Homebush West Centenary Park development off the Plan

[benzz3]

Hi guys,

I am a newbie and needed your expert advice & opinion


It is an off plan development in 5 stages, developer is called Hallmark Construction P/L, the agent said there will be IGA store, convenience stores located inside the complex,

Problem is, it is not really advertised and i couldn't find much details about the developer and homebush west this area in general (close to rockwood cemetry?)

I am looking to purchase it as investment also with a view to live in.
I have one owner occ prop atm.

Thanks guys, appreciate any feedback regarding homebush west / Centenary Park development .


Found this info:
http://www.google.com.au/url?sa=t&s...sg=AFQjCNGYCcfdT_MBEhbuB9q-iCx-doXmcw&cad=rja


http://sydney.gumtree.com.au/c-Unit...dRms-2BigStudyRms-2BathRms-W0QQAdIdZ238160482

 

[Propertunity]

Hi benzz3,

Look, if you want to live in it and you enjoy it there for whatecer reason - go for it.

If you are asking :"Is it a good capital growth investment?" then that is a different matter altogether.

Homebush West has flatlined in CG terms since 2003 - see chart attached.
Compared to a suburb like Summer Hill (just by way of explanation) you can see in the other chart comparing the two, that even though they started off much the same 15 years ago, that Homebush West has not seen any of the growth that the Inner West has for the last 2 years.

Some of the reasons I think is - plenty of supply to meet demand = no price rises. It is wester than the Inner West. It is all new & shiney and the first few years of CG is swallowed up by the developer's profit margin.

This one that you provided info on has 389 units in the development
What can you do to add-value to it? How is it unique? What risks are there in buying OTP? Later if you make it an IP & there are 10 units vacant, why would a tenant choose yours over someone elses?

Consider all these things and more in your due dilligence.

 

[benzz3]

Hi propertunity,

Thanks that make sense, I m keen on this as i thought it would be good also to live in = good investment as people will rent,
Also, this is an OTP, seems like there are so many things can go wrong..

This development is massive almost 7 ha, to me it is similar to breakfast point (without the view)? rhodes? maybe rosebery kimberley estate? seems like prices there have skyrocketed,
but wonder why those area are expensive now even though many apts have been built.

Attached some pics, but again i know these pics are no guarantee'd at all..
but with that stand out facility, will it add value = good growth in future?

Homebush west is only 15 km from sydney, wonder why this place hasn't increased in value..

any feedback welcome.
benzz3

 

[benzz3]

more pics,

FYI - i am attracted to this, yes by the pics but what concerns me is that its not that advertised.. i found it on gumtree, can u believe it..

drove passed this site last night, it feels like in a jungle unfortunately.. so dark, is it safe living in homebush west?

 

[Propertunity]

Homebush west is only 15 km from sydney, wonder why this place hasn't increased in value..

I don't think you "got" what I was saying. Prices go UP when sales demand is GREATER than supply. i.e. 15 people want to buy the only 1 unit for sale in the street. This is what happens (is happening) in Summer Hill (to use my original example). The 14 people that miss out are then fighting over the next available listing. This gives rise to price increases.

What you have in Homebush is HUGE supply and even if demand was EQUAL to this supply (which it isn't) then prices stagnate or fall.

FYI - i am attracted to this, yes by the pics

OK - great

but what concerns me is that its not that advertised.. i found it on gumtree, can u believe it..

You can make some enquiries of local REAs - they'll know what the situation is. The ad is no longer on gumtree BTW.

...is it safe living in homebush west?

Look up crimemaps: http://www.lawlink.nsw.gov.au/lawlink/bocsar/ll_bocsar.nsf/pages/bocsar_lga_crimemaps

Cheers, Alan

 

[big_head]

Hi there, i live close to Flemington station. It feels very safe, good restaurants/cheap groceries etc. Having said that, i agree 100% with what Alan has said.
There are so many units in the suburb, pretty much each block has 'for sale' signs out the front. I also would not buy on the Western side of Centenary Drive.
So many units are being built around Strathfield/homebush/homebush west. I have also noticed a lot of older shops along Parramatta rd slowly get bought and left, no doubt to develop in the future.
If you are still keen on the area, i'd look for an older apartment, east of Centenary drive close to the station for a bit more bang for buck.....Some of these apartments are quite large, and have decent renovation potential.

I am new to all of this, but they are my observations of the area. Feel free to disregard!

BH

 

[HappyCamper]

I frequent Homebush West/Flemington quite a lot and agree with Alan. With somewhere like Summer Hill, there's no land left for building new apartments. The land sizes of the houses there are mostly very small and many are attached residences - little scope for new apartment blocks going up. Whereas in Homebush West, there are a lot of ordinary looking houses on big blocks as well as a reasonable amount of vacant land.

The Arthur St / Homebush Bay Drive intersection is one of the worst traffic spots in Sydney.

 

[benzz3]

thank you so much guys for the input, thanks Alan, you have explained it well.

cheers.

 

[DRFormwork]

Centenary Park

You can follow this site go up everyday. https://www.facebook.com/DRFormwork

 

[devank]

Homebush West used to have some trouble makers from a certain neighbour country. Somehow they all disappeared!

I got this data from investsmart site.

I'm not sure if this data is telling the same story as Alan's picture.

Property Type Yield Median Price Growth12 Growth24 Growth36
House 3.1% $723,000 21% 34% 51%
Unit 5.7% $395,000 3% 11% 15%

However, I agree there are way too many units!

 

[Rolf Latham]

Hiya

I lived veryclose to that site for a long time in the 70s.


It was a clay pit which became a land fill with a large Chem company next door.


Im sure its sort of safe, but I wouldnt buy there.


Much of Homebush bay and a good chunk of Rhodes is remediated land fill and older chem/ ex toxic stuff, but has been mostly cleaned up.

ta
rolf


ta
rolf

 

[2cuncon]

THINK TWICE-buying off plan- apartment CENTENARY PARK - HOMEBUSH

Think Twice before you buy the apartment built by in CENTENARY PARK to avoid headache after you move in.

Before signing the contract I did ask agent about the strata. They confirmed me the same as other strata in this area around $550- 600 per quarter. As the other buyers, when I moved in, I received the strata bill of $1,269.85 for a 2 bedroom apartment for the first quarter. I almost fell off my chair when I received the strata. Since this is just basic facility such as car park and lift. No swimming pool, no Gym, no tennis courts, nothing. Once these facilities finished, Can you imagine how much strata would be increased. What could you do? This lead to Fair trading, court, and lot of headache. It never ends

Living environment: Another issue. If you don't want to suffer chronic respiratory diseases. think twice. as you have to live with dust from construction site all the time (day and night) for at least several years until the construction site finished. My apartment is covered with dust everywhere, in my bed, bathroom, and floor as this project has four stages. It took them 2years to finish first stage- first batch we moved in July 2013. There are 3 other stages to go. Can you bear it? I am really concerned about the dusty environment here as I heard that this land used to be a landfill of chemical factories. It that true? What should I do now? As I can?t afford another property.

Another thing you should consider is that this complex is next to the railway. I could not sleep due to the noise from train at night. Many tenants have to move out after first few days of rent. It is really hard to rent it out if your apartment is on the railway side

 

[KSBMS]

Hi 2cuncon

Who is he strata agent and haven't they informed you of the rise in fees and why they have risen?

In general, strata fees are set very low by developers and it is only when the residents move in they then understand the true cost of living in a strata complex.

Jamie

 

[usagi]

I would also like to add on about the untrustworthiness of the developer and their exclusive agent. We have signed the contract in 2012 for the annexed development lot which is the latest in the series of development lot on this site.

They have actually rescinded the contracts for the whole lot a few months ago, which coincide with the hike in property prices in the last 1-2 years. Our original plan had about 90 sqm internal for about $470,000 as the price back in 2012. They have redrafted the plans and the average size of the unit is now only about 75 sqm and now marketed at >$540,000.

So,combined with what is already posted above, this developer and their exclusive agent, while acted to the letter of the contract, are unconscionable in their practice!

I am going to follow on all the properties marketed by the exclusive agent, JGPW which is owned by Jason Guo and post them on here for all to know. If anyone knows of any other Hallmark Construction developments, I would encourage you to make it known so that the untrustworthy track record of this developer is made known as widely as possible.

 

[tmh888]

Did anyone here buy in this development or are still living there currently? I am looking to buy a place to live, not too worried about capital growth, but the location is quite perfect for me.

There is not really a lot of information around for this development or people to ask. I have been over there and it's ok for what I am looking for, I am just curious if anyone on here ended up buying there and what their experiences with this development have been.

Appreciate any feedback.

Cheers,

 

[devank]

I am looking to buy a place to live, not too worried about capital growth, but the location is quite perfect for me.

There are few new developments are happening in Strathfield area.

There is a huge development happening in Homebush itself as well. They even have a temporary sales office at the site!

 

[brisbanebud]

I live in Pomeroy Street, Homebush. Too many high rises are approved or in pipeline on the Parramatta road and also most of the Pomeroy & Underwood side is now ear marked for higher density zoning as per newparammatta road draft plan but seems its far away from yet to materialize.

 

[Benvolio]

i came across this development by accident a few months back ( i was looking for flemington station and took a wrong turn or two). I couldn't believe there were people actually living in these units. It actually looked like people were living INSIDE a construction site. Nothing had been completed. there was no parking so all the cars were just parked alongside the temporary fences. it was actually freaky and depressing. i couldn't believe there could be a place in Australia where this is allowed. actually shocking. i recommend people drive past to see for themselves. who knows though, maybe things have improved but the whole feel of the places seemed dodgy.

 

[tmh888]

I couldn't believe there were people actually living in these units. It actually looked like people were living INSIDE a construction site.

This is not unusual during a phased stage construction over many years. I lived in Rhodes from 2009 to 2013 and even currently where towers are being built there is a very similar situation.

I was on Shoreline Dr and had wire fences and concrete barricades, cars parked all over footpaths, blocked off footpaths, unfinished roads, construction noise, and 4+ years of thin construction dirt/dust throughout my home.

It's not really an issue if you are prepared for it, I could imagine it would be a huge shock to some.

I am interested to hear from anyone who has purchased their and how they find the construction, Strata and Strata management, and other issues etc that might be going on that I am not already across.

Cheers,

 

[tmh888]

Went into JGPW on Burwood Rd this morning, the gentleman seemed surprised to see me.

I asked about two bedroom apartments and was told that there were only a few 2 bedrooms left on the small yet to be completed lot 93, right next to the huge electricity tower. I asked about lots 80, 81, 82, 87, 88, 89, 90 and apparently they are all sold. To me this doesn't seem right as its a hell of a lot of apartments to be sold off the plan before they have even started digging. These lots don't complete till late 2017.

Got the vibe they were just trying to offload the last stragglers of the stages that complete in about 5 months or so. No chance I am going to live 10m or so from a electricity power tower, they make a horrible loud noise when it rains.

Took away the plans anyway and will stop past to see the display on Saturday but I have no intention of purchasing the "few" available two bedrooms located basically well outside the main gate area that to me are the worst situated apartments out of the entire complex.

Im heading back over to the ones near Hudson Park golf course, at least I can hit the driving range after work!!

I will post on here my dealings with JGPW (JG Property Warehouse P/L).