Newington?

Prices have been dropping in the area of late, not familiar with the area at all. Anybody have any comments about the area itself and its investment potential, or has the area come and gone??
 
Prices have been dropping in the area of late,
Really?? Units grew 5.5% in 2009 and 1.2% in 2010 so far.
Houses in the same period did -0.3% and -1.6% - but not much in it either way. There are only 60-70 unit sales made in Newington most years and about the same number of houses.
So units are up a bit houses are down a bit is about as much as you could say.

not familiar with the area at all.
The Inner West has outperformed this area. There is a lot of new stock.

Anybody have any comments about the area itself and its investment potential, or has the area come and gone??
I'd find better places to get quicker CG personally but I think long term it is geographically in a good position. I just don't want to wait that long.
 
Thanks for the replies. Ok, i'll clarify, my knowledge of the area comes from re.com and reading a few things over the internet. The surrounding suburbs concern me, as well. We will be living here for a few years and then look at renting out. So many decisions, there really is no such thing as the perfect place! thanks for the replies
 
Newington is a nice place for an owner occupier. My parents live there. It's quite picturesque and very quiet. Not sure about it's investment potential though. I don't think the surrounding suburbs are an issue. The demographic of the people living in Newington is very different to say Auburn/Lidcombe which are its neighbouring suburbs. The area is more popular with families and retirees than singles and new immigrants. You wouldn't go to Newington unless you live there as it's not really 'on the way' to anything. Public transport is not fantastic so you definitely need a car.

There's currently a block of apartments going up near the shops. It's not built by Mirvac like the rest of the suburb. As far as I can see this should be the last bit of development in the area as there's no more vacant land left.

Hope this helps. =)
 
My friend lives there and recommends it.

There is a good shopping village for convenience. It's a short distance drive to various train stations Homebush, Olympic Park, Aurburn and Lidcome.

There is a very good private school there. I heard from people that this can help make the area attractive to buyers.
 
Newington is quite a nice area. I wouldn't compare it to Lidcombe or Auburn, more likely Homebush Bay with nice houses instead of apartments.

It's amazing how a big road like Parramatta Rd can make a suburb different.
 
There is a very good private school there.

Really? I thought there's only a public primary school there on the main Boulevard.

A lot of ppl think that's where Newington College is but it's not. Is this what you were referring you?

P.S. When buying in Newington to live I would personally buy as close to the shops as possible especially if you plan to catch buses during peak hour on a regular basis. By the time the bus gets to the other end of the suburb there will be no more seats left! :p
 
always got the impression it was a nice area, but public transport would be main concern (for investment purposes, less so if its for you to live in and youve got a car etc). fairly well isolated from silverwater industrial area. and yes quiet probably due to lack of flow-thru traffic.

though, it is expensive. cant think of any other downsides than that and needing a car/no transport....unless of course theres a mass breakout at silverwater prison!
 
I only had a very brief look at Newington some time ago and noted that the land sizes were extremely small - literally the size of inner city blocks.
 
It's a nice place to live. It feels a bit like a gated community but everything is pretty condensed and the streets are very narrow. I personally would love to live there provided I had a car but I think there are better choices for investments as I personally think it is over priced for what/where it is.
 
I lived there for 3 years - great place from the point of view of being very self contained and little to no through traffic. Travelling was a pain in the ar$e as I worked in the city. Prices seem to have been fairly stagnant from a quick look.

In 2001/2 I rented a 2 bed 2 bath apartment in Mockridge Ave for $320 per week - I think they were selling for high $300k's.

We moved to a house in Elvstrom ave that was quite cheap at the time a $400pw for 4 bedroom, when most were around $500pw.
 
Going a bit off topic. I checked out the median unit price for Drummoyne on RP Data yesterday and it's been fluctuating between 595k to 615k since 2001.:eek: Just goes to show the 7-10 year property cycle as quoted by so many people doesn't always apply and this is especially true for the Sydney market. I think a lot of suburbs in Sydney would be in a similar situation.
 
sydsider ... that stat doesn't sound right to me .. Drummoyne is dominated by houses on land (not units) which easily exceed the million. It would also be hard these days to get a decent 2BR unit for less than $550k.

maybe the stat is not accurate because not many people have been selling in the area .... which wouldn't suprise me as it is a great area with loads of potential ....
 
Had another look. Unit price in Drummoyne went up by 10.2% in 2009. It rose sharply between 2000-2002 then went stagnant between 2003-2008. Maybe I was looking at a different suburb and remembered it as Drummoyne. I was only looking at the unit stats because bf owns a unit there and he bought around the peak!:rolleyes:
 
sure yeah I understand! those stats can be so confusing and the way they set out out doesnt help either.

I think if you can get a 2BR unit for $500-$600k it would be a worthwhile buy =) lots of potential and a very nice area to live!!! I was looking there last year but couldn't afford it at the time =(
 
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