Castle Hill, NSW

Hi Guys

Just signed up to this great forum and was seeking some advice if possible.

I'm a first home buyer, and have been looking into purchasing an IP in Castle Hill, NSW. I plan to purchase the unit as an owner occupied unit and reside in the apartment for 6 months, so as to receive my first home owners' grant and also take advantage of the 6 year rule after I move out and lease the unit.

I'm looking for some general opinions on what you guys may think of Castle Hill as a medium-term investment (6 years). The apartments themselves are all quite new and impressive for my price range (max. $450k), and some facts I have learnt thus far (you guys may know others) are:

- The already huge shopping centre is going to be expanded over the next 3 years to be one of the biggest in Australia.
- There will be a train line being put in place linking up the hills suburbs to the Strathfield train line (over the next 5-10 years)
- The suburb is very well equipped for transportation and all other facilities

I am however starting to ask myself whether it would be smarter to perhaps purchase something older and smaller in say Artarmon or Lane Cove, which are traditionally "better" areas and may have better potential for capital growth than Castle Hill.

So I guess that is my question in a nutshell: Nice, new and big in Castle Hill,, or old and small in Artarmon/Lane Cove?

Thanks in advance!
 
My choice, if going for a unit, would be Lower North Shore over Castle Hill.

Transport is an issue. Usually people are willing to live up in Castle Hill, despite lack of trains, because they can get nice, new houses and more cheaply than along the Northern train line. That doesn't make as much sense for a unit, since for $450k I would have a LOT of choice, including many areas with train lines. $450k would get me nice units all along the inner west, older units on the North Shore, or South, all with transport and shopping.

Exactly what transport does Castle Hill have? Buses are fine when they're running. When they don't, you don't have an alternative. I wouldn't hold my breath for that new train line.
Alex
 
I have read a few stories in recent times stating that Castle Hill is losing its popularity due to the transport issues, but more particularly due to the lower prices of Kellyville, which isn't that far away.

I would probably buy in Lane Cove, is a very sought after area and not likely to be influenced by new developments nearby.
 
I have read a few stories in recent times stating that Castle Hill is losing its popularity due to the transport issues, but more particularly due to the lower prices of Kellyville, which isn't that far away.

I would probably buy in Lane Cove, is a very sought after area and not likely to be influenced by new developments nearby.

Kellyville is worse. Not just because of the transport, but because of the tiny blocks of land. In other words, Kellyville is cheaper than Castle hill for a reason.
Alex
 
I like Castle Hill and grew up there.

With that budget and the style of property you are looking for I would also go for old and small artarrmon/lane cove.
 
@twobobsworth

what i heard in kellyville , government will open a train line which is still being delayed. well i'm sure once it's opened then the price in the hill will be booming as well as kellyville.
 
Hi - I live in the area and love it as a family friendly area but ... would agree with Alex ... I would not purchase a unit here ...Artarmon, Lane Cove or
somewhere inner west along the train line will definitely provide far greater return in the medium term. Also, there are quite a few units being developed in Castle Hill which will hold prices low for a while.

Good luck
 
I just don't see Castle Hill as a place where people would think of when they want a unit. Houses, sure. If you ask people 'I have 450k and I want to buy a unit' where would they usually suggest? I'd say inner west, maybe city fringe, or the North Shore.
Alex
 
A house in Castle hill will be a better investmet than a unit on the North shore, A Unit on the Nth shore will be a better investment than a unit in Castle hill.
When I sold my unit on the Nth Shore twas a catfight. Strong demand at the value end of that market if you ask me. But also alot of vacant developments asking top dollar.
I honestly believe there is something to be said about some of the Nth Shore value units. Some of those red brick 3 storey units will be around longer than some of the slick new developments.
BTW I wouldnt hold my breath waiting for our state Labor govt to build a train line to a safe Liberal area.
 
@twobobsworth

what i heard in kellyville , government will open a train line which is still being delayed. well i'm sure once it's opened then the price in the hill will be booming as well as kellyville.

I hope so because I now live in Kellyville. I'd be surprised if it happens. They were talking about building more express bus lanes recently which I bet they end up going with.

As Alex mentioned I'm not convinced there is a huge market for appartments. The ones above the library have been a white elephant. Excessive development around Crane Road, Cecil Ave & Parsonage Rd over the last few years. Most have sat on the market for a long time. I would buy a house in the area or maybe a townhouse if it was a good deal, I'm just not convinced units will offer the best return at the moment in this area.
 
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