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

[C-mac]

Just something mentioned earlier up the thread about 'fixing a loan for 5 years variable and then getting an offset against it'; I wasn't aware that any lenders offered offset accounts to attach to fixed-rate interest accounts? Is this possible? Maybe I'll ask the question in the finance section

 

[NPK]

Just something mentioned earlier up the thread about 'fixing a loan for 5 years variable and then getting an offset against it'; I wasn't aware that any lenders offered offset accounts to attach to fixed-rate interest accounts? Is this possible? Maybe I'll ask the question in the finance section

Only CBA offers offset account attached with interest only loan. Not ANZ, not sure about other lenders.

 

[Moneyman_85]

This aleart came into my inbox today:
http://m.realestate.com.au/property...061703?rsf=ebrochure-to-property-details-page

How would an investor survive with those rates per quarter!?

 

[DaveM]

This aleart came into my inbox today:
http://m.realestate.com.au/property...061703?rsf=ebrochure-to-property-details-page

How would an investor survive with those rates per quarter!?

1100-1200pa rates is standard for Penrith council

Or do you mean strata?

 

[Moneyman_85]

I mean the lot

geez, and people say moreton bay is expensive

 

[NPK]

I mean the lot

geez, and people say moreton bay is expensive

Yes, the strata is very expensive. That's why I like to buy Torrens title properties, not strata ones.

The council rate is similar to Bathurst so I find it normal. It is what you have to pay for a lot of green areas, parks, walk ways, neat and clean streets like in Bathurst.

People told me that every thing is cheaper on the other side of Nepean river because it is considered as countryside. Any one with local knowledge please confirm.

 

[bob shovel]

Not true. Insurance is more expensive, i think wind and flooding. also western side prone to bush fires.
Don't let it deter you! Best place out west!
Those rates and strata for unit seem high, real estate copy/paste error? Those rates are the same as a 650m2 block with house, is that normal?

 

[C-mac]

For the return on that Penrith unit the strata is on the high side... But if that same unit were in say Sydney's inner west, that strata would actually be a great deal!

 

[JohnHenry]

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

What's driving the Penrith economy to justify the price increase ?

is it because of Badgery creek airport or fast train project already approved by the NSW Govt. ?

 

[Davothegreat]

Has the investor demand started to quieten down out that way? I've received a few phone calls in recent days (including one this morning) from agents that I met with 12 months ago when I ventured out there for a day to scope the market (and quickly ran away from the panic buying and soft rental market), wanting to know if I'm interested in coming back out there... I would have thought if the demand was still nuts then they wouldn't need to bother ringing me. As it is they've taken this long to come back to me...

Cheers,
Dave

 

[JohnHenry]

Has the investor demand started to quieten down out that way? I've received a few phone calls in recent days (including one this morning) from agents that I met with 12 months ago when I ventured out there for a day to scope the market (and quickly ran away from the panic buying and soft rental market), wanting to know if I'm interested in coming back out there... I would have thought if the demand was still nuts then they wouldn't need to bother ringing me. As it is they've taken this long to come back to me...

Cheers,
Dave

Which area that you mean Dave ?
is this within 2750 post code or just somehere around Penrith ?

my friend who works as RE agent also suggest me to invest in Penrith before the price is unaffordable when the Badgery Creek airport is finished in 2022. he owns 2 House there in Penrith since 2013 which already appreciated $200k since he bouhgt it.

 

[Davothegreat]

Which area that you mean Dave ?
is this within 2750 post code or just somehere around Penrith ?

my friend who works as RE agent also suggest me to invest in Penrith before the price is unaffordable when the Badgery Creek airport is finished in 2022. he owns 2 House there in Penrith since 2013 which already appreciated $200k since he bouhgt it.

Predominately Penrith but the same story seemed to apply to everything covering 2750, 2760 and 2770 at the time. The agents that are now starting to call me are all Penrith based and are all jumping on the airport bandwagon. There's probably some truth to that but with the rentals being soft back then I'd imagine they will be even worse now with more investors buying.

 

[JohnHenry]

Predominately Penrith but the same story seemed to apply to everything covering 2750, 2760 and 2770 at the time. The agents that are now starting to call me are all Penrith based and are all jumping on the airport bandwagon. There's probably some truth to that but with the rentals being soft back then I'd imagine they will be even worse now with more investors buying.

Yes, that does make sense Dave.

I should apply Waren Buffet advice as well for the property investing to not be affected by FOMO ;-)

I'll look in Hurlstone Park, Seven Hills and Campsie area then.

 

[qonyx]

Also considered Penrith but then found this article which seemed to deter me. This may not be as important to you all but just sending through so you are all aware

http://www.actuaries.asn.au/Library/Submissions/Opinion/2012/SydneyFloodOpinion19032012.pdf

 

[JohnHenry]

Instead of in Glenmore due to this news: http://www.smh.com.au/nsw/crowd-fil...-park-mcdonalds-car-park-20150519-gh5g0j.html

Unless you are investing it to the Young professional not a family or Owner Occupier.

 

[DaveM]

Instead of in Glenmore due to this news: http://www.smh.com.au/nsw/crowd-fil...-park-mcdonalds-car-park-20150519-gh5g0j.html

Unless you are investing it to the Young professional not a family or Owner Occupier.

Huh? GP is a sought after family suburb.

Unless you write off an entire area because some teens had a fight in a maccas car park. In that case you can write off every suburb in Australia with a mcdonalds.

 

[skater]

Huh? GP is a sought after family suburb.

Unless you write off an entire area because some teens had a fight in a maccas car park. In that case you can write off every suburb in Australia with a mcdonalds.

LOL! Don't go to Cronulla! They have riots there, you know.

 

[bob shovel]

Instead of in Glenmore due to this news: http://www.smh.com.au/nsw/crowd-fil...-park-mcdonalds-car-park-20150519-gh5g0j.html

Unless you are investing it to the Young professional not a family or Owner Occupier.

What is that *****. You clearly have no idea about the area.
Same rubbish happens in the gong and everywhere around the country! These scumbags are not necessary for entering the discussion of investing

 

[bob shovel]

Also considered Penrith but then found this article which seemed to deter me. This may not be as important to you all but just sending through so you are all aware

http://www.actuaries.asn.au/Library/Submissions/Opinion/2012/SydneyFloodOpinion19032012.pdf

Was this likely to be written after the Brisbane floods?? Scare mongering perhaps. Have a look where the 1 in 100 flood levels are, barely reaches mulgoa Rd through Penrith

 

[JohnHenry]

What is that *****. You clearly have no idea about the area.
Same rubbish happens in the gong and everywhere around the country! These scumbags are not necessary for entering the discussion of investing

Yes, that often happened in the W'gong area too.

I'm not from the area that's why I rely on news and website for the suburbs judgment.