Whats the latest on Granville prices?

[Barton]

I,m looking at a house on Railway Parade, about 500 metres from the railway station.

The real estate agent says the forcast is for some growth on 09, but didn't put a figure on it.

I have had a look at an 06 thread on Granville and it mentioned that it's a bit rough, especially aroung the railway station. Is this still the situation.

The asking price is $374K for 2 bedroom house built around 1920's.

Your comments would be appreciated.

Regards Barton

 

[Ridin-High]

I'm not exactly sure which side of the station that is, i'm presuming its on the south side of the station between granville - clyde rws?

I don't think you could go to wrong, it's good proximity to city and very close to Parramatta.

I do agree with your comments about being abit rough, but that generally happens with railway stations.

What sort of rent would you realistically get on that place Barton?

 

[Bon]

The asking price is $374K for 2 bedroom house built around 1920's.

seems a little steep to me.. I was looking in that area before briefly and thought you could pick up a 4 bedroom house for $360-400k?

 

[beachgurl]

Yep, areas around train stations are generally a bit dodgy, but try tripling that for this suburb. Even in the day time it's a bit freaky walking around Granville on your own.

It's probably forecast for growth as values have been at rock bottom (or can they go lower?) for the last 2 yrs or so. Different ethnic mixes have been moving into this area rapidly as the old anglos pass away, the area is changing but not for the better. I used to live in this area and I moved out a few years back as I no longer felt comfortable/safe. Most of my friends have also moved away for the same reason.

I agree that price is a bit steep, particularly for a 2 bedder.

 

[Barton]

Thanks for the advise people it is appreciated.

Regards Barton

 

[Jacque]

The real estate agent says the forcast is for some growth on 09, but didn't put a figure on it...

Take it with a grain of salt, especially when coming from a REA
Forecasts are impossible to rely on, hence investors need to research historical growth rates and likely yields instead. Also consider the area as a whole, it's proximity to transport and amenities, it's future plans for infrastructure/redevelopment (check out Parra council website) and it's general "vibe". Talk to locals, other investors on here who've purchased and check it out for yourself if you don't have a trusted guide to do so on your behalf.

Granville, along with Harris Park, has always suffered from a disreputable tag. There's also a large industrial side to both suburbs, as well as a lot of very ordinary houses that haven't benefited from much improvement over the years. However, also consider other suburbs such as nearby Westmead, Parramatta and Wentworthville (go for a drive around the streets off Lytton St as there's some nice homes around there) too as Parra and surrounds is a big place Dependent on your budget and what it is you're after, prices vary and locations vary widely. You also need to ensure that you're not buying into specific "rough" streets that have a reputation as local buyers as well as tenants will stay away.

 

[Tman]

good comments Jacque

I used to live in the area around 10 years
after 10 years i don't see much growth in the area
even though the location is perfect for public transport but area looks the same to me after 10 years
if you are going to buy in the area . take a look at
prince and victoria streets ...this is a better side of granville

 

[RedPanda]

Agree with the earlier comments on Granville. I am also thinking of buying in Granville. Just thinking yet. But an IP not PPOR. So wouldn't mind the ethnic mix too much. Numbers look good for Granville. Compared to neighbouring suburbs it is the ugly duckling and prices are very low. Proximity to Parramatta is going to be more beneficial in future. I think it is kinda investment hotspot if you buy right. I recently went to auction of a 5 bed brick house close to station which needed some work and it went for 450000. I think you can buy 2 bed house around 300k and 3 bed house around 350K in Granville.

Cheers.

 

[billyb67]

Today Tonight has been pushing Granville as the NEXT BIG THING for several months now so what does that tell you ?

LOL !

 

[sid]

Today Tonight has been pushing Granville as the NEXT BIG THING for several months now so what does that tell you ?

LOL !

well that type of press certainly helps drives up prices

i bought a 3br fibro for ~255k in dec 08, its right on the granville/south granville broder, nice quiet street. Place was really ordinary but after 10k on fresh paint inside/out, garden and polished floorboards it looks like a totally different property.

houses dont seem to sell too well so low ball offers are the order of the day imho, i managed to get 35k off a knocked down asking price, not sure if the situation has changed recently with the FHB grant "deadline" approaching, so competition might have increased a bit.

Those who say the place hasnt changed much at all over the past 10 years are exactly right, the place looks like it was lost in a time warp, alot of older houses which havent been touched for the past 20 or so years... however there seems to be a lot of reno's starting to happen, ive noticed quite a bit of work in the past 2 months since ive moved in, maybe i just didnt see it before because of all the ordinary houses but there does seem to be a decent amount of development going on in the area.

 

[BV]

sid

that was an excelent buy, there is nothing under $300K atm