I'm in the final stages of offer negotiation on a property here in mt isa. It will be my first property and PPOR and then IP after a year or 2.
If i go to contract for 330k I can expect around 500p/w for the property, with some renovations i can expect 600p/w. The home is 3 bed solid block with a pool in a good area but on a road that is used regularly.The only thing holding me back is the Ryder reports saying mt isa is the worst place to invest in Australia. For me I personally can't see this other then potential for -ve movement of house prices due to the mines, I believe the house prices will go sideways for some time and then rise again on the next boom cycle. Good rental yield is achievable IMO still.
The other 2 things are the location and the construction. The location is good but the road is used a bit, but in mount isa the house is usually the dictator of the price not the land due the high construction costs here. The other issue is the solidblock home, I think is great for rental as its very lasting but not so great if you want to move plumbing around or open the house up a bit with wall removal.
The final thing on my mind is just the general cold feet of feeling like something else could come up next week thats even better, but i think this would be the case no matter where or what i was buying.
Can anyone help me out a bit? Are the ryder reports that accurate? Am I crazy for even considering mt isa?
Any feedback much appreciated.
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