Liberty Grove, NSW

[kamy7]

Hi all,

I am new to this forum but I think I should have been here a long time ago.

We have been thinking of buying our first home in Sydney and interested in Liberty Grove as I work in North Ryde and wife works 3 times a day at Sydney Uni and this would be convenient to both of us.

We have seen some good prices in Liberty Grove in last few months (450K for 2bed, 2 bath units) but still undecided and I will appreciate if experienced members can help.

1) There seems to be a lot of noise from the train line which runs past Liberty Grove. It is a freight line and trains run through the night. Is that a huge deal breaker?

2) Since the opening in 1998, the prices of units have not grown much. We saw a unit was bought for 260K in 1997 and now just worth 450K (13 years).

3) There seems to be a high strata fee (up to $1000 per quarters).

We are looking to live there for 2-3 years only and then upgrade closer to city and while capital gains is not an objective, we want to be able to sell the property easily when we move on.


Would appreciate help /advice on Liberty Grove!!

Thanks all

 

[Propertunity]

1) There seems to be a lot of noise from the train line which runs past Liberty Grove. It is a freight line and trains run through the night. Is that a huge deal breaker?

Not if you sleep during the day, no.....but if you or your future purchaser feels the need to sleep at night like most people, then......

2) Since the opening in 1998, the prices of units have not grown much. We saw a unit was bought for 260K in 1997 and now just worth 450K (13 years).

New units always suffer from low CG in the first few years as the profit goes to the developer's bottom line. This seems to be demonstarted by your figures here

3) There seems to be a high strata fee (up to $1000 per quarters).

If you don't mind me saying so, "That is insane". But it is the price you'll pay for lifts, pools, gyms and spas.

We are looking to live there for 2-3 years only and then upgrade closer to city and while capital gains is not an objective, we want to be able to sell the property easily when we move on.

You need to know that with the transaction costs of purchasing and then selling in such a short time period, that you may make a loss. RE as an investment should be viewed with a 5 year and preferrably more like 7-10 year time horizon.

 

[kamy7]

New units always suffer from low CG in the first few years as the profit goes to the developer's bottom line. This seems to be demonstarted by your figures here

Thanks. That's so right. I have heard that Liberty Grove was sold at Northern Beaches prices 11 years ago due to all the Olympic frenzy.

That's why I am staying away from areas like Rhodes and Homebush where new apartments are so much overpriced.

You need to know that with the transaction costs of purchasing and then selling in such a short time period, that you may make a loss. RE as an investment should be viewed with a 5 year and preferrably more like 7-10 year time horizon.

That's a good point too. May be we are better off renting and building our equity to the level we feel comfortable buying close to city.

Would you recommend another good suburb with our situation. Budget 450 to 550K. Need reasonable driving distance to North Ryde and city. Preferably close to transport and schools.

Thanks for your advice.

 

[chilliblue]

Have a look at properties at North Ryde, Ryde and Epping as you will find 2-3 bedroom units in your price range.

From Epping to Sydney Uni is 40-60 minutes dependant on traffic (I do this trip 2-3 times a week for my work) and will only be a few minutes for you.

 

[Propertunity]

Would you recommend another good suburb with our situation. Budget 450 to 550K. Need reasonable driving distance to North Ryde and city. Preferably close to transport and schools.

Why not buy a 2brm unit in West Ryde for that kind of money and then turn it into an IP when you want to move in closer to the CBD?
Older 60's or 70's block with potential to reno.....and with strata levies of $550pq

 

[chilliblue]

Why not buy a 2brm unit in West Ryde for that kind of money and then turn it into an IP when you want to move in closer to the CBD?
Older 60's or 70's block with potential to reno.....and with strata levies of $550pq

Forgot about West Ryde. Not a bad area with good transport links.

If you look hard enough, you may also find something in Artarmon or Lane Cove.

 

[cadence]

you'll find something within your budget at Gladesville and Lane Cove. They are generally smaller and older blocks with much lower strata.

 

[Jacque]

Agree with others about Gladesville, LC and West Ryde. You can still pick up older units in those suburbs between $400-450K with few problems. Even high $300K's will get you something if you look hard enough. Good bus links to the cbd for the first two and train line for the latter.