2770 going crazy

[macca446]

Hi All,
Trying to snag a bargain here is getting more difficult every time you call offer is already accepted prices are going up

Macca

 

[Shahin_Afarin]

It started at the beginning year. Very hard to find a good deal and a cashflow play. The yields are definitely not as good as 6 months ago.

Regards

Shahin

 

[starter]

What about taking a look at 2760 then? I just bought a place in St Marys for 200k and rented it out before settlement at $300 p/w.

 

[mikezen]

for how long?

do u think think this will continue for the next few years? seriously considering moving down there come sept so im closer to the action

 

[JessP]

starter - was that a unit or a house?

I've been looking elsewhere just because competition is so fierce in this area, by the time a house has hit re.com it usually not a very good deal. Agents don't even need to list a place at the moment because their books are so hot.

I might rethink it though, might be good to get one or two more around here and hope this keeps up

 

[starter]

starter - was that a unit or a house?

I've been looking elsewhere just because competition is so fierce in this area, by the time a house has hit re.com it usually not a very good deal. Agents don't even need to list a place at the moment because their books are so hot.

I might rethink it though, might be good to get one or two more around here and hope this keeps up

It's a unit, stock standard 2/2/1 unit in a small complex on the top floor. Recently rennovated with floorboards, new kitchen and aircon. At current interest rate, taking into account full purchase price plus costs, it comes out pretty much neutral.

 

[DaveM]

Yes there are some good deals in 2760 if you hunt for them. I bought a 2br villa there last year for 185k rented 300pw. You can get gluts of stuff on the market for rent though in St Marys, comes and goes.

 

[starter]

I agree Dave, was a little bit worried about getting it rented out but my PM got a good tenant in the first open so I guess stock in good condition will still rent well.

On the sale side though, I just had a look and, in St Marys at least, the lower end seemed to have just gone. Struggling to see anything available for under 210k now, renovated or not.

 

[DaveM]

Yeah St Marys is a funny place, sometimes theres great bargains other times its slim pickings.

Re 2770 I have a purchase there settling in a week, 3br house in very low 200's. So deals are still to be found if you have agent connections.

 

[redwing]

It must be time the area picked up some Cap Growth?

 

[mikezen]

does anyone know what cg rate residex is predicting for western syd over the next few years?

 

[macca446]

Auction price

Hi All,

Does anyone know price range the DOH auctions by R &Wrench achieving at the moment

Macca

 

[datto]

Around $215K to $225K from what I've seen

 

[macca446]

Hi Datto

Does not leave much room for reno and flip , these used to be sub $200,000 not that long ago

Macca

 

[DaveM]

Not a lot of fat for buy and sell, but plenty of equity achievable to hold with a basic reno to redraw and continue on with the same method.

 

[datto]

Hi Datto

Does not leave much room for reno and flip , these used to be sub $200,000 not that long ago

Macca

Yes, they used to be <200K.

Have a look on realestate.com.au and you will see house prices edging toward $300K

 

[macca446]

Hi DavM,
Yeah would love to do that but needing some cash turn over at moment . Sitting on others I have already though.

Macca

 

[LoneWolf]

Thanks guys, will have a look in and around this area.
Seem to fit within my criteria

 

[scha9799]

How sustainable are these growth ?

I see some growth history in the area. The area went to peak and back down a bit in 2003-2004.


What sort of supporting level are we expecting ? 240,000-250,000 ? or 270,00- 280,000 ?


anyone have any opinon or thought on this ?


Taylor

 

[macca446]

How sustainable are these growth ?

I see some growth history in the area. The area went to peak and back down a bit in 2003-2004.


What sort of supporting level are we expecting ? 240,000-250,000 ? or 270,00- 280,000 ?


anyone have any opinon or thought on this ?


Taylor

Hi Taylor,
The area is now coming back to the levels of 03-04 this is only my opinion but as the rest of Western Sydney is getting extremely expensive 2770 I feel will continue to grow at a steady pace, most of these areas are achieving already $260,00 to $320,000 now, there are still good deals to be had but need to be patient and quick area is very hot at the moment and getting snapped up quick.
Macca