Mataran Road, Woongarrah Townhouse
- Thread starter lawmich
- Start date
http://www.realestate.com.au/property-townhouse-nsw-woongarrah-118925455
is the link to the development of more than 50 townhouses in one complex.
is the link to the development of more than 50 townhouses in one complex.
any view? or have you not heard of woongarrah?
i told my friend that she can get a house for less than $500 because the new OTP townhouse is around $500. also, it appears mainly investors are buying them (60 altogether) so the risk is not able to let out her townhouse easily, plus strata fees. The weekly rental for landed property is around $450 per week. no comparable rent for townhouses in woongarrah.
shes buying it because she was told more development in the area is under way and she has verified by visiting the area. (she's sydneysider)
i would have thought buying an unit in hornsby will be a better buy since she will be paying strata fees anyway, in terms of CG. both unit and townhouse have little you can improve.
alternatively, look for a property in or near Gosford CBD.
thoughts?
i told my friend that she can get a house for less than $500 because the new OTP townhouse is around $500. also, it appears mainly investors are buying them (60 altogether) so the risk is not able to let out her townhouse easily, plus strata fees. The weekly rental for landed property is around $450 per week. no comparable rent for townhouses in woongarrah.
shes buying it because she was told more development in the area is under way and she has verified by visiting the area. (she's sydneysider)
i would have thought buying an unit in hornsby will be a better buy since she will be paying strata fees anyway, in terms of CG. both unit and townhouse have little you can improve.
alternatively, look for a property in or near Gosford CBD.
thoughts?
Personally I would not be buying a townhouse:
1. In Woongarrah (its mostly houses on land, as you have identified)
2. In a block of 50 (too many, nothing unique)
3. OTP (under any circumstances)
1. In Woongarrah (its mostly houses on land, as you have identified)
2. In a block of 50 (too many, nothing unique)
3. OTP (under any circumstances)
I will give my 2 cents from two perspectives.
I live in the area, have the plans, know a little about this thing.
Personally.
A complete load of **** the way this 60 (not 50) townhouse project is being put together, townhouses are being put up at speed in Hamlyn Terrace (next suburb across) because developers are squeezing them onto the wetlands everywhere.
Woongarrah has very few towhouse (less then a handful last time I checked) and they are located in a small street near the busways depot off Hakone.
The way they have designed this is completely wrong for the area and the hill they are going on, your next door to the Anglican Aged Care which has already got approval to develop another 120+ aged care hostels right down to hakone rd on the other side.
If I was buying I would seriously be concerned about the quality of these.
I can go on, no point, I know it's a rant, soo..
As an INVESTOR..
Sure, Woongarrah is having a little burst of energy at the moment with completion of the Warnervale Town Centre (WTC) entry and the 18 month sparks rd upgrade soon to be completed.
I would ONLY buy a single story, 4 bed, 2 bath etc as you should attract a rent around $450+/pw, I know sizeable 2 story homes, 4br, 2bath, nice specs, 600m2 are attracting 550/pw.
Vacancy rate should be low at the moment, 2259 covers a large area on sqm, so Woongarrah specific, most houses are getting around 15 applications on a 20 min walkthrough, it's very competitive.
The house purchase is better value for the area and its growth, the future 7 stages Wyong Council has planned for the WTC will produce a lot of custom townhouses as they are trying to protect the image of the WTC moving forward.
These Mataram Townhouses are heavily marketed at present to the Asian market with things such as this youtube video: https://www.youtube.com/watch?v=9WiWRzN16VM
This sort of video does not represent the actual street scape or area at all, it's a complete misrepresentation, I understand marketing, but this is BS, and then the price:
$480K plus, hell no. For a townhouse? Here? hmmm a little research would tell you that the Bank Vals will probably smash these back as has been happening in Hamlyn Terrace.
I just did a re.com.au search and found the specs I mentioned, quality homes, from $415K upwards.
You can search the wyong council website for all the DA's and plenty of research material for the WTC development.
This is still a regional centre, and your about to get a property/land dump, over the next 2-5yrs from the following so expect CG to slow:
WTC (soon to be massive land release)
Wadalba (massive land release (in the thousands) going on for some time)
Hamilyn Terrace (all the pockets are being snatched up for townhouse developments)
Expect saturation as there will be a ton of this sort of stuff within 5km of the WTC, stick to the single storey dwellings if anything. Better value and returns for the right investment and from what I hear no bank val issues.
As an investor I don't touch this area as I have found incredible value elsewhere in Australia $ for $.
Hope this helps.
I live in the area, have the plans, know a little about this thing.
Personally.
A complete load of **** the way this 60 (not 50) townhouse project is being put together, townhouses are being put up at speed in Hamlyn Terrace (next suburb across) because developers are squeezing them onto the wetlands everywhere.
Woongarrah has very few towhouse (less then a handful last time I checked) and they are located in a small street near the busways depot off Hakone.
The way they have designed this is completely wrong for the area and the hill they are going on, your next door to the Anglican Aged Care which has already got approval to develop another 120+ aged care hostels right down to hakone rd on the other side.
If I was buying I would seriously be concerned about the quality of these.
I can go on, no point, I know it's a rant, soo..
As an INVESTOR..
Sure, Woongarrah is having a little burst of energy at the moment with completion of the Warnervale Town Centre (WTC) entry and the 18 month sparks rd upgrade soon to be completed.
I would ONLY buy a single story, 4 bed, 2 bath etc as you should attract a rent around $450+/pw, I know sizeable 2 story homes, 4br, 2bath, nice specs, 600m2 are attracting 550/pw.
Vacancy rate should be low at the moment, 2259 covers a large area on sqm, so Woongarrah specific, most houses are getting around 15 applications on a 20 min walkthrough, it's very competitive.
The house purchase is better value for the area and its growth, the future 7 stages Wyong Council has planned for the WTC will produce a lot of custom townhouses as they are trying to protect the image of the WTC moving forward.
These Mataram Townhouses are heavily marketed at present to the Asian market with things such as this youtube video: https://www.youtube.com/watch?v=9WiWRzN16VM
This sort of video does not represent the actual street scape or area at all, it's a complete misrepresentation, I understand marketing, but this is BS, and then the price:
$480K plus, hell no. For a townhouse? Here? hmmm a little research would tell you that the Bank Vals will probably smash these back as has been happening in Hamlyn Terrace.
I just did a re.com.au search and found the specs I mentioned, quality homes, from $415K upwards.
You can search the wyong council website for all the DA's and plenty of research material for the WTC development.
This is still a regional centre, and your about to get a property/land dump, over the next 2-5yrs from the following so expect CG to slow:
WTC (soon to be massive land release)
Wadalba (massive land release (in the thousands) going on for some time)
Hamilyn Terrace (all the pockets are being snatched up for townhouse developments)
Expect saturation as there will be a ton of this sort of stuff within 5km of the WTC, stick to the single storey dwellings if anything. Better value and returns for the right investment and from what I hear no bank val issues.
As an investor I don't touch this area as I have found incredible value elsewhere in Australia $ for $.
Hope this helps.