Reno projects in Sydney

[enteraims]

So I'm making the move to Sydney next year for work, and although property prices are through the roof, I'm interested in a renovation project. Does anyone have an opinion on where nice/presentable properties (houses) sell around the $700-$800k mark, where a run down place could be bought for around $500k? Not sure how far out form the city this would be...
I guess the suburb in Brisbane I could relate it to is Paddington, Kenmore or Spring Hill. Not sure on where to start looking in the Sydney market..

 

[nhg]

Hi,

Hmm, good strategy, it would depends on a few things.

What's the plan? Buy-Reno-Sell or Buy-Reno-Hold?

What are your strengths? Can you do the work or are you subcontracting it all out?

How do you plan to fund the renovation?

These may affect your actual cost of doing the reno, might change things a little bit.

 

[enteraims]

Plan is to buy-reno-sell.

I'm in a fortunate position where my job requires me to move every few years. The plan is to buy-reno-sell while I am in the one location, and because I aim to live in the property during renos, hopefully this will avoid CGT. Aim is do do most of the renos ourselves. Funding shouldn't be an issue as I'm looking to sell one our of properties to fund the venture.

The issue is trying to find suitable suburbs. I know Brisbane like the back of my hand, but our strategy here has been buy and hold. Sydney will be a new realm. Any pointers on where to begin looking is appreciated. Obviously I will do my own research, but opinions from people who have been there and done that is always worth hearing about

 

[nhg]

Sounds like the beginnings of a healthy plan

From my own experiences, I wouldn't look at the lower end or new build market, there simply isn't enough profit there for buy-reno-sell, not anymore.

You will likely need to go to the middle to higher end, so we are talking $800k+. Anybody here with more recent experiences to the contrary?

 

[beachgurl]

I think you would struggle for such a margin at a 500K buy-in but if you do find a project I'd love to hear about it.

About to put one on the market next week. Buy in was just over 500K, am hoping for mid 600's when it goes to auction next month.

 

[Scott No Mates]

At $800k it may still be possible to find a semi in some of the inner city arwass like Camperdown, Tempe, Stanmore etc ie Leichhardt, Ashfield or Marrickville LGAs.

Very small blocks etc but well established, close to the city & transport.

 

[roberto]

I haven't done any renovations because I am not a handy person, but I have noticed that older 2b 1b 1c apartments in the upper north shore (Pymble, Turramurra) sell for 500+ and newer 2b 2b 1c apartments sell for 650+.

I think it is worth doing a bit of research there.

Regards
Roberto