Harris Park and Rose hill

[cbixley]

Hi I'm looking for advice on people's thoughts on Rose hill.

Currently looking for an IP in Harris park, I have my preferred streets and looking to be buy as close to the shops/ train station as possible. Now I have found there is a bit of hype around Harris park at the moment especially with investors.
Rose hill on the other hand, is a very small suburb and mostly surrounded by the m4 and James rouse drive. A few serviced apartments, a train line which is pretty much non-existent and a few shops. Its not a great area but my question is should I consider it if I buy at the closer end of Harris park boundary?

Any input would be greatly appreciated..

Chris

 

[devank]

Now I have found there is a bit of hype around Harris park at the moment especially with investors.

What 'hype' are you talking about?
There was a small racial conflict few years ago but that was mainly because one community was replaced by another. I think it is all settled now.
There is always a new commercial buildings is coming up in Parramatta. As Parra's employments sectors expands Harris park become closer... Already I see many people were walking to Parramatta from Harris park!

 

[cbixley]

When I say hype I was meaning there seems to be a lot of investors buying in this area. With its location to parra, train line and great rental returns its hard to go past.

 

[Shahin_Afarin]

Whats your strategy? Rose Hill has pros and cons. One of the pros is good zoning. I have had a few investors put up boarding homes due to the demographic.

Regards

Shahin

 

[JT7]

What 'hype' are you talking about?
There was a small racial conflict few years ago but that was mainly because one community was replaced by another. I think it is all settled now.

Could be referring to the minor unrest in the Indian community and Middle Eastern community a couple of years ago....?????

But yes I agree that was fairly minor....storm in a tea cup really. There was some angst from the Indian community because they were regularly getting rolled (robbed), allegedly by Middle Eastern youths, at 3am in the morning whilst using the public phones on the high street to call back to India......

Unfortunate circumstance however some street wise education on behalf of the local police soon put an end to the problem ie don't make a soft target of yourself by making phone calls by yourself at stupid o'clock in the morning....

 

[Rixter]

Check out South Wenty.

 

[WattleIdo]

cbixley,
yes, I would go more around the Harris Park side of RoseHill as you suggest. In fact, I think it's cheaper there than Rose Hill though I don't know why - maybe the units are newer in Rose Hill. Clearly then, theHP prices have more room to grow.
You don't have to be right next to the station but from what I know, people like to be closer to the shops and the station. For Indian tenants, this is safer too.
I have a flat right on the border of HP/Rose Hill so maybe I'm biased. In general, it's all much of a muchness. A bit of paint and floor polish can bring up a walk-up really well. Therefore, may as well go cheaper and closer to the station.
These areas have really taken off, like you say. There was some capital gain in 2009 and again in 2013 but there is still a long way to go. It was very resilient in 2012. And rents are good.

 

[cadence]

If you can buy closer to Harris Park and walk to Harris Park station, that's a better option, as it takes less than 5min walk to walk from Harris Park station to Parramatta station ...

The train service from Rose Hill to city is much less convenient / frequent.

 

[Jacque]

Hi I'm looking for advice on people's thoughts on Rose hill.

Currently looking for an IP in Harris park, I have my preferred streets and looking to be buy as close to the shops/ train station as possible. Now I have found there is a bit of hype around Harris park at the moment especially with investors.
Rose hill on the other hand, is a very small suburb and mostly surrounded by the m4 and James rouse drive. A few serviced apartments, a train line which is pretty much non-existent and a few shops. Its not a great area but my question is should I consider it if I buy at the closer end of Harris park boundary?

Any input would be greatly appreciated..

Chris

Hi Chris

I've bought in these areas for many investors over the past 8 yrs and know it very well. You ideally need $350K+ now for a half decent unit (at least one without eastside train noise of Wigram or freeway noise of Bowden/Good Sts) however best value is in the older units in smaller blocks, potentially where you can add value and retain a higher rent. Most of these are now in the high $300K's+ however compared to the OTP selling 1 bedders $450K+ they still represent good value, in my humble opinion.

Rosehill is more industrial, further away from the shopping centre heart of HP and yes the station less frequented. Agree with other posters too, in that due to the topography of the area it's not too much further to walk to Parra station with express trains available.

Just be mindful there are some dodgy blocks (mainly tenanted, rundown, poorly managed) that you need to be mindful of however problems will turn up in any strata search you do regardless. Best of luck in your search- it's an active market out there!

 

[mgs4]

Hi Chris

I've bought in these areas for many investors over the past 8 yrs and know it very well. You ideally need $350K+ now for a half decent unit (at least one without eastside train noise of Wigram or freeway noise of Bowden/Good Sts) however best value is in the older units in smaller blocks, potentially where you can add value and retain a higher rent. Most of these are now in the high $300K's+ however compared to the OTP selling 1 bedders $450K+ they still represent good value, in my humble opinion.

Rosehill is more industrial, further away from the shopping centre heart of HP and yes the station less frequented. Agree with other posters too, in that due to the topography of the area it's not too much further to walk to Parra station with express trains available.

Just be mindful there are some dodgy blocks (mainly tenanted, rundown, poorly managed) that you need to be mindful of however problems will turn up in any strata search you do regardless. Best of luck in your search- it's an active market out there!

I feel there might be better value in some of the Parramatta units. Today looked at a very small very old two bed room unit in Harris Park they want to sell for $400k (they say rents for $400) in comparison looked at a four year old Parramatta unit, near train station shops etc for $460k and rents for $480, for an extra $60k you get a lot more value. A lot of the Harris Park units just look so run down and old the rental and buyers market just looks limited from prices people are trying to sell at now.

 

[WattleIdo]

No that's just crazy.
Yes, the yields in Harris Park have been some of the best in Sydney - until now.

Also, keep in mind that mouldy, rotting-carpeted units with 1960s kitchens and purple-tiled bathrooms come up really well when you put in the effort.

You need to look at a few more in Harris Park before you draw a strong conclusion. My tenant pays $350/week because I'm very fussy about who I get in. But you're probably right about the $370/week.

I think you'll only get desperados if you ask too much.

Rent isn't up at $400/week yet. There are quite a few vendors in Harris Park who are happy to sit on a ridiculous asking price until the market gets to that point - even if it takes months. You need to find the right one - I just don't think that now is the best time.

About this time last year, one of the units in my block sold for K270. It sat on the website for months before being sold. This year another unit sold for K100 more within 1 week! No low-ball offers happening there.

It's just not the right time to get a bargain there.

 

[mgs4]

No that's just crazy.
Yes, the yields in Harris Park have been some of the best in Sydney - until now.

Also, keep in mind that mouldy, rotting-carpeted units with 1960s kitchens and purple-tiled bathrooms come up really well when you put in the effort.

You need to look at a few more in Harris Park before you draw a strong conclusion. My tenant pays $350/week because I'm very fussy about who I get in. But you're probably right about the $370/week.

I think you'll only get desperados if you ask too much.

Rent isn't up at $400/week yet. There are quite a few vendors in Harris Park who are happy to sit on a ridiculous asking price until the market gets to that point - even if it takes months. You need to find the right one - I just don't think that now is the best time.

About this time last year, one of the units in my block sold for K270. It sat on the website for months before being sold. This year another unit sold for K100 more within 1 week! No low-ball offers happening there.

It's just not the right time to get a bargain there.

When you say look at a few more in Harris Park before making a conclusion, do you mean you think there are some good buys at the moment for yield and CG? Just seems hard to see how you would get a good buy, not many desperate sellers and lots of buyers so winning anything appears to require paying up which compresses your yield and reduces CG prospects.

 

[WattleIdo]

I'm sorry - I didn't realise you were looking to buy until I read your last post - I thought you had something already.

I wonder whether buying anywhere in the Parramatta area is going to be your best option now. I think it's almost as hot as the inner west right now.

If you're planning on living in it for a while, that's different because if/when you decide to move out in a few years, things might've returned to the way they were before with more yield. Plus, you will have made the place nice so that you get a good tenant easily.

I just say this because I bought in Harris Park when no-one else was buying and for a good price. It feels nice.

But then the next one I bought was in another good place at the wrong time and I've been stuck for a few years now waiting for the damn thing to increase in value andrent and I feel silly because I knew better but I bought it anyway.

It's the right place but the wrong time ... I think

If you're determined to buy in the area, maybe you need to include Granville and some other less desirable suburbs. All trains stop at Granville - even express. I wouldn't be looking for something already renovated but something ugly that turns most people off. Problem is, even that area is selling fast now.

Other places I'd have in mind are the SW suburbs where the mainstream still turn their noses up when mentioned. But they're selling like hot-cakes too.

Maybe Sydney isn't the right place to buy right now.

 

[chh]

Can anyone make a comment on the difference between both sides of the train station in Harris Park please?

 

[WattleIdo]

chh,

There are some newer blocks of units on the Church St side of HP.

The area isn't very big but there have been some taller unit blocks built there in the last 5 or 6 years.

It's clearly close to the station which is a plus for most people, especially Indian students. Then again, that side may be too quiet for them at night?

Could be a bit quieter in some ways (less traffic passing through) and noisier in other ways (Church St).

It's closer to Church St but no closer to the CBD or Westfield.

There are lots of car dealers nearby + mechanics on the other side of Church St.
wattle