Unit Performance in Rockdale or Kogarah

From: John P


Has anyone had any experience investing in units in Rockdale and/or Kogarah that they would be willing to share?? Have you been happy with the performance?? If you have had the unit/s long term, what's the growth been like?? Info on vacancy rates etc


On the flipside,if would'nt touch these areas with a ten foot pole I would like to hear your reasons why.
Thanks
 
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Reply: 1
From: Ian Parham


G'day John
If you haven't already read them, there were a couple of lengthy posts titled 'Opinion Poll' and 'Opinion Poll 2' whereby these areas were mentioned in discussion.
Some of it is below. Not quite the detail you were after but perhaps others will provide more in that respect.
Cheers Ian



Topic: Opinion Poll (22 of 29), Read 136 times
Conf: Property Investor Forum
From: Ian Parham ianandjodi@one.net.au
Date: Tuesday, May 22, 2001 06:15 PM

Good Evening Robert & All
I am still thinking Sans Souci will do well over the years.
I too like the idea of big blocks, old houses waiting for some cosmetic face lift (small scale), sit on the rent for a while, then demolish and rebuild, or perhaps develop.
Just need to get the 400K plus to break into the suburb...old weatherboard (2-3Br)house on land.
Did some more prospecting through Rockdale back to Peakhurst/Mortdale. Appears promising in parts.
Lots more high-rise apartment blocks breaking out through Rockdale either side of Princes Highway...maybe overkill / glut?
500m south is Kogarah??
Some nice, quality developments there, same infrastructure as Rockdale...who knows, maybe a few 'latte joints' and the place could take off ;>)
Cheers Ian






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Topic: Opinion Poll (23 of 29), Read 138 times
Conf: Property Investor Forum
From: Donna L
Date: Tuesday, May 22, 2001 09:12 PM

Parts of Kogarah are good. About two
years ago a small antique store opened
on the highway. My God! I thought, you've
got to be kidding. Well it does a roaring
trade, now has a coffee shop in there that
is full on the weekend. I once read
somewhere that when the antique stores
move in you know you have yuppies and a
suburb on the move! Lower rise
development is better too. Rockdale
looks very overcrowded to me and I don't
like multi-storey cookie-cutter high-rise.
To much competition for sales and
rentals.






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Topic: Opinion Poll (24 of 29), Read 147 times
Conf: Property Investor Forum
From: Robert Forward robert_forward@optusnet.com.au
Date: Tuesday, May 22, 2001 09:40 PM

I actually live in the Kogarah/Carlton area and am currently seeing an over supply in the unit market.

Rents have gone down and unit prices have gone down by 10% from their highs earlier last year. The rents have also dropped off for the housing market too.

From where I live to the train station 3 blocks of houses (11 houses in total) have been knocked down and have units built on them.

But I think if you move away from about 300-500m parallel from the railway line on both sides then you have a chance.

But that is just my thoughts on this particular area.

Cheers
Robert






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Topic: Opinion Poll (25 of 29), Read 158 times
Conf: Property Investor Forum
From: Samuel Riley sam.riley@unilever.com
Date: Wednesday, May 23, 2001 03:02 AM

Just outside the St george area you have some other great suburbs that keep looking better and better, they are:

Narwee, Riverwood, Peakhurst and even Beverley Hills (southside)

All of these are under 20 mins by train to the city and 5-10 mins to the airport (direct!)

Then there is the new extension of the M5 motorway to consider which will knock 20-30 mins off travel time to the city Making it 20 mins to the city by car.

All of the above areas have excellent shopping and beverley hills esspecially has an excellent cafe scene, station, shops and cinema(s) also its 2 mins drive to hurstville, which in my opinion is becoming a clone of parramatta. I wont mention anything about the dodgey council... sorry Mr Dominelli.

All of this of course is just my observation and opinion. I'll Go check out the residex data on these areas and get back to you all

ciao
Sam
 
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Reply: 2
From: Rolf Latham


Hi John

Residex shows the following :
(paraphrased)

Kogarah 1998 4.6 %, 1999 11.5 %, 2000 1.8 * growths. Last 3 years av rental return 5.1 %

Predictive for next 8 years approx 8 % pa


Rockdale 1998 11.3, 1999 14.0, 2000 5.3 % growths. Last 3 years av rental returns 5.33 %

Predicitve for next 8 years approx 7.45 % pa


Ta



Rolf
 
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