Hi sa ali
It can be confusing can't it? Some questions to consider...
Have you driven around all the areas of interest and done your DD on current medians (for both units and houses) and likely rental returns?
Have you spoken to other investors in these areas, found out about amenities, good/bad pockets, what type of tenants are likely to rent your impending purchase?
Have you looked at the past cg rates? (these can be a good indicator of future growth)
Have you researched current infrastructure dvpts that may affect future values? (become a friend of the local council sites )
Local knowledge is paramount when investigating unknown areas so ensure you do your homework.
Parra and surrounds have been hot property in the $300-500K price bracket since the Boost was first introduced at the end of 2008. I can certainly attest to this, given the clients who I've purchased for. It hasn't been so much about obtaining a "bargain" or a certain % off the listing price (which, by the way, is no measure in determining whether or not you achieved a fair price) but chasing the rising market to secure a quality property at a fair price. Most of the GOOD stock that I've shortlised for clients has sold at close to asking or even above (in some cases) as vendors hold all the cards right now. It's really only rubbish or overpriced homes now sitting on the market for longer than 6 weeks. Time on the market has dropped dramatically in many western suburbs in this price bracket as both FHB's and investors have been active in the market. Shortage of stock has also played a problem, especially with houses in the areas you're looking.
The Quakers Hill market (and surrounds) has been just as hot, with properties being quietly listed and not even making it to their first OFI before being sold. In high demand right now are houses and anything decent in the right area that's realistically priced under $400K is being sold very quickly. Rents are also consistent and strong, with most houses in the Parra and Blacktown LGA's having very low vacancy rates of less than 1.5% in many agencies.
Best of luck with your search and sorry to hear you've had to lose your 0.25% as part of the "learning curve". No matter- it's all part of the experience of becoming a property investor
It can be confusing can't it? Some questions to consider...
Have you driven around all the areas of interest and done your DD on current medians (for both units and houses) and likely rental returns?
Have you spoken to other investors in these areas, found out about amenities, good/bad pockets, what type of tenants are likely to rent your impending purchase?
Have you looked at the past cg rates? (these can be a good indicator of future growth)
Have you researched current infrastructure dvpts that may affect future values? (become a friend of the local council sites )
Local knowledge is paramount when investigating unknown areas so ensure you do your homework.
Parra and surrounds have been hot property in the $300-500K price bracket since the Boost was first introduced at the end of 2008. I can certainly attest to this, given the clients who I've purchased for. It hasn't been so much about obtaining a "bargain" or a certain % off the listing price (which, by the way, is no measure in determining whether or not you achieved a fair price) but chasing the rising market to secure a quality property at a fair price. Most of the GOOD stock that I've shortlised for clients has sold at close to asking or even above (in some cases) as vendors hold all the cards right now. It's really only rubbish or overpriced homes now sitting on the market for longer than 6 weeks. Time on the market has dropped dramatically in many western suburbs in this price bracket as both FHB's and investors have been active in the market. Shortage of stock has also played a problem, especially with houses in the areas you're looking.
The Quakers Hill market (and surrounds) has been just as hot, with properties being quietly listed and not even making it to their first OFI before being sold. In high demand right now are houses and anything decent in the right area that's realistically priced under $400K is being sold very quickly. Rents are also consistent and strong, with most houses in the Parra and Blacktown LGA's having very low vacancy rates of less than 1.5% in many agencies.
Best of luck with your search and sorry to hear you've had to lose your 0.25% as part of the "learning curve". No matter- it's all part of the experience of becoming a property investor