Western Sydney OTP
- Thread starter Dualitii
- Start date
Hi everyone,
Thanks for taking the time to respond, really appreciate it. I was away on a snow holiday (as early 20s are wont to do) for the last couple of days.
The development is in Fairfield West. I'm not sure how much else I can say about the development though.
In response to a few people:
A) The reason why I got involved in this property is my friend had bought a previous apartment from PIA which is currently tenanted and doing well (waiting for an eval next week). The PIA agents are family friends of my friend and so are willing to trust them.
Not only that but as people had mentioned, Sydney had a massive few years, and as a result PIA has been showing us the massive CG gains on their OTP projects. So it's quite difficult to really walk away from this because despite what you all say and no matter the validity of your statements which I can agree with, the past results and family friend status are going to be challenging. This is a team effort by my friend and I, so I will have to veto it became my friend is quite keen on this.
B) both of us are numbers people, thinking with the mind and not heart - but we're trying to empathise with our potential rental market and feel the location is suitable for our target (young families).
C) we're not planning on selling unless we're forced to, so we're not too concerned about sales glut, as long as our tenant vacancy is low. If PIA is doing things like marketing ploys to get renters, we could see this as an advantage for us since they're actively pursuing tenants.
I've been mainly posting but I'm relaying all of this to my friend as well. He agrees he's concerned that the vast majority of you feel this is a bad idea.
Thanks for taking the time to respond, really appreciate it. I was away on a snow holiday (as early 20s are wont to do) for the last couple of days.
The development is in Fairfield West. I'm not sure how much else I can say about the development though.
In response to a few people:
A) The reason why I got involved in this property is my friend had bought a previous apartment from PIA which is currently tenanted and doing well (waiting for an eval next week). The PIA agents are family friends of my friend and so are willing to trust them.
Not only that but as people had mentioned, Sydney had a massive few years, and as a result PIA has been showing us the massive CG gains on their OTP projects. So it's quite difficult to really walk away from this because despite what you all say and no matter the validity of your statements which I can agree with, the past results and family friend status are going to be challenging. This is a team effort by my friend and I, so I will have to veto it became my friend is quite keen on this.
B) both of us are numbers people, thinking with the mind and not heart - but we're trying to empathise with our potential rental market and feel the location is suitable for our target (young families).
C) we're not planning on selling unless we're forced to, so we're not too concerned about sales glut, as long as our tenant vacancy is low. If PIA is doing things like marketing ploys to get renters, we could see this as an advantage for us since they're actively pursuing tenants.
I've been mainly posting but I'm relaying all of this to my friend as well. He agrees he's concerned that the vast majority of you feel this is a bad idea.
It's a different market these days.
We got heaps of overseas investors (cashed up Chinese :^),we just came out of a property slump hiatus, record low interest rates and now, as if there isn't enough icing on that property market cake, we get <5% 5 year fixed interest rates!
What's next 4% 4 year fixed lol.
I got the feeling this boom ain't over yet - the world markets don't want it to be. If you got property, you can have your cake and eat it too!.. munch munch...oohh belly ache.
Is this the Fairfield West development?
That project is being built but hasn't been released yet.
Already 50+ have paid the $5k and completed the EOI reservation form.
95% of them are Asian from what I saw.
Ground floor unit, 1 bedroom has a price of $395k.
Most are two bedders ranging from $440kish to $560k.. Few three bedders in the complex and they are up around $630k.
3 bedroom houses have been selling in the $500k-$600k range lately.
Minimal units in the area.
That project is being built but hasn't been released yet.
Already 50+ have paid the $5k and completed the EOI reservation form.
95% of them are Asian from what I saw.
Ground floor unit, 1 bedroom has a price of $395k.
Most are two bedders ranging from $440kish to $560k.. Few three bedders in the complex and they are up around $630k.
3 bedroom houses have been selling in the $500k-$600k range lately.
Minimal units in the area.
Regrettably datto?Shonky or not,let me know when you want to give away an
IP for free
Cheers Spades.
Regrettably datto?Shonky or not,let me know when you want to give away an
IP for free
Cheers Spades.
When I become a billionaire I will give you a free property, you have it in writing righ5 here
Now please help me become a billionaire!
