SYD: cheaper housing commision area's out west
- Thread starter tigerGT
- Start date
The brawl that Westfield Mt Druitt won't help the reputation of the area. Facebook + hot weather + bored teenagers are bad mix.
It won't hinder it either.
You get midget minds in many communities. Mt Druitt isn't alone in this regard.
Remember, there was a much worse incident in Cronulla a few years back. Did that make the area any less desirable?
Went to the R&W Mt Druitt auctions last night, not bidding yet but went to get an idea of what it was like if I ever chose to go there as a bidder.
There was probably 50-60 people in the room, hard to say how many were bidding. There was 8 places up for sale, lowest price of 208k and highest of 239k. Median price was around 225k. No deals seemed particularly spectular buys but who am I to judge at the moment?
It was interesting to note that on all properties, it was stipulated that all hot water system and copper pipes had been removed from the properties and had to be fitted at purchasers expense. I figure they do this in a proactive measure to prevent people coming in and stealing it whilst the house is vacated.
I was trying to do some basic sums on paper as the auctions were going as far as whether or not the property would be cashflow neutral from the word go, but I'll need to get a few more figures sorted out in my head.
E.g.
Insurance on the property, rates paid to council, cost of installing a hot water system, approximate cost of new paint/carpet, any other taxes or duties that would be payable to assorted governments.
I'll also need to have a better idea of median rent for the area/type of property.
I want to try and collate all this information and go back in a month or so a bit more educated and see if I can scope out how sweet certain deals are etc.
Skater, if you read this, mind if I consult your expertise a bit?
Apparently North St Mary's is slightly more desireable out of the suburbs at auction, whereas Tregear & Lethbridge Park are a bit rougher?
There was probably 50-60 people in the room, hard to say how many were bidding. There was 8 places up for sale, lowest price of 208k and highest of 239k. Median price was around 225k. No deals seemed particularly spectular buys but who am I to judge at the moment?
It was interesting to note that on all properties, it was stipulated that all hot water system and copper pipes had been removed from the properties and had to be fitted at purchasers expense. I figure they do this in a proactive measure to prevent people coming in and stealing it whilst the house is vacated.
I was trying to do some basic sums on paper as the auctions were going as far as whether or not the property would be cashflow neutral from the word go, but I'll need to get a few more figures sorted out in my head.
E.g.
Insurance on the property, rates paid to council, cost of installing a hot water system, approximate cost of new paint/carpet, any other taxes or duties that would be payable to assorted governments.
I'll also need to have a better idea of median rent for the area/type of property.
I want to try and collate all this information and go back in a month or so a bit more educated and see if I can scope out how sweet certain deals are etc.
Skater, if you read this, mind if I consult your expertise a bit?
Apparently North St Mary's is slightly more desireable out of the suburbs at auction, whereas Tregear & Lethbridge Park are a bit rougher?
I think you will find that you have missunderstood this.
The properties are sold without those things included on the contract because some of the midget minds in the area remove them. Even if the place has all the pipes when you view it, there is no guarantee that they will still be there on settlement. Much easier on the vendor this way.
Just factor that into your calculations and if you buy one that still has the stuff there at settlement you've done good.
Anytime.
Nth St Mary's is a little more expensive, but not a lot. I've not had any problems in either Tregear or Letho & have properties in both suburbs. Just do a little homework first and you should be right. Willmot is often a little cheaper than the other suburbs.
Ah I just figured they'd remove it straight away to save the hassle. I'll keep that in mind ;-).
Appreciate your advice on the areas, I'm trying to do something about the music but life is a washing machine on spin cycle at the moment!
LOL! They pull the stuff out and take it down the recyclers. You know, they might get a couple of dollars for the stuff and they don't give a flying fig about the fact that somone owns the place and has to replace it.
Just remember that, and if replacing any at some stage, replace with plastic.
one thing to remember with the suburbs mentioned is that you can get good and bad pockets from street to street, so you cant really say that one suburb is bad and another good.
you will really need to wander around and get a feel.
personally with tregear, i find the pocket from the shops, east / south east to luxford rd down to the reserve to have a higher private ownership than that from elseworth dr north.
but again, get on down there and have a look
you will really need to wander around and get a feel.
personally with tregear, i find the pocket from the shops, east / south east to luxford rd down to the reserve to have a higher private ownership than that from elseworth dr north.
but again, get on down there and have a look
So my mind has been whirring since the auctions the other night, scheming and dreaming away.
I was wondering if I could ask some questions of those that have used this strategy before (buy existing place then put on a granny flat).
How does one go about financing the construction of a granny flat? I don't imagine I can just tack the construction costs (60-75k) on to my house loan, or can I? Would I need to take out a loan seperate to my mortgage (possibly at a higher rate)?
I was wondering if I could ask some questions of those that have used this strategy before (buy existing place then put on a granny flat).
How does one go about financing the construction of a granny flat? I don't imagine I can just tack the construction costs (60-75k) on to my house loan, or can I? Would I need to take out a loan seperate to my mortgage (possibly at a higher rate)?
You might be better to start a new thread to discuss this. You will then catch people who have no interest in Western Sydney, but have done the Granny Flat.
Personally, I have a couple of places ripe to put something on them, but as yet have not done it.
I don't think you can compare. A major brawl at a Westfield shopping centre involving a dozen or so youths sets a new low in juvenile crime. Probably not far behind the airport bikie brawl in march 2009 (although admittedly they were adults) - not in terms of seriousness of injury/death, but in terms of choice of locaton to settle a dispute. Whatever happened to the dark alley, or the footy field?
I'm from the Cronulla area and that incident you refer to involved many from outside the suburb and, depending on your version of the incident, was started and provoked by those from outside the suburb as well.
I suspect the majority of social issues in Mt Druitt are caused by locals...For example, I doubt kids would get a train from Bondi Junction or Wahroonga to purposely beat up kids from the Mount.
Back on topic - Things like this will be forgotton about in a few months so I doubt will impact on pricing.
Actually it involved a group from Granville who travelled up to cause trouble with some of the locals.
IMO once a suburb gets a bad reputation it isn't easy to get away from it so prices and growth in general will be affected.
However, over time, things will get better, demand will increase and more growth will come in line with neighbouring suburbs
'neK' on this forum recently put a granny flat on his property and started a detailed thread about this. I've seen the finished product personally and it does look really good.
Part 1 - http://www.somersoft.com/forums/showthread.php?t=58749
Part 2 - http://www.somersoft.com/forums/showthread.php?t=63616
Thanks very much, I'll give these a read.
Hi Skater
hows things going .
Five years since this thread started and I've been out of the area for the last 3 1/2 years...
Now working over at Brookvale.
We're just waiting for settlement of out first IP in our Superfund .
Manly 3 bed unit .
I'll probably see you at some Auctions in Letho in a few years , but I still think it's to early to buy out there yet.
Manly units have effectively gone sideways for the last seven years so I think now is a good time to start picking up properties in good cental areas.
Cliff
hows things going .
Five years since this thread started and I've been out of the area for the last 3 1/2 years...
Now working over at Brookvale.
We're just waiting for settlement of out first IP in our Superfund .
Manly 3 bed unit .
I'll probably see you at some Auctions in Letho in a few years , but I still think it's to early to buy out there yet.
Manly units have effectively gone sideways for the last seven years so I think now is a good time to start picking up properties in good cental areas.
Cliff
Ah, Seech! Haven't heard from you for a while.
Things are fine in the wild west. We've moved over to St Clair which is fantastic. Haven't been adding anything to the portfolio for the last few years and just starting to put our toes back in the water with a couple of units that were nicely under market value. One out this way & one in C'town.
Currently looking for something for our eldest child. She's on minimum wages, so one of the Ex-housies is all she can afford.
I disagree that it's too early to buy, only because I've got my eye on a couple and if they come off at the right price, well, it's happy days, however in saying that, I agree that there won't be huge amounts of movement yet, but there has been a small increase.
I'm still a fan of auctions, but once there is heat in the market, you won't see me there. I like to quietly buy stuff with no competition.
Things are fine in the wild west. We've moved over to St Clair which is fantastic. Haven't been adding anything to the portfolio for the last few years and just starting to put our toes back in the water with a couple of units that were nicely under market value. One out this way & one in C'town.
Currently looking for something for our eldest child. She's on minimum wages, so one of the Ex-housies is all she can afford.
I disagree that it's too early to buy, only because I've got my eye on a couple and if they come off at the right price, well, it's happy days, however in saying that, I agree that there won't be huge amounts of movement yet, but there has been a small increase.
I'm still a fan of auctions, but once there is heat in the market, you won't see me there. I like to quietly buy stuff with no competition.
I purchased my 1st property in St Marys (Brisbane St) about 14months ago now, it was intended to be an investment property but a couple of things changed and I'm still here
I grew up in the eastern 'burbs, and after hearing all the stories when I was doing my research and then purchased I have found that there's nothing wrong with the west
I bought a 6yo 3br townhouse, 1.5 bathrooms, double garage and ducted a/c for $265k in Dec 2009. About 2months ago we had a sale of a townhouse in our complex that went for $310k, that seems to be what most are going for at the moment - not a bad gain in 12months. The tenants living in it at the moment are paying $350/week.
As long as you do your research you will be fine, there are many bargains to be had around here. Every suburb has its good and bad areas, but do your calculations and see whether it's a good investment.
I grew up in the eastern 'burbs, and after hearing all the stories when I was doing my research and then purchased I have found that there's nothing wrong with the west
I bought a 6yo 3br townhouse, 1.5 bathrooms, double garage and ducted a/c for $265k in Dec 2009. About 2months ago we had a sale of a townhouse in our complex that went for $310k, that seems to be what most are going for at the moment - not a bad gain in 12months. The tenants living in it at the moment are paying $350/week.
As long as you do your research you will be fine, there are many bargains to be had around here. Every suburb has its good and bad areas, but do your calculations and see whether it's a good investment.
We should have a St Clair meetup somewhere - there are enough of us around!
Shame about the armed robbery attempt last night on Banks Drv though, makes it sound like Lakemba!
Great thread to read from 2006 to now. Interesting to see how some things have changed, (prices) and how some things have not (people perception of the area)
Just to add my 2 cents:
When looking around for the house we eventually bought in St Marys (Willow St, 3b fibro on 1k sqm in may 2010 for $255k, bought mostly for the huge land) we looked heavily in Campelltown (house) and Granville (unit) & i must admit i felt quite uncomfortable in those too places. We finally gave up on those areas due to the above factors and turned our attention to the west and it was like a breath of fresh air. The area, the vibe and people were much more to my liking in places like Penrith, St marys (obviously), St Clare and even Mt Druitt (in some parts)
Im loving the west & could even imagine living out there one day.
Just to add my 2 cents:
When looking around for the house we eventually bought in St Marys (Willow St, 3b fibro on 1k sqm in may 2010 for $255k, bought mostly for the huge land) we looked heavily in Campelltown (house) and Granville (unit) & i must admit i felt quite uncomfortable in those too places. We finally gave up on those areas due to the above factors and turned our attention to the west and it was like a breath of fresh air. The area, the vibe and people were much more to my liking in places like Penrith, St marys (obviously), St Clare and even Mt Druitt (in some parts)
Im loving the west & could even imagine living out there one day.
