Naracoorte was recently deemed South Australias best performing regional performer with a 17% median return.I have 2 houses,and 5 blocks of land in the inner township.Would appreciate any comments on the area or other investors/developers on their views of further growth.
Cheers
Jim
I have no knowledge on the area but would be surprised if a small regional town with a population of less than 5000 had capital gains this large in the past year. Has a new mine opened in the area or some other major industry? Or were the statsitics based on a very small sample of sales and skewed by unusually high sales?
Would be interesting to see what the stats show over the next 2-3 years.
You could always ring local real estate agents to hear their thoughts as they deal with proeprty sales all the time so would have a finger on the pulse. They would be able to tell you if the market is moving up or whether the stats are an anomoly.
Cheers,
LukeHi luke,
Naracoorte is a 8000 population town,supported by keys meatworks,(who are expanding)agriculture and wineries.Our investing there has always been good for both capital gain and rent yeilds around 8%.Out of all the real estate companies,and i have dealt with them all,only one stands out.I really think the lazy agents should find another career,so we only now deal with 1st national.Any other experiences would be appreciated as i think some agents are holding the industry back.Country time i call it.
Cheers
Jim
Hey Jim,
BIG congratulations if you have had success with a 1st National branded agency!
Back on track though, how long have you had the property in Naracoorte?Cheers
Hi V8Ghia,
Cool username,We have been investing in Naracoorte for 4 years now,have 2 houses,and presently sub dividing up a parcel into 5 X 500sm blocks.We like the fact the homes are a bit cheaper,but the rents are really good,and resale is not too bad,as we sold 1 house last year which took 3 months to sell.
Cheers
JIm
Median Property Trends for properties in Naracoorte
Realestate.com’s stats aren’t much better. I’d take all of them with a grain of salt. Wild swings of -19% to +36% over 12 months doesn’t indicate reliable data. The only thing that is reasonably certain is that the overall trend is slightly negative. I don’t see CG as offering much in the way of growth in the short to medium term. Rental yields may offer some respite depending on how your set up.
http://www.rs.realestate.com.au/cgi-bin/rsearch?a=sp&s=sa&u=naracoorte
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