Colyton - Thoughts?

[amativus]

Hi,
I'm looking at buying two properties for about 1300sqm in total in Colyton, possibly about $900k in total, current rental about $800pw combined. I would look at sitting on it for a couple of years, then potentially develop it and have a few town-houses on it.

As I haven't had any development experience, wanted to know what the general consensus is on Colyton, and whether this would be a project that you might consider or not as part of your own portfolio?


Thanking you in advance for input.


Regards

 

[bob shovel]

There are heaps of developments around that area, including St Marys. Blocks are well sized for developments.

People with experience might chime in with buying time, i guess buying now, sitting then developing the market will start to rise again. Could be a good time to build if work starts to slow in Sydney, this will keep build costs down.iK wouldn't expect any or very little cg in the next 5 years

What area in colyton? I don't need exact St, bennet rd or shops end. Do you know the area?

 

[gach2]

If you can get it for 900k should be good (notsure if thats possible in todays market)

would need to check zoning on the land but if its an r2 (majority of colyton) you would only be able to fit 2 sets of duplexs, though if its r3 (small corridor near great western highway) with that land easy 6-7 town houses.

Other than that area wise i think its pretty bang for buck comparing to neighbouring suburbs both st marys and colyton

 

[beachgurl]

Colyton is an interesting place. Some streets are almost as good as St Clair - quiet, well looked after, pretty houses. Others are DOH and rough as. If you are going to hold for a few years, make sure you are not overpaying. Prices are going nuts there at the moment and once interest rates rise I think this could be one of the first places in the area to see a drop in prices. it's a bit of an in-between suburb and in this boom was a bit late to start compared to surrounding areas.

 

[DaveM]

Colyton has been the "poor cousin" to St Clair/Minchinbury for a long time. Older housing stock and lower prices, but easy access across Bennet Road bridge to St Clair shops.

Try to stick to south of Desborough Rd, except for Astwood Rd which has a significant DOH area