I just bought a spacious 2-bedroom unit with balcony for 320,000. Doing a bit of small renovations on it. the rent is only 300 a week at the moment to a long term tenant. Im going to live in it for 5 years or so until my gf finishes uni and then it will become an investment property. its located opposite a park with views of the park. Do you think this is a good longterm investment?
sutherland, sydney?
- Thread starter wanna_b_rich12
- Start date
Look all real estate should be considered a long term investment.
The chart shows a comparison between the CG of a median priced unit in Sutherland (blue line) Vs a median priced unit in Summer Hill (red line).
So if we go back a few years around 1998/1999 you will see that units were worth about the same in both suburbs. Fast forward to today and the ones in Summer Hill have outperformed to the tune of nearly $80K more!
No-one knows what the future holds, but Sutherland units have done reasonably well, rising from an av. $176K 15 years ago, to $385K now.
Attachments
Without a doubt.
Do you have a link to the property?
Sounds like a good price to me.
Also, have you been looking for a while?
Can you share your experience with this purchase?
http://www.realestate.com.au/property-unit-nsw-sutherland-107314194
Basically my girlfriend and i got back from a 6 week holiday late january and decided we wanted to move in together. we started looking at places to rent, now ive always said that rent is dead money and your paying off someone elses mortgage. so one day we just went into a bank to see how much i could borrow and they said 350,000.
Originally we wanted to buy in cronulla, then moved to caringbah/miranda, but for a 2-bedroom i was just out of the price range. so we broadened our horizons to sutherland, which even though is not as nice of an area for us its perfect. The unit was on the market for 330,000 and i got it for 320,000 now were just waiting for it to settle.
its got 2 large bedrooms, balcony that overlooks a park. its an 8 unit complex with large carspace which could also fit some storage aswell. compared to everything else we looked at this seems like such a bargain
Basically my girlfriend and i got back from a 6 week holiday late january and decided we wanted to move in together. we started looking at places to rent, now ive always said that rent is dead money and your paying off someone elses mortgage. so one day we just went into a bank to see how much i could borrow and they said 350,000.
Originally we wanted to buy in cronulla, then moved to caringbah/miranda, but for a 2-bedroom i was just out of the price range. so we broadened our horizons to sutherland, which even though is not as nice of an area for us its perfect. The unit was on the market for 330,000 and i got it for 320,000 now were just waiting for it to settle.
its got 2 large bedrooms, balcony that overlooks a park. its an 8 unit complex with large carspace which could also fit some storage aswell. compared to everything else we looked at this seems like such a bargain
Well Done Gordon, Looks good.
A great example to other first home buyers. You worked out ur budget, realized u could not buy in your ideal location and then found something under that budget in another area.
Better than complaining about prices and affordabillity that is 4 sure.
Congrats Gordon, it looks like a very solid block and a nice two bedder that should be popular with tenants in the future especially if you put some money into it.
I like the look of some of the neighbouring suburbs of Cronulla, Woolooware, Miranda etc. i think if you compare it to some of the other beach side suburbs of Sydney (Avalon, Bondi etc) you have to think it can only be a good investment.
I like the look of some of the neighbouring suburbs of Cronulla, Woolooware, Miranda etc. i think if you compare it to some of the other beach side suburbs of Sydney (Avalon, Bondi etc) you have to think it can only be a good investment.
