Penrith NSW

[Richrich]

HI, I am new to the forum. I live in Adelaide and have two houses around Brisbane. I am looking to buy around the Penrith area west of Sydney. Has anyone got any thoughts on this area for standard homes new or used?

 

[BV]

There are people here who know the area very well
What are you looking for and is it for investment?
Why Penrith?

 

[Richrich]

Penrith

I am looking to buy a 4BR family home for an investment as close to Sydney as I can afford, e.g under $500k. This area looks ok and there are newer areas a bit further out around Glenmore park. I invest predominantly for capital gain. Buy and hold.

 

[BV]

Ok so you are not restricted to Penrith
What about the following?
Consider that Wattle Grove is a lot closer to the City

http://www.domain.com.au/Property/For-Sale/House/NSW/Glenmore-Park/?adid=2008939844
http://www.domain.com.au/Property/For-Sale/House/NSW/Wattle-Grove/?adid=2008630303
http://www.domain.com.au/Property/For-Sale/House/NSW/Claremont-Meadows/?adid=2008573430
http://www.domain.com.au/Property/For-Sale/House/NSW/Wattle-Grove/?adid=2009057961
http://www.domain.com.au/Property/For-Sale/House/NSW/Wattle-Grove/?adid=2008726422

 

[skater]

I wouldn't touch Glenmore Park with a barge pole, unless you got a super bargain on the price. Sure, many of the homes are nice, however there are only two roads into the place and it is a rabbit warren of narrow winding streets. It can be a huge bottle-neck getting in and out of there during peak times.

The better quality areas closer to Mt Druitt are good value and closer to the City than Penrith. They have a high demand and are easily rentable. You could try St Clair, Minchinbury, Claremont Meadows etc, for quality homes.

http://www.realestate.com.au/property-house-nsw-st+clair-107420754
http://www.realestate.com.au/property-house-nsw-st+clair-107418052
http://www.realestate.com.au/property-house-nsw-st+clair-107250980
http://www.realestate.com.au/property-house-nsw-minchinbury-107407553
http://www.realestate.com.au/property-house-nsw-minchinbury-107081499

Or you could get two 4 bedders for your money if you look at ex-housing department properties in Willmot, Lethbridge Park, Whalan Tregear, etc. These homes are often not as nice looking as the above, but they still have demand. Make sure you have Landlord Insurance.

http://www.realestate.com.au/property-house-nsw-lethbridge+park-107401575
http://www.realestate.com.au/property-house-nsw-willmot-107264862
http://www.realestate.com.au/property-house-nsw-tregear-107204938

 

[beachgurl]

I agree with not going with Glenmore Park for capital growth. If you check out Mulgoa Rise and Glenmore Ridge you will see there is a stack of land to be released over the coming years, which means growth for the existing stuff won't be happening for a while. It's currently cheaper to build a new place in Glenmore Ridge than buy something established - a friend of mine is about to start building a 34 sq home on a 700ish sq block for 550K all up.

With a budget of 500K you could find something a lot closer to the city. Buying shiny and new doesn't necessarily mean good growth - in most instances it is the opposite.

 

[Richrich]

Thanks and posative gearing stratergy

Thanks everyone for your input. I have started to look at all these areas. I guess I still need to determine my cash flow then I can take the next step. Are there any good opputinities to positive gear in the Penrith based areas or anywhere in the Sydney greater metropolitan area.

 

[w0nnie]

One thing to consider when comparing Penrith to the suburbs a little closer is that it does have better cityrail links than all the stations between it and blacktown, being a stop on the mountains line.

This provides it with the normal suburban express trains as well as the outer urban express which, during peaks add another 3, very fast, services an hour on top of the normal express.