where to buy - Sydney $400-500k?

[NickZed]

Hi all,

I am a relative newbie to the forums. I've been following things for a while and have read and learnt some interesting and useful things from the site. Thanks for the info.

Currently I own:-

An appartment in Manly (NSW).
A duplex in Cessnock, NSW - I sourced the land, appointed a builder and rented them out (with the help of a project manager).

For my next foray into the world of property investing I am thinking of getting my hands dirty:- I'd like to buy a place and do some renovations to it - hopefully adding value and increasing the potential rental return of the property.

I'm about to start some one on one coaching from www.winningformulasforsuccess.com. Hopefully this will arm me with some more knowledge to analyze a potential renovation project prior to purchasing the property.

Anyway, my question for you all....I live in Manly, NSW. I would like to purchase something that is relatively accessible for me with some renovation potential in the $400-500k range in the Sydney / Newcastle / Wollongong area.

Any suggestions of suburbs / areas to look at would be much appreciated.

I'd also be interested in any useful tips that people may have.
Thanks
Nick

 

[Propertunity]

....I live in Manly, NSW. I would like to purchase something that is relatively accessible for me with some renovation potential in the $400-500k range in the Sydney / Newcastle / Wollongong area.

Well you could start in your own backyard with a 2brm unit in need of a reno on the Northern Beaches.
You could try the same with a 2brm unit in the Inner West.
You could do a house in need of a reno out Parramatta way - Guildford / Merrylands etc.
In Newcastle you could pick up a 2-3brm renovator in the suburbs close to the CBD like Tighes Hill, Carrington, Wickham, Mayfield etc also.
Lots of choices - all good for CG too.

All the best with it.

 

[NickZed]

Thanks propertunity...I like the idea of renovating a house (not a unit). As it would, I hope, allow me more flexibility for adding value.

I like the Newcastle suggestions. I'll do a bit of research on realestate.com.au and I'll give you a call to chat to you about your services (just checked out your website).

Thanks for the ideas.

 

[Jacque]

Hi Nick

Analyzing the reno potential of a property isn't rocket science- as long as you know the demographics of the market you're buying into to and your likely target market. Look at finished products in the area of interest, deduct costs and work backwards to ensure your ROI is going to be a worthwhile project.

Re: houses up to $500K. Best bets in Sydney, as Prop's already mentioned, would be around the Parra/Blacktown area. Suburbs like Toongabbie, Seven Hills, Quakers Hill, Wenty etc full of great renovator homes- look for homes where you can add a 2nd bathroom (or at the very least a toilet) an outdoor deck/entertaining area and possibly a bedroom (garage conversions can work as long as you still retain car accommodation by way of carport). The Hills District is also another great area and in very high demand with families and FHB's but you're lucky these days to find anything under $500K freestanding, unless its on major roads etc.
Best of luck with your quest- it's time consuming but very rewarding when you do find the right place Happy renovating!

 

[ozmale42]

The outer Sutherland Shire areas of Heathcote/Engadine and to a lesser extent Menai have had a few listings of homes in or around that range that may appeal.

Case in point - This 3 br townhouse at Menai advertised for $420k sounds like it needs a full reno. However considering similar properties in top condition are going for the low to mid 5's this would be a good opportunitry for a motivated renovater.

http://www.realestate.com.au/property-townhouse-nsw-menai-106534762

 

[thamask]

The outer Sutherland Shire areas of Heathcote/Engadine and to a lesser extent Menai have had a few listings of homes in or around that range that may appeal.

Case in point - This 3 br townhouse at Menai advertised for $420k sounds like it needs a full reno. However considering similar properties in top condition are going for the low to mid 5's this would be a good opportunitry for a motivated renovater.

http://www.realestate.com.au/property-townhouse-nsw-menai-106534762

This was a good deal, i tryed to make a offer late last week but some one beat me to it

 

[Suraj]

Hi I have no much idea about renovation. However can we still make money by rnovating at the top of the rising market? Because the sydney property price has already gone up so high. Is it good idea to buy the alreadt high priced property for renovation? or is it better to look for the other state where price has not gone up still like queensland? I appreciate you guys comment. Thank you very much.

 

[ozmale42]

This was a good deal, i tryed to make a offer late last week but some one beat me to it

Ahhh so it has sold then?

 

[thamask]

Yes according to the agent.

 

[BV]

Is it good idea to buy the alreadt high priced property for renovation? or is it better to look for the other state where price has not gone up still like queensland?

It depends on what you want and the reasons for buying a particular property, be careful buying in a market you're not familiar with. If you're not sure, wait. Prices won't double overnight

 

[NickZed]

I have been out, scouring around Seven Hills - trying to do some preliminary research about the area. It looks, on first glances like there are plenty of opportunities for renovation projects. Plenty of old fibro shacks in need of some TLC as well as some better quality Brick and Tile homes that could aslo use some work.

I am yet to undertake a full economic assessment (i.e. Potential profit on a renovation job), but, to me, I feel that the area presents some good opportunities - assuming that a house is bought for the right price.