Epping unit, Buy now or wait till next year

[ericproperty]

Hi, guys


need some thoughts and advice.

If I am going to buy a unit/apartment ($500 -- $600k) in Epping, should I buy now or wait until early next year? given the fact that there might be influx of FHB before the end of Dec 2011 when the stamp duty benefit is finishing up, it might creat a mini boom in the sub $500k rang.

and on the east side of Epping, how much is a reasonable price for a old 2 bed unit? ($500 -530k), and 3 bed unit ($550 -- 600k)? close to train station and Epping public School, which street is the best?

please shed some lights and valuable advice

thanks

 

[jacbmw]

I think if it is a well priced unit, in a part of Epping with good fundamentals and amenities, then purchasing this year is fine.

I think worst case scenario with all the economic doom and gloom that is being sprouted, this mid level of the market throughout Sydney will be relatively insulated anyways.

This is all subjective opinion however, so lets see the opposing opinions.

Just an aside, that $500-$600k range is just for 2 bedder, or you looking for 3 bedder in that range. Thought $600k could stretch for townhouse?!?!

 

[ericproperty]

Hi, Jacbmw

thanks for your advice, the $500--600k is my budget. $500-530k for 2 bedder, $550--600k for a 3 bedder. For the townhouses, they are most likely above $650k, or far from station for under $650k.

 

[nww]

I don't think you will find to many first home buyers in Epping, spoke with
a local real estate agent recently after I asked him if the changes to the
stamp duty for first home buyers had brought them out into the market
and he said the area is to expensive for them and most go to investors.

Your price range should pick up a townhouse in Marsfield but I doubt you
would find a 3 bedder in Epping in your price range , 3 bedders seem to go quickly.

 

[ericproperty]

hi mww

the $550-600k is for a 3 bedder unit, not a townhouse. To me the units in Epping are overpriced, do you agree?

 

[nww]

I don't think you will find to many first home buyers in Epping, spoke with
a local real estate agent recently after I asked him if the changes to the
stamp duty for first home buyers had brought them out onto the market
and he said the area is to expensive for them and most go to investors.

Your price range should pick up a townhouse in Marsfield but I doubt you
would find a 3 bedder in Epping in your price range , 3 bedders seem to go quickly, if you do it will most likely be old and need work.

 

[ericproperty]

I am thinking of buying a unrenovated unit and rent it out for 1-2 years (still be able to claim as IP to reduce the holding cost), and move in in 1-2 year and do a reno myself. So I prefer a un renovated unit. renovation is a way for vendor to make profit, not a good thing for buyer. and I am a buyer.

 

[Gockie]

I reckon you'll get better value in Meadowbank or West Ryde, Epping's never been cheap. Can't see why there should be such a huge price differential in these suburbs compared with Epping so they may actually catch up. You could also consider Thornleigh or Pennant Hills.

I also think nww is right about the first home buyers not being in Epping. But if you want to buy in Epping, i'd suggest buying in Oxford St or Bridge St. Close to station and pretty quiet, but still handy to shops etc. These are small complexes, walk-up, and you'll avoid huge complexes and high strata fees.

I personally live in North Epping... Love this suburb! But there are no units here.

 

[ericproperty]

North Epping is an excellent area, I have visited it many times. Love it, but could not afford it.

 

[nww]

hi mww

the $550-600k is for a 3 bedder unit, not a townhouse. To me the units in Epping are overpriced, do you agree?

Over priced ??? probably.
Epping is a great area,friendly and safe despite a few incidents the last few years.
The problem is its home to a large wealthy Asian community who you have to
compete with, Also plenty of Asian parents want there kids nearby and have
the funds to help them out so they are competing amongst themselves and
you.
As an investment I would pick Marsfield/Macquarie partk/North Ryde over Epping
however I would prefer to live in Epping than the others I have mentioned above.

 

[ericproperty]

it is not purely an investment, I would move in in about 1-2years time.

 

[Gockie]

Start looking now, you'll probably not find many 3br units for sale at all in Epping so you'll probably be buying a larger 2br unit. It might take you a few months to find the one you buy so you'll end up with the purchase next year anyway. I'm happy to come and inspect some with you if you like and i'll give you my thoughts... (I love to look!) Stay away from units that face South. One other thing I'll throw in, I think the market in Lane Cove has been a bit quiet and sleepy and overlooked... Lane Cove prices would compare very well with Epping, you are closer to the city and there are the fast buses down the freeway.... Just stay away from being directly on Longueville/Epping Road.

 

[ericproperty]

thanks Gockie for the offer. I will be seeking your advice very often.

My primary reason for buying in Epping is because of the good Primary School (Epping Public School), and Cheltnham Girls High. My little one will be at school age in a couple of years.

 

[Gockie]

Actually maybe i'm wrong, I did a quick search on realestate.com.au and there are 5 3br units for sale, so buying a 3br unit is not as hard as I first thought. Still, I would probably avoid the huge 76 Rawson St Complex.... too many units --> low uniqueness factor.

 

[Gockie]

thanks Gockie for the offer. I will be seeking your advice very often.

My primary reason for buying in Epping is because of the good Primary School (Epping Public School), and Cheltnham Girls High. My little one will be at school age in a couple of years.

Yeah. Even though I don't have kids, the schools are great.
Actually it doesn't matter if it's Epping Public School, West Epping Public School or Epping North Public School... They are all good and get great Naplan results. The nice thing about Epping too, you'll be close to parks and ovals no matter which side of Epping you choose so your daughter can run around, play on playground equipment and it's very safe. I have to say the East side has probably a better community feel as people only go in that side if they have a reason. I like seeing people just go out for a walk in the community... plus you won't believe the amount of wildlife closeby... I have even seen a kookaburra sleeping on Oxford St... so cute!

 

[toony]

For $600k you could buy half of Epping. Not much out there except there is/was talk of moving the fruit/vegie market there. Mill Park is a close neighbor.

Ooooops your talking about the one north of the Murray.

 

[exsyd]

How do you feel about Eastwood? Similar price for 2 bedrooms, probably even cheaper, although the quality may not be as high. Greater variety of shops, local school is very highly rated. Parts of Eastwood are in the Cheltenham Girls catchment too but there's no guarantee you'll get in either way - they can select students up to a point and applicants currently have geographical priority so even some parts of Epping may not be close enough by then.

As for now or later I also think this pocket will be fairly insulated from massive price falls due to the demographic, but obviously no one knows for sure!

 

[jacbmw]

I agree with Gockie, and i have infact just brought a 2 bedder in lane cove for $480k.

Very good bus funnel into city, but against what you said it is on Epping road. TBH, we are a decent distance from the road, nice leafy outlook and the road really doesnt effect us at all. So there are still some nicer units on the lower side of Epping Road surrounded by trees etc.

Lane cove village, schools and library is awesome - and only 15min to wynyard st on express bus on freeway

 

[Jacque]

Hi, guys


need some thoughts and advice.

If I am going to buy a unit/apartment ($500 -- $600k) in Epping, should I buy now or wait until early next year? given the fact that there might be influx of FHB before the end of Dec 2011 when the stamp duty benefit is finishing up, it might creat a mini boom in the sub $500k rang.

and on the east side of Epping, how much is a reasonable price for a old 2 bed unit? ($500 -530k), and 3 bed unit ($550 -- 600k)? close to train station and Epping public School, which street is the best?

please shed some lights and valuable advice

thanks

Hi Eric

You just can't make up your mind can you?
First it's out west (St Marys, Blacktown) then it's Artarmon now it's Epping!

I know Epping well and yes your budget is quite realistic for a unit. If you're prepared to renovate you can pick something older up in the $400K's. Keep in mind that location here is key as the quieter streets will command a premium especially if they're walking distance to the station and are in the catchment areas of Pink Ladies High . My picks would be (besides keeping off the main drags such as Carlingford Rd, Rawson, Beecroft Rd etc) Bridge, Ray Rd (bottom end as it's predominantly houses north side) Oxford, Essex, Chester Sts etc. I actually prefer the east side of the station as it's a nice flat walk and it's quieter but each to their own. I had a private seller email me recently with a nice cheap basic unit in Bridge St (great location as well) which I'd almost consider for myself- it's an area I'm quite fond of but you do need to shop around for a good deal, as not all complexes are equal.

Re: FHB's. Remember that the benefits run out completely by $600K and I think it's too early to see the effects yet. I would anticipate Nov/Dec might get a little busier but all indications by agents I've been speaking to in the market seem to reflect that nothing much has changed, and I work in several FHB priced suburbs. My thoughts on this have been discussed previously but the numbers may well be balanced by investors such as yourself choosing to stay out of the market during this time anyway.

 

[virgo]

Epping?

Hiya Eric

If your budget is 600K for a unit in Epping, why not stretch it a little and buy a house in more "prestigious" Beecroft?

There is a small section of Beecroft which is actually on Carlingford side which has pretty reasonable prices...

Check this one out:
http://www.realestate.com.au/property-house-nsw-beecroft-107618363
you might want to check proximity to train station too!

Do your own diligence though...

This house would be in the catchment area of Cheltenham girls....and Beecroft Public School...sounds like you are very educationally focused on your girl (good on you...)

BTW, all the schools that are mentioned in the previous posts do not have the gifted Opportunity Class program, only Beecroft does....