The good, the bad and the ugly of....Parramatta?

[JessP]

Bear with me

After looking extensively in the West I am starting to wonder if it is the best investment choice for us. Strategy at the moment is lump sums to pay down debt and we are in the unique position of having the time and skills to reno quickly and efficiently.

With this in mind I have turned my sights on Parramatta and surrounding suburbs, so essentially back to square one research wise

Anyone got an opinion on suburbs poised for good quality renos? I've found quite a few prospective deals mainly Merryland, Guildford, Granville. Thoughts?

 

[Shahin_Afarin]

Merrylands - a bit of a crime problem and high dense. Good zoning for duplexes. not on the train line to the City.

Guildford - industrial, great zoning but too many developments. Not on the train line to the city.

Granville - my personal pick of the 3. It has had massive transformation over the last few years. Zoning is tight. I have seen a lot of single dwelling homes go up. Major train station and on the train line.

I am not a buyer's agent so im sure one of those guys can jump on and provide more detailed stats on the areas.

Regards

Shahin

 

[beachgurl]

I'm the opposite to Shahin, I'd say Guildford and Merrylands over Granville.

Yes, Granville is closer to the city. But all 3 suburbs have a train station. Granville gives you the option of both Western and South train line services, but you generally need to park a fair way from the station at Granville.

Merrylands station has very little parking these days, but an easy walk from the plethora of apartments close by. There are safety concerns but the police are working to make the station area safer.

Guildford is great for parking but is that little further away from the city. The demographic appears to have changed around there in recent times and is becoming very popular (on the western side that is, I have no real knowledge on the eastern side) as people who like Greystanes but can't afford it, or want to be on the eastern side of Cumberland Highway for the commute are choosing to live there.

One little place that may be worth a look is Woodpark (just west of Guildford and south of Merrylands West). Might be worth a look for renovators as it's a place that is very much overlooked. Not walking distance to the station but to be honest, most people don't walk to the station, they either drive or have someone pick them up, even if they live only a few streets away.

Go have a look at rental open homes on the weekends (and in the afternoon weekdays if you can). The number of people turning up for inspections in the Merrylands/Guildford area is very rapidly increasing and it is difficult to secure a rental property that needs massive renovation to the point of potentially being a safety concern. Looking at your potential competition and the tenant demographic may assist your decision. Go do the same around Granville as the demographic is different there again.

Feel free to PM me with any specific questions about the area if you have any. I've just spent the past few weeks looking for a rental to live in and have an IP around there too.

 

[beachgurl]

Sorry, unable to edit my post for some reason but I meant that even the substandard properties are in very high demand in these areas at present, there are a lot of people looking for rentals around here.

 

[JessP]

Awesome, beachgurl and TheFinanceShop. Thank you.

Will definately check out all the areas in person. There seem to be some really good reno's around there at the moment so as soon as I narrow it down to a few I'll pm you for you thoughts