Parramatta Road Sydney

Im a newbie looking to purchase my first investment property (live in for 6months then rent out) and like most have close to no idea about a lot of things associated with this...

There is an apartment on parramatta road that im interested in but being situated on a very busy road and being at the front of the complex with balcony facing the street im a bit concerned about the pollution and noise. Would you guys steer clear away from this one purely for these facts? The price seems to be pretty decent though around $300,000ish for a 50sqm one bedroom with parking. And for these reasons it makes me a bit suspicious about why theres not much demand..

On a separate note, i actually have money deposited in a first home savers account (approx $7k) which i cant withdraw until July next year. Im not sure whether i should just jump straight into the market now and not worry about the account (money will then go to super) or hold out so i can access those extra funds. It seems a bit of a waste and i regret putting it in there in the first place ... what would you guys do in this situation ?

One last thing, is having an investment property and then renting a place yourself elsewhere better than just living in your first home due to tax deductions? thats what im thinking of doing as right now im living with parents but want to move out.

Thanks all, sorry if questions are a bit noob, and let me know if you need more info!
 
I'd personally hate to live anywhere near Parramatta Rd if it meant I had to go along it, it is one of the worst roads in Sydney IMO, if not the worst.

It will be noisey as all hell. I live in a unit facing Sydney Park Rd and the traffic along there while nowhere near as busy as Paramatta Rd drives me ****ing insane
 
I'd give it a miss. I don't know any tenants that would like living on a main road. It's cheap for a reason and you will rent it cheaply and sell it cheaply for the same reasons. Better to buy something that's cheap because of something you can change. Eg awful kitchen (change it and reap the rewards). You can't change it's location.

Renting your IP and renting elsewhere can be tax effective.

As you mentioned you can claim deductions if rented out.
 
On a separate note, i actually have money deposited in a first home savers account (approx $7k) which i cant withdraw until July next year. Im not sure whether i should just jump straight into the market now and not worry about the account (money will then go to super) or hold out so i can access those extra funds. It seems a bit of a waste and i regret putting it in there in the first place ... what would you guys do in this situation ?!

$300K sounds a lot for a 1 bedder on a busy road.
Busy road doesn't mean its a bad buy, it could also be suitable for commercial leasing.

With the current rental shortage you won't have problems renting it out
but being in a bad spot you'll always be getting lower rent and you'll generally have lower grade tenants. Being a 1 bedder you'll also be attracting single young tenants (generally not the best tenants)

Unless you come across a bargain (and this isn't one) I suggest you wait.
 
$300K sounds a lot for a 1 bedder on a busy road.

Agree. I am assuming it's new or near new, otherwise for 300 K look a 2 BR unit (older) not on a main road and within 1-1.5 km of the Parramatta hub). Also how many are in the block. If it is one of the higher rises, very little to differentiate from others and at one bedroom, less demand if you ever wish to exit

Busy road doesn't mean its a bad buy, it could also be suitable for commercial leasing.

With the current rental shortage you won't have problems renting it out
but being in a bad spot you'll always be getting lower rent and you'll generally have lower grade tenants. Being a 1 bedder you'll also be attracting single young tenants (generally not the best tenants)

Agree again. There is no shortage of rental in Parramatta precinct and if there is ever an over supply, the less desirable ones (main road or too small too loud/busy, too many neighbours, etc) may affect the desirability of your unit over others with more favourable attributes


Unless you come across a bargain (and this isn't one) I suggest you wait.Hatrick...........agree again.....look elsewhere for a 2 bedder for that money in a more mature block.


Hey there ownthing,

Keep looking and different types of units in Parramatta (or surrounds) to be more informed and perhaps refine what you're after. You mention this is on Parramatta Road, however no suburb. Is it in Parramatta or closer in toward Sydney CBD to warrant such a high price tag?
 
Thanks all for the replies! Ill probably just keep looking around

The apartment is in concord and the agent told me that it went up for auction last weekend but there were no registered bidders and the auction was cancelled.
 
Ownthing
300k will buy you an old 1 bedder in Cronulla/Caringbah. I'd personally prefer to live close to the beach than to live on parramatta road.... anyday :p
 
I have clients that won't buy anything where you can see Parramatta Rd, let alone be on Parra Rd.

Even if you can put up with it - if you even want to rent it out or resell it at some stage it will be difficult.:(

I mean we are having a boom in those suburbs at present and they had to cancel the auction for lack of interest - that has to tell you something. ;)
 
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