Investing in Penrith..?

hey all, im new to the forum and new to the real estate market aswell.

i'm waiting on my preapproval for a loan and im looking to buy either a house or a spacious unit in penrith or it's surrounding suburbs such as cambridge park, jamisontown, south penrith.

these are a couple of what i've considered and will look at over the weekend and i'm just wondering what you think would be better. i'll be living in it for 6 months but will then probably rent it out to help pay it off quicker.

houses

http://www.realestate.com.au/property-house-nsw-cambridge+park-108084706
http://www.realestate.com.au/property-house-nsw-penrith-108782311
http://www.realestate.com.au/property-house-nsw-south+penrith-108158331
http://www.realestate.com.au/property-house-nsw-penrith-109082376

apartments

http://www.realestate.com.au/property-apartment-nsw-jamisontown-107237049
http://www.realestate.com.au/property-unit-nsw-werrington-107917161
http://www.realestate.com.au/property-unit-nsw-jamisontown-108995831

unit or house? which will be better for capital gains and easy to rent?

thanks in advance for anyones advice :)

Samantha.
 
Hi Samantha,

unit or house? which will be better for capital gains
Historically (last 15 yrs) houses have out-performed units in these areas.

and easy to rent?
According to SQM the vacancy rates in postcode 2750 are only 1.3% and in 2747 are 0.9% - so like in most places around Sydney it is very tight. You should have no difficulty renting out anything decent.
 

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I own in Cambridge Park. The further north in the suburb you go (ie away from the cesspool aka Kingswood) the higher the house price and better the rent. Be careful of the south of victoria road down towards the station, lots of active housing commission.
 
Penrith

Hiya

I own one in Penrith (near Centro Penrith) walking distance to CBD...i think vacancy rates are very low ; i raised my rents by 150 per week (from 330 to 480) when i bought the house; tenants whinged, threatened to look around and lo! and behold..they stayed!:p

IMHO, the quality of tenants are good in Penrith ...
 
Penrith is a good area overall. Low vacancy rates at the moment.

If you are looking in Penrith, stay on the south side of the train line (CBD) or South Penrith. They are more expensive but for a reason (better demographic).

The area in Penrith 2750 north of the station is not as desirable. These areas north of the station used to be named Lemongrove and Kingswood Park but a few years ago were all changed and put under the 'Penrith' suburb name. Cambridge Park has some good/bad areas.

It will be a good idea for you to take a drive and check out each of these areas for yourself to get a feel for these suburbs.
 
Defiantly worth going to a few open homes and having a speak to some of the agents. Some great yields around that area!
 
I visited Penrith a few years back and really wanted to invest there. Somewhere near that great shopping centre would have been great. I was so impressed with that Plaza. I'm guessing the price of houses must have dropped as they did everywhere in Sydney but they seems to have definitely increased since I was thinking of investing there.
 
Penrith

Hiya

Yes, the Penrith Westfields is massive too; don't forget that Penrith not only services the Penrith area but that people come down from the Blue Mountains to do their shopping in Penrith and it also draws people from Richmond and Windsor areas....there is a "moneyed" set for those on acreage around...

Go and speak to a few PMs; rentals are very tight ...
 
Buying well in that area an around it (under 250k for freestanding house) and adding a granny flat and you will be laughing... then you can do it again.

I plan to buy there hopefully by years end.
 
I own in Cambridge Park. The further north in the suburb you go (ie away from the cesspool aka Kingswood) the higher the house price and better the rent. Be careful of the south of victoria road down towards the station, lots of active housing commission.
Hi DaveM, I'm looking to buy a 3 bed house in Cambridge Park which I have already paid a deposit for and I'm in a cooling off period. I'm not really familiar with the area very much so I have been asking the real estate agents about the street and surroundings but there has been nothing alarming but some did say that there is some housing commission which is not much around there.
You indicate that the south of Victoria road there is some housing commission so that doesn't make me feel very good so I am thinking about pulling out if the area is not very bad.
It will be really helpful if you can give me your accurate opinion on 100 College Street Cambridge Park. I can pick it up at the lower end of the asking price so its a good price and a good ROI considering that it will rent for $400 but I don't want to get into somewhere there is a lot of housing commission and if I cannot get decent tenants.
http://www.realestate.com.au/property-house-nsw-cambridge+park-117625295

Thanks!
 
Its been under contract twice this year already (april and june), so I suspect its got building/pest issues to be sold at the 369k end of the range, as 3 bedder 2 living houses in cambridge park are going for easily 390-440k in good condition at or before first open.

Pay for a good quality building and pest to be sure. I would recommend Steve from Ausinspect.

As for housing commission proximity, a quick scout around the surrounding street ownership shows none. As for tenant quality, can be hit and miss, market is slow so dont let agents inflate expected rental. Based off the photos, $380-390 is about right.
 
Buying well in that area an around it (under 250k for freestanding house) and adding a granny flat and you will be laughing... then you can do it again.

I plan to buy there hopefully by years end.


Wishful thinking? Units start at that price!

Plus the competition of Fhb I guess
 
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