Advice On Inner West - Ashfield

[sarahjanes88]

Hi guys,

I am new here but have been browsing these forums for a while and have been looking at past threads. I have been looking at properties for a while now but haven't rushed into anything yet.

I am looking mainly around Ashfield and have seen some 2 bedroom units that I should be able to snap up around 400k.

For that price range does anybody have an idea of how many square metres I should be looking at for that price range?? This is internal space not including the car spot. I have noticed most units in this area are pretty small.

 

[evand]

Buy as big as you can get for your money. Why Ashfield? I have a friend who lives there and calls it Trashfield. But that has nothing to do with investing there.

 

[Propertunity]

.... around 400k. For that price range does anybody have an idea of how many square metres I should be looking at for that price range??

For $400K in Ashfield you'd be looking at floor space of 66 - 75m2 usually. You would get bigger floor m2 space in less desirable streets like say Elizabeth St or Frederick St - which carry much more traffic.

 

[Propertunity]

Why Ashfield? I have a friend who lives there and calls it Trashfield.

I have not heard it called that for maybe 10 years or so. The suburb (like many others) has moved on from those days.

Investors like it because of the large tenant pool from the Asian community especially, the express trains to the CBD, the Ashfield Mall shopping centre and the large variety of ethnic food available, among other things.

Rental yields are getting a bit over 5% now for units. We purchased one there for a Melbourne-based client recently for $392K that rents for $440pw.

 

[billiejoe87]

Buy as big as you can get for your money. Why Ashfield? I have a friend who lives there and calls it Trashfield. But that has nothing to do with investing there.

What's wrong with Ashfield? As far as the inner west goes I always thought it was relatively desirable at least due to having it's own train station. It's also a stones throw away from both Burwood and Haberfield meaning great cafe's and restuarants nearby as well. I think almost everywhere in the inner west has gentrified over the years from my own experience around there, except maybe some parts of Glebe and Newtown. (Maybe I'm wrong?).

 

[sarahjanes88]

Thanks for the advice guys. Most of these places are getting snapped up pretty quickly!

 

[Propertunity]

Thanks for the advice guys. Most of these places are getting snapped up pretty quickly!

Ahhh yes. It is a very active market and you'll find yourself up against some stiff competition for the best properties from both other private buyers and Buyers Agents.

 

[gronk007]

Depends which side of the railway line you are...the Ashfield Ashfield side isn't great, but north of the trainline, the Haberfield side is alot nicer.

Each to their own.

There's alot of 2 bedroom unit stock around Ashfield, always has, always will.

 

[evand]

It's always been Trashfield. Still is.

Stiff competition for properties is wishful thinking at the moment. The whole inner west has slowed markedly. And Ashfield hs so many blocks of units there is always a lot to choose from and always room to negotiate.

What's wrong with Ashfield? As far as the inner west goes I always thought it was relatively desirable at least due to having it's own train station. It's also a stones throw away from both Burwood and Haberfield meaning great cafe's and restuarants nearby as well. I think almost everywhere in the inner west has gentrified over the years from my own experience around there, except maybe some parts of Glebe and Newtown. (Maybe I'm wrong?).

 

[Sam Yue]

It's always been Trashfield. Still is.

Stiff competition for properties is wishful thinking at the moment. The whole inner west has slowed markedly. And Ashfield hs so many blocks of units there is always a lot to choose from and always room to negotiate.

Look backwards, how people's opinions can go wrong!

 

[depreciator]

Evand's post wasn't a prediction. Read it carefully. When he wrote it, he said demand in the Inner West had slowed a lot. Compared with the last year or so, it had. He also suggested that there was lots of stock to choose from and that there was scope to negotiate. And he said to look for the biggest place the poster could afford. Makes sense to me.

 

[ok180]

Evand's post wasn't a prediction. Read it carefully. When he wrote it, he said demand in the Inner West had slowed a lot. Compared with the last year or so, it had. He also suggested that there was lots of stock to choose from and that there was scope to negotiate. And he said to look for the biggest place the poster could afford. Makes sense to me.

True.

But man, his "Tony Abbott will never be prime minister" prediction was way off lol.

http://somersoft.com/forums/member.php?u=8312

 

[depreciator]

That would have been more wishful thinking than anything else.