Norwest watermark luxury apptts

[tax-man]

Hello all...

What is your opinion on this, as a long term investment: (bought off the plan)

Watermark luxury appt - http://www.thelakesnorwest.com.au/about-watermark
Asking price 735K
2 bed facing lake on level 2
Area 91m internal plus balcony 11 m
Plus 2 car spaces
Swimming pool and gym in complex
Completion expected dec 2015
Strata 1300 per quarter
Council 1200 per annum
Rent estimate 690 upwards
Stones throw away from Norwest shopping centre
Located on Solent circuit Norwest business park.

2 buildings going up, 50 apptts each. Train station - when completed - will be a 10 minute walk

Really appreciate any advice!!

 

[FelixL]

For that much money I would rather buy this

http://www.realestate.com.au/property-house-nsw-baulkham+hills-116495151#

 

[Breamster]

that is a very high price indeed for two bed appt in the Hills district.

appts do sound luxurious, but that'd wear off fairly quickly after youve put a tenant in there in my view.

high strata to zap your cashflow.

You could pick up a nice two bedder in castle hill cbd 150m from castle hill train station (to be) for a heap less, with much better yield given the buy in.

 

[Breamster]

should add that I think that rest estimate is quite generous, unless theyre looking at shorter term executive type leases.

4 bed houses in very nearby areas are renting for less.

 

[kamchatsky]

For that much money I would rather buy this

http://www.realestate.com.au/property-house-nsw-baulkham+hills-116495151#

The problem with this ad is that in a hot market like now, it will end up selling for 860-900K at minimum. So you cannot really use this ad for comparison.

There are a lot of 2-bedroom apartments in Sydney that are selling in mid 700Ks and for whatever reason there are lots of buyers on those. So is it expensive? yes, but I would say no more expensive than other 2-bed apartments in Sydney and some of the tiny houses in Bella Vista that are 1.2-1.3M+.

The only comment is the high strata rates. I noticed that a lot of new apartments actually cut out all the gyms/tennis courts etc and only have lifts and gardens to keep strata low.

 

[Phiber]

That looks like a lot of money for the location being so far up north.
Better deals to have closer to the city I reckon.

 

[FelixL]

The problem with this ad is that in a hot market like now, it will end up selling for 860-900K at minimum. So you cannot really use this ad for comparison.

There are a lot of 2-bedroom apartments in Sydney that are selling in mid 700Ks and for whatever reason there are lots of buyers on those. So is it expensive? yes, but I would say no more expensive than other 2-bed apartments in Sydney and some of the tiny houses in Bella Vista that are 1.2-1.3M+.

The only comment is the high strata rates. I noticed that a lot of new apartments actually cut out all the gyms/tennis courts etc and only have lifts and gardens to keep strata low.

I can understand apartments in the city, but out that far in the north west where land is plenty, why?

750k can get nice house in Baulkham, which is much more established, good shops, transport and schools, not to mention much closer to the city

 

[kamchatsky]

I can understand apartments in the city, but out that far in the north west where land is plenty, why?

750k can get nice house in Baulkham, which is much more established, good shops, transport and schools, not to mention much closer to the city

I am not saying that the Norwest Watermark is good value at all. I am just saying that there are a lot of units that are similar priced that are like Watermark. At least OP's unit has water view .....

Norwest business park is actually centre for lots of jobs. It is like Macquarie Park but at Hills district. So it caters certain type of people.

If you ask me whether I would buy it though, I would say no. As I prefer to buy houses instead.

What I would suggest for OP though (if not exchanged of contracts yet and gone unconditional), if he wants new, is to buy houses off Fairway Drive, Kellyville. It is almost the same location as the Watermark apartments and it is actually houses. But it is cheaper because it is "Kellyville" rather than "Bella Vista/Baulkham Hills etc"

http://www.realestate.com.au/property-house-nsw-kellyville-116192711

http://www.realestate.com.au/property-house-nsw-kellyville-113096443

http://www.realestate.com.au/sold/in-fairway+drive,+kellyville,+nsw+2155/list-1

I would have bought there but I already bought another house somewhere else instead.

 

[cadence]

With that kind of money, I would buy a house in Baulkham Hills. You will get more capital gains from it which will help you with future wealth creation.

 

[FelixL]

Norwest Business Park tries to be like Macquaire Park but no where near it imo. Every time I drive past there it seems like lots of offices are empty

I would love to have a job there in IT, but for many years I haven't found a single entry that suits me, compare to Macquarie, North Sydney and CBD