Newtown houses

[newbie79]

I am considering buying a terrace/house in Newtown. There is quite a significant difference in prices in properties off the strip between newtown station and sydney uni and the newtown closer to enmore. The king st strip in the latter doesn't appear as vibrant and the streets there are very narrow but i quite like the proximity to newtown station.

Anyone can share views on their experiences in the two areas of newtown and views on future growth?

Thanks!

 

[BV]

Are you buying it for to live in?
I like Newtown and I often got there but I don't know it well enough to comment on particular streets

Future growth?
If you like to look at statistics and predictions get a residex report.
IMO any property in a growing city will go up over time so if you like what you see and can get a loan go for it.
Time will work in your favour.

I remember the days a cup of coffee was $1 and a loaf of bread was about the same but it wasn't easy to get a loan then.

 

[newbie79]

I live in an apartment in the city now so looking for an investment. Newtown is a nice spot in general and I am surprised that it is only in the last few years that king street has really taken off.

 

[Cashflow]

I purchased properties in both Newtown and Enmore back in the day when there was both goths and ferals in the area. Things have certainly changed these days.

Newtown north will attract higher purchase prices and higher rents. Newtown south will have cheaper prices and rents. Some streets in Newtown south (ie Holmwood) have parallel street parking or wide streets. Either part of Newtown is a good solid investment that will grow over the years.

Ensure you carry out a building and pest report especially investigating foundations (stumping etc) and foundation wall cracks.

Let me know how you go.

Peter
www.privaterealestate.net.au
www.cashflowcalculators.com.au

 

[evand]

I love the Newtown/Enmore area and get down there often.

You still get the goths/punks/ferals etc but you have to go down to St Peters/Enmore end. I like the triangle between King St and Enmore Rd.

I have a friend that lives in Margaret St. which is in that area. Its a great little area. Newtown/Enmore etc is great for growth long term if you ask me (the whole inner west is).

Newbie79, what do you mean by 'really taken off'?

 

[newbie79]

Newbie79, what do you mean by 'really taken off'?

I went to sydney university approx 10 years ago and the shops there aren't as upmarket and do not open as late. We used to wander down there from college at 9pm and only the kebab shop and a few convenience stores were open. very different these days.

 

[MichaelSyd]

Newtown nice place to visit - even better to live in!

Hi

Just my 2 cents worth. I bought my PPOR in Newtown in late 2007, a 2 level 100 yo terrace, one block back from King Street (the main drag) and 300 metres south of Newtown station. It took me 5 goes at auction in Erskineville/Newtown to finally get one!

It is a very safe and enjoyable place to live. To the east of my place is Erskineville, another great find which is becoming more family oriented.

King Street just keeps improving with new cafes and restaurants opening all the time.

Of note, NSW State Rail has confirmed its plans to rebuild Newtown station starting May 2010 finishing 2012. The station will be much bigger with lift access and more retail space. Down from the station on Erskineville Road, Woolworths is trying hard to get approval for one of its premium 'Thomas Dux' grocery stores.

Buying at the moment is very tricky, especially for houses - there are very few listings and the Inner West auction clearance rate was 90.9% last week! I went to an auction on Saturday for this place;

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105915588&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=86503682&s=nsw&snf=rbs&tm=1250915037

It was advised as '$600K plus' and went for $680K with 2 very keen bidders going into battle. It didn't look as good as the pics and the bedrooms were quite small. There were many other wanna-bes in the crowd, so Newtown is certainly a tough market to get into! But well worth it and I think in the long run it will well and truly prove itself.