Sell in Bondi Junction???

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From: Anonymous


I am currently debating whether to sell a 2 bedroom flat in Bondi Junction, so I can buy a house in Watson, Canberra.

The Bondi Jnc flat needs some capital investment - short term I'm looking at having to make a contribution of $10,000 - $20,000 to the body corporate for repairs to the building.

I have an existing mortgage on Bondi for $41,000, and can borrow up to $200,000 more to either buy somewhere in Canberra (but not much available in that price range in the inner north), or buy out my parents' share of the flat. My total mortgage would then be about $250,000 which is the maximum I can afford.

thanks for any advice
 
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Reply: 1
From: Will G


The Bondi Junction flat may be hard to sell if it needs a contribution of 10 - 20K. If you do sell then CGT will come into the equation.

Selling a place and buying a place at roughly the same time can be costly and may cause cashflow problems if not managed correctly.

If you can get a good quality property at a good price in Canberra then go for it. I'm not sure $200K will get you a lot in Watson. Inner North CBR has had a lot of growth in the past 2 years.

How have you worked out you can borrow up to $200,000 ? LVR & Debt/Service ratio ?

Cheers,
Will
 
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Reply: 2
From: John P


Hi Anonymous (Great name by the way!!)

What is the actually property worth? My initial impressions were, 10-20k is a lot of money to do up a unit but if it's actually already worth half a million , well that tends to change things. I live in Bondi Junction and personally, would generally be hesitant to let go of anything. Capital growth has been excellent and it has become a major business centre. Don't forget that Westfields is on the way and if your property is anywhere near it well, who knows???

Regards


John Poulos
Resi Mortgage Corp
0412 588986
 
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Reply: 2.1
From: Kellie Dutton


I don't think that a Westfield in Bondi is going to make much difference to values at all, it has good cap growth, has for a while and that's not likely to change in the near future, a shopping centre is not going to be the 'attraction' for Bondi, people want to live there, easy as that. Have a think about what you are aiming at, do you want to be in the investment arena or do you want something really nice to live in? If you can hold onto Bondi and still get what you want then keep it, great area.

Kellie
kdutton@smartline.com.au
 
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Reply: 2.1.1
From: A Jones


I walk through Bondi Junction on most weekdays. I have lived in the area for about 3 years. The shopping centre has problems. Average looking shops, homeless people in the mall, windy and a bit drab. Whilst Chatswood and other suburban centres have changed rapidly in the last ten years and have a prosperous feel Bondi Junction seems to lack vitality.

Yet its smack in the middle of the Eastern suburbs, closest to the wealthiest areas of Sydney, a quick train trip to the city and short bus ride to Bondi and other beaches. It has many small specialised businesses (eg medical specialists and English language schools)and benefits from many backpackers and os visitors to the area.

If I owned a house nearby I would not sell. Not so sure about units. I suppose there are a limited number of properties in the Eastern suburbs and they'll all show strong gains over time. Probably stronger growth than Canberra.
 
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