Who have bought a property in Penrith Area in the last 12 months?

[NPK]

Hi all. We are doing the paper work to purchase a house in Emu Plains. It has been soooooo hot in this whole area including Penrith, South Penrith, Emu Plains, Kingswood, Blaxland. So hard to buy. Every house we saw there were at least 10 different groups going through. Basically houses just go after the first open. And the sold price tend to be around 20 to 50k higher then asking price guide. It takes a lot of gut to buy at this time of the cycle and at this high competition among buyers. But we have to buy because we are going to move there in the next 3 or 4 years. Chances of losing or winning is 50/50 (too high rick to my taste). But because we are going to hold it for long term so it should be ok hopefully.

Just wonder anyone here on the same boat.
Cheers

 

[Biz]

You have to buy because you are moving there?

I hope you are bringing your snorkel, you'll be underwater there for a long time as soon as rates tick up.

 

[ej89]

You have to buy because you are moving there?

I hope you are bringing your snorkel, you'll be underwater there for a long time as soon as rates tick up.

Why's that? Nothing to say that'll happen or has happened before..

 

[bob shovel]

There have been a couple of +$1mil historic places (forbes st and walkers cr).without many bidders i hear! they actually sold below advertised price. I'm from emu originally, so good choice of area!
Is it best to wait a year or two till it flattens and interest slows down so you have less competition out there? Either way i don't think you'll get a bargain, perhaps wait for something you like then jump on it

 

[NPK]

You have to buy because you are moving there?

I hope you are bringing your snorkel, you'll be underwater there for a long time as soon as rates tick up.

Yes, we have to buy because we are going to move there in the time frame of 2-4 years. During this time frame the rate is unlikely to go up crazily. And our borrowing power is at the top at the moment. We therefore after considering all other factors (other than the price in that area at the moment) think that we have to bite the bullet now. Will wait and see. If it is going plateau we still win. But if it goes back to the price of 2009-2010 then we will need our snorkel.

 

[NPK]

Why's that? Nothing to say that'll happen or has happened before..

I hope the interest is not too high in the next 2-4 years. We may fix the loan 5 years, interest only with an offset account.

 

[Biz]

Why's that? Nothing to say that'll happen or has happened before..

It has happened before. Been through it twice myself out there. You buy now out there you are buying at or near the top.

 

[NPK]

There have been a couple of +$1mil historic places (forbes st and walkers cr).without many bidders i hear! they actually sold below advertised price. I'm from emu originally, so good choice of area!
Is it best to wait a year or two till it flattens and interest slows down so you have less competition out there? Either way i don't think you'll get a bargain, perhaps wait for something you like then jump on it

Good to hear from a local originally that it is a good choice location. I love the area called Golden Triangle. So peaceful. We are living in Bathurst at the moment so we want to move to some where quiet like that to avoid the madness of Sydney but still have close and easy access to CBD.

+1mil is far out of our price range. We stay with +500k so that it is just 1/2 of median price in Sydney. Will try to save again and buy another one if the price come back again at 2009-2010 period.

 

[bob shovel]

Yes, we have to buy because we are going to move there in the time frame of 2-4 years. During this time frame the rate is unlikely to go up crazily. And our borrowing power is at the top at the moment. We therefore after considering all other factors (other than the price in that area at the moment) think that we have to bite the bullet now. Will wait and see. If it is going plateau we still win. But if it goes back to the price of 2009-2010 then we will need our snorkel.

I don't know if it will flatten as there is still some infrastructure and things in the works to keep the ticking along, check out the council website and Penrith progression, they are actually getting proactive in developing business and sustainability in the area! Plus the airport.... Which i did read council were opposed to which i find absolutly ridiculous! Not sureif they still oppose that was 12 months ago. They are potentially throwing $millions away
Plus check out the plan for psnthers to be developed, pretty flash shopping and entertainment precinct! Plus is becoming the adventure capital with indoor sky diving, white water rafting, jet pack water machine thing, plus more.i even saw a segment on tele up here in qld on little ol penriff!

 

[bob shovel]

Good to hear from a local originally that it is a good choice location. I love the area called Golden Triangle. So peaceful. We are living in Bathurst at the moment so we want to move to some where quiet like that to avoid the madness of Sydney but still have close and easy access to CBD.

+1mil is far out of our price range. We stay with +500k so that it is just 1/2 of median price in Sydney. Will try to save again and buy another one if the price come back again at 2009-2010 period.

The only other place is royal leonay (it has a golf course!) of you can get in, if there are any reasonably priced places left! look for something with reno potential to get in. Watch Emu heights there is some housing commission, you'll spot them. I can pm you details of a top real estate agent,i still say gday when i go passed after buying 10 years ago

 

[NPK]

The only other place is royal leonay (it has a golf course!) of you can get in, if there are any reasonably priced places left! look for something with reno potential to get in. Watch Emu heights there is some housing commission, you'll spot them. I can pm you details of a top real estate agent,i still say gday when i go passed after buying 10 years ago

Following your suggestion I just did some search on realestate.com.au. It is even hotter in Leonay. We do not like Emu High as much as Emu Plain. Somehow I find Emu Plains is still the calmest spot in Penrith area.

I personally think that we cannot go too wrong with buying in this area because it is still a lot more affordable than the rest of Sydney. Plus we buy mainly for living in, not investment so like you said before just jump in when we find something that we like.

P/S: Your property that you bought 10 years ago should be double by now.

 

[ej89]

Can you spend more money to get a block of land and build in Jordan Springs? There are also decent single storeys in Ropes Crossing for low 500s. Also, buying land that registers in 12 months might be beneficial to you as you can save even more

Looking at Penriths history after the last boom, it didnt drop like the closeby suburbs of Mt Druitt and its surrounds.. They dropped 15% whereas Penrith didn't drop. Also think that Penrith 10 yrs ago is way different to the Penrith of now and future considering the amount of developments and jobs they have going there..

Question though, why Penrith? What if I knew a better location with more growth potential and good pricing, would you take it?

 

[arashi87]

Can you spend more money to get a block of land and build in Jordan Springs? There are also decent single storeys in Ropes Crossing for low 500s. Also, buying land that registers in 12 months might be beneficial to you as you can save even more

Looking at Penriths history after the last boom, it didnt drop like the closeby suburbs of Mt Druitt and its surrounds.. They dropped 15% whereas Penrith didn't drop. Also think that Penrith 10 yrs ago is way different to the Penrith of now and future considering the amount of developments and jobs they have going there..

Question though, why Penrith? What if I knew a better location with more growth potential and good pricing, would you take it?

Where?

 

[RetireRich101]

When looking at Penrith suburbs I suggest to look closely at the proposed re-zoning that is happening in the LGA. You will also note Agents are slowly using this as their selling point in their advertising, and this wasn't the case some 12months ago.
You should look for R3 proposed land which is still under value in my view.

 

[bob shovel]

Ropes crossing next door to mt druitt, jordan springs next door to the poo plant.

To live, emu/leonay is the pick, followed by south penrith/jamisontown. Pockets of glenmore park if you wanted something newer but i wouldn't.

Up the hill glenbrook (crazy prices!!) Otherwise blaxland. Or there are a few houses that come up in lapstone

 

[NPK]

Can you spend more money to get a block of land and build in Jordan Springs? There are also decent single storeys in Ropes Crossing for low 500s. Also, buying land that registers in 12 months might be beneficial to you as you can save even more

Looking at Penriths history after the last boom, it didnt drop like the closeby suburbs of Mt Druitt and its surrounds.. They dropped 15% whereas Penrith didn't drop. Also think that Penrith 10 yrs ago is way different to the Penrith of now and future considering the amount of developments and jobs they have going there..

Question though, why Penrith? What if I knew a better location with more growth potential and good pricing, would you take it?

Thanks for your suggestion. Being from an antique city like Bathurst, I somehow fall in love with old setting rather than brand new, modern suburbs. Emu Plains gives me the feelings of Bathurst, the city/town I like a lot. I would consider new suburbs if it is purely for investment. But this is for our own home later so a bit of emotion involved.

 

[NPK]

Ropes crossing next door to mt druitt, jordan springs next door to the poo plant.

To live, emu/leonay is the pick, followed by south penrith/jamisontown. Pockets of glenmore park if you wanted something newer but i wouldn't.

Up the hill glenbrook (crazy prices!!) Otherwise blaxland. Or there are a few houses that come up in lapstone

Agreed. You seem to know the region so well. It took me more than 1 year travelling from Bathurst nearly every 2 weekend to get to know all this

 

[NPK]

When looking at Penrith suburbs I suggest to look closely at the proposed re-zoning that is happening in the LGA. You will also note Agents are slowly using this as their selling point in their advertising, and this wasn't the case some 12months ago.
You should look for R3 proposed land which is still under value in my view.

Thanks. Can I ask you what is LGA? Silly me.

 

[WattleIdo]

what is LGA?

Local government area

 

[NPK]

Local government area

Thanks a lot.