Dear All:
I am looking to buy a unit in the lower-lower north shore of Sydney. (e.g. Kirribili, North Sydney, Waverton )
While I am not new to property investment, there are a few burning questions really giving me the headaches and would love to get some opinions from fellow investors.
Here’s my brief situation:
I am myself working and living on North Shore, a stable job, can afford serving a loan up to 600K.
I really like the potential of Lower North Shore, as I believe that with population growth and demographic change (more singles or childless families) in the future, this area will be really sought after by renters. However some of the issues I’ve been pondering are:
1. number of bedrooms:
I am thinking of investing in a one bedder. Because I think the renters are mostly single working professionals in the city hence one bedder should be popular. Although I can also afford an old 2 bedders in Waverton.
What do you think?
2. locations/ amenities:
Do you think being close to shops and restaurants is really a deal breaker for renters (think Crows Nest)? OR proximity to the city? (think Kirribili)
3. New v.s. Old
Should I go for new or old? I think with 600K I can certainly afford an “OLD” waterview one bedder in Kirribili, or, a new one in Milson’s Point or North Sydney.
I understand depreciation, but am more concerned with future potential – a new building built in the last 10 years will last a LOT longer than an old one built in the 1920s. So what happens when an old building has really had its time? Do the owners have to folk out heaps (I’d imagine a few hundred grand each) to rebuild it? What’s your take on this?
4. View v.s. no view
Is this something definitely worth while investing into, especially in one of those really really old blocks?
5. Parking:
A parking space in Kirribili is worth 50K at least just by itself, but do you think it’s really that necessary to folk out that much to just a get 2 squares for your car? Since it’s close to the city, don’t people just take train?
Thank you for your comments in advance!
Tom
I am looking to buy a unit in the lower-lower north shore of Sydney. (e.g. Kirribili, North Sydney, Waverton )
While I am not new to property investment, there are a few burning questions really giving me the headaches and would love to get some opinions from fellow investors.
Here’s my brief situation:
I am myself working and living on North Shore, a stable job, can afford serving a loan up to 600K.
I really like the potential of Lower North Shore, as I believe that with population growth and demographic change (more singles or childless families) in the future, this area will be really sought after by renters. However some of the issues I’ve been pondering are:
1. number of bedrooms:
I am thinking of investing in a one bedder. Because I think the renters are mostly single working professionals in the city hence one bedder should be popular. Although I can also afford an old 2 bedders in Waverton.
What do you think?
2. locations/ amenities:
Do you think being close to shops and restaurants is really a deal breaker for renters (think Crows Nest)? OR proximity to the city? (think Kirribili)
3. New v.s. Old
Should I go for new or old? I think with 600K I can certainly afford an “OLD” waterview one bedder in Kirribili, or, a new one in Milson’s Point or North Sydney.
I understand depreciation, but am more concerned with future potential – a new building built in the last 10 years will last a LOT longer than an old one built in the 1920s. So what happens when an old building has really had its time? Do the owners have to folk out heaps (I’d imagine a few hundred grand each) to rebuild it? What’s your take on this?
4. View v.s. no view
Is this something definitely worth while investing into, especially in one of those really really old blocks?
5. Parking:
A parking space in Kirribili is worth 50K at least just by itself, but do you think it’s really that necessary to folk out that much to just a get 2 squares for your car? Since it’s close to the city, don’t people just take train?
Thank you for your comments in advance!
Tom
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