Cabramatta Rentals

[sonic]

Hi,

Just wondering if anyone is familiar with rentals in this area? I'm considering 2 bedroom units in this area (they are affordable)... Had a quick check of the rentals on domain and realestate.com.au and they are suprisingly scarce only three 2 bedroom units listed and a single 1 bedroom unit.

Just curious is anyone aware of rental shortages in this area and has anyone had trouble with tenants in this area (I know cabramatta has a bad rep but wondering if thats more the media hype). I would be interested in anyones opinion who lives in the area or has invested there before. Thanks.

Cheers

Tim

 

[grossreal]

hi sonic
no you will find that this is not the only area I have been watching the vacancy rates for some time as it is one of my purchasing berometers for an area.
and leasing in alot of areas is a problem so cabramatta is not unusual and its getting worse.
it does seem to me a bit of an oximoron that rents are going up and purchasing is going down.
building approvals for large unit town house developments is down and people are still thinking that on new property that price could still fall.
Its a very funny market we are currently in.

 

[sonic]

hi sonic
no you will find that this is not the only area I have been watching the vacancy rates for some time as it is one of my purchasing berometers for an area.
and leasing in alot of areas is a problem so cabramatta is not unusual and its getting worse.
it does seem to me a bit of an oximoron that rents are going up and purchasing is going down.
building approvals for large unit town house developments is down and people are still thinking that on new property that price could still fall.
Its a very funny market we are currently in.

sorry i had a bit of trouble understanding what you wrote "leasing is a lot of areas is a problem so cabramatta is not unsual", do you mean that cabramatta rentals are getting worse in terms of problems? what evidence are we using to arrive to this conclusion?

thanks...

 

[skater]

Sonic, I believe Handyandy has quite a lot 2 bedders in Cabramatta. If he doesn't see this post, you could perhaps PM him.

 

[denks]

its a good area

it is getting better every year, yet the prices are not increasing

we put an offer in for a 2 bedder a 135 000 and it was excepted
it was renting at 155 per week, good long term tennant, the unit wasnt the greatest but it would not take to much fix it up and was very close to the station, only problem we found a house in lurnea which had more potential so we bought that instead
plenty of good deals to be made there

also my business partners parents have a few units there and have never had a problem renting them out

hope this was of some help

cheers denks

 

[sonic]

Thanks guys appreciate your input as always. Will prob check the area out (only problem is I live so far I'm in the east!)

its a good area


it is getting better every year, yet the prices are not increasing

we put an offer in for a 2 bedder a 135 000 and it was excepted
it was renting at 155 per week, good long term tennant, the unit wasnt the greatest but it would not take to much fix it up and was very close to the station, only problem we found a house in lurnea which had more potential so we bought that instead
plenty of good deals to be made there

also my business partners parents have a few units there and have never had a problem renting them out

hope this was of some help

cheers denks

 

[grossreal]

hi sonic
no its not cabramatta its this market
the rental market is on the move up and has been for some time so finding that rentals are short in your area is not unusual for the syndey market that is not a reflection of the cabramatta its a trend that if you have alook at rentals in an area you can guage what the number of rentals there are in that area and a return on investment.
the less rentals is not worse its better less competion and usually a higher increase in rents the more rentals the lower the chance of increase and if anything the possible lowering to gain tennants.
simple supply and demand.

 

[handyandy]

Hi Sonic

I have a few units in Cabramatta and have been investing in the area since '98. We have a mix of 1 and 2 bedroom units.

The general comment about rent in the area is that the tenants expect a low rent.

For unimproved units the rental return is 2 br $130 pw 1 br $110-120 (decour 30 years old). Slight tartup (no new kitchen or bathroom) increases rent by $20.

With overhaul of unit, new kitchen, new bathroom, tiled throughout (tenants love it stbc), painted, new doors, Brings the rent up to $180-200pw.

Sitting here thinking about the rents, they are most probably a bit on the cheap side. There is a block that was recently extensively renovated where the owner also installed aircon they now charge $230pw. based on that I should really be charging $200pw.

As far as which side of the station. The west side is favoured over the east side of the station. This is reflected in both the sales prices and the rents obtained.

Also the tenants there tend to be very stable tenants. I have 1 tenant I inherited who is still in the same unit for 7 years. Many tenants have been there for 3> years. I have even moved tenants from one block into another block (2 families).

If you would like to speak to my property manager out there then just PM me and I will forward his details.

Cheers

 

[sonic]

thanks mate i'm going to check it out on a weekend and get back to u.

 

[sonic]

Just curious I browsed yesterday's sydney morning herald domain and only about 10 listings for open units for inspection in the west... There were plenty of listings for units in the north and east...

is it because i live in the east and I have to go out west to buy a paper there to get the listings out there? I saw there are plenty of units for sale online in domain.com.au but the don't contain open times..

Any ideas is it that the west don't do many listings in the saturday paper or is it because the listings are related to where the paper is sold? thanks...

 

[sonic]

Just curious I browsed yesterday's sydney morning herald domain and only about 10 listings for open units for inspection in the west... There were plenty of listings for units in the north and east...

is it because i live in the east and I have to go out west to buy a paper there to get the listings out there? I saw there are plenty of units for sale online in domain.com.au but the don't contain open times..

Any ideas is it that the west don't do many listings in the saturday paper or is it because the listings are related to where the paper is sold? thanks...

No takers on this, just curious if the western suburbs don't adverise their open houses in the paper?

Also just curious regarding rentals I still only find about 3 units advertised for Cabramatta on domain and realestate.com.au

I found more on justlisted.com.au I was wondering for the forumites which own rentals out in the western suburbs whether the agents just don't advertise their rentals online in domain.com.au and realestate.com.au and simply rely on shop front ads? Going to go check it out myself in person next weekend...

Forgive my ignorance I only own a studio and a 1 bedroom and they are in the same suburb in the east.

 

[Meisterin]

Hi what I generally do for places that I can't get local paper is to contact the agent through justlisted or domain and ask for opening times. And they usually phone to to tell you or you organise a time on the weekend for inspections.

Forgive my ignorance I only own a studio and a 1 bedroom and they are in the same suburb in the east.

Which suburb do you own them and what was the purchase price and how has the rental performed, if you don't mind answering?

 

[sonic]

Hi what I generally do for places that I can't get local paper is to contact the agent through justlisted or domain and ask for opening times. And they usually phone to to tell you or you organise a time on the weekend for inspections.



Which suburb do you own them and what was the purchase price and how has the rental performed, if you don't mind answering?

Hi hiflo thanks I can get the inspection times thats not a problem I was just suprised that in the paper on saturday there weren't any listings for open inspections in Cabramatta.

I own a studio inpotts point ibought for $115K August last year renting it to a mate for $175 a week. The other one is a 1 bedroom in potts point again for $158K which is rented for $230 a week... But the strata is quite high $800 per quarter for the studio (it should drop soon) and $680 qrt for the 1 bedroom.

I guess the reaon I got good prices is i shopped around contiuosly for 1 year looked at 100 properties b4 i bought my first one and in both cases i bought from motivated sellers(they already had put deposits on another property).