Penrith - what's happening?

[MsAli]

Hi all,

I've searched the forum but there is not much talk of Penrith. It is a CBD after Parramatta and Blacktown. Yet I'm seeing some of the prices in the area are higher than Blacktown LGA...which is interesting as Penrith is further out west. And SO FAR it appears the rental yields are lesser than some of the Blacktown LGA suburbs.

Have you invested in Penrith or considered investing? What are your thoughts about the area?

Thanks,

MsAli

 

[JWR]

Also throw in Campbeltown to the mix.

I believe Blacktown LGA has better prospects that Penrith and Campbeltown so would want a good bargain to justify purchasing there

 

[MsAli]

Interesting...Penrith appears to have as expensive properties as Blacktown LGA

Why do you think Blacktown has better prospects than the other two?

 

[JWR]

Superuir developments, infrastructure, pop growth, proximity (i.e. in the middle of Parra and Pen and Camp - whereas Pen, Camp are near nothing)

Of course Parra trumps them all - but for double the price and not as good value.

 

[virgo]

Penrith

Hiya

I have an IP in Penrith; bought last year (more South Penrith i think); within walking distance to CBD..and possibly Westfield

I just checked RP Data; capital growth this year so far 10% ( i am going to refinance now; we will see how much is revaluation)

Why did i invest in Penrith?

a) good yields (9.2% and that is before granny flat)
b) better demographic than St Marys, Mt Druitt
c) has a "CBD"
d) just wanted to get into Western Sydney
e) did not want to jostle with people for Blacktown and overpaying
f) plenty of choice
g) i JUST LIKE IT walking aorund especially area around the Panther's (?) Club and CBD

Also as part of my due diligence, sat in Westfield Penrith foodcourt; talk to nice elderly couple and ask them where they are from...down from the Mountains they say; they come every week for shopping and running their errands...so gateway to the Blue Mountains....

Hope this helps eh?

 

[JT7]

I'd agree with you Virgo. I've got an IP in the Penrith area and although I've not seen CG for a while it looks like things might be improving. My yield has steadily increased through the years and will continue to do so.

As Sydney decentralizes Penrith has been nominated as one of five major regional centres along with: Sydney; Parramatta; Liverpool; and Blacktown. Penrith will have huge population growth according to the Sydney 2036 Plan so it's future is looking very stable.

Jack

 

[peastman]

I also have an IP in Penrith, just over the road from the hospital.
I chose Penrith because it has major infrastructure, good prices and reasonable yields. I see it as a place with a future.
When I was looking, agents were telling me the most desirable places are south of the railway and west of The Northern Rd.

 

[beachgurl]

I grew up in Penrith and unlike many of my peers, moved from the area. Most don't. The majority of our parents moved out to Penrith, so now the second generation of Penrithites are looking for a place to live. Most can't afford to buy, so rentals are becoming popular. There isn't a huge amount of DOH properties in the area the previous poster mentioned, so it has a pretty good reputation. South Penrith has always been popular and even more so now that Glenmore Park is growing and getting more expensive. People would rather live north of the M4 to dodge a lot of that traffic. If you can get work out there, you really don't have to leave the area for any reason - a huge shopping centre, parks, the river, regular fast trains to the city, along with a few goods schools. Lol reading this you'd think I'm one of the ones that would never leave To be honest I think it's nicer out there than it was when I lived there.

 

[Panther Power]

I also have a property in South Penrith. It is a great area I have never had a problem I purchased the property in 2008 and I have not done a thing to it and it now rents for $400 p/w (pet friendly).

I am a big fan of Penrith and not just the football team (as my user name would suggest) It is growing and has everything that you need.

 

[DaveM]

My IP in Cambridge Park has done well and same tenants since I bought, they like the area and its facilities, close to the penrith cbd.

Has been showing good returns and growth.

My IP in St Marys is fairly new, had a reval the other day after reno and having tenants put in, all good and loan redraw in progress.

 

[rookie101]

hi guys we sold a penrith home last year. Held it for 2 yrs did 6k of renos and got 25k return when selling. Kicking myself for letting it go now

 

[JT7]

Hi all,

I've searched the forum but there is not much talk of Penrith. It is a CBD after Parramatta and Blacktown. Yet I'm seeing some of the prices in the area are higher than Blacktown LGA...which is interesting as Penrith is further out west. And SO FAR it appears the rental yields are lesser than some of the Blacktown LGA suburbs.

Have you invested in Penrith or considered investing? What are your thoughts about the area?

Thanks,

MsAli

Perhaps some good news to come?
http://www.propertyobserver.com.au/...dney-but-melbourne-left-out-apm/2012072055676

http://www.propertyobserver.com.au/...dney-but-melbourne-left-out-apm/2012072055676

 

[JT7]

hi guys we sold a penrith home last year. Held it for 2 yrs did 6k of renos and got 25k return when selling. Kicking myself for letting it go now

Mate, that's a fantastic little return and look at the positives...there's a great little lesson somewhere in there for you which it sounds like you've learnt from.

You've obviously got the skills required to make money. Next time you'll be a little more wiser. Good lessons are worth there weight in gold.

Jack

 

[MsAli]

Thanks all for the responses....

Virgo, surprised that you have found a 9% rental yield... from what I saw the 2BR units alone are pricey and not sure how you could get 9% on them.

 

[virgo]

Penrith

Hiya

Mine is a dual occupancy (actually a triple occupancy as the garage is also rented to a handyman )

Look harder there are some gems around

 

[Jacque]

Hi MsAli

My first IP was a house in Penrith for $125K... quite some time ago, obviously We kept it for 6 yrs and sold for close to what we paid for it, but 3 later would have doubled our money. C'est la vie

I believe Virgo is referring to the fact that her house has 3 sets of tenants - and I'm pretty sure the LUG isn't an approved dwelling

 

[virgo]

Triple occupancy

HiJacque

Oh no! The DLUG is not an approved dwelling; the handyman uses it to store (and saw) his stuff and i only charge him $50 per week

 

[MsAli]

Hiya

Mine is a dual occupancy (actually a triple occupancy as the garage is also rented to a handyman )

Look harder there are some gems around

Virgo, what about the insurance? Does LL insurance cover the multiple occupancies?

I am wary of dual+ occupancy due to the risks involved in case the dwelling doesn't meet the council standards or is unapproved. High risks in terms of potential accidents.

 

[virgo]

Insurance

Hiya

Terri Sheer will cover unapproved dual occupancy; BUT you pay 2 lots of insurance

 

[virgo]

Ll

And also both Allianz and Westpac covers LL building insurance for unauthorised dual occupancy...all you have to do is disclose:)

all the best