Wise idea in my opinion.
Wise idea in my opinion.
Below 2% is good...
Hi Daria
$400K is a very popular max price for first time investors and we field many enquiries from people such as yourself, especially in western Sydney right now. The market is very active, with listings down and demand high- it can be tough doing it on your own or with little local knowledge.
Monalisa has given some good ideas for suburbs surrounding Parramatta. Parra itself is fine, but I'd recommend staying clear of the high rises and sticking to the lower entry cost more established walk-up complexes (up to 3 floors) and adding value this way, if renovating is your cup of tea. Look at streets north of the river (quieter, a little nicer and yet still walkable to rail) Harris Park and parts of Granville (there are better streets and complexes than others so do your DD here) and surrounding Wenty, Pendle Hill etc. Not as much stock right now but stay on top of the market weekly, get in touch with local agents and engage in several weeks of physical inspections to develop a feel for what is happening, as well as what's worth buying. Happy hunting
$400K is a very popular max price for first time investors and we field many enquiries from people such as yourself, especially in western Sydney right now. The market is very active, with listings down and demand high- it can be tough doing it on your own or with little local knowledge.
Monalisa has given some good ideas for suburbs surrounding Parramatta. Parra itself is fine, but I'd recommend staying clear of the high rises and sticking to the lower entry cost more established walk-up complexes (up to 3 floors) and adding value this way, if renovating is your cup of tea. Look at streets north of the river (quieter, a little nicer and yet still walkable to rail) Harris Park and parts of Granville (there are better streets and complexes than others so do your DD here) and surrounding Wenty, Pendle Hill etc. Not as much stock right now but stay on top of the market weekly, get in touch with local agents and engage in several weeks of physical inspections to develop a feel for what is happening, as well as what's worth buying. Happy hunting
Hi Daria
$400K is a very popular max price for first time investors and we field many enquiries from people such as yourself, especially in western Sydney right now. The market is very active, with listings down and demand high- it can be tough doing it on your own or with little local knowledge.
Monalisa has given some good ideas for suburbs surrounding Parramatta. Parra itself is fine, but I'd recommend staying clear of the high rises and sticking to the lower entry cost more established walk-up complexes (up to 3 floors) and adding value this way, if renovating is your cup of tea. Look at streets north of the river (quieter, a little nicer and yet still walkable to rail) Harris Park and parts of Granville (there are better streets and complexes than others so do your DD here) and surrounding Wenty, Pendle Hill etc. Not as much stock right now but stay on top of the market weekly, get in touch with local agents and engage in several weeks of physical inspections to develop a feel for what is happening, as well as what's worth buying. Happy hunting
Jacque - what is your view on the market? Do you think these suburbs (closer to Parra) will continue to get crazy given the proximity to Parra, as well as development going on in Parra?
The closer to 0 the better... The vacancy rate in Parramatta is currently 2.5%, Merrylands 1.6%. In my opinion Parramatta is maxed out or close to it. With the last 5 years medium growth being 24%, and average annual growth of 4%. Merrylands has done better, with a 5 year medium of 33%, although average annual in the last 10 years is just over 2%.
Have a look at Belmore: 5 year medium growth of 58%, and average annual over the last 10 years of 5.1%.
Define crazy
Seriously, though, demand is still healthy and there is the population to support ongoing demand particularly in the sub $500K price bracket. It also depends on location, quality of complex etc as always. Affordability is and will continue to be a key driver of this area.
Nice area
but best of luck securing a developable block here for under $1m... maybe 12 mths ago but not today. Note this is just my personal opinion Even main road positions in nearby suburbs (eg Northmead, Dundas, Carlingford etc) have either limitations (slope, easements etc) or are priced out here.Wet n Wild Sydney to open 12 Dec 2013
I was a bit surprised the opening of this theme park was on track as promised and is less than 1 month to open.
http://wetnwildsydney.com.au
not sure the anticipated opening had anything to do with price movement in western sydney, but i doubted.
I was a bit surprised the opening of this theme park was on track as promised and is less than 1 month to open.
http://wetnwildsydney.com.au
not sure the anticipated opening had anything to do with price movement in western sydney, but i doubted.
Its hard for prices to slide upwards
