Buying Off the plan Alexandria

[Marty McDonald]

They could lose a LOT more than their deposit.

A recent post on the forums was about a OTP sale for $1.1M near Brisbane that had the buyers back out when the valuation came in at $700k and left a hole in their finance. The vendor got the $110k deposit PLUS $400k in damages.

Yes quite right

 

[Belbo]

You can find them for less than that if your patient.

Fair enough. But seriously, you could walk to the CBD from Brennan St Alexandria, the proposed apartment would be brand new, and the 'amenity' of the immediate area is taking off like a rocket. That end of Campbell Rd St Peters by comparison has to be one of the busiest car and truck rat-runs in all of Sydney, the house is a century-old terrace with wardrobe-sized second bedroom, neatly located on a methane-belching ex-garbage dump, and almost directly beneath the flight path point where planes touch down.

 

[ok180]

Fair enough. But seriously, you could walk to the CBD from Brennan St Alexandria, the proposed apartment would be brand new, and the 'amenity' of the immediate area is taking off like a rocket. That end of Campbell Rd St Peters by comparison has to be one of the busiest car and truck rat-runs in all of Sydney, the house is a century-old terrace with wardrobe-sized second bedroom, neatly located on a methane-belching ex-garbage dump, and almost directly beneath the flight path point where planes touch down.

And yet.... people can't get enough of them (terrace houses) and prices/yield continue to climb. I wouldn't live in one but that's what makes money so I roll with it. For where I would live myself Im happy with an acre or two out west

 

[barney8]

I purchased a non-parking 1bdr established unit in Alexandria about 9 months ago.

Might I add; an interesting time to purchase considering the negative trending of house values in Sydney these last three quarters (nine months!). But my strategy is buy-and-hold-long-term so these little dents along the way should not hopefully hurt too much.

But anyways to add to the discussion; if you're eyeing Alexandria I'd consider existing dwellings first and foremost before 'yet to be completed' developments.

Some great stock appears on the market and I would in fact look more at the non-parking 1bdr, sub-$400K market if I were you. That is the safest bet long term, when you look at what this suburb is trending towards becoming, as it climbs the rungs of the gentrificaion process. Yep, it's a young working professionals market. Singles, couples-on-a-budget, gay and lesbian, and most importantly; commuters.

Yes, there are 2 bed 2 bath properties on the market, but they are a minority and I couldn't imagine families (who need cars) really desiring to live here too long.

Scrap the parking and dip your feet with a 1bdr that gets solid gains. Or, wait 24 months on this devlopment and pick up something cheap as it's honeymoon values taper off in months 24-36

www.propertyspectator.blogspot.com
Just my two cents.

decent 2 bed places are very hard to find under 600K anywhere inner sydney. I think there is a market for them. Not all singles/couples want just one bedroom. Some want a guest room, some a decent study etc.

Parking is and will always be highly valuable. the only place I would forgo it would be the CBD.(imo).

 

[MIZBUF]

Don't entirely dismiss a 1 bedder with parking- ( not new) because you think it would not realise as much rent- If you rent out the garage and the unit separately you will realise more than including the "with parking' in the unit rental price- Think of all the 2 bedders around there with only 1 carspace and also the 1 bedders w/out carspace- Also You would get mor C.G on a 1bed+ carspace than just the 1 bedder. ( have done this myself) Something else to consider-All the best