Hi, I have been checking out this site for the first time looking at ‘orange’ topics I would appreciate any current updates on how the rental market has been affect by the ups and downs of the mines/ hospital out there. Even if you can direct me to another discussion on forum?we have invested confident we will get the right return but not sure how long these properties are taking to rent out or sell I’m guessing around the 3-6 mths by my investigations which is a bit unnerving …. Anything positive ? Rent seeking is about $500 pw near town center new property 5 beds. Cheers and thank you
Hi,
There are a few things to consider. As with many locations, once a place is identified as a "Hotspot" investors tend to flock there and the supply and demand levels can be altered. There have been a huge number of new homes built in recent times which has resulted in a lot more rentals coming on the market. I know the media is still saying the vacancy rate is extremely low (can't remember the exact figure) but based on my recent observations, properties are not leasing super quickly and there are quite a lot available.
My daughter built a 4 bed, 2 bath, DLUG house in west Orange and it took 3 weeks to get a tenant (approx 6 weeks ago). I thought that wasn't too bad considering how many identical properties are available. She is getting $460pw unfurnished. If the house is well located, in good condition, and fits the demographics, it should rent OK, all things considered. Not sure what the demand is for 5 bedders though?
The demand for furnished accommodation has greatly diminished because many of the contractors employed to work on the expansion of the gold mine have now left town or are otherwise unemployed. Some have taken up work on other projects eg construction of new retail centre, but I would certainly not be looking to buy/rent a furnished place there at the moment.
I also know of someone who bought, and is trying to rent an older unit that has been renovated. However, because its at the lower end of the market, the PM has advised that while there is plenty of interest, most of the applicants are either less desirable, or cannot comfortably afford the rent, so it sits there….
Having said all that, Orange still ticks a lot of boxes for a good investment – if you have the right type of property and realistic expectations.
Thank you Wake for responding! I am at this point considering 1.Selling 2.Renting I agree realistic expectations is the key.And your daughter is very lucky I am not geared up to invest on the ‘lucky’ bases so I am going to check out some real estate agents and have a chat to them about choice 1. on a pre construction sale so we are not affected by vacancy. Cheers and appreciate your response..
Hi, Anybody out there recommend estate agents in Orange before I start looking??
We have a unit in Orange (since Jul LY). We've been using Raine and Horne however after a recent inspection of the property we have decided to move on and test another agent, possibly Blowes (Tania). They all charge around 8.8% and don't seem to discount (I've asked all of them!).
Cadia has indeed recently put off a number of contractors attached to the construction phase of the underground mine – Cadia East. However numbers for the mine fluctuate all the time. We're not worried. There does seem to be a surplus of rentals at the moment so just make sure your property is top notch. We did a complete reno on ours and haven't had trouble leasing it to date.
McPhillamy's mine at King's Plain (near Blayney) has just announced it's going ahead so that's good news for the region. There's also talk of mines out near Trunkey and surrounds going ahead in the next few years.
Overall Orange/Bathurst/Blayney are still good prospects I think.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
