Toongabbie-western sydney outlook??

[propertynwbie]

Hey guys,

Just wondering your thoughts about outlook on Toongabbie suburb in western sydney? I have purchased residential apartment in 2009 however it seems that prices are stagnant since 2009. I am planning to convert this PPoR into investment in two years time.

There has been a flurry of new residential development in this suburb (mostly apartments). Last time i checked realestate, it seems there are about 200 apartments that the developers are offering off the plan overall.

I would like to know if there are lot of offerings in place, what is long term impact (atleast 3-5 years) in terms of price? Rents seem to pretty solid since 2009 however there seems to be negligible capital growth.

Thanks

 

[MsAli]

Hi Propertynwbie, did you buy Off The Plan? How much did you buy for?

Prices have definitely moved on IMHO - on established properties at least.

I think Toongabbie has good prospects.

 

[Rixter]

I flew over from Perth a couple years back and had a look around Toongabbie (and other nearby areas)including those apartments adjacent to the train station.

Although similar in demographics and underlying fundamentals I purchased in South Wentworthville because the suburb had a far better feel from a micro perspective.

I hope this helps.

 

[MsAli]

Rixter, I've lived in South Wenty and I believe Pendle Hill, Girraween and Toongabbie are better purchases in the long term due to the proximity to the station. Commuting from South Wenty was a pain! We had to drive to the T80 bus stop, then catch a bus, then catch a train from Parra to the city OR catch the OVER PRICED private buses to Parra that were slow and then catch a train to work in the city. Much happier now catching Toongabbie to city which takes 50 minutes.

I believe in 2009 there were lots of brand new apartments on sale around the area. So glad we didn't buy those. My sis bought a 2 bed villa in Girraween for $328k in Nov 2009. While brand new apartments in Pendle Hill were going for $365k....Tell me the logic here? It's easy to get sucked into brand new property (and the 24k FHOG was attractive!!) but it's such a downer in the long term when you realise the high strata costs associated as well as LMI have huge issues with high density complexes.

When looking at various areas there are far more mortgagee FHB's who have bought brand new because they did not know it was a potential pit.

 

[propertynwbie]

Hi Propertynwbie, did you buy Off The Plan? How much did you buy for?

Prices have definitely moved on IMHO - on established properties at least.

I think Toongabbie has good prospects.

It was already established property(build around 2004). I bought it around $265k. However when looking at different reports(rpdata, residex, pdslive), it seems that in 2.5 years, prices seem to havent moved much.

It is 200 m from station which is why i really want to hold. However strata seems to pretty high (around $900 per quart.).

Thanks

 

[propertynwbie]

Just wondering your thoughts of how suburb price is affected by lot of new residential apartment developments?

 

[Rixter]

Rixter, I've lived in South Wenty and I believe Pendle Hill, Girraween and Toongabbie are better purchases in the long term due to the proximity to the station. Commuting from South Wenty was a pain! We had to drive to the T80 bus stop, then catch a bus, then catch a train from Parra to the city OR catch the OVER PRICED private buses to Parra that were slow and then catch a train to work in the city. Much happier now catching Toongabbie to city which takes 50 minutes.

Why didnt you commute from Wenty station? Thats the closest station to my property. - a short distance away.

 

[MsAli]

Why didnt you commute from Wenty station? Thats the closest station to my property. - a short distance away.

South Wenty isn't close to the station...May be your property is closer. Wenty itself is great as there is a station but South Wenty commute sucked =(

We had to drive on Cumberland Hwy and then back towards the Old Prospect road to the T80 bus stop. That itself was 3km. So Wenty Station would have been 4km? That would have made it 8km drive for parents mornings and evenings.....i.e. 16km to drop us off and pick us up in total.

 

[MsAli]

Just wondering your thoughts of how suburb price is affected by lot of new residential apartment developments?

I'm not an expert, but I don't think it is affected per say as new developments are already marked up heaps. Like you bought yours for $265k while the new ones across from the station were listed for around $355k off the plan for 2 BR...Imagine...those people must be kicking themselves as they cannot recover that money at least right now.

 

[Rixter]

South Wenty isn't close to the station...May be your property is closer. Wenty itself is great as there is a station but South Wenty commute sucked =(

We had to drive on Cumberland Hwy and then back towards the Old Prospect road to the T80 bus stop. That itself was 3km. So Wenty Station would have been 4km? That would have made it 8km drive for parents mornings and evenings.....i.e. 16km to drop us off and pick us up in total.

Ah gotch ya....yeah my property is the northern boundary of South Wenty & Wenty ... This end is being up lifted, made over and gentrified street by street with old houses on big blocks being bowled over and either new 2 story houses, duplexes, villas and townhouses being built in there place. Walking distance to transport, shopping, medical, educational and recreational facilities.

 

[Mr T]

Suburb of Girrawen is beside Toongabbie. Girrawen has a selective school.
May if u place is with the cathcment area...then....as u know...plenty of potential tenants will 'love' it

 

[devank]

Suburb of Girrawen is beside Toongabbie. Girrawen has a selective school.
May if u place is with the cathcment area...then....as u know...plenty of potential tenants will 'love' it

I don't think a selective school catchment area is same as good public school catchment area.

 

[lpool05]

Hey guys,

Just wondering your thoughts about outlook on Toongabbie suburb in western sydney? I have purchased residential apartment in 2009 however it seems that prices are stagnant since 2009. I am planning to convert this PPoR into investment in two years time.

There has been a flurry of new residential development in this suburb (mostly apartments). Last time i checked realestate, it seems there are about 200 apartments that the developers are offering off the plan overall.

I would like to know if there are lot of offerings in place, what is long term impact (atleast 3-5 years) in terms of price? Rents seem to pretty solid since 2009 however there seems to be negligible capital growth.

Thanks

I have a apartment in the complex you are referring too. I believe $265k is a good buy. The developer still owns more than half of the complex and slowly selling it down. The recent sales have been around $270k - $280k. The strata is a killer but rent is just as awesome. With the right managing agent you can easily rent the unit between $380 - $400 per week. That is a yield 7.4% and not to mention the depreciation that you will receive
This complex is very popular to rent and there are plenty of families interested in renting it out.
I would hold as there has been huge change. The new wollie is getting busier. The small mall is seeing a lot of movement.

Good Luck.

 

[Rixter]

The strata is a killer

How much is the strata?

 

[lpool05]

How much is the strata?

$900 per quarter with no swimming pool and gym to maintain. The reason for this starta fee is due to complex having 3 lifts and with carbon tax around the corner it would be wise to have enough admin funds.
The complex is also looked after well compared to other property.

 

[virgo]

Toongabiie

Hiya

I am curious but correct me if i am wrong...the last time i visited the surrounds of Wentworthville, Pendle Hill etc i seem to see a growing concentration of a particular race/culture...

Not to be negative, not at all but these new immigrants are seen to be hardworking and industries?? (and very academically focused)? this might bode well for these areas?

 

[Propertunity]

I am curious but correct me if i am wrong...the last time i visited the surrounds of Wentworthville, Pendle Hill etc i seem to see a growing concentration of a particular race/culture...

Yes, the Indians are coming

Not to be negative, not at all but these new immigrants are seen to be hardworking and industries??

industrious, yes.

(and very academically focused)?

Yep.

this might bode well for these areas?

These areas have seen significant growth. The 'immigrants' as you call them, like to stick together - they have a strong concept of family. They have their temple there too. Demand is high, supply restricted (apart from the new unit blocks) and therfore prices have risen and will probably continue to do so.

 

[Ideo]

Always a good thing when you get a large amount of Indian migrants for property prices.

That area is one, along with Granville, that should be performing strongly imo

 

[Belbo]

Always a good thing when you get a large amount of Indian migrants for property prices.

That area is one, along with Granville, that should be performing strongly imo

Cool. I never thought of using racial profiling for good!

 

[Ideo]

Cool. I never thought of using racial profiling for good!

Subvert the dominant paradigm

It's mainly because the typical westy bogan doesn't see them as being bad migrants by and large.

Mainly because the media doesn't tell them they are bad