Redfern update
- Thread starter Ajax
- Start date
hi ajax,
noticed 8 walker st is still for sale. what do you think is wrong with the place? too pricey? funny shape of block at rear? too much unusable land at front? been on the market awhile now.
had a look at 24 zamia street. nice house with nice living area and off street parking potential. will be interesting to see how long it takes for this property to sell.
julie
noticed 8 walker st is still for sale. what do you think is wrong with the place? too pricey? funny shape of block at rear? too much unusable land at front? been on the market awhile now.
had a look at 24 zamia street. nice house with nice living area and off street parking potential. will be interesting to see how long it takes for this property to sell.
julie
Hi Julie,
there is very little wrong with 8 Walker Street. I think its a great property for the price (and you could possibly get it at lower than the $549k now being asked). Maybe one of the 3 bedrooms is too small-that's about it. The backyard does not narrow like number 6. The front yard looks good imo.
The selling agent suggests it will rent for $500/week. I don't agree. Mine a few doors down is let by the same agency for $350/week, indicating $390-$400 week for number 8. The selling agents (Spencer Servi) were managing agents for number 8 before it was placed on the mkt. The most recent tenants were paying $400/wk.
Ajax
there is very little wrong with 8 Walker Street. I think its a great property for the price (and you could possibly get it at lower than the $549k now being asked). Maybe one of the 3 bedrooms is too small-that's about it. The backyard does not narrow like number 6. The front yard looks good imo.
The selling agent suggests it will rent for $500/week. I don't agree. Mine a few doors down is let by the same agency for $350/week, indicating $390-$400 week for number 8. The selling agents (Spencer Servi) were managing agents for number 8 before it was placed on the mkt. The most recent tenants were paying $400/wk.
Ajax
Hi Julie,
I just heard that contracts were exchanged on 8 Walker Street Redfern for $510k. The conveyancing agent says she is run off her feet with investors selling (exchanging contracts) prior to the 2.25% investor s/d deadline.
If I recall correctly the numbers on 8 Walker Street are like this: -
Purchased in 1991 for $120k sold 2004 for $510k
I have a similar property in Walker Street purchased 1993 for $155k recently valued conservatively (imo) by CBA at $492k.
Straightline this is about 32% growth pa. Compounded growth for Redfern has been around 12% pa during this period.
I think things will be quiet here for the next 12-18 months though rents are now starting to creep up (as Steve Navra explains in his post). They have a long way to go to reach rental reality.
BTW I drove down the south coast from Sydney last weekend. Gerringong prices were from $680k to $950k+ (I find this extraordinary-what do these ppl do for an income?). Ulladulla was around $300k-$500k with price mark downs starting to show on some properties (up to $50k-$60k )
Cheers Ajax
I just heard that contracts were exchanged on 8 Walker Street Redfern for $510k. The conveyancing agent says she is run off her feet with investors selling (exchanging contracts) prior to the 2.25% investor s/d deadline.
If I recall correctly the numbers on 8 Walker Street are like this: -
Purchased in 1991 for $120k sold 2004 for $510k
I have a similar property in Walker Street purchased 1993 for $155k recently valued conservatively (imo) by CBA at $492k.
Straightline this is about 32% growth pa. Compounded growth for Redfern has been around 12% pa during this period.
I think things will be quiet here for the next 12-18 months though rents are now starting to creep up (as Steve Navra explains in his post). They have a long way to go to reach rental reality.
BTW I drove down the south coast from Sydney last weekend. Gerringong prices were from $680k to $950k+ (I find this extraordinary-what do these ppl do for an income?). Ulladulla was around $300k-$500k with price mark downs starting to show on some properties (up to $50k-$60k )
Cheers Ajax
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Well I've enjoyed reading this thread - it inspired me to drive around the streets mentioned. It was midday on a Friday. I think around the Tepos st area the streets are nice, green and quiet, and it's great that it's so close to Moore Park.
But the thing is, you walk no less than 5 minutes, and you reach Young St and the monstrosity that is the Housing Commission apartment blocks (poets corner or something?). Geez they are ugly. This is the problem, forget about how far it is from 'the block'. I'm exploring the area from a PPOR point of view, and would be worried about my wife walking home from Redfern station of an evening. I think the area is fully priced, and will be until they demolish the eyesores, which might happen to the block in the next 15 years but won't happen to the high rise ghettos. Back to looking north of Parramatta Rd for me - Annandale, Glebe, Rozelle, Lilyfield, Forest Lodge...
But the thing is, you walk no less than 5 minutes, and you reach Young St and the monstrosity that is the Housing Commission apartment blocks (poets corner or something?). Geez they are ugly. This is the problem, forget about how far it is from 'the block'. I'm exploring the area from a PPOR point of view, and would be worried about my wife walking home from Redfern station of an evening. I think the area is fully priced, and will be until they demolish the eyesores, which might happen to the block in the next 15 years but won't happen to the high rise ghettos. Back to looking north of Parramatta Rd for me - Annandale, Glebe, Rozelle, Lilyfield, Forest Lodge...
East Redfern is very nice. Spent brekke ther Sunday and impressed with amount of tree and such compared to SH.
Crime is a proboem anywhere in Sydney and grills/alarms work well. But walking from the station is a real problem. Peter 147
Crime is a proboem anywhere in Sydney and grills/alarms work well. But walking from the station is a real problem. Peter 147
alpina said:Also, any new comments about Redfern in general?
Regards,
Julie
[url]http://www.smh.com.au/articles/2004/07/10/1089000399001.html?oneclick=true[/URL]
Maybe theres a reason discussion on Redfern has been quiet
Jamie.
Redfern
Gee Alpina,
Wouldn't think there'd be anything about Redfern that you wouldn't know by now, you've been studying the area for what seems like ever.
JIM
Gee Alpina,
Wouldn't think there'd be anything about Redfern that you wouldn't know by now, you've been studying the area for what seems like ever.
JIM
Glebe,
I live around the Redfern area, and I am not sure you need worry about your wife catching a train at Redfern station. There are thousands of uni students and communters who use the station every day. It's also unfortunate that you think the "eyesores" at the Block will be knocked down- given that they are people's homes. I assume the local people in the area would have something to say about it. I think the people in the area are more concerned about communities rather than having nice people buying up IP's in the area and gentrifying.
My experience of the area is that it's a pretty warm community as it is, even despite the article that was pasted a few posts up. This area would lose a huge amount of culture and diversity if it wasn't as it is now. It's that kind of diversity which makes me want to live here. I think (hope) Clover Moore will do the right thing by existing residents in the area, and that if there is development around the Block, it will be for those who live there, and not just for investors out for CG.
Cat
Cat
I live around the Redfern area, and I am not sure you need worry about your wife catching a train at Redfern station. There are thousands of uni students and communters who use the station every day. It's also unfortunate that you think the "eyesores" at the Block will be knocked down- given that they are people's homes. I assume the local people in the area would have something to say about it. I think the people in the area are more concerned about communities rather than having nice people buying up IP's in the area and gentrifying.
My experience of the area is that it's a pretty warm community as it is, even despite the article that was pasted a few posts up. This area would lose a huge amount of culture and diversity if it wasn't as it is now. It's that kind of diversity which makes me want to live here. I think (hope) Clover Moore will do the right thing by existing residents in the area, and that if there is development around the Block, it will be for those who live there, and not just for investors out for CG.
Cat
Cat
Hi Cat,
This is where our opinions differ.
I like Redfern for what it can be not what it is. Call me selfish
I want the place cleaned and I want to see CG, hopefully while im in the market
Bring on Surry Hills growth for me, although i have to admit some of those streets in redfern are already comparably priced with Surry Hills. Always wondered how a person in a $900k market would react towards purchasing a property in Surry Hills vs Redfern. Sure the redfern property might be on land that is 50% larger, but Surry Hills doesnt have the stigma of Redfern.
Regards,
Julie
This is where our opinions differ.
I like Redfern for what it can be not what it is. Call me selfish
I want the place cleaned and I want to see CG, hopefully while im in the market
Bring on Surry Hills growth for me, although i have to admit some of those streets in redfern are already comparably priced with Surry Hills. Always wondered how a person in a $900k market would react towards purchasing a property in Surry Hills vs Redfern. Sure the redfern property might be on land that is 50% larger, but Surry Hills doesnt have the stigma of Redfern.
Regards,
Julie
Redfern is like every else in the inner Sydney at the moment. Wait and See .
Unless you have a URB (unique reason to buy) I.e. the dream PPOR, value to be added, very distressed seller, rolling with cash, now is good time to safety get 5.25% from a bank.
I would hold off Alphina. The market is not going any higher and can only drop.
Peter 147
Unless you have a URB (unique reason to buy) I.e. the dream PPOR, value to be added, very distressed seller, rolling with cash, now is good time to safety get 5.25% from a bank.
I would hold off Alphina. The market is not going any higher and can only drop.
Peter 147
Hi Alpina,
Quote:
I want the place cleaned and I want to see CG, hopefully while im in the market
Reply:
It doesn't really matter if the place is clean or not in Redfern Julie,
it will have CG if you were to keep it for a few years
Quote:
Unless you have a URB (unique reason to buy) I.e. the dream PPOR, value to be added, very distressed seller, rolling with cash, now is good time to safety get 5.25% from a bank.
I would hold off Alphina. The market is not going any higher and can only drop.
Reply:
Can you imagine yourself buying in Redfern 10 years ago?
So what would you be doing if someone were to offer you 10 years ago prices
would you buy it straight away or would you hold off and wait for it to drop because someone or the newspaper says that it is going to drop 50%
Do you even think that is possible in Redfern?
If you were to buy now and in 10 years time it would be double in price
5.25% from a bank after the govt charges and fees from the bank as well as ATO you will be getting about 2% or less
Regards
Jerry
Quote:
I want the place cleaned and I want to see CG, hopefully while im in the market
Reply:
It doesn't really matter if the place is clean or not in Redfern Julie,
it will have CG if you were to keep it for a few years
Quote:
Unless you have a URB (unique reason to buy) I.e. the dream PPOR, value to be added, very distressed seller, rolling with cash, now is good time to safety get 5.25% from a bank.
I would hold off Alphina. The market is not going any higher and can only drop.
Reply:
Can you imagine yourself buying in Redfern 10 years ago?
So what would you be doing if someone were to offer you 10 years ago prices
would you buy it straight away or would you hold off and wait for it to drop because someone or the newspaper says that it is going to drop 50%
Do you even think that is possible in Redfern?
If you were to buy now and in 10 years time it would be double in price
5.25% from a bank after the govt charges and fees from the bank as well as ATO you will be getting about 2% or less
Regards
Jerry
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Cat09Tails said:
Hi Cat,
Thanks for your post. I don't find me wanting the block or the large towers of housing commission blocks demolished unfortunate at all. Whilst we may disagree, please don't think I'm without a social conscience, or a one-dimensional investor. I think current urban planning theories acknowledge that these were planning mistakes from the 1970's or so.
This is probably getting too socio-political for an investment forum, but I think the Eveleigh St region needs to be transformed from a magnet and epicentre for crime, violence, junkies and hopelessness. The only way I see that occuring is if we start again there. There is too much depression, heroin and angst in the area and the community elders seem to have lost their voice in the face of such enemies. So whilst destroying the block will involve destroying people's homes (and some heroin shopfronts) I'd look at what I see as the greater gain.
Having spent many of my earlier years in the Campbelltown suburb of Ambarvale, I know pretty well what the situation is like when there are too many housing commission units imposed in too small an area. Sorry if this sounds condescending and snobbish but that's the way I see it.
Big big big plans for Redfern:
http://www.smh.com.au/news/National...-will-be-reborn/2004/11/28/1101577357198.html
http://www.smh.com.au/news/National...ocial-levelling/2004/11/28/1101577354910.html
http://www.smh.com.au/news/National...lopment-planned/2004/11/28/1101577354867.html
http://www.smh.com.au/news/National...e-the-main-game/2004/11/28/1101577354854.html
http://www.smh.com.au/news/National...-will-be-reborn/2004/11/28/1101577357198.html
http://www.smh.com.au/news/National...ocial-levelling/2004/11/28/1101577354910.html
http://www.smh.com.au/news/National...lopment-planned/2004/11/28/1101577354867.html
http://www.smh.com.au/news/National...e-the-main-game/2004/11/28/1101577354854.html
Good Find Glebe
In Peter Spann logic here is an opportunity!!!
Whilst being ex Giv, Property I usually am cynical about the chance of these sort of things getting off the ground one piece of logic stands out:
According to the papers, consultants have told the Government, which owns almost one- third of land in the area, that the redevelopment of the notorious Block would increase certain property values by 30 per cent.
"The NSW Government is the largest landholder in the ... area. The estimated market value of developments in the area is approximately $5 billion," the papers say.
This smells to me to be the solution the Carr government needs. HOW?... It will provide...
$5bn to promise improvements to Hospitals, Rail, etc..in two years time when the 2007 election looms.
Reduction in $M's in maintenance on towers that are at the end of thier economic life. I have heard as much as $500M is needed!!
Fix the scoial no go zones that is Redfern West. Redice Crime , Drugs and Poverty ( even if only in theory)
Expand the CBD which is bursting at the seems.
Increase revenue from Land Tax, SD, and Rates which all don't apply to Gov owned housing.
Alllow to make full use of the Technology Park Infrastructure and Everliegh St Rail Yards which is a great facility in the wrong area.
Major Infrastructure Planning Stuff Vision .....very Voter Friendly.
Time to buy in Redfern??? It is all to come to nothing?
Maybee but remember the Green Square Dev Corp (gov planning unit) has quietly been given much more power and land recently expanding it's brief to include CBD to Airport.
Worth following...
Peter 147
In Peter Spann logic here is an opportunity!!!
Whilst being ex Giv, Property I usually am cynical about the chance of these sort of things getting off the ground one piece of logic stands out:
According to the papers, consultants have told the Government, which owns almost one- third of land in the area, that the redevelopment of the notorious Block would increase certain property values by 30 per cent.
"The NSW Government is the largest landholder in the ... area. The estimated market value of developments in the area is approximately $5 billion," the papers say.
This smells to me to be the solution the Carr government needs. HOW?... It will provide...
$5bn to promise improvements to Hospitals, Rail, etc..in two years time when the 2007 election looms.
Reduction in $M's in maintenance on towers that are at the end of thier economic life. I have heard as much as $500M is needed!!
Fix the scoial no go zones that is Redfern West. Redice Crime , Drugs and Poverty ( even if only in theory)
Expand the CBD which is bursting at the seems.
Increase revenue from Land Tax, SD, and Rates which all don't apply to Gov owned housing.
Alllow to make full use of the Technology Park Infrastructure and Everliegh St Rail Yards which is a great facility in the wrong area.
Major Infrastructure Planning Stuff Vision .....very Voter Friendly.
Time to buy in Redfern??? It is all to come to nothing?
Maybee but remember the Green Square Dev Corp (gov planning unit) has quietly been given much more power and land recently expanding it's brief to include CBD to Airport.
Worth following...
Peter 147
Just finished reading the smh - headed over here to post!
Interesting articles - we have all been wondering for a while what a govt could do in redfern (whether relocation of families in the area was an option or not)
I can see your grin from here Peter =)
Interesting articles - we have all been wondering for a while what a govt could do in redfern (whether relocation of families in the area was an option or not)
I can see your grin from here Peter =)
Peter 147 said:Good Find Glebe
In Peter Spann logic here is an opportunity!!!
Whilst being ex Giv, Property I usually am cynical about the chance of these sort of things getting off the ground one piece of logic stands out:
According to the papers, consultants have told the Government, which owns almost one- third of land in the area, that the redevelopment of the notorious Block would increase certain property values by 30 per cent.
"The NSW Government is the largest landholder in the ... area. The estimated market value of developments in the area is approximately $5 billion," the papers say.
This smells to me to be the solution the Carr government needs. HOW?... It will provide...
$5bn to promise improvements to Hospitals, Rail, etc..in two years time when the 2007 election looms.
Reduction in $M's in maintenance on towers that are at the end of thier economic life. I have heard as much as $500M is needed!!
Fix the scoial no go zones that is Redfern West. Redice Crime , Drugs and Poverty ( even if only in theory)
Expand the CBD which is bursting at the seems.
Increase revenue from Land Tax, SD, and Rates which all don't apply to Gov owned housing.
Alllow to make full use of the Technology Park Infrastructure and Everliegh St Rail Yards which is a great facility in the wrong area.
Major Infrastructure Planning Stuff Vision .....very Voter Friendly.
Time to buy in Redfern??? It is all to come to nothing?
Maybee but remember the Green Square Dev Corp (gov planning unit) has quietly been given much more power and land recently expanding it's brief to include CBD to Airport.
Worth following...
Peter 147
XBenX said:
You probably can.
Call me a romantic but having been on the inside Government can do a lot of good.
But Australia suffers from Short term Planning and Too Much NIMBY.
The Olympic Site would still be in plans stage if we had not simply did it. Redfern is the same.
Peter 147
