Ready to buy in Parramatta
- Thread starter jclegg
- Start date
Hi Justine
I think it's great that you have the time and energy to search for yourself but do make sure that you follow the tips of those here before you, especially the wise words of Player, Prop and those who've bought in the area. As you know
only too well, I've purchased for many clients in the Parra region and can at least offer comments on Bill's links above (if nothing I can at least save you some time traipsing around to the wrong properties!)1. Bowden St in HP is ok but this end does suffer from exposure to the nearby M4 noise. It can also be a visual deterrent.
2. This one in Good St is actually on the corner of Bowden and suffers the same as 1. Been on the market now for a long time.
3. The other side of Wigram St is my preference as this side backs onto the rail line and doesn't have as much "ambience" as the other side. This unit is also very very small and in poor condition. Trust me on this
4. Not my preferred part of Westmead as there's a lot of complexes in competition with one another and anything under $400K here usually has a downside (large complex, busy position, poor floorplan, lack of secure parking etc) It also backs onto the Cumberland Hospital site (not everyone's first choice)
Bill is right, in that there is currently good competition for the lower priced units and those of good quality tend to sell quickly leaving little room for negotiation. As others have said it's IMPERATIVE that you know your values, have access to the latest sales data (please don't rely on the agent to give you this) and select the right complex. They are certainly not all equal.
A strata search is a must before going unconditional with any contract, and remember that here in NSW it's considered standard procedure to exchange under a cool off and perform your DD during this period. However, you need to be smart here and ensure your terms are accepted prior to exchange, preferably have a strata search underway (if not complete) and obtain a written rental appraisal from a PM so you can ascertain your likely yield. Also hop on realestate.com.au to check out current rentals in the area.
Despite what Evan believes, its my humble opinion that local knowledge is not something you can pick up over a few weekend visits so read read read as much as you can and ask those before you questions of the area. Knowing the individual agents and their "modes" of practice can also be highly helpful
however feel free to shoot me a PM if you come across a tricky one and I may be able to assist with my "professional opinion" here. Best of luck and happy searching!I'd beg to differ here, as those locals who've seen the area gentrify would agree with me. Wigram St has some of the best Indian restaurants around (yummy!) and is value for money compared to nearby walking distance Parramatta. Best streets Eastside Alice, Weston, Brisbane, Prospect, Crown and Ruse (and the right side of Wigram!) It's also quieter than Parramatta. Keep in mind that YOU CAN STILL WALK TO PARRA STATION from most of these streets. Ditto North Parramatta. The footbridge over the riverbank via Queens Ave, for example, makes those streets on this side (Elizabeth, Thomas, Stewart etc) very popular indeed- and it's lovely and quiet.
Sorry for the rave but for those of us who know these areas somewhat I have to speak up
Don't believe everything you read off public forums Actually, I agree with you completely.
I posted this to show that finding places with 6% yield is pretty easy to do to the point where it's not really worth getting excited about. 5% isn't enough to get out of bed for.
Actually, I agree with you completely.
I posted this to show that finding places with 6% yield is pretty easy to do to the point where it's not really worth getting excited about. 5% isn't enough to get out of bed for.
Hi everyone and many thanks for the advice, I am following it all religiously.
Vaughan, we have pretty strict criteria in addition to the yield so I wouldn't have looked at that one regardless of the yield but thanks.
We're pretty new to the investing game and only have one other IP in VIC. MAybe my estimate of yield is not the same as others. I should probably explain how I work it out so it makes it clearer. For me it's the net yield worked out as (rental income - known expenses) /purchase price.
e.g. 360*52 - 3500 / 330000 = 4.6%
Most of my preferred properties are coming out about 4.5%. I would like to try and get one at 5% so we are widening our search to a few other areas just to compare.
Jacque, special thanks for the names of good streets, you're 100% right, that is not something we can know without insider advice. Thanks for the PM offer also.
Jus
In North Parra, If you can get near the loop bus route, that's almost as good getting near the station and without the noise too
Also watch the Housing NSW dev't on corner Albert & O'Connell Sts.
WHy we need to watch out for that housing ?
I'm sorry if this is sounds like lame question but seriously I don't know why we should be worry of that ?
Even the way you work it out 5% (or 6% by everyone elses calculations) that's not wonderful. I like 7% and wouldn't buy under that these days.
I'm at the point where, if the yield is good, I'll take a look at *anything*. That way I won't miss the rough diamonds. Only criteria is commuting distance to Sydney.
Wow, it looks like that it means higher holding cost due to the hi strata fee (building with lifts).
Finally...
Well it took us a while and two trips to Sydney but we have just signed contracts on a 2br unit at Harris Park. thanks to everyone for the helpful advice...we needed it ! But it has been a good learning experience and one I will do again! I just hope nothing goes wrong until settlement
Well it took us a while and two trips to Sydney but we have just signed contracts on a 2br unit at Harris Park. thanks to everyone for the helpful advice...we needed it ! But it has been a good learning experience and one I will do again! I just hope nothing goes wrong until settlement
Well it took us a while and two trips to Sydney but we have just signed contracts on a 2br unit at Harris Park. thanks to everyone for the helpful advice...we needed it ! But it has been a good learning experience and one I will do again! I just hope nothing goes wrong until settlement
Congrats and well done. Now comes your real learning, the kind you dont get from seminars and books but is only attained from hands on experience.
I'm a bit nervous in case anything goes wrong before settlement but...
2br unit in Harris Park for 275K (asking 289K)
Will be rented for $350pw
Size is 63 sqm internal + LUG
There were cheaper ones out there but they were much smaller and we were concerned about financing them so we decided to play it safe and go for a larger unit. Hopefully no issue, cross everything, and in about 6 weeks we will settle
Then onto no 3......
2br unit in Harris Park for 275K (asking 289K)
Will be rented for $350pw
Size is 63 sqm internal + LUG
There were cheaper ones out there but they were much smaller and we were concerned about financing them so we decided to play it safe and go for a larger unit. Hopefully no issue, cross everything
, and in about 6 weeks we will settle Then onto no 3......
Have u considered Hurstville?
Truckloads nicer than Parra. (Parra is a hole)
Hurstville, 25 mins south of City on train, large well off asian community, westfields, main train station. Doesnt get much mention on HC as it aint investor hip...INNER WEST ETC ETC
Slays ashfield. Another hole.
and much easier to get to from domestic airport for you! 15 mins.
also look at kogarah, carlton and allawah. All have stations.
distance wise from city i wouldn't go past Oately. Oatley is really nice but pricey.
All the best.
Snowy.
Truckloads nicer than Parra. (Parra is a hole)
Hurstville, 25 mins south of City on train, large well off asian community, westfields, main train station. Doesnt get much mention on HC as it aint investor hip...INNER WEST ETC ETC
Slays ashfield. Another hole.
and much easier to get to from domestic airport for you! 15 mins.
also look at kogarah, carlton and allawah. All have stations.
distance wise from city i wouldn't go past Oately. Oatley is really nice but pricey.
All the best.
Snowy.
Hi Rixter
I prefer Wenty and Pendle Hill rather than the southside, mainly due to proximity to transport. But I agree that there's some good value to be found. How is your villa going?
