Good area for units/townhoues??

From: Steve B


Does anybody have an opinion on a good suburb in Sydney to to purchase IP's (1/2 bedroom units/townhouses)where there isn't an oversupply of them, price range $200-$300.000.preferably new or near new.
Also should I consider places like Darling Harbour/Haymarket, a studio unit for instance.
Any advice would be appreciated.
Regards
Steve
 
Last edited by a moderator:
Reply: 1
From: See Change


Please don't take this a recommendation , but if I was buying in sydney, one area I'd be looking at is Westmead.

It is next to two of the biggest hospitals in sydney , New kids and Westmead and a Tafe college. It has a train station and is a walk across parramatta park from parramatta which is a major center. I'm not sure about the supply in the area.

I don't own any properties in the area , but it is one area that I will consider buying in , in the future. Personally I think sydney is overheated at the moment and am planning on buying else where. I live in sydney.

see change

it's better to be guided by your dreams than your fears
 
Last edited by a moderator:
Reply: 2
From: Glenn Mott


Steve,

I can't comment about the 1 or 2 bedroom properties you are thinking about but can comment about the studios in Darling Harbour/Pyrmont as I lived in one for 2 years.

Just like any large purchase, you should know a bit about what you are thinking of buying. Walk around, talk to tenants, talk to agents, talk to owners and see why people live in the area, what things are changing and what sort of effect this will have on the desirability of the area.

For me, Darling Harbour is the most incredible place I have lived. However, the walls in the apartment were thin, the complex had wooden floorboards in accesses (very noisy when party goers came home at 3am). If I could get a permanent job paying at least $100k I would move back there (This is the type of tenant you would be looking at, meaning the economy has a lot to do with your potential tenant pool).

I paid $250 per week rent
Similar properties sold for $150-200k
The strata fees are in the $400-1000/quarter range.

Do your sums on each property you are considering

Glenn
 
Last edited by a moderator:
Reply: 3
From: Steve B


Thank you for your responses, it is greatly appreciated, if anybody else would like to comment please do.
This sort of info is the reason that this forum is so priceless.
Regards
Steve
 
Last edited by a moderator:
Reply: 3.1
From: Gail H


One loan officer at the bank told me it can be hard to get finance for the smaller flats and studios. I don't know if its true, but its something I heard once. Something about wanting a minimum floor space. Ever heard of that Rolf?

Gail
 
Last edited by a moderator:
Reply: 3.1.1
From: DB Bear



Sounds like the dog trying to catch his own tail.... banks won't lend for small units because they are afraid that they won't sell because banks won't lend for small units and on it goes around and around and around...

Deb
Melbourne Freestyler Co-ordinator
www.freestyler.net.au

* * * Vote 1 - The Bear - Best Co-ordinator * * *
 
Last edited by a moderator:
Top