St Mary's
- Thread starter miscg
- Start date
maybe try further up the the mountains?? About 12 months to late for the penrith area. although good reliable rent potential. 330k is entry level for a 3 bed house, is you could get extra cash there could be somehting with granny flat potential.
-- If you don't want the 2770 quadrant, then St Marys, Werrington, Kingswood would be best bet.
-- I can't see any suburb within 50km of Sydney CBD that is under $350k.
-- The SouthWest like Liverpool, Campbelltown etc all close/above $400k.
-- Should be a matter of time that you wont see a house + land under $400k in the Western Sydney in my view.
-- I believe there is still some under $350k unrenovated, above $350k renovated in St Marys.
-- I can't see any suburb within 50km of Sydney CBD that is under $350k.
-- The SouthWest like Liverpool, Campbelltown etc all close/above $400k.
-- Should be a matter of time that you wont see a house + land under $400k in the Western Sydney in my view.
-- I believe there is still some under $350k unrenovated, above $350k renovated in St Marys.
Datto,
I believe the methadone clinic has already relocated. Vacancy rates in St Marys Commercial are exorbitant and we don't envisage this will change over night. Queen St will not be able to compete with the likes of Westfield Penrith and Mt Druitt where customers can park undercover (Penrith) and shop undercover from a range of shops competing for their business.
Online retail has also hurt the local shopping precincts.
John
We purchased in North St Marys just under a year ago - then we clad the place, did a cosmetic Reno inside and put a granny flat in the back.
All up it would owe us $400K and gives $600 a week rent - always assumed it would some time before we have any CG on that. We always seem to spend too much to try to get the places rented.
At the end of it all I had my wallet, phone and car keys stolen by a 10 year old - which was quite a story. As a result I'm not too keen on that property anymore !
Hi Tonibell,
Not knowing to much about your property I say even now you would have some CG in the property due to the area hotting up and the granny flat. Just because these items were stolen is a strange way to lose faith in your property knowing leaving the items in the open or in a unlocked vehicle as this would be stolen in numerous areas dont give up on it you have a good investment.
Macca446
We think the purchase price at the time was good and there would be a nice gain if we had just left it alone. The valuation before we did anything was about 10% up.
Not sure how much extra the market will pay for the renovations and granny flat The granny flat has been done well and looks out to a park - but there are price points in that area and we would be in the higher range now.
The "incident" was very premeditated, targeted and criminal and the contacts with the police and neighbours after it was just as much of a shock. The items were in the house, the house was locked, I was there and knew the culprits.
The decision for us is to not invest in this type of area in the future - given that we do tend to get hands-on with the properties. It will mean some missed opportunities - but it is just part of refining the investment strategy.
Live and learn.
I'd look into that property of yours, doesn't make sense.
I purchased a place in North St Marys a year ago. Total cost $265k rent $320/week. 2bdr 1bth, no renos.
Putting up a granny flat, at market say $100k. So $365k with a rental return of $620-$640/week.
I don't see how you would get only $600/week return on a larger investment. Perhaps charging under market rent? I'd be making some calls.
Also that property has gone up over $60k (bank revalued) since then with similar properties selling over $330k now. Definite capital growth there.
Personal Opinion, wouldn't touch Western Sydney at all, much better returns elsewhere.
I purchased a place in North St Marys a year ago. Total cost $265k rent $320/week. 2bdr 1bth, no renos.
Putting up a granny flat, at market say $100k. So $365k with a rental return of $620-$640/week.
I don't see how you would get only $600/week return on a larger investment. Perhaps charging under market rent? I'd be making some calls.
Also that property has gone up over $60k (bank revalued) since then with similar properties selling over $330k now. Definite capital growth there.
Personal Opinion, wouldn't touch Western Sydney at all, much better returns elsewhere.
After Western Sydney I made a few trips to Brisbane, Tawoomba and surrounds. Helped some friends buy up there, and some have made about $60k or so in the last 6 months.
Those places have also moved along and we are looking elsewhere.
Where that is? Even if I knew, I can't take all the fun away, that's part of the game.
No I am not looking at Sydney, well not the lower end anyways. The returns don't stack up for me there anymore.
There's lots of places with better returns. And Sydney isn't the only place to invest. But don't expect anyone to hand you one on a platter. You've got to do the research to find them.
The sums for our place are :
Purchase $275K
Settlement Costs $15K
Cladding/Paint/Floor $10K
Granny Flat $110K (including council and plans).
Main house rents for $330 per week and the Granny Flat for $270 per week.
It is a pretty nice setup as we adjoin a park and the GF looks out to that.
The yield is fine for us - but think it would be a stretch to sell it for the $470K+ that would make it worthwhile.
This is and probably will be our only budget buy and it is not that enjoyable. The tenants when we purchased seemed nice enough - but then left rubbish like you wouldn't believe all over the front lawn.
JUst not for us - but it seems to work for most of the investors here.
NHG is on the money...the western Sydney boat has sailed. If you've been to an open house in the area you would understand. So many buyers paying over price due to low interest rates. There are many regional opportunities available in NSW.
