CASINO, KYOGLE area
There are a few reasons why I think it is a good area for investment property.
1. The Summerland Way transport hub. The plans have been put back yet again but one day they will complete the Melbourne to Brisbane Highway. This will make Casino and Kyogle transport and freight centres.
2. The biggest reserve of natural gas in NSW has been discovered within a few Klms of Casino. Making it economical for businesses to move there for the cheap power.
3. They are now in process of building a jail in Tabulum, west of Casino.
4. Casino is becoming the motor home capital of Australia. The expanding demographic of "Grey Nomads" are buying vacant blocks, putting a de-mountable home on it, parking their caravan beside it and living there when they are not on the road circumnavigating Australia. I could think of worse things to do!
None of these things make the area a great place to live obviously, but the expected rise in population will predicate a rise in rental demand and rental returns.
We are now in a rising rental market across Australia in general which is usually an indicator of a rise in property prices. This may be the signal needed for investors to re enter the market in NSW.
Here are a couple of examples of what is available out there - about an hour west of Byron:
1. HOUSE ON 2 TITLES IN TABULUM
Large good house on over 2200 M2 with the ability to split off a separate block. Expected rental of $180 PW.
Good price at $160,000
2. BRICK HOUSE IN CASINO
Currently rented for $220 PW. Listed at $235,000.
3. ACREAGE READY FOR SUB DIVISION
Something for the more adventurous! Nearly 400 acres north of Kyogle in the process of subdividing into 5 titles.
Cost of 1.3M with a ROI of over 2M.
I am in touch with a very experienced agent specialising in the Casino and Kyogle area.
Call me if you would like to know more and I will put you in touch with him.
Also call me if you have any queries on finance, mortgage loans or home loans. Just a reminder of the great deal from CBA that I mentioned last week.
82% Lo Doc @ 7.09% fixed for 3 yrs. If you are currently paying over 8% it may be a good time to refinance.
Next mail out I will talk a bit about the market in Byron Bay real estate for top end properties. An area that has been consistently strong.
Michael M Murray
Buyers Agent/Mortgage Broker