Hahahahah Run away mate! hahahaha 900k for 2 bed O.O''
I bought a relatively new low rise apartment 4 years old (2 bed 2 bath 1 car-space) in Westmead for low 500k..... That gives you the idea on how crazy OTP prices are (Almost double the price).
Agree... Blue chip suburb must be in an established suburb.
Example
Eastern suburb: Double bay, Bondi, Coogee, etc
Lower north shore: Cremorne, Kiribilli, Milson Point, etc
Inner West: Lewisham, Petersham, Erskensville, etc
I wouldn't recommend house and land package.. Just like OTP The prices is controlled by the developer. If market turned backward, or if developer cannot sell the new release land+house package, they can reduce the price and will effect the surrounding.
Also there are are still lots of land...
Im not sure about houses.. I don't think houses will be affected with the apartment over supply. Generally apartment especially those who bought 2 bed OTP in inner city for like 1.5 mill lol
Yeah agree that rate will stay low for some time, but Melbourne are more prone to over supply. Their vacancies rate is passed 3.5%, where Sydney still in 1.5%. But imo even in Sydney we'll see some correction in some area soon
As what other said, don't do it. I've been to the Altitude apartment display suite. The price for 2 bed is 850-950..... The old established apartment in Parramatta is only 550-600.
I dont think the number add up for it to be a good investment.
Adbough... TBH don't know .. I have only have around 5 mins to chat with him. He said his first one OTP he bought for 380k (I don't know if this is 2 bed or 1 bed), while now it has been valued around 850+....
You can find him if you want, he works with Chris Gray Yourempire.com.
Wow that guy is indo :P
Nah i encountered this guy in Seminar, I couldn't believed it myself that he is only 30 and he owned more 10 mill worth of IP. He has started buying in 2008 or so and all his portfolio is in Zetland.... I refused to believed it at first, but it work for him.....
It just...
Jerrybee... I Agree DD and good strategy is the key. From what i learned is not to rely too much on CG only. It's should be both CG and CF (Treat CG as bonus).
Sorry you're right. The OP was originally asking for parramatta. I was clearly against parramatta from the beginning.
But what I want to speak out is, there's no one strategy fits all.
I learned and see that there're different types of strategy that investor used, and if you are structured...
Whether there is going to be CG or not, no one can predict the future. Who know.....
For me Investing should be slow and boring, and the most important thing is the cashflow.
And to some, they prefer to invest in their own backyard, and there's nothing wrong with that.