As anyone been around the Schofield area in Western Sydney lately? I drove there with a friend to look at a house + land package earlier this week (she is not a resident so can only buy new), and I saw a lot of new developments.
- Newly bricked homes everywhere (all smallish in land size 300-400)
- Lots of empty land circled off, waiting to be developed
- Woollies next to station, with a Mirvac Shopping centre to be built? In the next few years according to the REA
- Gigantic Bunnings opened (makes sense since so many new homes building in the area), with an IKEA that is fully built and looks ready to open in a few months.
- Sydney Business Park hailed as the next CBD of Sydney West.
The packages start at low 600k for a 3/1/1, 380sqm, with rent projected to be around the high 4 -500+ mark.
Question is ? do you guys see any CG potential for the area, I realise it the area is still early in its development life, but maybe a good 5-10 year long term play?
Or has the price already increased to unrealistic levels to make the neg yield investment not worth while?
- Newly bricked homes everywhere (all smallish in land size 300-400)
- Lots of empty land circled off, waiting to be developed
- Woollies next to station, with a Mirvac Shopping centre to be built? In the next few years according to the REA
- Gigantic Bunnings opened (makes sense since so many new homes building in the area), with an IKEA that is fully built and looks ready to open in a few months.
- Sydney Business Park hailed as the next CBD of Sydney West.
The packages start at low 600k for a 3/1/1, 380sqm, with rent projected to be around the high 4 -500+ mark.
Question is ? do you guys see any CG potential for the area, I realise it the area is still early in its development life, but maybe a good 5-10 year long term play?
Or has the price already increased to unrealistic levels to make the neg yield investment not worth while?