Property in Homebush (NSW) area

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From: Jef .


I am another newbie who has been watching this forum for a long time. I have lot of admiration and respect for those who dare to venture and achieved success in the real estate game.

I am a bit of a faint hearted who, having bought at the height of market in 1988, have become reluctant to buy in the last few years. I have been waiting for prices to come down after the olympics as the experts predicted. To my horror, prices even went higher in the last year.

My patience is now exhausted after 4 years of waiting. We have again missed the boat. We now desperately need to upgrade our home as our current home is getting old and our kids are going to university next years, we need to move closer to the city and public transport.

I have been eyeing the Home bush Area in Sydney, since it seems to satisfy all our needs such as afford ability(~400K for a 3-4BR townhouse), good schools, public park land, sporting facilities, transports and distance to the city. Note that we are interested in small blocks of townhouses, not the big developments like Newingtons or Liberty Grove as we figure we cannot afford the body corporate for the extra facilities.

I would like opinions from more experienced investors in Sydney on prices and potential for capital growth in that area. Also should I wait longer for prices to come down so should I just go ahead and purchase if I come across something that I like. I guess that having bought at the height of the market 1988, I have been suffering from a serious case of analysis paralysis.

Any opinions, cautions or encouragement from experienced investors will be much appreciated.
 
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Reply: 1
From: Duncan M


>Any opinions, cautions or
>encouragement from experienced
>investors will be much
>appreciated.

Make hay, even if the sun isnt shining.. :)

Despite the somewhat overheated market, we just signed for our next IP in Adelaide (settling on 7th Dec).

We bought it AT market price, the important thing for us though was that the bank was willing to lend us the money NOW.

In some ways even if we've not bought during a low, we've still bought, and we'll have the property when the next boom starts..

As long as I can fund the interest and other expenses from the rent without having to touch too much of my PAYE income, I'll take as many as I can get, whenever I can get them, high, low, rain, sunshine..

Regards,

Duncan.
 
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Reply: 1.1
From: See Change


Wasn't aware that there was much in way of small developments around homebush (in new areas).

We lived in Concord west for seven years and it was a nice place to live . Almost bought a Unit at Homebush West about 18 years ago. There are many low rise unit developments south of parramatta rd and the strip just south of the railway extending west from strathfield to home bush had some nicer units , though they'd be getting older ( 20-30 years ) now

That area ( concord / homebush )is very central to many things in sydney and we found it very convenient living there.

It's an area that I'm thinking of as somewhere to buy IP's. I don't know what the markets doing there at present.

If you spend a few weekends chatting to agents at open houses , making notes about which houses they have , and going back and seeing them at other open houses ( build rapport , seem interested in what they say , ask them how they went with..... ) I find you quickly start to get past the sales pitch and they actually like some one they can say what they REALLY think too. Some never let there guard down but others well... Waverley Bay refers to them as "double agents"

Happy investing see change
 
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Reply: 1.1.1
From: G V


Hi,
i live in Homebush (underwood road) other side of parramatta road.near to olympic park and bicentinial park. there are some town houses coming up on underwood road(26 of them).asking around 360 -380 for 3/4 bedroom townhouse.(by the way i am no way connected to these townhouses) . you can a look. near to north strathfield and Homebush station.

GV
 
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Reply: 1.1.1.1
From: Jef .


GV,

We were very interested in those townhouses. They were advertised for 370-390K. All the 4BRs were sold within one week and the builder straight away put another 20K on top of the leftover 3BRs. Despite the 20K increase, most of the 3BRs were sold except for the one at the back, closer to the freeway.

Most of the old houses on the street have been sold for townhouse development. There is one block that is just started, and another the one next month. We are keeping an eye on these new ones.

Can you tell us what it is like living on underwood road. Is the road too busy, noisy dusty etc?

Thanks
 
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Reply: 2
From: The Wife


Hi Jef,

This is a lifestyle buy not an investment buy, is that correct? Most people who buy for lifestyle , do so at any time, they buy to suit their needs.

And most lifestyle buys are held for a long time, in most cases, people who practice long term buy and hold strategies , buy at ANY time in the market, as they are going to hold it long enough to ride out the cycles. Long term usually always = a win.

This is not advice , its a thought :eek:)

TW
~Life is a daring adventure, or nothing at all~
 
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Reply: 2.1
From: Sergey Golovin


It looks like other place is getting ready for development right across the Parramatta River from Newington, Silverwater Bridge at Rydalmere. Could be townhouses as well by the look of it. But it could be quite big development though – 700 dwellings (?) was advertised earlier…

Serge.
 
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Reply: 2.1.1
From: G V


Hi Jef,

The underwood road beyond the red light of pomeroy street (towards olympic park ) is very busy. usually during peak hours. traffic mainly from pomeroy st towards centenary drive. other side of underwood road is not that bad though you may have to watch for the m4 freeway. yes there are many old houses for sale. lots of townhouses and units in the near future.

gv
 
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