Miranda/Gymea for reno and flip

[Of The Vultures]

Hi all,

A friend is considering these two suburbs for a reno and flip. He's looking to spend around $600k + $150k reno, for a sale of around $900k. He's done renos before but in Western Sydney. He's asked me to see what I think of these suburbs before he jumps in - I know absolutely nothing about them, so hoping to hear from someone who's done something similar in the area.

What are the suburbs like, any particular suburb related issues that might affect what he's trying to do?

Thanks

 

[Ace in the Hole]

I can't see too much potential there.
They are good suburbs, just not sure if you can make money this way.

Look at this dump on Parraweena Rd which sold for $660k:
http://www.realestate.com.au/property-house-nsw-miranda-114224031

Alternatively, you can get very nice modern houses on much better streets for a mil.
So there is a big difference in quality for just a few hundred k.

I just don't see any profit there unless you rely on a rising market.

 

[ricflair]

And Parraweena road is pretty undesirable, very entry level street to that suburb