Buying off the plan units in Waterloo

[milsirhc]

Buying off the plan units in Waterloo, NSW

Hi everyone and experts here!

I'm new here and I would like to ask for opinions.

I'm considering to buy a 2 bedroom split level unit (125sq m) along Allen Street in Waterloo and the selling price is $610k. It comes with 2 bathroom and 2 parking too.

With the crazy price out there in the property market now, I'm not sure whether is this over priced or not. They are currently selling it off the plan and will only be ready next year. Some said prices might drop in the next half of 2010... so I'm kinda worried being locked in a off the plan property.. and finding it not worth buying after a year time.

To me, it's a pretty nice area as it's 5 mins to green square train station, and 10mins drive to city. The only downside I guess is botany road might be noisy during the day time, but that's fine with me as I work during the day.

I've also read that the area around waterloo, alexandria, zetland is under going a huge urban renewal project (gstc.com.au/) and soon it might be a very busy place.. so perhaps prices might increased? I'm not sure...

Btw, my aim is to prob live there for 5-10 years... and have it as a investment property once I have a bigger family.

My questions are:

1) The old units around there are all selling ard 520 - 600. Is 610 over priced?!

2) What is the impact of urban renewal? Will it bring property prices up? Or due to the urban renewal project and more residential buildings are planned in the project, will it bring down the value in the older units price in waterloo?

Any advice will be highly appreciated.

Many thanks!

 

[Propertunity]

Some said prices might drop in the next half of 2010... so I'm kinda worried being locked in a off the plan property.. and finding it not worth buying after a year time.

That is just one of the many risks of buying OTP.

To me, it's a pretty nice area as it's 5 mins to green square train station, and 10mins drive to city.

Correct - and close to the airport too - if you need to fly.

The only downside I guess is botany road might be noisy during the day time, but that's fine with me as I work during the day.

It is busy during the morning and afternoon peaks. You cannot just think of how it does not affect you. If you have plans to make it into an IP later, then it could be an issue for tenants.

I've also read that the area around waterloo, alexandria, zetland is under going a huge urban renewal project (gstc.com.au/) and soon it might be a very busy place.. so perhaps prices might increased? I'm not sure...

There is an article on this renewal in this month's API magazine - pick up a copy and have a read.

Btw, my aim is to prob live there for 5-10 years... and have it as a investment property once I have a bigger family.

OK so don't pay off any of the loan principal either. Just do IO loan.

1) The old units around there are all selling ard 520 - 600. Is 610 over priced?!

No, not overpriced IMO, it is just the premium you pay for buying brand new and shiny. It goes to the developers bottom line and comes off your first few years CG.

What is the impact of urban renewal? Will it bring property prices up? Or due to the urban renewal project and more residential buildings are planned in the project, will it bring down the value in the older units price in waterloo?

Who knows? All you can really say is that in 10 years from now it will probably be more expensive than what you are paying for it.

 

[Deltaberry]

Who's the developer?

 

[troyhunt]

There are a number of threads on this forum about buying off the plan and the vast majority of posts have a pretty simple message; don't! Have a browse around, lots of well thought out answers here.

 

[milsirhc]

Thanks Propertunity! Your comments sound positive.

I guess it's the risk of Off The Plan units.. where we won't know what's the market would be like next year or so. I certainly don't want to buy it at now and end up next year lose 30k or so in value!

This is the property that I'm looking at: http://www.industriapartments.com.au/

Anyone know much about the developer and architects?