Casino

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Residential properties that fit the flash and the furious mould within the Kyogle and Casino regions are rather slim in number, according to the latest Herron Todd White (HTW) report. 
The report suggests for these rural towns, any detached house within the residential zoned area achieving a sales figure above $500,000 certainly invokes a response in the locals.
A case in point is the sale recorded at 4 Rosewood Place, Kyogle (pictured below) for $518,000 in July 2019.
Located in a 1990s-era subdivision, the two level, four-bedroom, two-bathroom house with three-car accommodation stands out from the rest having been fully renovated inside and out.
"Complete with tiered seating in the main lounge with an LCD projector and motorized screen, you have a veritable cinema under the roof!" the valuation firm said. 
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/4%20rosewood%20pl.jpg" alt="">
In the popular satellite suburb of Gays Hill, near Casino, the most expensive house sale for 2019 was<a href="https://www.realestate.com.au/sold/property-house-nsw-casino-130996450" target="_blank"> 6 Devon Court </a>(pictured below) for $549,000 in July 2019.
A more original 1990s, but extremely well maintained and spacious four-bedroom, two-bathroom home with two-car accommodation is a testament to the first owner’s care and attention.
"This level of price is generally found to be more akin with more modern houses....so this one was an eye opener," the valuation firm commented. 
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/6%20devon%20court.jpg" alt="">
Rural residential properties usually command the upper price levels within close proximity to Casino and Kyogle, as they benefit from rural views and having the space and opportunity to go nuts on landscaping and ancillary improvements, the report noted.
A unique property located on a well elevated 6.44 hectare site is 38 Chisholm Court, Collins Creek which sold for $700,000 in May 2019.
Contemporary in its design with only three bedrooms, two bathrooms and a detached two-car garage, the house site affords panoramic rural and mountain views to the north and east and is only ten kilometres from Kyogle.
"Far enough away but not too far....as they say. No problems with water supply thanks to a recently installed bore," the valuation firm added.
 <img src="https://www.urban.com.au/images/2019/11/18/38%20Chisholm%20Court%20Collins%20Creek.jpeg" alt="">
"In a recently developed rural residential estate in Naughtons Gap, approximately ten kilometres north-east of Casino CBD, we have <a href="https://www.realestate.com.au/sold/property-house-nsw-naughtons+gap-131229226" target="_blank">35 Ironbark Place</a>, a four bedroom, two bathroom, modern home with two-car built-in garage and a lot of bells and whistles such as ducted air conditioning, solar power system, 12 x 9 metre machinery shed, inground pool and 130,000 litres of water storage, all on a 2.424 hectare site for $755,000 in June 2019.
"Every whim and wish catered for here!" the valuation firm said. 
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/35%20Ironbark%20pl.jpg" alt="">
"Lastly, we have the larger, rural lifestyle properties that crack the $1 million plus ceiling and can leave a tear in the eye (or wallet). Consider <a href="https://www.realestate.com.au/sold/property-lifestyle-nsw-casino-7595607" target="_blank">3309 Bruxner Highway, Casino </a>for $1.095 million in June 2019.
"A well laid out 40.33 hectare property with a 1990s, five-bedroom, two- bathroom, brick home with pleasant features such as a wide alfresco area, inground pool, three-bay garage and attached carport, fully equipped bore, dam...a machinery or store shed large enough to fit a Donald Trump Winnebago election troupe travel group – yeah... that’s big.
"Together with clean flat to easy undulating topography and a short ten minute drive from Casino, you can have the luxury of residential and rural living in one package," the valuation firm said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/3309%20Bruxner%20Highway%20Casino.jpg" alt=""> 
Similarly, a 41 hectare property at<a href="https://www.realestate.com.au/sold/property-mixed+farming-nsw-kyogle-700013478" target="_blank"> 1233 Collins Creek Road, Collins Creek </a>is only 14 kilometres north of Kyogle CBD and includes a three- bedroom, two-bathroom homestead set amongst whispering gums with panoramic north-easterly rural views and views of Border Ranges National Park.
"The clean and improved pastures keep the cattle happy as well whilst you lounge on the open verandah and take in the cool breezes and eye catching scenery. At $1.01 million in June 2019, you would think this is a bargain!" the valuation firm said. 
"With the recent cut in interest rates, one would be forgiven for casting an eye on the more pricey real estate." 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/1233%20Collins%20Creek%20Road%20Collins%20Creek%20.jpg" alt="">
A brief glance at the residential market for Casino and Kyogle shows only a handful of properties listed in the $500,000 plus price bracket and they appear to be sticking around.
However, this is not the case for rental accommodation in Casino and Kyogle with the bulk of the rental stock being listed and quickly occupied.
At a rental range of $250 per week to $500 per week, there is a sensing of tightening in supply throughout.
For larger rural lifestyle properties near Casino and Kyogle, the $1 million-plus price bracket listing is becoming more apparent for well-presented rural lifestyle properties with a plethora of features such as creek or river frontage, elevated rural or mountain views and good quality and range of improvements.
"In summary, the Casino and Kyogle region has its share of eye candy and there appears to be a market demand to savour it." 
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j.ballantyne1990-6AQqhLzZaK

Rural residential properties close to Casino and Kyogle command the upper price levels: HTW residential 

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Given that residential rent levels in most regional centres and towns have improved over the past 12 months, common sense would indicate that the gross yields for residential property in the regional areas of Casino and Kyogle would be somewhat higher than the more expensive properties located on the coast, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at the rental yields across the nation to dissect where to find the best returns in residential market.
"Quite simply, the price level of residential housing (dwellings or units) in a regional area is generally going to be at a significantly lower base compared to a similar house type in a coastal area which helps the conversion of the rental into a higher gross yield (before expenses and debt servicing)," the valuation firm said. 
For example, imagine a four-bedroom, two-bathroom, modern brick clad dwelling with a double garage in Casino on a 700 square metre site with a value of between $400,000 and $450,000 and a rental value of around $450 to $500 per week.
This translates to a gross yield of approximately 5.5% for a single dwelling (based on a 50 week rental period with an allowance of two weeks vacancy).
"Get yourself a functional teleportation machine and convert those said improvements into an energy pattern (a process called dematerialisation) and beam them onto a similar sized parcel of land about 50 kilometres to the east coast near say Ballina or East Ballina. 
"From there, expect the price level for similar improvements to have a market value of around $700,000 to $750,000," the valuation firm added. 
Rental levels are tipped to be around $600 to $650 per week, thereby, translating to a gross yield of closer to 4.25%.
The figures sound even more tempting when considering that the demand for rental accommodation in Casino and Kyogle is relatively strong for properties at the lower end of the market value range.
There is always a need for accommodation and it is generally at the base or lower level of the market value range where we can see a boost to the gross yield rate, the report noted. 
There are examples of residential dwellings in Casino and Kyogle where the market value of the detached dwellings on a standard house site under $225,000 can fetch market rental rates of around $275 to $300 per week. This translates to a gross yield of around six to 6.50%.
Similar gross yield rates can be achieved by two- bedroom, one-bathroom, attached units with a single carport or garage, particularly within close proximity of the CBD in Casino or Kyogle – a favourite for the older generation tenant needing to be close to town services.
"Well...doesn’t that sound like a property investor’s dream come true! Especially when term deposit rates at the bank are at an all-time low (think 1.5% to 2%) and fixed mortgage rates are hovering around the mid-3%.
"However, within these regional areas such as Casino and Kyogle, the trade-off for reasonable gross yield rates is that capital gain is not expected to be overly significant within a short term time frame," the valuation firm said. 
It really needs to be a long term vision of possibly 10-plus years to see some significant capital gain.
Otherwise, if the property offers some added opportunity such as subdivision of excess land to create an additional lot or a revamp of the internal layout of a house or unit to create an additional bedroom in order to improve the property’s appeal and market value, then some capital gain could be realised in a shorter time frame.
In such circumstances, by selling excess land as a separate lot or title, the net proceeds could be used to reduce the overall principal debt which in turn reduces the overall outgoings and ultimately produces a better net yield for the remaining house on a smaller lot.
"What’s a net yield? Ah yes, the gross yield is the gross rental divided by the purchase or sale price, whereas the net yield is the gross income less all outgoings such as rates, insurance, water, sewerage and property management divided by the purchase or sale price. 
"That is the true test of investment attractiveness. If the net yield is higher than other investment vehicles, then this would seem appealing," the valuation firm said. 
However, this does not consider the effect of debt servicing.
Allowing for an 80% lend, the debt servicing associated with a principal and interest loan whittles down the net yield pretty quickly.
It really only benefits the high net worth individual who needs no loan and has a lazy $500,000 or more to park in real estate while the share market has a few shivers and the bank term deposits are barely two per cent.
"The situation does become slightly more attractive where the gross and net yields for a block of flats or units are higher than a detached house or a single unit," the valuation firm stated. 
A good example is for a block of five units on one title in Casino which recently sold for $700,000 with a gross rental of $50,000 per annum. This translates to 7.14% gross which would be around 5.5% net yield after outgoings.
However, once again, that does not include the effect of debt servicing. So, for an investor relying on an 80% lend to purchase the property, there would be the high likelihood that there would be a shortfall to be met, i.e. the rent would not cover all outgoings and debt servicing.
The cashed up investor would be much better placed to take advantage of these opportunities.
"In summary, if you are hunting for yields, consider it from a long-term perspective and be prepared to cover some of the shortfall out of your own pocket if debt servicing is required," the valuation firm concluded. 
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Gross yields in Casino and Kyogle regional areas higher than expensive coastal properties: HTW residential 

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For the rural service towns of Casino (Richmond Valley Council area) and Kyogle (Kyogle Shire Council), the primary concern of most local buyers is the price point rather than location, location, location, according to the latest Herron Todd White (HTW) residential report. 
"Sure, there are well renovated older style or modern properties with all the bells and whistles within close proximity of the town centre, however the reality is that within both Casino and Kyogle, the radius from the town centre to the fringe of the urban development is well under three kilometres, so most town services available within a small country town are generally nearby," the HTW report said. 
"First home buyers, those looking to dip their toe into the property market, are really price conscious, particularly if they have a limited budget and are at the mercy of tighter lender criteria (hmmmm, but that might be changing in the near future methinks...)."
Fortunately, both Casino and Kyogle are, in comparison to other rural towns and villages of the Far North Coast or Northern Rivers region, are somewhat more affordable with opportunities still available within the sub $250,000 price bracket.
"Yes, they need a bit of work, but provide an opportunity for the industrious first home buyer to put their stamp on the renovation project," the valuation firm added. 
"The majority of properties within Casino and Kyogle linger within the $250,000 to $400,000 price range and are dotted throughout the townships, with the price point primarily affected by condition, presentation, degree of or lack of renovation and functionality (such as number of bedrooms, bathrooms and car accommodation).
"Properties in the upper market category can be generally found in the well-established estates which, interestingly, are further away from the town centre."
For Casino, this would include Gays Hill being approximately four kilometres south-west of Casino CBD.
"Here we find a mixture of recent, modern residential development and well established residential houses from the later 1980s to early 1990s with one feature in common... a larger than average size residential allotment (1,100 square metres).
"It’s a popular spot for up-graders, where sale prices have breached the $500,000 mark in recent years," the valuation firm said. 
The same can be said for the Mayfield Estate (approximately two kilometres north-east by road from Kyogle CBD) and the Geneva (a slightly further 2.5 kilometres west of Kyogle CBD) where some well-heeled properties have quietly punched through the $400,000 price bracket in a relatively tightly held area.
Most of these properties are generally well modernised or new build development with added features of pools, tidy landscaping or having the benefit of views.
There are a handful of residential properties close to town centres that have all the features and generally, for Casino and Kyogle, have been subject to extensive renovation work and include a pool, three-plus bedrooms and have a heritage character element.
"In summary, for rural towns such as Casino and Kyogle, the radius from the town centre is relatively small, so the key factor that tends to dictate all other things is the almighty dollar, so if you are looking to sell, pitch your promotion on a primary price point that persuades the particular people to ponder!" 
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For Casino/Kyogle local buyers, price point is most important: HTW residential 

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The former property developer turned US President Donald Trump once considered opening a casino in Australia.
He was among the tenderers for the Darling Harbour Casino in 1986, partnering with the Queensland-based construction company Kern.
Five groups lodged tenders for the multi-million-dollar casino:
The Australian Federal Hotels and Sabemo group.
Malaysia's Genting Berhad, with Australia's Civil and Civic.
The US operator Harrah's, with Australia's Leighton and Pennant groups.
The US company Trump and Australia's Kern Corp.
HKMS, or the Hong Kong Macau Sydney consortium, backed by Dr Stanley Ho and a Hong Kong company, New World Enterprises, which owns developments in Kowloon.
The Government tender came afTer it refused to go through with a $610 million deal with the Hooker/Harrah's consortium after Cabinet was given adverse reports about individuals associated with both groups.
In mid-1987, on the eve of the casino decision, Trump indicated he didn't really care if he won the contract or not.
Trump told the New Jersey Casino Control Commission he was supposed to go to Sydney in early 1987 but "as the time got closer and closer, it sounded more and more less attractive".
"Eventually I decided it was just a long trip. So I don't know whether my enthusiasm level can be very high for that particular job.
"It's just a long, long trip away. I believe in very hands-on management," he told the commission, as reported in the SMH at the time.
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jchancellor-FAypfDUnLy

When Donald Trump toyed with opening Darling Harbour, Sydney casino

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James Packer's Crown Resorts has secured approval for his $2 billion Sydney casino at Barangaroo.
Mr Packer, who owns 53 per cent of Crown, once described the development of the Sydney casino as his biggest priority.
"This is an extremely important day for Crown," said Mr Packer.
"It has taken us four years of constant effort to get to this point and now we can begin building our vision, to give Sydney one of the world's great luxury hotels. We will now work tirelessly to ensure Crown Sydney meets the very high expectations of the government and the people of this city."
Crown had originally targeted a late 2019 completion for the casino with luxury apartments but it is now early 2021 as the likely opening date.
Crown chairman Rob Rankin said excavation work would start shortly.
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jonathanchancellor-7SQnKwU6yx

James Packer's Barangaroo casino greenlight

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One of Australia's richest men, James Packer, wants to build the nation's tallest building next to his Melbourne casino.
The $1.5 billion hotel and apartment complex includes plans for a 90-level tower that will rise to 323 metres, eclipsing the nearby Australia 108-apartment tower at 319 metres that is under construction. 
Crown and its joint venture partner Schiavello Group have lodged plans for the Queensbridge Hotel Tower project, which includes a six-star hotel of 388 rooms and 708 apartments.
Crown's application has been received by Victoria's planning minister Richard Wynne who has recently taken a firm hand to curtail over-development of sites, including in the Southbank area around the Crown Casino.
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