on top.I usually buy in the mining towns which have been great investments but caused me more than one sleepless night. I am now looking at more risk free options
I am located in Country Victoria and have never been to Orange but have heard that it is a really nice area to live.
I am also going to check out Bathurst as a potential buying area.
fingerscrossed
I am finding properties with yields of 6.5% with depreciation on top.You must be logged in to reply to this topic. If you don't have an account, you can register here.
