anyone buying in sydney at the moment?

Investor,

I've been working through your list of Redfern properties.

Like Lawsgs, I quite like the Douglas Street listing. I noticed this listing a few months ago. I believe this has been sold.

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003627504

I know quite a lot about the Walker Street listing (as this house is a few houses down from mine). In my opinion the owner is asking about 75k too much (though the property is in an East Redfern location near Cleveland Street with an easy walk to Central station). The Moorehead Street listing is nearby.

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003660323

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003736272

The Hugo and Eveleigh Street properties are on "the block" bounded by Abercrombie Street, Cleveland Street, Lawson Street west of the railway line. This has always been a problem area for crime. They are cheap for this reason. Interestingly, TNT towers are on Lawson Square which is very close to this area.

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003679239

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003646332

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003733171

The Renwick Street listing is also close to TNT Towers but on the Eastern side of the raliway line (not the Everleigh Street side). This sold for $520,000 on 7 December 2002 ($50,000 below the asking price).

http://www.domain.com.au/listing.aspx?mode=BUY&id=2003691608

Ajax
 
bbruham,
I agree! Its not _quite_ like a good stoush with TW, but most posts are very dull! Bantering with people who know their stuff (Even if they are wrong:)) and are confident about it is always good fun. Nice to know other people enjoy it also!

I will now go and look at Ajax's (the investment guru) listings!!
 
Originally posted by bbruham
G'day Lawsjs & Investor,

This discussion has been the best on the forum for sometime.
Your sword play between each other has been tops.
This is the forum at it's best, suburbs and streets being named,
keeping the to-ing and fro-ings going. With the help of the other partisipants, of course.
If investors haven't learnt anything from reading this post, they'll never learn.
Lawsjs and Investor please keep posting you're livening up the
forum.

Bruce G.

Winners make it happen.
Loses let it happen.
Click to expand...

Hi everybody

Yes I too am happy to have found forumites who aren't afraid to express their opinions in such detail (suburbs and street names).

Firstly alpina 200K for a reno on a terrace in Redfern I think is an overkill, and before you say anything Lawsjs I know it happens I just think it's an overkill. I have renovated terraces in Newtown and Erskinville for 35K, they were not totaly dilapitated but initially looked like they needed alot of renovation.

I am not only interested in Woollahra. Currently a suburb which I really like and which I have interests in is Chippendale. In particular the part of Chippendale that is bounded by

Cleveland st (south)
City rd (west)
Abercrombie st (east) and
Braodway (north)

I don't concern myself with the part on the other side of Abercrombie st to Regent st and also I don't particularly like the part south of Cleveland st as it too close to the shady part of Redfern, but I do keep a distant eye on these parts .

I think the above mentioned area is great especially the terraces and warehouses around Peace Park.

So Alpina in conclusion I have to tell you if you have 500K that you must spend now (I have previously advised you to hold for a while) then buy a terrace in this part of Chippendale.

Don't listen to the others cause they have concentrated on Redfern too much I think and are blinded to the fantastic suburbs around it.:D

They have fallen in love with commission houses and seem to enjoy the sound of sirens every night. It must lull them to sleep. Also I can understand the adrenaline rush you must feel when you are about to be carjacked (especially at the crossing in front of Redfern station) it must bring out the James Bond in you. Maybe you should change your nick to 007.

:D :D :D :D
 
My 200k was spent in 18 months of interest payments, waiting for approval after the hail storm etcetc. The building quote was from memory 120k which blew out 40k.

The only part of my property that was left standing was the front wall. It was demolished from the front room back. It is now a totally 'new' property. All electrics/plumbing/ etc etc.

For safety's sake and to ensure you get what you want, I would _always_ allow room for double what you think. Like an auction where you want a particular property. Make sure you can get it! I would have been smarter getting the insurance payout of 40k (from hail storm) and just doing a surface reno, but I want things done properly, so I now have the second best terrace in Marriott st! The best is just over the road, and was a 500k job to turn a 3 br terrace into a 1br. Stunning!

My old builder said to me with terraces that if the upstairs floor boards need replacing, then allow 100k. It is probably now more like 150k. It is all the nasty stuff that you might find that causes the damage to the bill! Obviously you can do it for less, but I think they are good numbers to use. It is always nice to have had access to $150k and done it for 75! It is _never_ fun to need another 20k at the last minute.

Investor - Chippendale? Do you know where that is??? There are crims in them thar streets!
 
Originally posted by investor


Currently a suburb which I really like and which I have interests in is Chippendale. In particular the part of Chippendale that is bounded by

Cleveland st (south)
City rd (west)
Abercrombie st (east) and
Braodway (north)

I don't concern myself with the part on the other side of Abercrombie st to Regent st and also I don't particularly like the part south of Cleveland st as it too close to the shady part of Redfern, but I do keep a distant eye on these parts .

They have fallen in love with commission houses and seem to enjoy the sound of sirens every night. It must lull them to sleep. Also I can understand the adrenaline rush you must feel when you are about to be carjacked (especially at the crossing in front of Redfern station) it must bring out the James Bond in you.

:D :D :D :D
Click to expand...

Ha Ha...yeah lawsjs and I have probably fallen in love with housing commission. I did hear a lot of sirens when I lived in Redfern (usually emergency services using Cleveland Street). Not much difference to the car alarms and beeping taxis I now hear at all hours living in a more salubrious part of the Eastern suburbs.

The part of Chippendale you mention is undergoing massive change. Lots of new trendy apartments. A heap of construction going on here.

Ajax
 
when people refer to the 'block' in redfern, what are they actually referring to?

always see properties for sale in hugo street - how bad is this street? are there any good houses at all in this street or do people simply run a mile when they hear of it? if it really is this bad, i cant imagine getting a good tenant for it and if this is indeed the case, i cant imagine that relying on good capital growth is any more likely to occur

looked at a new development in renwick street not that long ago - great house (new) but location and price (550) scared me away.

might go for a drive through redfern during the week and see how much has changed

julie
 
Originally posted by alpina
when people refer to the 'block' in redfern, what are they actually referring to?

always see properties for sale in hugo street - how bad is this street? are there any good houses at all in this street or do people simply run a mile when they hear of it?

julie
Click to expand...

Hello Julie,

I was thinking the same thing about Hugo Street. The list of properties posted earlier in the thread contain 2 in this street. One of the listings has a virtual tour. Both properties look quite satisfactory as basic rentals.

There are a lot of uni students who seek rentals in this area (with Sydney Uni and Uni of Technology both close by). I've rented my terrace in Redfern to uni students before-no problems.

I have just considered the area bounded by Abercrombie, Lawson, Cleveland Streets and the railway line as a no go zone. Maybe I'm also prejudging. I'm a little curious about these Hugo Street terraces.

Ajax
 
enjoyed re-reading this thread so much i thought i bring it back to the top :)

still studying the redfern area and am still intererested in finding out more - looked at a few properties in douglas (requiring work) and young street (nicely renovated but right across the rd from huge housing commission) last weekend

whats the latest with the tnt development? council still moving in and is the 2nd tower still going to be apartments?

thanks,

julie
 
S'th Sydney Council move to TNT Tower

Hello Alpina,

an update on an earlier post.

Spoke with South Sydney Council today (currently located at 280 Elizabeth Street Surry Hills). Receptionist said they move to TNT Tower (near Redfern Station) this coming October.

Also latest median price info for Redfern (2016): -

Property Prices* 12 months to 31 March 2003 for postcode 2016
Houses
Average $559,065 Median $550,000
Median change over last 12 months +33%

http://www.homepriceguide.com.au/snapshot/price/index.cfm?action=view&source=apm

Ajax
 
Originally posted by alpina
enjoyed re-reading this thread so much i thought i bring it back to the top :)
Click to expand...

Oh no not this thread again :p

Hi alpina, Ajax

Council borders have changed as of the 8th of May. Everything north of Cleveland St is now controlled by Sydney City Council. :)

Regards

Investor :)
 
got to say - 2480 views from a thread is not bad :)

having been unsuccessful at a redfern action recently, i can honestly say that even redfern is out of my league :)

julie
 
Alpina,

I haven't read this post in it's entirety, but I thought I'd reply to your original post. I have recently bought in Sydney WHILST being cautious. I have just purchased a small studio unit in Ultimo which is cash-flow positive from day 1, partly due to the high rental return:purchase price and partly due to my, um, 'creative' financing. It has for me a 128% return on investment in the first year. We settle this Friday.

I say I am being cautious by only spending a small amount on the purchase and relying on rental income rather than capital growth.

If the current US economy is anything to go by, I wouldn't being spending up big ANYWHERE right now - Sydney or not, but that's just my humble opinion of course!

Regards,
Hobsie
 
OK, note to self.
DO NOT use colons on thiss forum when trying to describe ratios.

The inadvertant smiley was supposed to be rental return to purchase price ratio.
Sorry for that folks!
 
Show us - Please

Hi Hobise,

After you close on Friday - how about dishing some details on how your deal. :D

I would like to know how you got positive returns in the Sydney market - from a newbie point of view - it doesn't seem possible at this point and time.

Cheers,

Michelle
 
Re: Show us - Please

Originally posted by flyfishinginoz
I would like to know how you got positive returns in the Sydney market - from a newbie point of view - it doesn't seem possible at this point and time.
Click to expand...

Michelle,

I can guarantee you positive returns in the Sydney market.

All you need to do is to put more cash in the deal. At a sufficiently low loan ratio virtually every property (except uninhabitable ones) can be positively geared.

Second option is to change your definition of Sydney - Sydney now extends west to Camden, north to Gosford (edited) & south to Wollongong.....somewhere amongst the millions of properties is a positively geared dwelling - you've just got to find it first.

That involves staying in the market, looking outside the square & being prepared to look at properties that everyone else turns their noses up at.

Cheers,

Aceyducey
 
Last edited:
You must mean the lower blue mountains then. I've been snooping around up there of late looking at some properties, its gone mad up there as well in most places.
 
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