Metford Vs Western Sydey for budget of $350k?

[Propagate]

We purchased our first IP in western Sydney earlier this year, and so far so good.

We're working with a BA and there's the suggestion of a property in Metford that could be a good buy.

I wondered what people's thoughts were on Metford Vs Western Sydney at the moment, seeing as Western Sydney seems to have had a good run if late and well priced houses are getting harder to find.

For a $350k budget I'd be interested to hear thoughts which area may perform better for CG?

I like this Metford place, and the area seems good, but keep thinking Western Sydney may still be a better buy for growth?

Cheers

 

[Propertunity]

I like this Metford place, and the area seems good, but keep thinking Western Sydney may still be a better buy for growth?

Before I start, I need to declare an interest, as it is one of my BAs that is working with Propagate.

Historically, over the last 15 years, Metford has grown 205%, off a median price of $105K then to $320K today.

If you pick a suburb at random in Western Sydney, say, I don't know, Claremont Meadows, by way of example, over the same 15 year period it has grown 181% off a median of $146K to reach $411K today.

As for the future - who knows?

See CG chart attached.

 

[TMNT]

Before I start, I need to declare an interest, as it is one of my BAs that is working with Propagate.

Historically, over the last 15 years, Metford has grown 205%, off a median price of $105K then to $320K today.

If you pick a suburb at random in Western Sydney, say, I don't know, Claremont Meadows, by way of example, over the same 15 year period it has grown 181% off a median of $146K to reach $411K today.

As for the future - who knows?

See CG chart attached.

just curious prop, how come you always mention historical performance over 10-15 years, in my opinion, its more important you work out roughyl what stage of teh cycle it is (if any) and whats driving it, the only thing that would concern me in a 10-15 year cycle would be if its continually shot up well above the average

 

[Propagate]

Thanks Prop.

 

[orangestreet]

We purchased our first IP in western Sydney earlier this year, and so far so good.

We're working with a BA and there's the suggestion of a property in Metford that could be a good buy.

I wondered what people's thoughts were on Metford Vs Western Sydney at the moment, seeing as Western Sydney seems to have had a good run if late and well priced houses are getting harder to find.

For a $350k budget I'd be interested to hear thoughts which area may perform better for CG?

I like this Metford place, and the area seems good, but keep thinking Western Sydney may still be a better buy for growth?

Cheers

We have a property in Metford. No complaints at all. Great tenants so far and a healthy yield. The two times I have been up there, I was impressed with the location, closeness to transport and shopping etc. Hope that helps.

 

[Propertunity]

just curious prop, how come you always mention historical performance over 10-15 years,

3 reasons:
1. Most people would accept that a full RE cycle is approx 10 years (as short as 7 years and as long as 12 years, to date).
2. I usually choose a min of 10 years and a max of 20 years, as that gives 1-2 full cycles to see a trend
3. It is the default setting in my database

in my opinion, its more important you work out roughyl what stage of teh cycle it is (if any)

If you can do that without the benefit of hindsight, then you are better at it than me - and also guessing

and whats driving it,

What's driving it can be different in each full cycle, for example:
1. Mining boom
2. Easy credit
3. Foreign investment
4. Govt infrastructure
.....the list goes on.
In respect of all these things, they may only help to assist with an initial purchasing decision, but once any property is purchased with the view of a long term hold (if it is), then what drives the cycles after that is largely irrelevant to the holder.

 

[Propagate]

Thanks guys.

I do actually like Metford, I think the reason we were on the fence with this particular property, (although on the face of it, it looks like it could be a good buy), is that it is outside of our strategy or looking for places that can be developed later. Not talking 4 unit sites, but at least the option to add a GF or split the block etc.

This one caught our interest mainly due to price, and being an iimpatient sod I was keen and all to quick to throw our strategy out of the window!

Sleeping on it though, we need to stick to the plan and look for something that we may be able to do something to/with later on in its life, as we plan to hold long term and at some point will likely get stuck for financing more purchases. Being able to go back to held properties and develop them somehow would keep the train running.

Cheers.

 

[TMNT]

3 reasons:
1. Most people would accept that a full RE cycle is approx 10 years (as short as 7 years and as long as 12 years, to date).

I agree, I go by 10 year cycle unless there was a huge boom or a huge drop,

so do you usea full cycle to determine, roughly what point of the existing cycle the suburb is?

 

[Propertunity]

....so do you use a full cycle to determine, roughly what point of the existing cycle the suburb is?

We use the graphs & charts to confirm what we should already know by being in the marketplace 24/7.

 

[DaveM]

We use the graphs & charts to confirm what we should already know by being in the marketplace 24/7.

Propertunity is upgrading to a USB powered crystal ball to modernise... his field staff have a crystal ball app for their ipads