Is Boggabri the next town to invest in?
A small country town in north-western New South Wales, Boggabri is tipped to be a big opportunity for property investors, according to local real estate agent, Chris English.
Mr English of Ray White Narrabri says that market predictions indicate a rise in rental demand with the Maules Creek mining project set to bring more than 400 jobs to the area.
“As it stands today, Boggabri is largely made up of owner-occupiers and there aren’t many rentals available. If you looked online today, you might find one or two properties for lease” Mr English said.
“With the Maules Creek mining project due to open in 2015, more people will be coming to the area to work and will need a place to live. There’s no doubt demand will increase for rentals – in my opinion, Boggabri is a smart investment.”
With a median house price of $280,000, Mr English says that the opportunity to invest is an affordable one.
“It’s a realistic way to build a property portfolio for those looking to make their first investment and a quick way for astute investors to build on their existing assets.
“In the last 12 months, 16 homes sold in Boggabri and 72 per cent of those sales were under $300,000. And we’re talking about substantial homes, not apartments,” Mr English explains.
Mr English has just listed two such investment opportunities at 32 and 34 Walton Street, Boggabri.
“These are two brand new, freestanding homes. The properties are identical inside and can be purchased individually or in one line.
“With four bedrooms, two bathrooms and a single lock up garage, both properties are low-maintenance and will offer solid returns,” Mr English said.
Both properties are scheduled to go to auction on 25 September, but Mr English says any prior offers will be considered seriously.
“Our instruction from the owners is to sell. we aren’t marketing the properties with price guides because we’re open to hear all reasonable offers.”