Hi there,
In the coming months I am looking to purchase my first investment property and have been looking at Tamworth.
Just wanting someone's perspective on the area. I understand Coledale is an area to avoid due to the tenants the area attracts.
I am looking at spending below $200k and the majority seem to be located in South Tamworth.
Any responses would be much appreciated.
Cheers
Good luck on your first IP purchase!
From what I know of the area, yes steer clear of Coledale and South Tamworth is your best bet. What sort of property are you looking at?
Everyone says steer clear of Coledale. Ideally I would prefer a house over a unit as they seem to be in highest demand and surprisingly the rental yields are as good if not better than the units in the area.
I have done a fair amount of research on the area and it seems to be holding up quite well, however being from Sydney it is hard to know the insights and where to avoid. I understand there is a quite a bit happening with the redevelopment/extension of the hospital, however is there any other major mooted projects that anyone is aware of?
I am less focused on capital growth as my income levels at present is better suited to a property than can cover costs – most likely after depreciation has been factored in.
Any further tips would be great.
Cheers
Hi Luke – I bought a property in Tamworth in early 2011 – it was in West Tamworth on Mack Street which is I would say in that housing/Coledale area however on the better part of it. I bought it brand new after it was constructed it was corrucated iron and have got a tenant in there… I bought it for less than $200k at the time and it is currently cashflow neutral investment
I did my own research at the time and under $200k west tamworth would be suitable in that price range. maybe talk to a few agents there, i went thru LJ Hooker. Once I got the tenant there have been no problems, he is a car technician and lives there with his family.
It has been a reasonable investment so far, and rents have gone up a little… but I would call it a very long term investment, at least 10-15 years, but if it pays for itself I would say go for it
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