Sydney input please. 2+1+1 units

[65fbk]

Hi Guys,

I have one property in Sydney and am looking to buy another in the very near future.

I don't know the city well and for that reason, will be using a BA as I did for my previous purchase down there.

I will be taking a trip to have a look around for a few days and will be concentrating on the inner west area around Alexandria, Enmore, Newtown etc.

My research and DD has been centred on the inner west, but I am also drawn to the Dee Why area and will take a trip up that way for a look also.

Any locals willing to comment on the potential for these two areas?
I will look at both when I get there, but would like some input to help make efficient use of my time while visiting the areas.

Once I make my decision, I will enlist a BA who specialises in the chosen area to locate something suitable for me.

Any comments appreciated.

 

[Piston Broke]

Personally I'd start looking a bit closer to 2000 postcode first.
Though I'm curious as to how you did your research & DD.

 

[Humphrey]

Inner West - Newtown, Erskineville etc was overlooked for a number of years but is now very popular. There is a lot of demand for both rental and purchase. I'm not sure how the "value" stacks up at the moment.

In Erskineville apartments have risen about 12-15% in the last calendar year and I know of properties which have sold within a day or two of being on the market.

Newtown has definitely moved more upmarket. Lots of $Million+ houses and maybe more noticeable is how King st shops are generally a lot more upmarket than even say 5 years ago.

Chippendale has been identified as a growth area by a few guru's over the past 6-12 months so might be worth a look also. It's a stones throw from both UTS and Sydney Uni. There's also the redevelopment of the Carlton Brewery site which is going to certainly have an impact on the area.

It's a fairly easy walking from Enmore, through Newtown, down to Erskineville and along to Chippendale, with lots of good pubs along the if way of you get tired of walking

EC

 

[Propertunity]

I will be taking a trip to have a look around for a few days and will be concentrating on the inner west area around Alexandria, Enmore, Newtown etc.

Generally speaking you can't go too far wrong if you follow the train line out i.e. Newtown, Stanmore, Petersham, Lewisham, Summer Hill etc. People like to live close (but not too close) say 400m - 1,200m max walk to the train. They also like coffee, shops, eateries etc.

My research and DD has been centred on the inner west, but I am also drawn to the Dee Why area and will take a trip up that way for a look also.

If you look at the attached chart you'll see most of the areas you've mentioned have performed pretty well and broadly in-line with each other. The demographic in Dee Why is a little different being no-where near the train line (although there are buses) but closer to the beach. From a transport perspective, the Spit Bridge and Military Road in the morning & afternoon peaks can be a major turn-off to people that have to come into the CBD for work.

One thing Dee Why does have over the Inner West is that it is not under the flight path, not that it seems to worry people in the Inner West at all, from my observations.

You won't find many units in Enmore. There are usually only 20-30 sales there in a whole year. This year only 14 sales recorded.

....but would like some input to help make efficient use of my time while visiting the areas.

Take the time to look at the suburbs with a village type atmosphere like Summer Hill (where your budget needs to be around $550K) and Croydon (which is a little cheaper, but not much).

In the Inner West people like to have at least 1 off-street car space unless it is an Art Deco apartment where they will trade off not having a car space for the period-style character. (Although some Art Decos do have parking).

Watch out for Company Title which is more prevalent in the Inner West - lenders will do lower LVRs on them and some are being converted to strata title but that costs a bit (so factor that into your sums). Some company title also is very restrictive on who can be allowed to live there if not the owner (need permission from the BC on which, if any, tenant).

As in any suburb, there are specific streets to avoid and others that attract a premium and are highly desireable. Your chosen BA will be able to assist you with all that and the type of property tenants want, once you narrow down your suburb choice. Happy hunting!

 

[Piston Broke]

I dont use charts, but i would'nt buy a unit in any of those places unless it's a very small building.
There's a few out there which is why i dont think you can do proper DD without going there and walking the streets.

 

[65fbk]

Thanks to all for their comments.

 

[digs75]

I'm a Northern Beaches local and have to say Dee Why is being an over-populated area for investment with project like the Dee Why Grand producing a multitude of apartments.

If you can buy well on the beach side of Dee Why you would be better off than Pittwater Rd side.

Main issue with of lack of transport is a problem, but everything else infrastructure wise and being close to the water is there.

 

[Leghorn]

I would put my money in the inner west over Dee Why. If you are after the northern beaches Manly would be a better option.