Campbelltown, Macarthur Region (South West Sydney)
- Thread starter Ridin-High
- Start date
I just bought a house in the area for $240k. It is in pretty poor condition and was renting for $310. I plan to spend around $15k and will be able to ask for a total of around $410. It is a 3BR house with a council approved flat. The only problem is that someone broke into the house 2 nights ago and torched parts of the house and totally destroyed a bedroom and the bathroom and kicked holes everywhere.
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The house was in Homann st Leumeah. I am suprised this happened as all the neighbours are private owners and have very well looked after houses. I guess some local kids knew it was empty but its a shame to see this have happened.
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I bought in this area because I saw the potential in these suburbs(close to transport/ self sufficient and new housing estate near oron park etc). I just didnt anticipate that this would happen.
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Anyway im still glad that I bought despite some people's views on leumeah. I am buying to hold long term and for cash flow. Just because I dont want to live there does not mean that a whole lot of people dont find it desireable.
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Anyone had similar incidents occur to them in this area? The agent from SP Campbeltown said she has never had anything like this happen to her before. Just my luck hey!
you might just be up for the excess of your insurance policy and have your 15k of repairs, make sure you report it to the police and get an event number
TigerGT the problem i have with Leumeah is that everytime i drive past, most of it seems thoroughfare.
The other point I did'nt mention was median prices.
I learnt long ago that they are meaningless unless you know what happening in the local area.
They were so wrong for my IP's it was funny.
The funniest was a few years ago when API touted 2560 as the highest gains.
The other point I did'nt mention was median prices.
I learnt long ago that they are meaningless unless you know what happening in the local area.
They were so wrong for my IP's it was funny.
The funniest was a few years ago when API touted 2560 as the highest gains.
What do you mean by this regarding median prices?
I found a property for $240k returning $410 per week. what is wrong with that?
What I mean is that the published median price movements for the area were way off my actuals.
update for anyone interested
purchased a 3/1/4 in rosemeadow, below median of area and street, currently tenanted, yield 5.12% gross (once lease expire change to 5.93% inline with market rents)
546sqm block and no work required.
I was happy with it, have maxed out my land tax threshold so i'll be looking interstate for next purchase.
RH
purchased a 3/1/4 in rosemeadow, below median of area and street, currently tenanted, yield 5.12% gross (once lease expire change to 5.93% inline with market rents)
546sqm block and no work required.
I was happy with it, have maxed out my land tax threshold so i'll be looking interstate for next purchase.
RH
Awhile since i posted the above, i actually pulled out of that sale. Purchased something in ambarvale (3bed 1bath), yield 6.02% off the bat and about 5 months later purchase something in eagle vale (4bed,1bath, DLUG) yield 5.88% (5.8 after reno).
Trying to think where to purchase next, i'm enjoying around campbelltown but i'm wondering if i purchase more i might be exposing myself to that market their to much... what do others think
1 IP Western syd
2 IP South west syd
land tax is around 2600-700 p.a (after tax rebate works out to be approx $12 per property per week)
Trying to think where to purchase next, i'm enjoying around campbelltown but i'm wondering if i purchase more i might be exposing myself to that market their to much... what do others think
1 IP Western syd
2 IP South west syd
land tax is around 2600-700 p.a (after tax rebate works out to be approx $12 per property per week)
Good onya RH.
Can't offer too much info on Sydney market personally, however I'm deighted with my "quads" at Parramatta. I've also always liked Marrickville and have a feeling that it will push ahead further. Not all parts though. I've seen big changes and gentrifying over the years as I have relatives that I visit near there. Still well located for amenity and distance to CBD.
Campbelltown and Macarthur region interests me for an affordable "block of flats/units" with decent yield.
Any input there from your dealings and knowledge of the area?
Piston Broke.......any thoughts? Any things to be aware of in those areas?
Again, well done Ridin-High........thanks for posting back and bumping this up.
Can't offer too much info on Sydney market personally, however I'm deighted with my "quads" at Parramatta. I've also always liked Marrickville and have a feeling that it will push ahead further. Not all parts though. I've seen big changes and gentrifying over the years as I have relatives that I visit near there. Still well located for amenity and distance to CBD.
Campbelltown and Macarthur region interests me for an affordable "block of flats/units" with decent yield.
Any input there from your dealings and knowledge of the area?
Piston Broke.......any thoughts? Any things to be aware of in those areas?
Again, well done Ridin-High........thanks for posting back and bumping this up.
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The local knowledge of knowing which areas/streets to avoid is always useful.
And the locals who mainly rent out the properties know as well, regardless of what's in the press.
The outsiders, banks & valuers seem to have less idea.
fwiw I think 80% of Rosemeadow is better than 80% of Ambarvale & Eaglevale.
There are also other good areas in St Helen's pk, Bradbury, Campbelltown, Woodbine (nth), in no order.
A lot of HC has been sold off to private onwers, so many streets in Ambarvale are now a mix of HC, renters & owners. These are not unit blocks, but houses on land and look like normal streets.
Personally I'm not a big fan of unit blocks unless they are newish, almost finished and distressed sale.
There is also a lot of new stock coming on the market as council is encouraging multistorey developments near the CBD.
Maybe it's just my bias, but if you can buy a reasonable block size with a house at 5-6% yield and room for improvement, why buy a block of units for 7% yield?
Prices seem stable.
PM me if your ever out this way.
Recent purchase
Hiya
Just purchased too a 3 bedder for 244K; currently rented for 300 pw....in Ambarvale (the good part); less than 15 minutes walk to Macarthur Square (wow! has anyone actually seen the size of this shopping centre...), less than 15 minutes walk to train station, university of western syndey and tafe and my Ip is across the road to the hospital.
I scratch my head to wonder where i can get this price of a brick house within commuting distance to CBD? (and i'm talking central CBD; it's even nearer to Paramatta CBD).
The thing i observe when i was at the real estate agency last Wed. paying my deposit is the sheer number of potential tenants walking thru the door. Spoke to a lady and she was telling me sadly how difficult it is competing with so mnay people to get a rental home. This agency has 35 people on their waiting list.
I tell you, nothing like pounding the streets and hearing first hand.
BTW, this IP will be for my 12 year old son to have his first learning experience with property.....he will have to do minor repairs,look and digest the numbers etc. And down the road, who knows, he may be able to live in it and commute to the uni down the road.
Sorry for all my ramblings
cheers
Hiya
Just purchased too a 3 bedder for 244K; currently rented for 300 pw....in Ambarvale (the good part); less than 15 minutes walk to Macarthur Square (wow! has anyone actually seen the size of this shopping centre...), less than 15 minutes walk to train station, university of western syndey and tafe and my Ip is across the road to the hospital.
I scratch my head to wonder where i can get this price of a brick house within commuting distance to CBD? (and i'm talking central CBD; it's even nearer to Paramatta CBD).
The thing i observe when i was at the real estate agency last Wed. paying my deposit is the sheer number of potential tenants walking thru the door. Spoke to a lady and she was telling me sadly how difficult it is competing with so mnay people to get a rental home. This agency has 35 people on their waiting list.
I tell you, nothing like pounding the streets and hearing first hand.
BTW, this IP will be for my 12 year old son to have his first learning experience with property.....he will have to do minor repairs,look and digest the numbers etc. And down the road, who knows, he may be able to live in it and commute to the uni down the road.
Sorry for all my ramblings
cheers
Virgo would you mind PM'in me the address i have 2 places in mind which i think it could be.
Regs,
RH
Regs,
RH
Thanks for your input PB.
My rationale moving forward ( in my situation) is for more than one stream of income from a title, and including units in the mix (not one however, ALL for full control) I have been biased toward some two bedders close to central hub amenity, trains, et al.
Yield is also more important to me now than value add. Your notion of house on land is how I started and aside from my Parramatta units, all I own is duplex or triplex sites with old rental boxes on them (for now).
I also see a benefit (to my circumstances and situation) that if one of my workers/tenants resigns, I am not pressed to fill the employee's spot with just anyone and rush to take on a lousy tenant, as I have cashflow from the other tenants.
I also agree, it would be nice to pick up a mostly complete (fire sale) development for beer money
Shall contact you if I do come down that way for some "feet on streets."
Hey,
I have a house in ambarvale, and its been an amazing investment. Bought a 3 bedda on a hill (which can see over the valley from the backyard) for 245K in 2007 and it is renting at $310.
Campbelltown is increasing in terms of population migration. In ambarvale specifically, theres a major lot of land which Ive heard through the grape vine are going to be building a major myers, coles, woolworths complex
I have a house in ambarvale, and its been an amazing investment. Bought a 3 bedda on a hill (which can see over the valley from the backyard) for 245K in 2007 and it is renting at $310.
Campbelltown is increasing in terms of population migration. In ambarvale specifically, theres a major lot of land which Ive heard through the grape vine are going to be building a major myers, coles, woolworths complex
I was turned off rosemeadow after the issues @ the 3m estate... each area has its good and bads
Bought a dual occ (3 bedder + 2 bedder) in Raby in April this year at $352 k on a 700 sq block. Currently returning a yield of close to 7% but this will go up to a tad abover 8% after reno to the 3 bedder which we hope to complete next month.
I was pleasantly surprised about Raby - quite liked the feel of the area. All the development going thru in Campbelltown (less than 15 mins drive) makes it even better.
Ridin-high...you've set me thinking about whether the next one should be South West again or out Mt Druitt way or up north in SEQ !
I was pleasantly surprised about Raby - quite liked the feel of the area. All the development going thru in Campbelltown (less than 15 mins drive) makes it even better.
Ridin-high...you've set me thinking about whether the next one should be South West again or out Mt Druitt way or up north in SEQ !
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Hi Cherry,
I have a house in Mt Druitt. I bought a 3 bedda for 202000 in in 2007 and its rent is $240, though once lease expires it will jump to between $260-280. The NSW govt are building an employment hub there, so I think it will improve in terms of demographics, though it is a low socio economic area.
Between the units and the Pub. Aldi has had it for a few years now.
Only problem is the mass of HC units directly across it.
The new unit block is still not sold out yet, and there's more units in the pipeline close by.
The idea is to work it in your favour, on the opposite side of the suburb of course.
As a generic rule, where st signs have "way" on them, stay away.
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