Low supply, but really keen..which one?

[malibu]

Hi

I am going to buy in one of the Ryde areas...ie. in preference West Ryde, Eastwood, Meadowbank, Ryde....however supply is so low at the moment. Most that are within my budget max $390K (2bds) are popping up at West Ryde or Meadowbank....

Would you prefer one over the other?
Is there any over supply issue in Meadowbank with all the new developments?
Better rental return in West Ryde than Meadowbank...but what about CG?? Is it much the muchness???

Please help!! I want to hurry up and buy....the waiting is driving me insane!!!

 

[travelbug]

Hi, there are a lot of units in Meadowbank but the new ones don't compete with the old. They are double the price so appeal to a different market.
I own in Meadows cres and there has always been a line up when it becomes available for rent. A friend has one in Bank street. Same story.

I like Meadowbank (and so do tenants) for it's transport options. Easily accessable to train, bus and rivercat to the city.

I have not been excited about the CG though. My other properties have fared much better than this one. Yield is not wonderful either. My place would be worth $350K and rent is $345. You can get a lot better yield further out. As Meadowbank develops I think it will do better though. Waiting, waiting. I'm not sorry I bought there but I would be a whole lot better off if I had purchased a unit further west for less money and better yield.

Sorry can't compare to West Ryde as I haven't researched there.

Is it for an investment? Can you afford the negative cash flow? That's negative $125pw after tax (if you earn $60K). Assuming purchase + costs = $350K and rent of $350.