Mascot vs Zetland

[Malu]

Hi ,

We are currently searching to buy our first house and are very confused about "where to buy", so I am hoping for some advice please....

We are leasing in Waterloo (Meriton appartments) and have previously lived in Alexandria, Centennial Park and Bondi. We love the Eastern Suburbs but can't realy afford a house (min 2 bedrooms) anywhere near the beaches.
So the area we are in seems to be the best bet for the 600k mark.

We want to buy a house (min 2 bed) that is liveable to start with, and has potential for renovations and growth - most importantly capital growth!

Searching around Zetland, Waterloo (zetland side), Alexandria, Rosebery and Mascot.

What is confusing is that for the same price of a 2-3 bedroom terrace in Zetland, Waterloo and Alexandria, there are 3 bedroom houses in about 350 - 500 sq meters of land in Mascot.

My inexperienced opinion is that Zetland (around green sq) and Waterloo have a much higher growth potential then Mascot, so it may be worth to comprimise in space to gain property growth.

However Mascot seems to be developing quite a bit in recent years and some of the growth experienced around the green square area will certainly impact the Mascot region.

We don't want to spend more than 650k and ideally would like 3 bed but 2 would be ok if the property/region has high potential.

Any thoughts?

 

[Propertunity]

What is confusing is that for the same price of a 2-3 bedroom terrace in Zetland, Waterloo and Alexandria, there are 3 bedroom houses in about 350 - 500 sq meters of land in Mascot.

Why is that confusing? The houses in Mascot are usually quite old (not all obviously) and have more (?) aircraft noise.

My inexperienced opinion is that Zetland (around green sq) and Waterloo have a much higher growth potential then Mascot, so it may be worth to comprimise in space to gain property growth.

Well in CG terms there is not much between them. Zetland's long term CG is 8.16% while Mascot's is 8.34%. Median prices of homes is higher in Mascot @ $650K while in Zetland it is $613K. IMO there is not much in it either way. Zetland has had a lot more unit development over the last 10 years.

What about something like this:
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007585368

 

[Highlygeared]

I think you need to think hard thru this because its a place you may/want to live.

Mascot is not for me having lived many years in Kingsford, Coogee and Randwick. It has a different feel and it will gentrify further but there seems to be a great divide depending on which side you live on Gardeners Rd (and Mascot is on the wrong side of it).

If it were me, Id go for a rundown semi in Kingsford and Maroubra (you might be lucky), perhaps a townhouse in a lesser part of Randwick (again, bargain of the month material). Sure you could buy a terrace in Redfern proper /Waterloo too if that's who you are. I lived in Newtown for 18 months and I missed the East whilst there. No amount of glossing up of Redfern will alter its makeup IMHO.

I think true gentrification takes place when the rif raf moves out, not when funky buildings stand aside Housing Commish ghettos. Whether bona fide gentrification will take place, I dont know. But I wouldnt bet on it, too politically sensitive.

If growth is more important than how you feel when you step outside your front door, then perhaps a terrace (not an apt) in Zetland/Beaconsfield will be a good bet, as is Ersko, Alexandria (Golden Triangle), Newtown, Enmore, Redfern East etc. Once Green Sq is complete, it will be unrecognisable. I really like parts of Rosebery adjoining Zetland and Kenso as well for the budget. Irrespective of the flood of apts in Green Sq, I think terraces/houses will hold their own.

Diff strokes for diff folks, but I would first decide if this is a home first, before an IP. The criteria for each will be diff.

 

[ok180]

Alexandria is good, especially the streets around the park and the "golden triangle".

I went to an auction on the weekend at Alexandria (garden street) for a house that went for $574k. Tidy place that needed a freshen up maybe $20k to spend if i were to live in it but for a rental it would be fine. Had no parking though, don't know if that is important for you.

I purchased a house in Alexandria about 2 years ago for 425k. It has gone up 100k since then.

 

[Highlygeared]

Alexandria is good, especially the streets around the park and the "golden triangle".

I went to an auction on the weekend at Alexandria (garden street) for a house that went for $574k. Tidy place that needed a freshen up maybe $20k to spend if i were to live in it but for a rental it would be fine. Had no parking though, don't know if that is important for you.

I purchased a house in Alexandria about 2 years ago for 425k. It has gone up 100k since then.

Yeah, definitely parking in the Inner West. The premium you pay will get bigger, as it has in suburbs like Paddo/Woollahra where houses with parking, at least the perception (and I mean a poky, narrow RLA) can fetch $200K more.

Pay the price (of parking) now but get it back in spades.