Blacktown Investment

[n_san5]

Hi friends,

I'm offered a unit in blactown brand new for $309,000..2 bdr 2 toilets with security park.

i've been comparing some new sales around the area but finding it inconclusive to decide..

can you guys please share your thoughts for investment/live in in blacktown..?

i'm told this property is in 3rd avenue

 

[twobobsworth]

I'm pretty sure these ones have been for sale for a while. Some of the older 2 bedders in 4th or 5th Avenue can be picked up for very low $200K.

 

[sash]

San5

Have a look around.....300K still buys you a house. Not brand new but a house with land never the less. This is likely to go up more over the longer term.

Also new units typically do not experience great capital growth.....unless of course they are in very desirable suburbs or have a unique aspect (i.e. beach or water views).

Cheers
Sash

Hi friends,

I'm offered a unit in blactown brand new for $309,000..2 bdr 2 toilets with security park.

i've been comparing some new sales around the area but finding it inconclusive to decide..

can you guys please share your thoughts for investment/live in in blacktown..?

i'm told this property is in 3rd avenue

 

[grossreal]

hi
be a bit carefull with the following areas.
blacktown,liverpool,kellyville, hornsby and fairfield.
in houses and units.
all have corrected but I think they will correct again all except kellyville have alot of stock in the market but they also have a lot of stock waiting to come on line so you may find that the price is going to correct again,
on the flip side the rents are going up so they maybe the first areas that investors think cheap.
for me these areas are a bit of a gamble.
as for price I have units been offered at 330 current val with 25% off so 247.5 in fairfield and had a site in blacktown that was 40 a site da'd
there is alot of developments site in this area and thy can't start as they need presales or even sales that justify margins.
309 in blacktown goo today maybe a little high for me 280 is more the mark.
price tommorrow for me 262.
rental you should be seeing 350 to 380 per week.
hope this helps
I did have a look at the area about 3 months ago on an evaluation of the area and the coin was in the air to go for it or not as the margin was 22% and it was just a bit to much unknown risk so dropped it

 

[n_san5]

Friends,

Thanks for your responses..i'm a newbie in this market..could you please tell me what are the downfalls of Mortgagee sales..there are few units available on oxford street around the 230,000 mark..??

i've also been offered new units in werrington..!!! but wasn't too sure of the area..is there any better area on the western line for invest/live in

Thanking you once again

 

[Witzl]

I think South St Marys is pretty good, as it is very central to that whole western sydney growth region, is undergoing gentrification (lots of new houses replacing old ones), is right on the train line, and there is a lot of infrastructure development going on in the area.

Blacktown is still pretty good to me, but i would definitely be going for house + land if you are looking at the $300K mark - i've seen some decent houses go up for around the $250K mark. Of course with the houses, they are older, usually clad homes, and probably not the nicest to live in compared to a brand new unit.

I agree with Sash's warnings about new units - you usually wont see any good growth on them for many many years.
It's like i keep telling myself - Land is in demand.

 

[sash]

Agree about St Marys.....but I don't think now is a great time to pay any price in Western Sydney. If you are buying wait for the bargains! These are about to present themselves shortly.....as interest rates will start to bite there shortly.

Ensure you get a conservative valuation done...as I am hearing from MBs alot of owners are being surprised by their valuations when they go to refinance. In some cases they are unable to refinance.

I think South St Marys is pretty good, as it is very central to that whole western sydney growth region, is undergoing gentrification (lots of new houses replacing old ones), is right on the train line, and there is a lot of infrastructure development going on in the area.

Blacktown is still pretty good to me, but i would definitely be going for house + land if you are looking at the $300K mark - i've seen some decent houses go up for around the $250K mark. Of course with the houses, they are older, usually clad homes, and probably not the nicest to live in compared to a brand new unit.

I agree with Sash's warnings about new units - you usually wont see any good growth on them for many many years.
It's like i keep telling myself - Land is in demand.

 

[Witzl]

yeah i've actually been targeting the south st marys and surrounding area for buying our 2nd IP in the next couple of months. We are buying for the long term, and so are just waiting for the right property at the right price - basically we just check out all the mortgagee auctions

There are some bargains to be had out there, and there will continue to be for the next 6 months i rekon. After that i think more investors and home owners will start flocking to the area because it is both more affordable and has great prospects for future CG.

If i could, i would buy 10 IPs there this year

 

[sash]

Witzl,

You property mogul you.....10 properties!

Save some for me!

yeah i've actually been targeting the south st marys and surrounding area for buying our 2nd IP in the next couple of months. We are buying for the long term, and so are just waiting for the right property at the right price - basically we just check out all the mortgagee auctions

There are some bargains to be had out there, and there will continue to be for the next 6 months i rekon. After that i think more investors and home owners will start flocking to the area because it is both more affordable and has great prospects for future CG.

If i could, i would buy 10 IPs there this year

 

[Witzl]

hahaha!!
Well my partner and I are only starting out, so we arent really ready to move that quickly yet - so there will be plenty spare for you
Maybe just 2-3 will do us for now.

Colyton aint too bad either, and is a little cheaper.

 

[evand]

A house sold at Whalan last weekend for $175k!!!! Unbelievable.

I saw a burnt out one on RE.com at Tregear for $185k i think. Land value.

 

[skater]

Hi friends,

I'm offered a unit in blactown brand new for $309,000..2 bdr 2 toilets with security park.

i've also been offered new units in werrington..!!!

Who is it that is "offering" you these "fantastic" deals.

With all due respect, you are going to find much better deals by getting out there & looking for yourself. Go see the Real Estate Agencies. Ask lots of questions. Look at lots of properties. If you do that, you will soon learn for yourself what is good value & what is not. I would be extremely cautious of anyone "offering" properties as you may find they have a vested interest.

As they say, "Caveat Emptor".

 

[Cherry Pro]

Between a unit in Parramatta or a house with land in St Mary's / Blacktown /
Penrith ... which do you reckon will see greater capital growth over
the next 8 - 10 years ?

Appreciate your comments.

Thanks.

 

[Jacque]

Hi friends,

I'm offered a unit in blactown brand new for $309,000..2 bdr 2 toilets with security park.

i've been comparing some new sales around the area but finding it inconclusive to decide..

can you guys please share your thoughts for investment/live in in blacktown..?

i'm told this property is in 3rd avenue

Such units are a dime a dozen at the moment in this part of Blacktown, and I wouldn't be paying this much for a unit as an investment here. Quite different if you intend to make it your PPOR and park there for a decade or two

If you're buying a unit for investment purposes, however, and you have $300K to spend, I can think of several alternative suburbs where even an older 1bedder would provide more chance of appreciation over the longer term.

Third Ave is also very busy, right in the heart of Blacktown and though well situated to rail and shops, consider the noise from a tenants point of view. Also watch for high strata fees, as some of these newer blocks have pools/gyms/lifts which can hurt the hip pocket further down the track with special levvies etc

When you say you've been comparing new sales, have you accessed sold prices or for sale properties? Big difference!

Best of luck with it all but it sounds as though you need to do some more due diligence.