New Western Sydney Employment hub - BUYING IN SYDNEY? -Proximity to work is important

B

BV

The newly released area is four times the size of Centennial Park & will accommodate up to 16,500 workers and serve as a major economic catalyst for new employment and investment in Western Sydney.

This is an additional 800 hectares of land at the intersection of the M4 and M7 which will increase the capacity of the area to approx 40,000 workers
more here
http://www.planning.nsw.gov.au/Prog...rnSydneyEmploymentArea/tabid/366/Default.aspx


There is also a proposed road network connecting the employment areas in Blacktown and Penrith local government areas with the M7 and M4 Motorways and Mamre Road.
http://majorprojects.planning.nsw.gov.au/index.pl?action=view_job&job_id=201
 
MsAli

MsAli

skater said:
All those jobs AND affordable housing. Another reason why I love Western Sydney.:D
Click to expand...

hello Skater,

I notice you are into property investment. I am new to this stuff. Wondering if you can give your opinion on what the prospects are for Blacktown? I am intending to get a 2 bed split level unit for around 315k. I am concerned about the crime and the reputation. I am first home buyer. Also, I intend to keep the place for 6 months and then rent it out. Worried about the reputation. However don't investors buy somewhere cheap right before the boom? We are at the bottom of the property cycle, so I guess it will only go up. And yes, the unit is at the top level (level 4 and 5) and is the 2nd last unit of the lot. So I am gathering there will be safety.
 
skater

skater

I am sure the place that you are looking at is lovely, however $315k is a LOT of money to spend on a 2 bed unit. You can purchase a 3 bed HOUSE for less a little further out. It won't be new, and it might not be brick either, but you will find that the new units that developers sell have a large profit margin built into them for themselves and you could be at risk of paying much too much for it.

When looking to buy a property one of the main things that I look at is the yeild (rent, less expenses v's purchase price). A high rise unit with an elevator is going to have a lot of costs. What is the proposed rental, body corporate etc?

As for crime and reputation etc. I have lived in the Western Suburbs for about 8 years now. It is true that some small minded people will look unfavourably on your choice of residence/investments etc. The thing to remember is that you have good & bad people in all areas. No area is immune to crime and no area is immune to bad tenants. Just do your best to protect yourself. This is why you have insurance.

Best of luck.
 
Witzl

Witzl

I have to echo Skater's sentiments exactly.
I've even put my money where my mouth is, and bought a cheap little 3bed fibro house in Colyton, on 600sq.m of perfectly flat land in a nice quiet street, about 5 mins walk from the local corner shops.

There are plenty of nice areas out west, where you can get over 500sq.m of land with a decent 3bed house sitting on it yeilding over 5% rental income.
Just go for a drive :)

My personal favs are: St Marys and Colyton.
 
Witzl

Witzl

well yes you can get nicer yields like that thru buying right and chosing your property well.... im just saying that its a walk in the park to get 5% yield - basically walk in off the street and buy something, and you get 5% yield :)

Mine is currently yielding 6.4% on current rent vs purchase price.
It's getting re-val'ed today, so i should see a nice $30-50K improvement in valuation (based on comparable recent sales).
 
Piston Broke

Piston Broke

Red Car said:
Such a large development and no rail transport?
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lol since when is infrastructure needed for land release or re-zoning?

We can build airports in the middle of nowhere and house 100,000 people in the bush.
What's a few big sheds with next to a freeway? No sweat.
Who knows :confused: , maybe it was a clause in the M7 contract...
 
skater

skater

Witzl said:
well yes you can get nicer yields like that thru buying right and chosing your property well.... im just saying that its a walk in the park to get 5% yield - basically walk in off the street and buy something, and you get 5% yield :)

Mine is currently yielding 6.4% on current rent vs purchase price.
It's getting re-val'ed today, so i should see a nice $30-50K improvement in valuation (based on comparable recent sales).
Click to expand...

Yes, you are right. The average Joe can get 5% easy without trying. However if you buy well you are able to do considerably better.:D

That's a nice improvement. How long ago did you purchase?
 
Witzl

Witzl

Dec 2008.
I get the result from the valuer tomorrow. Will let you know the result.

Piston - you are right i think. I remember my mate who works at Maquarie bank as an investment banker telling me that maquarie put a clause int he contract stopping any development of other public transport infrastructure in the area that the M7 services for a period of 15 years after construction.

I believe same condition was put on the M2 contract, hence why only just recently they've talked seriously about a northwest rail line (m2 finished in 96 i think).
 
R

Red Car

Witzl said:
Dec 2008.
I get the result from the valuer tomorrow. Will let you know the result.

Piston - you are right i think. I remember my mate who works at Maquarie bank as an investment banker telling me that maquarie put a clause int he contract stopping any development of other public transport infrastructure in the area that the M7 services for a period of 15 years after construction.

I believe same condition was put on the M2 contract, hence why only just recently they've talked seriously about a northwest rail line (m2 finished in 96 i think).
Click to expand...

I was aware of the M2 Clause, but my understanding is they designed the rail line to be away from the M2 so as to not trigger this.

I wouldn't be shocked if the same clause was in the M7 contract...
 
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