Why would you consider buying an investment property anywhere outside Sydney?
Most investors, both those starting out and those who have been around the block a few times, often look to invest in property that gives a friendly wave over the fence to the city’s CBD. There’s no doubt that Greater Sydney comprise some prominent real estate, but hefty price tags do not always make for sound property investment.
With housing affordability and lifestyle factors causing many city dwellers to search beyond the concrete walls towards greener pastures, investing in regional property is becoming a smart wealth strategy for many investors. Young families are making the tree change to the country, where the cost of living is cheaper, commute times are.. well, we don’t even call driving to work “commute” out here, and high-end services and facilities are within walking distance.
Regional NSW is considered anywhere outside of Sydney, really. This could be Newcastle, Wollongong, Byron Bay or even Bourke. For the sake of this article, though, we’re going to focus on the thriving economic hubs that form part of the Central West Region of NSW, whose major cities include Bathurst, Orange and Dubbo, all just a stone’s throw over the Blue Mountains.
Providing quality infrastructure and diversified employment opportunities, including government, education, health, retail, tourism, mining and agriculture, the cities that comprise central west NSW – Bathurst, Orange, Dubbo and surrounding towns such as Oberon, Forbes, Wellington, Parkes, Narromine – are well positioned to become an investor’s financial playground.
With the median purchase price under $350,000 across all locations; you could easily snavel three to six properties for what you would pay for a piece of prime real estate in eastern Sydney. Interestingly, many of the cities and towns also generate stable rental yield of around 5% or greater, compared to just 2.6% for our beachside counterparts. Combined with steady capital growth, the Central West provides a good opportunity for strategic property investors to maximise their property portfolio.
Let’s take a look at some key property data from some of the towns within the Central West of NSW.
The three major regional centres combine lifestyle with all the necessary services and facilities required for strong market growth, which many of the smaller towns take advantage of. They’re not only luring professional employees from the Big Smoke, but are fast becoming new business hotspots. What does this mean for investors? Opportunity to enter the market at a relatively low price, with the certainty of a continual flow of mid-high disposable incomes, looking for a place to rest their weary head after a long day of truly living life to the fullest.
Ideally, your investment portfolio is a mixed bag of properties, all purchased in line with your investment strategy. If you’re looking for fast growth, other areas “Are So Hot Right Now”, but hot spots eventually cool. For consistent and steady growth, combined with great rental yields, diverse industry and a growing economy of tree-changers, Central West NSW is a “Must Have” in your investment portfolio.