Real Estate in the news again in Broken Hill, it's a buyer's market

Real Estate
Barrier Daily Truth (BDT) reported a couple of interesting stories about Broken Hill Real Estate on Monday 6th January this week.

This house (not on market now) was
advertised at $75,000 in September 2013
Listed by Century21 McLeods Broken Hill.
Perfect example of what I'm talking about!

Good News For Home Buyers
The front page article that caught my eye was also a topic I could fully relate to and understand. Broken Hill real estate is very affordable, especially if you come from pretty much any of the Australian capital cities like Melbourne where I come from. All the capital city prices these days just keep getting more expensive as the months and years roll by.

Dr Christine l'Anson was the subject of the article see link here to excerpt of the article "Doctor Recommends Country Life", by BDT journalist Andrew Robertson. She decided to move from Sydney a year ago to take advantage of the favourable real estate market, not to mention great lifestyle in Broken Hill and "... escape the expense and grind of Sydney ..." .

I've mentioned in earlier posts about real estate, that on my first visit to Broken Hill in 2002, I was absolutely amazed at the low prices for quite reasonable houses located in a very liveable (if not slightly remote) city.

In 2002 you could get a reasonable cottage for between $30,000 to $50,000. Something similar in recent peaks around 2006 would have sold for well over $100,000 to around $150,000, not bad in just four years.

"...escape the expense and grind of Sydney..."

(or any Australian capital city)

Prices have come down since then, but you can definitely get quite a reasonable basic home for around $100,000. There are plenty of cheaper homes that need quite a bit of work, but it is a lot better price point than trying to get something in a capital city. Yes, there are quality homes in Broken Hill that are over $300,000 and event higher than that. Definitely some cute properties in the mid $100,000's eg $150,000 range. I was up there in September 2013 so pretty recently.

With a reported yield of close to between 9-10% if you're an investor, that's a pretty good return.

But I'm focusing this time more on owner occupiers.

If you are struggling to make ends meet in the big smoke, I really do recommend you visit Broken Hill to see if it's worth making a lifestyle change. It's really a very liveable city, plenty to do, quite well serviced with planes, trains and buses. You would find a pretty good lifestyle if you didn't mind the lack of big city buzz. Yes it is a bit different in Broken Hill, but in a good way.

Check it out. Cheers, Jane Deany