Potential dual occupancy areas

[malibu]

Hi
I need some advise please..my husband and I are looking at purchasing an investment property where we can one day (10yrs plus plan) knock down the existing house and build duplexes/dual occupancy. We currently live in a house that is mortgaged and we have a 2bdm unit that we purchased for investment. We started our search within the Parramatta Council area and soon discovered that it is overpriced for what we can afford (I think we have been priced out of Holroyd council as well). We don't really want to go over $500K (incl stamp duty, legals etc). Our sights have now turned to Blacktown council...we would love to gain some insight into areas particularly Riverstone (at this preliminary stage we are not sure even where the correct zoning is here).....still paying about $450-$500 here for a good size block...is that too much to pay do you think for this area? Are we better off sticking to St Marys, Blacktown, etc etc..
Thoughts are appreciated

 

[Shahin_Afarin]

Whats your purchase budget and then your build budget?

Regards

Shahin

 

[malibu]

Purchase budget I would say is about $450K....re the build budget ..our plan to build is not short term, rather a long term strategy. We just want to purchase something that has the potential to develop in the future should we want to go down that track. It is not set in concrete, however we want to purchase a property that we can do something with so to speak..

 

[Shahin_Afarin]

You should be able to get something for $450k maybe $500k in Greystanes, Pendle Hill, Toongabbie or Seven Hills. Have you read the Holroyd DA guide doe Dual Occupancy (both detached and attached)?

Regards

Shahin

 

[Ideo]

Chexk that the zoning allows dual occs first.

 

[malibu]

Thx - I will definitely check zoning first in all interested councils. Need some advise more so towards areas...are some areas priced too high, CG, rental return, quality of tenants etc...is Riverstone as bad as it used to be? is there some gentrification do you think? or better to stick to suburbs near Parra if we can afford

 

[Shahin_Afarin]

I would through the Bankstown area in your search criteria.

Regards

Shahin