Green Square, NSW - all 174 apts OTP sold this weekend

Newbie question here but do you guys recommend against OTP in principle or does it depend on the development. Reason I ask is that I am looking to use the FHOG, live in it for 6 months and then turn into an IP (this would save $24k on stamp duty and get a $15k grant so really appealing.

I am considering 2 developments

North Kellyville Samantha Riley Drive (2 Bedroom 510k 90sq) close to where the new northwest train line will run. The other is the development in Summer Hill (where they are converting an Old Mill to apartments) although only likely to get a 1 bed for $550k.

From my research I see North Kellyville as a growth area developing into a new residential area and the North West trainline (which could be good or bad depending on the # of parts being built) Not so familiar with Summer Hill but close to 8km to CBD and existing light rail and trainlines

Anyone else familiar with these areas that can offer some perspective or some pointers on what I need to consider.

Cheers
 
mccabemi02 said:
Newbie question here but do you guys recommend against OTP in principle or does it depend on the development. Reason I ask is that I am looking to use the FHOG, live in it for 6 months and then turn into an IP (this would save $24k on stamp duty and get a $15k grant so really appealing.

I am considering 2 developments

North Kellyville Samantha Riley Drive (2 Bedroom 510k 90sq) close to where the new northwest train line will run. The other is the development in Summer Hill (where they are converting an Old Mill to apartments) although only likely to get a 1 bed for $550k.

From my research I see North Kellyville as a growth area developing into a new residential area and the North West trainline (which could be good or bad depending on the # of parts being built) Not so familiar with Summer Hill but close to 8km to CBD and existing light rail and trainlines

Anyone else familiar with these areas that can offer some perspective or some pointers on what I need to consider.

Cheers
Click to expand...

Samantha Riley Drive is a very long road. How close is it to the new train station?

I have to say though I am amazed how units can get so expensive these days, even at the suburbs like Kellyville where it is far away.
 
Just checked it's about 2-3km from the train station so not necessarily walking distance but bust stop right outside.

I was actually thinking 510k was cheap for a 90sq 2 bed but I guess that's relative to the new ridiculously high cost we are used of paying. Given the proposed development of North Kellyville into a residential area, I was think it would have good CG potential in the medium term.
 
mccabemi02 said:
Newbie question here but do you guys recommend against OTP in principle or does it depend on the development.
Click to expand...

For me, I am against it in principle UNLESS it is for living in and for your personal enjoyment. As an investment, I have found them difficult from several aspects:

1. the joy of seeing a brand new property get quickly degraded by tenants

2. the number of initial repairs required (this is fine if you are living in it - but if you have it leased, tenants will ask for rent reductions, alternate accommodation etc)

3. Paying 30%+ premium on the price (buying off a professional developer vs someone who doesn't really know the market and listen to their selling agent)

People (especially the developers) will go on about the depreciation benefits - but it really means "depreciation"!! (as in it "devalues" real fast)

The Y-man
 
I'm pretty interested in that OTP too, but my concerns are who are the developers, when is the completion date and also how much strata are we looking? I might buy this under my gf's name as she can receive the first owner grants and free stamp duty etc.

But on the dilemma side I've always against buying OTP and Units because I just hate the fact that I am paying roughly $100k over existing units with unrealistic strata with a gambling mentality of hoping the property price will go up by the time of settlement, just doesn't tick any of my investment strategy boxes.....but she like that area guess I'll need to cope with it lol.....
 
I have a friend who just reserved a 2 bedroom OTP apartment in Rosebery (2 mins drive from Green Square Station) for 800K + which I think isn't too much higher than the existing ones.


sumterrence said:
I'm pretty interested in that OTP too, but my concerns are who are the developers, when is the completion date and also how much strata are we looking? I might buy this under my gf's name as she can receive the first owner grants and free stamp duty etc.

But on the dilemma side I've always against buying OTP and Units because I just hate the fact that I am paying roughly $100k over existing units with unrealistic strata with a gambling mentality of hoping the property price will go up by the time of settlement, just doesn't tick any of my investment strategy boxes.....but she like that area guess I'll need to cope with it lol.....
Click to expand...
 
Lots of people in Hong Kong, Shanghai, Beijing can just sell their tiny apartment for $1.5 - 2M plus and just buy a few of these in Sydney. There are a lot of cash up people in Sydney these days.
 
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