Fairfield?

[wwwqi]

Hi Folks

I was looking at properties in Fairfield, does anyone know much about that area? any good? Looks like there might be some real bargains to be had....
would love to hear from someone who has IP there.

Cheers
wwwqi

 

[Zhouse01]

Have you checked the social economic factor of the possible tenants for IP's in this area?

I think there is a reason why the prices are cheap in this area

 

[wwwqi]

I realise its rough, but i found places which was selling 100k-130k and achieving rents of 180-200pw.....
just haven't had a chance to inspect yet....but thought i'd ask first on this forum.

 

[Zhouse01]

I realise its rough, but i found places which was selling 100k-130k and achieving rents of 180-200pw.....
just haven't had a chance to inspect yet....but thought i'd ask first on this forum.

Looks like it might be a bit better than when i last looked.

http://www.bocsar.nsw.gov.au/lawlink/bocsar/ll_bocsar.nsf/pages/bocsar_trends_Fairfield

 

[Nathan]

i went to buy the 105k unit the other day over the fone, it would rent $200pw, problem is its 39sqm, you need 20% deposit to purchase.

 

[tess85]

people pay $200 pw rent for a 39sqm place in fairfield??! that sounds a bit high??

 

[Tman]

I have been living here 7-8 years..tess85 we have hadn't any issue at all

majority of the people who live here are from Middle east (iraqi) and asian people (chinese vietnamese, laos etc) there was stabbing in the Neta City about couple of months ago..but again you can see this every where even in the city..
Fairfield is much better area than Auburn, Guildford & Granville

Fairfield is also the best place for you to get thai's & laos food.

I don't have IP in the area however, my friend who has bought a flat
at the auction for around 150k a two bedroom unit now he has been renting it for 220k...so the yield is nearly paying off for the mortage.
he hasn't had any trouble with the tenants at all ( he also has another house in the same area but the rent is not as good as the unit)
in the past two years, i don't see much cg in the area...however, they are slowing going back up.

 

[Nathan]

tman, if your freind paid $150k and renting it out for $220k thats the deal of lifetime, he musta paid the mortgage off in a week. all seriousness $220,000 per week on a $150,000 purchase is a nice return.

 

[Tman]

i meant
$220 per week
he bought the unit for 15XK with 10% deposit
the mortgate is around 13XK
where X = 0-9