Any thoughts on buying in Pemulwuy (Greystanes) NSW?

Hi everyone

I am continuing to look for an IP in Sydney, but being in WA all my due diligence is from a distance. Can anyone help me with some comments or feedback on Pemulwuy (Greystanes) in Sydney?

Are there areas/streets to target, or in particular those to avoid? I have been looking at mainly units and townhouses. Is anyone familiar with Driftway Drive? Any feedback would be greatly appreciated. Thanks.

Angela :)
 
I don't mind it but there is no much stock available so I wouldn't specifically target particular streets.

I'd look at everything meeting your selection criteria and even look at properties in surrounding suburbs.

In these market conditions anything which seems cheap will sell fast so if you are serious about buying something don't think about it too much.
When you find something take it off the market.

Being so far away, I'd use use a buyers agent.
The money you'll pay for this service you will save it in the negotiations and you'll have someone on the ground to check things out for you.
 
In these market conditions anything which seems cheap will sell fast so if you are serious about buying something don't think about it too much. When you find something take it off the market.

Being so far away, I'd use use a buyers agent.
The money you'll pay for this service you will save it in the negotiations and you'll have someone on the ground to check things out for you.

Hi Bill

Thanks for the insights into the local market and your comments re: using a BA. From what I have seen and learnt thus far I agree 100%. Time to get cracking!

Angela :)
 
Is that saving guaranteed BV? How does he quantify the saving?

I think you might like to add a 'could', 'possibly' or 'maybe' there.

As far as Greystanes goes, its juts another non descript Sydney western suburb. Would someone like to explain the appeal to me as i don't see it?

Its stuck between Blacktown and Parramatta.

Its not near railway, it has a pretty average bus service to Merrylands/Parra, it doesn't have large shopping centres, it has a low(ish) income demographic which is transitioning to a highly multicultural one from largely anglo etc

Being so far away, I'd use use a buyers agent.
The money you'll pay for this service you will save it in the negotiations and you'll have someone on the ground to check things out for you.
 
I often drive past Pemulwuy and think that it is a place I would not like to live.

Brand new development with tiny blocks and houses crammed in right on top of each other. The suburb has only 1-2 major roads into or out of it, and no other real trasnport to speak of.

Lots of places for sale there at the moment, only likely to increase as more and more are built as they have planned. Advertised rents seem OK, but not sure how achieveable these really are?

However, would get good depreciation being brand new. Just make sure you don't buy and then lose value quickly when many other brand new places are built right next door
 
So far I am a little unsure about the overall prospects. Can anyone tell me the capital growth predictions for this area? I thought they were reasonably good.

My understanding is that Pemulwuy contains (at least in part) a Master Plan Stocklands community and that Stocklands have and will be providing many millions to the estate area for new infrastructure, shopping centres, leisure facilities and the like. The M4 is accessible and bus services are due to be improved once the Nelson Ridge Estate is completed. I also thought that Greystanes Shopping Centre was reasonable and there are plenty of good schools (public and private) in the area. It would appear to be mainly middle (as opposed to low) income earners and first home owners.

Having said all that I am obviously not local and realise my perceptions could be misplaced, so I would very much welcome any further comments or opinions. :)

I am looking for newer deals with good depreciation, so this also was part of the reason I was looking to this area. I have been looking at (mainly) 3 bedroom units.

Thanks
Angela :)
 
Is that saving guaranteed BV?

evand

Nothing is guaranteed mate but a BA will have some contacts in the REA business and in this market where everything sells he could find something and secure it before it's even listed.

Additionaly, he'll be able to recognise value when he sees it so you are ahead of most other buyers.

Ofcourse the quality of service could vary but when you are from another city and can't be actively looking on the ground then IMO BA's are the way to go.
 
My thoughts would be that the CG prospects for Pemulwuy would not be all that fantastic especially in the short to medium term. Currently you would be paying top dollar as opposed to surrounding areas for properties with minimal land content.

I just don't see the potential for good CG .......... I could be wrong though
 
BV

You said "will save in negotiations", (that sounds like a guarantee to me). I don't think you should be telling such a definite outcome when it might not be true. It should be "might save in negotiations".

A BA might not have contacts in the particular market, might be lazy, might be a crap negotiator or a thousand other variables. Just like areal estate agent, there's many more duds than good ones.

I remember Margaret Lomas saying when she buys property away from where she lives, she knows the market better than the locals do. I agree with that whether there's a BA involved or not.

Anyway, i still don't see the appeal of Greystanes/Pemulwuy and i know the area very well.
I grew up not far, had an IP close by and did some minor developments around Merrylands/Guildford in the 90s. I still have friends/family in the area.


evand

Nothing is guaranteed mate but a BA will have some contacts in the REA business and in this market where everything sells he could find something and secure it before it's even listed.

Additionaly, he'll be able to recognise value when he sees it so you are ahead of most other buyers.

Ofcourse the quality of service could vary but when you are from another city and can't be actively looking on the ground then IMO BA's are the way to go.
 
Hi everyone

I am continuing to look for an IP in Sydney, but being in WA all my due diligence is from a distance. Can anyone help me with some comments or feedback on Pemulwuy (Greystanes) in Sydney?

Are there areas/streets to target, or in particular those to avoid? I have been looking at mainly units and townhouses. Is anyone familiar with Driftway Drive? Any feedback would be greatly appreciated. Thanks.

Angela :)

Hi Angela

No doubt Greystanes looks attractive to a non-local, as new estates and infrastructure often do :)
But I have to agree with some of the others on here, in that transport links are poor in Pemulwuy and your money would be better spent trying to stick to rail suburbs closer by, such as Wentworthville, Pendle Hill, Seven Hills or even further up the line. For those suburbs without rail, you do need to ensure bus links are consistent and available.
What you'll end up with also depends on your budget naturally. Many interstate investors don't want the hassle of maintenance, hence their preference to select newer properties but, in my experience, often older well maintained properties can be just as good, if not better value in most cases.

Agree with BV that a BA will save you time (naturally) and, being in the negotiating game on a regular basis, more than likely $$$. Don't want to blow my own horn, but I have stacks of clients who can attest to the fact that they were very very happy with the final price I purchased for them as well as the type of property.

Local knowledge is paramount, and though Margaret and others like her are researchers, not everyone has the time or inclination to conduct sufficient DD before embarking on an interstate purchase.

Angela, also check out the nearby other Parra suburbs around if you are keen on this area- there's lot to choose from!!
 
Snap! As they say, great minds think alike! :D
Given your profession I will take that as a vote of confidence in the area. :)

No, sorry Angela, that was said with tongue firmly in cheek. I am not buying in Greystanes this week-end.

I agree with Jacque's assessment re transport. Get near the train line. Jacque knows this area backwards.
 
Guildford is pretty good. Was even better (for buyers) 12 months ago, but it's got reasonable transport being on the Campbelltown train line and yields seem to be better than neighboring suburbs (Merrylands, Granville). My two cents worth.

Cheers
Greg
 
No, sorry Angela, that was said with tongue firmly in cheek. I am not buying in Greystanes this week-end.

Oops...I feel a little silly now! :eek::eek:: That puts a slightly new complexion on things then! :D

I agree with Jacque's assessment re transport. Get near the train line. Jacque knows this area backwards.

Thanks for the feedback Propertunity and Jacque, plus everyone else who has commented on this thread. I have taken the comments on board and really appreciate the input (even when I embarrassingly misinterpret the reply :rolleyes:).

Angela :)
 
Oops...I feel a little silly now! :eek::eek:: That puts a slightly new complexion on things then! :D
You are just catching onto my warped sense of humor. I always tell potential competition to "buy one and get outta town" or "stay-away" - it makes my job easier :D

Look Angela, there is nothing wrong with Greystanes. Over 20,000 people live there. It has had some growth of 7.5% in 2009 alone. In the absolute worst of the slump in 2005/6 it did not even manage to go down 5%. So how's that for stability of an investment?

There are plenty of quality homes there and good people. The one stand-out thing lacking is public transport / train. But the Hills District (Jacque's stamping ground) does not have a train either and it is also doing well.

It really will depend on your target audience of tenants and what you are looking for in an investment.
 
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