Investment properties - Hillsdale/Eastlakes Thoughts

[barkingcat99]

Sydney Investment properties - Hillsdale/Eastlakes Thoughts

Hi Everyone,

New here and wanted to get anyone's thoughts on Eastlakes or Hillsdale for an IP. There were a couple of threads on these but they were 3-4 years old. Wanted to know if there was anyone out there with some pros/cons. I realize that there is housing commission as well as they still haven't been gentrified but like the proximity to city and beach. Any advice would be very welcome. Currently looking at a 2br 2th (110 Sq mtr) for 550 K in Hillsdale. Thanks again. BC

 

[kaiseriqbal]

We used to live in Hillsdale a while back, and overall both Hillsdale and Eastlakes are the slums of the eastern suburbs.

I am assuming the apartment you are looking at are the ones on top of Southpoint. Recently, the price of them dropped quite drastically and in the last six months a few of them were selling for around $490K. Strata is quite high in that building as well at $1500 a quarter due to the pool, tennis courts, lifts and security.

If you are working in the city, you can catch an express bus that would take you to Martin Place in around 20 mins in the mornings and 40 mins on the way home. Overall, the apartments are nice inside, but for that kind of money, I would prefer to live in Maroubra, where you could get a 2 bedroom unit near the junction.

 

[beachgurl]

I agree that if you are going to spend 550K on a 2bed then spend your money in Maroubra Junction. Rentals are in high demand there and people are more likely to stick around than in Hillsdale. That price is pretty hefty for Hillsdale and I'd say you'll get a high rate of turnover of tenant as they'll go to better areas of town for the same rent. If you are going to buy in Maroubra, stay away from the streets with American state/city names as you'll have the same issues with tenants not wanting to live in a predominantly housing commission area.

Same with Eastlakes. If you were looking at a top-end unit there, you're better off buying in Kingsford for the same price and have a higher demand rental close to the uni and good bus service.

The bus service from Hillsdale is not bad but the Eastlakes buses aren't too flash. I'd probably only buy there if you can buy at a very good price and you can't afford to get into the Maroubra/Kingsford market.

 

[barkingcat99]

Thanks for the responses guys. I am looking at Maroubra and Kingsford now. After thinking about it and also driving over to Hillsdale yesterday, you are both right. Thanks for the info regarding the American named streets as well Beachgirl. Much appreciated.

 

[gnome]

Hello all,

I was wondering what streets in Hillsdale are populated by Housing commission? I'm considering leasing a unit in Grace Campbell Crescent st and I was told Denison st is well known for housing commission properties? Is this correct? Google Street View shows Grace Campbell Crescent to be very calm and family oriented given there is a park nearby for kids to play etc. How is the bus access to the UNSW & city/central from there?

Any advice is very much appreciated.
TIA

 

[gnome]

Never mind, I will answer my own query. The unit which was put on lease was sold last month for 380k and advertised for lease 380 p/week. The street appears to be densely populated with families, so I assume it is safer than other streets within Hillsdale. Hillsdale looks very promising for any potential investors I say. About 25-30 people turned up for inspection without knowing the unit was already leased! The agent never arrived and somehow we all got to know the unit already got a deposit and it was leased!

 

[kaiseriqbal]

Hi Gnome,

I am assuming you go to UNSW, cause I go there too.

With regards to the housing commission in Hillsdale, I never knew there was one in Denison street because that street is mostly Orica on the one side and mosty commercial property on the other. The Housing Commission that I am aware of is on Beauchamp street, behind Matraville Public School and surprisingly enough thats where David Warner used to live.

Hillsdale has actually had strong growth in the past year as most 2 bedroom 1970's units go for around 370K+. Considering the fact that my dad put a deposit on a 3 bedroom unit in Devitt Place for $130K, which would now go for around $400K, its far outperformed most of Sydney.

In my opinion, the safer streets would be around the Templeman crescent area and to get to uni, you would have to catch a bus from Bunnerong Road, so anything on Templeman crescent, Unsted Crescent, Flint Street or Jauncey place should be close enough.

Have fun house hunting