What do you think of Kellyville just above Bella Vista

[jman]

Hi Guys,
Have been reading this forum for a month or so and thought its time to join in.

We currently have a PPOR but we are thinking of converting it into an investment property and buying something bigger.

At the moment we are actually looking at Kellyville and was wondering if the gurus here can give us some advise.

We plan to start a family thus the bigger house.

This is the one we are looking at-->
http://www.realestate.com.au/property-house-nsw-kellyville-112471607

The asking price is $814K and we were wondering if its even an ok price for kellyville.
Everyone is raising their eyebrowns when we tell them is around 800K.

Lets start off with my view of this place.

+ve
- off the plan which means i can keep my money in the bank until the house is ready vs progressive payment
- inclusions are quite impressive.
- walking distance (900m) to potential train station (Bella Vista)
- till the station comes up there is the t bus way 600m away
- close to norwest centre
- relatively close to "fancy Bella Vista" $1M+ properties
- floor plans are good in terms of space utilisation
- has a good enough back yard to put a pool in 9m x 13.9m *although everyone recommends not to put a pool in as its deemed as high maintenance. we never had a pool before thus its part of the wish list.

-ve
- Kellyville scares me in terms of prices free falling during economic uncertainty (2008 GFC)
- small land size 417m2 - we think that people moving out west would expect at least a 600m2 block?
- train station might not happen - if they cancel the project, will prices plunge?

what are your thoughts?

Thanks in advance!

 

[DaveM]

$814k for a McMansion on 417sqm in Kellyville? That isnt a misprint?

 

[bits1010]

if you work in the Sydney CBD, with that price you can buy two existing properties in the central coast, on a big block of land, some of them within walking distance to the train station....the commute time will be similar.

at least you can get on the train in the central coast, and seat all the way to wynyard.... with north west rail you need to c/o at chatswood and then without a seat...

also when I think of a good house it has to have a pool + backyard with these postage stamp land, you can't have that.

if the developer has to make profit, it has to be funded from someone.

 

[twobobsworth]

We like living in the area, but to put it in perspective our house is probably low to mid 8s, 600m block, 42 sq, built in 2001, with swimming pool.

 

[jman]

We like living in the area, but to put it in perspective our house is probably low to mid 8s, 600m block, 42 sq, built in 2001, with swimming pool.

if you work in the Sydney CBD, with that price you can buy two existing properties in the central coast, on a big block of land, some of them within walking distance to the train station....the commute time will be similar.

at least you can get on the train in the central coast, and seat all the way to wynyard.... with north west rail you need to c/o at chatswood and then without a seat...

also when I think of a good house it has to have a pool + backyard with these postage stamp land, you can't have that.

if the developer has to make profit, it has to be funded from someone.

$814k for a McMansion on 417sqm in Kellyville? That isnt a misprint?

At least now i know i am not being too conservative thinking its overpriced.... yeah might look else where then... then other option is to buy somewhere run down and do a rebuild in either the ryde area or french forest.

 

[Jacque]

At least now i know i am not being too conservative thinking its overpriced.... yeah might look else where then... then other option is to buy somewhere run down and do a rebuild in either the ryde area or french forest.

Hi jman

The risk with buying OTP, and especially in a new estate, is one of oversupply. This can lead to price ceilings as supply is greater than demand. It's also more difficult with resale if your house looks the same as all your neighbours.

I know Kellyville and the Hills very well (could have privately sold you a larger block on approx 400sqm some months ago for less than $400K ) and my opinion is that the more established suburbs closer to the current amenities will be the ones that will benefit from better growth. If you're interested in adding value, why not buy on a block more than twice the size, in a much superior position (lots of home buyers and investors right now concentrating on the 1.5km ring around the planned stations and especially Castle Hill centre) for your budget, like this one in Kathleen Ave?
http://www.realestate.com.au/property-house-nsw-castle+hill-111318347

Note: I have absolutely zero interest in promoting this particular property as I obviously don't sell real estate but it strikes me as being worth a look for the land size alone.

Best of luck with it all.

 

[jman]

Hi jman

The risk with buying OTP, and especially in a new estate, is one of oversupply. This can lead to price ceilings as supply is greater than demand. It's also more difficult with resale if your house looks the same as all your neighbours.

I know Kellyville and the Hills very well (could have privately sold you a larger block on approx 400sqm some months ago for less than $400K ) and my opinion is that the more established suburbs closer to the current amenities will be the ones that will benefit from better growth. If you're interested in adding value, why not buy on a block more than twice the size, in a much superior position (lots of home buyers and investors right now concentrating on the 1.5km ring around the planned stations and especially Castle Hill centre) for your budget, like this one in Kathleen Ave?
http://www.realestate.com.au/property-house-nsw-castle+hill-111318347

Note: I have absolutely zero interest in promoting this particular property as I obviously don't sell real estate but it strikes me as being worth a look for the land size alone.

Best of luck with it all.

Hi Jacque,
The only reason we were even looking at that property shown above in kellyville is because of the potential train station. If the station comes along as planned, then this property would be only 900m away from the bella vista station. But what are your thoughts on the station even going ahead?

 

[twobobsworth]

Hi Jacque,
The only reason we were even looking at that property shown above in kellyville is because of the potential train station. If the station comes along as planned, then this property would be only 900m away from the bella vista station. But what are your thoughts on the station even going ahead?

The link Jacque has provided you will be less than 900m to the showground station.

 

[bits1010]

a standard size, not sub-divided land with a run-down house in ryde / FF will be at least 700k, to build a two storey, good house there will cost at least 300k-400k ?

the cost will be about 1 mil and up, however for that price there are already some really nice properties on a big block of land there.

as for existing properties, if you don't mind power lines, the number 4 and in fact it is near an old cemetery, 600k can get you this.

http://www.domain.com.au/ore/Public...+Enquiries+Open+(postclick)&prevServer=Emails

in Carlingford.

then other option is to buy somewhere run down and do a rebuild in either the ryde area or french forest.

 

[jman]

a standard size, not sub-divided land with a run-down house in ryde / FF will be at least 700k, to build a two storey, good house there will cost at least 300k-400k ?

the cost will be about 1 mil and up, however for that price there are already some really nice properties on a big block of land there.

as for existing properties, if you don't mind power lines, the number 4 and in fact it is near an old cemetery, 600k can get you this.

http://www.domain.com.au/ore/Public...+Enquiries+Open+(postclick)&prevServer=Emails

in Carlingford.

You are right! It will cost about 700-800 to buy into ryde and putting a 400k house on it. Our budget is 1.2 if we were to look at ryde. Saw a nice one over the weekend buy the vendor wants 1.4.
Although we can afford 1.2, I am only prepared to pay 800 if we were to decide on kellyville and about 900 for castle hill.

 

[bits1010]

i think based on the current market condition, the demand for 1mil+ properties is not that high, unless it is close to CBD / big house on big land / good views / water access etc etc...

if it is just a normal house in ryde etc, and if you are really to pay 1mil+ for it, you can take your time and put some effort in bargaining, you might be surprised....

Saw a nice one over the weekend buy the vendor wants 1.4.

 

[bits1010]

you can get a mansion, on big land, for that price in C hill.

900 for castle hill.