Property Investing in Wagga Wagga

LAleksstoj on 20/01/2017 - 15:24

I've been looking at investment options more so for the long term.

Im 30 single full time job on $90K
I own an apartment worth $550k paid off ppor
i own another apartment in the building $440K loan is $335k
I have $30k in savings.

ive been looking at Wagga Wagga for investment property houses around the $200-250k
rental potential between $250-300 rent
Nab do 3.99 fixed 4 year interest only loans.

What do people here think about investing in Wagga Wagga?

Should i take on more debt?

Should i stay away from the housing Market?

Looking for advice from More experienced people?

Financial

Comments

  • Euphemistic on 20/01/2017 - 15:45

    Big question is what is the rental market like there? Not much point having a rental if there is noone to rent it.

  • stirlo on 20/01/2017 - 15:56
    +1

    Don't expect much capital appreciation in regional towns. Also could be much more difficult to manage if you're living far away in a city.

  • djkelly69 on 20/01/2017 - 16:03
    +1

    Diversify into other types of investments.

    • Aleksstoj on 20/01/2017 - 17:15
      +1

      Excuse my ignorance but what can i diversify towards? Shares are the only other investment i know and i know absolutely nothing about shares or valuing them.

  • colinjames on 20/01/2017 - 16:53

    would you live there? why would someone else ?

    • poboy on 20/01/2017 - 21:47

      So you should only buy an investment property in an area you want to live in? The population of Wagga is 63,000 people. I'm sure they have reasons for living there. I don't see the entire population moving town.

  • renster72 on 20/01/2017 - 17:25

    We have investment property in Tolland (suburb of Wagga) not much in way of capital growth maybe 30% in 9 Years , but doesn't cost us anything anymore.. Hasn't been untenanted very often over the years. Real estate agents handle everything so no need to worry about distance ours are Fitzpatricks and are ok. We also have properties in Ballarat VIC and Pt Pirie SA and 3 on Gold Coast QLD (2 invest one to live in). I think there are some bargains in Tolland you get a good return on rent to purchase price..

    • Aleksstoj on 20/01/2017 - 17:37

      Well this is what go me looking Capital growth i know isn't going much i figured if it keeps pace with inflation im happy. What i was looking at if i put $50K deposit on a property at $200K + $10k purchasing costs. Currently tenanted till mid 2018 for $265 a week. $160k loan the rent should cover principle and interest and a couple dollars left over. 4% loan in 25 years its mine. Im handy with renovations and if needed repairs i would attend to myself i live 4 hours away but weekend stint should be able to fix most things. Not as straight forward but that's my idea.

      • renster72 on 20/01/2017 - 17:47

        Whats your tax situation like, use Neg Gearing save your $$$ you have heaps of equity I wouldn't put cash into a project without capital growth potential. Colleague did this; buys a house with decent yard, adds a Granny Flat and get 2 lots of rent and has worked well for him.. He has good rent return. Now he now small time developer doing a couple of builds in Logan QLD. if you got some cash build new use depreciation schedule and get most out of tax you pay.

Login or Join to leave a comment
Login Join