Just bought in Marrickville

This place popped up the other week and I pounced. It's a stone's throw from my PPOR in a really nice, well maintained complex. There's a high number of owner-occupiers who take pride in the appearance of the common areas. The building backs onto a pond, and is well in off the street. The sounds of birds and frogs overpower faint traffic noise.

- Second floor, looks out over pool and communal garden
- 70sqm (incl. balcony)
- King sized master bedroom, smaller second bedroom
- Floating floors in bedrooms
- Big bathroom with separate shower
- Internal laundry
- Cat friendly

There's no parking, but a bus stops right outside, and the train station is 350m away (so is the new Light Rail which starts service next year). The area surrounding the station/light rail already has a few great spots to eat and some small grocers, but it's being redeveloped ? new residential and commercial stuff. In 12 months I reckon it'll be buzzing at night.

It's right near the golf club, Cooks River and a handful of parks. The forthcoming ~$30mil Marrickille Library site is just over 1km away and it's a 10 min walk to Woolies. From there, you can enjoy the fruits of the tsunami of gentrification sweeping through. There are dozens of caf?s and restaurants, even a few bars.

It's unlikely I'll be doing anything to the place before getting a tenant in. It'd be nice to find a cat owner. There's even a cat flap on the front door.

Have a squiz at my first IP:

http://www.realestate.com.au/property-unit-nsw-marrickville-114761203

Seeing double? ;)
 
Great location. Great block. Great buy I reckon. The light rail will give that whole precinct a boost. Strategically clever move on a few levels by Richard.
 
Good stuff! Do a bathroom reno in a couple of years and get a reval done :)

Only other comment I have is did you check if the tile and timber floors were strata approved?
 
Hiya Richard,
Firstly congrats!Good location!
How many units are there in the complex?
Cheers Spades.

Edit*Just seen another listing in the same complex with fees listed.
So strata,water,council fees will be costing you 50$ pw approx.
 
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Congrats! How much are you looking to rent it out for?

Right now, south of $450/week ? unless I can negotiate use of a car space from another resident. This purchase is purely a capital growth buy though so yield isn't at the top of my priorities.

That said, I'd be looking at getting someone on a 6 month lease. When that's up, the new light rail will be operational, a few new caf?s will have popped up within 5 mins and I'll be able to give it a good nudge.

Good stuff! Do a bathroom reno in a couple of years and get a reval done :)

Only other comment I have is did you check if the tile and timber floors were strata approved?

Yep, bathroom will get facelift down the track. Floors are all good :) Strata are very accommodating too, greats news for the future.

Hiya Richard,
Firstly congrats!Good location!
How many units are there in the complex?
Cheers Spades.

Edit*Just seen another listing in the same complex with fees listed.
So strata,water,council fees will be costing you 50$ pw approx.

There are 3 buildings in the same strata scheme. 21 apartments in this, 18 in the next and 12 in the next. Approx $70/week. The place you looked at may have been 15A (a 28sqm studio, much lower strata). It's big help having that number of apartments sharing these the same lot. Strata fees elsewhere nearby are generally higher.
 
The rental listing is now up ($450/week):

http://www.realestate.com.au/property-apartment-nsw-marrickville-411676063

On realestate.com.au, in Marrickville:

- It's the only apartment that's "pet friendly"
- There's 45 other 2 bedroom apartments for rent
- There's 29 other 2 bedroom apartments for rent at $450/week or less

The apartment directly below this one is going to Auction in 3 weeks too:

http://www.realestate.com.au/property-house-nsw-marrickville-115203035

Identical floor plan, but it's recently renovated. I'll take a punt and say it'll fetch $480,000-$520,000 (only the higher end of that if there isn't much else on offer at the time of auction).

This post is as much for my records as anything else.
 
Richard, I reckon if it's the only apartment out of 45 that is 'pet friendly', I would mention that in the first line of the ad copy. It's your point of difference - shout it out.
It's good that the big new apartment building near the station is some way off being finished. Boy, there will be a lot of units hitting the rental market when it's done.
 
Spot on re: cats, Scott. I'd discussed this with R&W and it'll be emphasised across the board when listings are updated. I decided against pushing the rent any higher despite this unique selling point.

Re: oversupply, there's a small handful of apartment developments going up near the station. Most of that strip from the station down to the lights at Ewart St is going to be apartments. From memory, there's 3 separate DAs within 50m of one another for approx 31, 27 and 21 apartments + commercial (not including the one under construction now, or the one that's just had a few levels added). I wouldn't want to have a vacancy around the time they complete.
 
Yeah nice buy!
I was just in Marrackas on the weekend for the first time in probably 5 years & was amazed at how much it's changed/gentrified...
 
Yes, though you misread the man and mistake clarity and strength of opinion for agitation. Note the overwhelming smiles that reveal themselves at 1:21, 1:28, 3:18, 4:11.

It's worth watching the entire interview that comes from.

In the mean time, have a squiz at a more typical interaction with Feynamn: http://www.youtube.com/watch?v=FjHJ7FmV0M4 (6 min video explaining light).
 
Tenant locked in at $450/week on a 14 month lease following the first open. Good result.

I went 14 months so the lease is up in January ? best time of year to be seeking a quality tenant in the area, I'm told.

Saturday, a small handful of folks walked through (and 4 couples missed out after arriving a few mins late). Had two applications (1 x cat owner, 1 x no cat). I'd also had a few sight-unseen applications prior to the open. Plenty of interest in the place despite a lot of competition out there.

So that's that.

For the record, Richardson & Wrench have been excellent thus far.
 
Thanks Spades.

Yeah, ideal outcome on the tenant. I don't settle for a couple of weeks, so they're lined up from day one.

Very good result given the amount of choice out there.
 
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