St Marys vs Penrith vs Mt Druitt?

[see_change]

Don't worry, the dregs will weed themselves out.

They may breed at 5 times the normal rate but through "natural attrition" and lifestyle choices they will naturally downsize and eventually disappear from the gene pool.

Their only value will be in the distant future when archaeologists unearth remnants of a strange hairdo (mullett), a squat dog (staffy) and, oh, an Orchy bottle with a piece of garden hose sticking out of it.

Actually they don't disappear . They breed like rabbits and you get three generations on social welfare and a mother who is pleased that their 13 year old daughter is due to have a second child .

 

[datto]

And they might discipline their kids by throwing them against a wall and bury the remains in a nearby park. But, hey, in the end, look where they finish up...won't be a tenant from hell for quite a while.

 

[see_change]

Having said all of that most people living in 2770 are nice people .

However whereas most places have 1% ratbag element , out there it would be closer to 5 % . If you live next to one of those , they can make you or your tenants life he'll.

I spent 19 years working in 2770 and on a couple of occasions met people from " nice suburbs " who had bought there and were living next to someone like these . One lasted less than a year and the other closer to 2 years before they sold and were out of the area.

Cliff

 

[MsAli]

Was just watching Margaret Lomas's show "Your Money Your call".

An investor called up and said, "I'm looking at Logan, but I'm concerned it is like Western Sydney"

 

[datto]

investor doesn't like easy money - each to their own!

Was just watching Margaret Lomas's show "Your Money Your call".

An investor called up and said, "I'm looking at Logan, but I'm concerned it is like Western Sydney"

So the investor is worried about making easy money. Well I never thought that would be a problem.

 

[MsAli]

So the investor is worried about making easy money. Well I never thought that would be a problem.

Yeh - or - has preconceived ideas and status related issues.

 

[jmillar]

My tips for these areas would be to buy in at a bit higher level eg the 2+ bedroom townhouse market as the higher rents weed out the dregs.

Thanks for the tip Dave. The unit I bought presents nice and is in a nice area (its something I would actually live in, whereas everything else I've looked at I would never live in) and has been renovated, electric roller door, lock up storage etc etc and most of the owners in there are owner occupiers so I think the quality of tenants will certainly be better than the lower end stuff. But definitely something to keep in mind when buying cheaper stuff...

According to RPData, the one at $210k in North Penrith was advertised for rent for 3-4 weeks, then had a price drop and took another 2 weeks to rent. It was then vacant 6 months later and was advertised for another 3-4 weeks before tenanted at a lower price than advertised, so I guess this reflects what you've said.

My gut on western sydney is that much of the heat is due to investors ploughing their cash in "before they miss out and prices go up". So the market has not enough stock, prices go up. Self fulfilling prophecy, and great... until there is a glut of rentals from the newly bought investment properties and rents go down.

A good point to consider. I don't really mind if rents drop and I'm negative by $20 or $30/week if that means I get to see some very good growth in the short term. I can then use this equity to help buy something with a higher yield elsewhere to balance the scales Time will take care of the rest...

I think the proposed Masters hardware on Forrester Rd and water theme park at Eastern Creek will only add value to Mt Druitt. I see more potential in 2770.

datto, Masters has started building near the Leagues club already. Do you really think a hardware store will attract people to an area though??

I suppose Masters would do a hell of a lot of research on predicted growth before buying a site though..

 

[datto]

datto, Masters has started building near the Leagues club already. Do you really think a hardware store will attract people to an area though??

I suppose Masters would do a hell of a lot of research on predicted growth before buying a site though..

Remember that quote from the movie ....." if they build it, the people will come"

I'm sure Woolworths (part owner of Masters) did their homework. They probally know there are a lot houses are turning over in 2770 and heaps of hammers, nails and pieces of timber will be required.. lol

Why travel all the way to Bunnings on the highway when Masters is only half the distance (and less traffic lights!).

Now imagine if more commercial investment is added next to Masters, say Maccas , KFC etc.....I think that would attract more people to the area (my opinion only)

 

[MsAli]

According to RPData, the one at $210k in North Penrith was advertised for rent for 3-4 weeks, then had a price drop and took another 2 weeks to rent. It was then vacant 6 months later and was advertised for another 3-4 weeks before tenanted at a lower price than advertised, so I guess this reflects what you've said.

Actually I'm keen to know North Penrith vs South Penrith and Kingswood near the Hospital vs Kingswood on the other side of the train line (North).

Prices are definitely a bit lower on the Northern side. But why? When growth happens both sides get it...But why is one more desirable over the other?

 

[DaveM]

Actually I'm keen to know North Penrith vs South Penrith and Kingswood near the Hospital vs Kingswood on the other side of the train line (North).

Prices are definitely a bit lower on the Northern side. But why? When growth happens both sides get it...But why is one more desirable over the other?

NOrth Penrith and North Kingswood have historically had more govt housing and still have that stigma. For nth penrith its all but gone, nth kingswood still has pockets.

its like Nth and Sth St Marys... south is desired family housing, north is considered bad due to pockets of HC

 

[MsAli]

NOrth Penrith and North Kingswood have historically had more govt housing and still have that stigma. For nth penrith its all but gone, nth kingswood still has pockets.

its like Nth and Sth St Marys... south is desired family housing, north is considered bad due to pockets of HC

Thanks Dave. I do note there is some DOH in North Penrith...at least some houses I've noticed belong to DOH.