First property investment in Epping, Sydney.

[Newbie J]

Hi Guys,

I've been reading previous threads on investing in Sydney and there has been some great information shared.

I'm just about to buy my first property in Epping - a bit over $350k for a 2br with internal laundry, balcony, lock-up garage, total 90sqm in a red brick 28yo 6 unit strata block. Current rent is $330-$345 for the building. Strata is $280, council $200, Water $116.

My only problem is the train noise. We are situation about 100m from the train, there is one block in between my building & the train line. The freight trains are a bit noisy but the noise is a problem in the front south facing bedroom and the lounge/dining area with south facing balcony when the windows are open.

Just wondering how much or if train noise decreases the value of the property? I'm just worried about being able to re-sell this in 5-7years..

Is this investment worthwhile? Or will the train noise get the best of any capital gains?

Also, what everyone thinks of Epping, Sydney? I've noticed the prices have gone up a bit in the last quarter of 2007 in both houses and units. I'm hoping the new Chatswood to Epping line will add value in the area.

Many thanks,

Julie

 

[Noeyedear]

Hi Julie,
Personally I don't think train noise will be that much of an issue. I would not think there would be too much vacant land in Epping so it is not like they are going to building too many new houses there. If it is in a good spot for transport and work it will rent.
I remember the first townhouse my wife and I rented was directly opposite a train station in Sydney. After the first couple of weeks I did not even notice the trains.

Good Luck
Bill

 

[Tramsnod]

Sound like a pretty good property.
I know Epping well and if you do find the train noise annoying, or is a problem, putt in some double glazing on that bedrooms windows.
We have a unit overlloking a main road and the double glazing does wonders for the noise. You cannot even hear the road noise.

 

[Raddles]

Hi there
I agree with the above comments - we lived in a rental in Mount Waverley, Victoria that was close to a train line - it became background noise.
We also have a unit that has the double glazing on windows - excellent investment and really cuts down the noise
thanks

 

[BV]

Double glazing will also provide insulation so you are less likeley to need as much heating or airconditioning.
Cheers

 

[alexlee]

Sounds pretty good. While the train noise means it'll always be cheaper than a property that's quieter, you're also buying cheaper than a quieter property.

I think old units in small blocks are the way to go. The Genesis building, on the other hand, doesn't seem to be selling very well.
Alex

 

[markp]

Epping is a buzzing location. I would buy there.

 

[Newbie J]

Thanks for your advice guys.

Hopefully we don't get cold feet and actually buy this one.

 

[alexlee]

The first of many, hopefully. It gets easier once you get your first one.
Alex