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Hi guys what are your thoughts on Macquarie fields?
any one have a ip there or know the area? May have a property there of interest? Close to the train line and the m5
Any input would be great?
Cheers
google "macquarie fields riots".
Probably unfair, because you could do the same google search on some now trendy areas like Redfern for example. But Redfern is close to the CBD.
All the same, I'd choose somewhere else than MF, for an IP.
This is where my first IP was (sold since). We bought in 2006 for $185k and sold it 5 years later. Didn't make much on it but didn't lose either. It is not as bad as people make it out to be, we renovated over several weeks and it was quiet, no problems, save for the weekend trail bike escapades of the locals. In 5 years all we've had is a broken window pane once.
Having said that, I would not buy there again as it did make it more difficult to attract quality tenants. We didn't have any major troubles although the last lot did run off without paying 2 weeks of rent.
Also there's two sides to Macquarie Fields. East of Harold St it's almost all housing commission (this is where our IP was), although it is reducing as it's being sold off. Not as much on the other side and generally looks much better and this is reflected in property prices too.