Sunshine ip

Discussion in 'Where to Buy' started by PRP, 5th Apr, 2015.

  1. PRP

    PRP Member

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    Hi - There appears to be quite a few units up for sale in Sunshine (10 to 15 min walk from the station) - price range is around $350 to $370k

    Can anyone pl advise if a spend of $370k on a unit is good buy?
     
  2. pickle pickle

    pickle pickle Member

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    On face value it $370k for a unit in Sunshine seems extremly expensive. Give me a sample of type of units you are looking at in Sunshine for the $370k mark so I can make further comments.

    My impression with Sunshine unit market is that there are so many units in the area that in the last few years capital growth has been limited. Also there seems to be plenty of units that are going to be built.
     
  3. jpcashflow

    jpcashflow Member

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    Hi

    Hi,

    It all depends on what part of sunshine. If you want to share what kind of unit or have a link let me know. 370K can be good if its a new place in a good pocket of sunshine or very expensive for a old unit in a bad part of Sunshine.

    The whole west has been going crazy!!!
     
  4. pickle pickle

    pickle pickle Member

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    You think the west has been going crazy? Have a look at what's happening in the east. Now that's crazy.
     
  5. PRP

    PRP Member

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  6. pickle pickle

    pickle pickle Member

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    I like the 1st one (reminds me of my mates house in Fottscray), however it could be on a main road or it could turn into a main road.

    The 2nd one, nope

    I like the 3rd property. It is in a good location.

    Closer to the station and shops the better.

    My only concern is that you are buying brand new properties. They don't do that well with capital growth.

    If ypu can increase your budget a bit there are a few good places in Albion that might take your interest.
     
  7. jpcashflow

    jpcashflow Member

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    Hi

    Hi,

    The property at 69 Monash Street Sunshine Vic 3020 is at a really good location.

    I think if you could get this at the 330K to 340K range then that would be a good buy.
     
  8. pickle pickle

    pickle pickle Member

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    If your budget is $370k I would try and get this

    http://www.realestate.com.au/property-house-vic-albion-119405447

    Yes it is not new however has a few advantages over the units you are looking at for CGT growth.

    a) It is 4 bedrooms and 2 bathrooms and is more like a house than a unit. (though can't subdivide)
    b) It is not on a main road or could turn into a main road.
    c) It is close to Sunshine station (though not as close as Monash Street) and walking distance from the station.

    I like the Monash Street property but just concerend about the road it is on.
     
  9. PRP

    PRP Member

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    Hi - Many thanks for your input. I can stretch my budget upto $420k-$450k

    Would you suggest I look for houses in sunshine/Albion areas instead (closer to station). I guess it will have to be old house

    Any idea if its easy or difficult to rent out old houses in these areas (to good tenants)?
     
  10. jpcashflow

    jpcashflow Member

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    Hi

    Hi,

    Albion is another area heating up and Albion has its own station (Vline) which in my opinion is a better service then the metro.

    But the property mention http://www.realestate.com.au/property-house-vic-albion-119405447, I would touch... Cant do much with the property to be honest .

    But if you could increase your budget there would be better opportunities..
     
  11. pickle pickle

    pickle pickle Member

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    There have been properties in Albion subdivdable that have sold for under 450k.

    The only one available at the moment that you would have a hope of getting at your budget is this:

    http://www.realestate.com.au/property-house-vic-albion-118572475

    Advantages of the property
    1) You can subdivide the property
    2) It's on a corner block (good for subdivision I'm told)

    Disadvantages
    1) Vendor is asking for too much so really need him to have a reality check
    2) The location is too far away from the station and the shops

    Personally I'm not a fan of subdividable blocks as you do pay for these and unless you are a builder or have extremly good connections within the building industry now days it is extremly hard to make a profit. The margins are just too small, unless you really know what you are doing.

    JP, the link I gave I was looking at that property as a unit rather than a house to subdivide. I am interested in your opinion as to why the Monash Street property is a good buy at 330K-340k but the link I gave wouldn't be a good buy at 370k?
     
  12. KoopaTroopa

    KoopaTroopa Member

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    I viewed that property myself and one of the few drawbacks I saw to it was that the side-fence borders a multi-level block of units and there's a bus stop directly in front.

    I wouldn't feel all that comfortable with up to 15 apartments being on the other side of the fence.

    The bus stop would/could get annoying very quickly.

    Other than that, the road itself isn't that busy in my opinion. Location is awesome though, can walk to the station in under 3 mins I reckon. And far enough that you wouldn't really hear it
     
  13. 8Faye

    8Faye Member

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    make sure you are buying land as that is where the capital gain will come from. For investment buy old house with land to build another.
    If to stay buy new but not much capital gain.
     
  14. ajpmal

    ajpmal Member

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    Mascot, NSW
    Recommendations for PM in the Sunshine area?

    Hi

    We are looking for a PM that is able to conduct a few home inspections on our behalf (as purchasing from interstate) of potential IPs in the Sunshine area while providing a rental assessment for the same.

    Also keen to know PM rates.

    TIA!
     
  15. Mindmaster

    Mindmaster Brendon

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    I suggest you contact Denisa from Bells Sunshine. She is my PM and extremely good.