Inner West Sydney - Are 1 bedroom houses worth it?
Lately, I've been looking to make an investment property purchase in Newtown/Enmore/Marrickville/Erskinville.
I've got my heart set on owning a bit of land with an actual 'house' (*terrace/townhouse) on it, as opposed an apartment - and this popped up on my radar:
http://www.realestate.com.au/property-house-nsw-newtown-117009119
It's got charm, it's got heart...and it's only got one bedroom! :
Price guide is 575k (auction), so my guess is it will land around 625 - 635 (ouch!). Any ideas where it might go?
I've been doing the sums...and naturally the yield is ultra low on one like this, so it's totally a CG play and I'm not doubting that in the slightest - because Newtown has some key fundamentals - especially this close to the city.
However, I was wondering what type of rent it might fetch? It's only 72sqm, so very tiny...A quick search of similar properties online shows up a myriad of infinite rental possibilities in the Newtown area from $450 for a 1 bedder to as a high as $520 - so would that be the best I could achieve on a property like this? Are people put off by 1 bedder terraces? Are they harder to rent out vs. 2 bedders? This one is due for auction soon and could need a little bit of work - any guesses what this might go for?
120 Burren Street Newtown NSW
This is the type of knowledge some of you may be able to help me with.
Furthermore, it last sold for $427k in 2009! Hmmm....
It's either this for a foot into the market in this part of Sydney or a nice 2 bedroom apartment in the same area with views, more bathrooms and a carspot for same price?
Incidentally, this one needs some love and care, but could be worth it - wonder what it will go for at auction:
15/39 Laura Street Newtown NSW 2042
So many questions; so many decisions.
As usual, I thank the brains trust of this board for any advice they may provide. Thankyou.
Lately, I've been looking to make an investment property purchase in Newtown/Enmore/Marrickville/Erskinville.
I've got my heart set on owning a bit of land with an actual 'house' (*terrace/townhouse) on it, as opposed an apartment - and this popped up on my radar:
http://www.realestate.com.au/property-house-nsw-newtown-117009119
It's got charm, it's got heart...and it's only got one bedroom! :
Price guide is 575k (auction), so my guess is it will land around 625 - 635 (ouch!). Any ideas where it might go?
I've been doing the sums...and naturally the yield is ultra low on one like this, so it's totally a CG play and I'm not doubting that in the slightest - because Newtown has some key fundamentals - especially this close to the city.
However, I was wondering what type of rent it might fetch? It's only 72sqm, so very tiny...A quick search of similar properties online shows up a myriad of infinite rental possibilities in the Newtown area from $450 for a 1 bedder to as a high as $520 - so would that be the best I could achieve on a property like this? Are people put off by 1 bedder terraces? Are they harder to rent out vs. 2 bedders? This one is due for auction soon and could need a little bit of work - any guesses what this might go for?
120 Burren Street Newtown NSW
This is the type of knowledge some of you may be able to help me with.
Furthermore, it last sold for $427k in 2009! Hmmm....
It's either this for a foot into the market in this part of Sydney or a nice 2 bedroom apartment in the same area with views, more bathrooms and a carspot for same price?
Incidentally, this one needs some love and care, but could be worth it - wonder what it will go for at auction:
15/39 Laura Street Newtown NSW 2042
So many questions; so many decisions.
As usual, I thank the brains trust of this board for any advice they may provide. Thankyou.
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