Thought on Mt Druitt Surrounding Area, 2770

[jmillar]

Balmain , like paddington and redfern , Newtown are centrally located areas . Balmain is on the water .

That is typical of areas that undergo urban renewal . There are similar places in most major cities . Port melbourne springs to mind .

Mt Druitt isn't . It's in the middle of non descript lower class suburbia .

Can you point to similar area in other cities that have moved up market ?

I can't think of one .

I'm not saying that mt Druitt prices won't go up , and that it isn't a good place to invest . With time the area may get cleaned up to a degree , but I wouldn't be holding my breath for it to move upmarket compared with surrounding areas .

If you were looking for a similar area to change , then I'd be putting my money on Frankston . Why ? It's on the bay . Might take a few years though.

Cliff

Re: Redfern, I just looked on RPData and the median price in 2004 was about $350k, while in Feb 2014 it was almost $900k (see attached)! Did anyone on SS buy in the last cycle?

 

[cadence]

Damn!
I wish!
Should've listened to my dad!

 

[ok180]

Re: Redfern, I just looked on RPData and the median price in 2004 was about $350k, while in Feb 2014 it was almost $900k (see attached)! Did anyone on SS buy in the last cycle?

I bought a terrace in Alexandria in 2006 at the bottom.

Smashed it.

 

[ok180]

Damn!
I wish!
Should've listened to my dad!

hahah I showed my dad the Alexandria house I was buying and he said what do you want to buy this old piece of **** for? Why don't you buy a nice new house out west?

I always remind him about that hahah

 

[cadence]

hahah I showed my dad the Alexandria house I was buying and he said what do you want to buy this old piece of **** for? Why don't you buy a nice new house out west?

I always remind him about that hahah

Good on you!!!!!!!!

I saw a 2br terrace about 5years ago 1 street away from Redfern Station, asking for offers >$580k. Was in pretty shocking condition but sold very quickly. Smart buyers! Probably sitting on about $300k equity right now.