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Very nice. The beauty therapy place in the Ropes shopping centre is good and well priced. I don't think it will be a good investment though.

MD is cheap because people keep thinking things like this. St Marys -- consider much better than MD -- is further west. Penrith is further still.

Surprised? Vacancy was <0.5% when I bought. We found a tenant before the reno was finished, and between the time we exchanged contracts and finished the reno, the rent had gone up about $20 a week.

^^^^^^^^^^^^This.

You need capital growth as well. Say the IP is cash-flow neutral, like really paying for itself, no holding costs at all, maybe even a bit of profit each year. Hold it for 7 years, then sell. At the end of the 7 years you need to get the original price paid plus buying costs, plus the...

I purchased there a couple of years ago and have seen positive cash-flow AND excellent capital growth, which as you know is impossible. :) Only wish I had bought more.