I can't believe how RIDICULOUSLY expensive a 1 bedroom unit in Sydney is!!!

Discussion in 'Property Investment - Other' started by beachy, 18th Jun, 2015.

  1. beachy

    beachy Beachy

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    Just received a brochure from Mater Prize Homes where the prize is for 2 properties - 1) a 345m2, 4x2x2 house with pool on the water (canal-front) and 2) a tiny 55m2 1 bedroom in Chippendale, Sydney.

    By my calculations, the house is worth about $884,000 and the unit is worth $780,000. $780,000 for a 55m2 1 bedroom unit - WTF!!!

    Yes, yes, I know it all comes back to Location, Location, Location, but seriously, is this what buyers are paying to be this close to the city...Geez...I'd take the canal-front any day!! Cause if I win this draw, I get both :D
     
  2. sash

    sash Member

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    You will be able buy one at 20-40% discount in another 2-3 years. ;)

     
  3. Scott No Mates

    Scott No Mates ...and people wonder why?

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    Geez, can you buy a unit in Sydney for less?
     
  4. flatlinerz

    flatlinerz Member

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    It won't last forever.
     
  5. Scott No Mates

    Scott No Mates ...and people wonder why?

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    Sold? Fallen down?? Condemned???
     
  6. Player

    Player Live Every Day

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    I was in Parramatta a few weeks back and Meriton had one bedders for sale FROM $649,000 in their project adjacent to the river.

    Que?.......................
     
  7. Scott No Mates

    Scott No Mates ...and people wonder why?

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    Is Harry offering a premium product or a product for a premium?
     
  8. beachy

    beachy Beachy

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    Yes, I well aware you can buy a unit in Sydney for less, but $780k for a new 1 bedder close to CBD, that is far out, brussells sprout!!
     
  9. datto

    datto Member

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    Under 400K for new one bedders out west. Get 'em while they're hot.
     
  10. Gockie

    Gockie Life loving Big 4 Banker

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    I know.... So now I'm planning on buying a house in Brisbane on over 800sqm, near trains, with water views and that's cheaper than each of my vanilla flavoured, run of the mill IPs in Suburban Sydney, all in strata complexes too so there's not too much you can do externally to value add...

    Relatively speaking, no comparisons.
     
  11. JohnHenry

    JohnHenry Mister

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    Why is that Sash ?

    Are you expecting the Sydney property both Apartment and House will eventually go down more than 30 % when the bubble pops ?
     
  12. JohnHenry

    JohnHenry Mister

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    That's cheap mate. Is that the one build by Meriton ?

    Sydney Broadway Central Park apartment developed by Fraser is now offering OTP one bedders one study room for $890k !!!
     
  13. Scott No Mates

    Scott No Mates ...and people wonder why?

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    They'll always be hot Datto - little sweat boxes.

    No - but anything bought off the plan or new has the builder's & developer's margins built-in. Unless you have received good value from one of the first cabs off the ranks, prices have been cranked up due to the developer's expectations in a moving market. Many resales bought once boom pricing starts means it will take years for you to achieve a sales price anywhere near purchase.
     
  14. Player

    Player Live Every Day

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    Yeah. "Altitude" by Meriton at the northern end of George Street. I can't fathom those prices. The altitude makes me dizzy :D
     
  15. JohnHenry

    JohnHenry Mister

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    Yes that's what I've inspect in last week. So now I've realised that OTP apartment is not a good investment in those places mentioned.

    I thank you all for the suggestion and the comments, therefore I'll see some other places suggested for House & Land package then.
     
  16. sanj

    sanj Member

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    Why are you so insistent on buying something new john? Is there a specific reason?
     
  17. JohnHenry

    JohnHenry Mister

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    As per my knowledge the negative hearing benefits is high due after you get the depreciation report. I'm paying too much taxes hence I've been told to negative gear by my friend who works as the accountant I usually use.
     
  18. Scott No Mates

    Scott No Mates ...and people wonder why?

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    Purchasing purely on the basis of losing money is not a strategy. It is a plan to lose money.

    Look at properties based on their cashflow, potential cg etc but do not use tax benefits as the main criterion to invest. If you do, go out and purchase olive groves, new growth forests or some other scam based solely on the tax benefit not the return.
     
  19. JohnHenry

    JohnHenry Mister

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    Many thanks Scott for the sharing and assistance.
    I'll exercise more due dilligence before deciding to invest in Proeprty.

    I thank you all SS forum who patiently and willing to help my by scarificing small times in replying my topics throughout the forum.