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Thanks Cliff, so in this case it is not too late to buy a home in Sydney Inner-west area or even Penrith for Investment.
I haven't bought in Sydney since August 2013 , and probably the last place I'd buy atm would be outer Western Sydney , including Penrith as an investment esp OTP .
My expectation ( though I may be wrong ) is that in the future ( not sure time frame - maybe 5-8 years ) I will be able to buy properties in the outer west for less than they are selling now .
......
There are better places to buy for an investment than Sydney ( IMHO )
Cliff
Yes, that's what I'm currently interested to invest at the moment in Penrith OTP.
Hopefully all goes well with the Badgery Creek airport and the WestConnex project so that it can boost the economy in Penrith area.
Sydney's definitely ran. Too late to get in. Would be a good time to sell in the next 18 months, but even if you missed out on the peak, selling any time after is still fine (provided it doesn't crash, which it probably won't).
A flat market for 7-8 years is equivalent to houses falling around 20-25% in real terms.
While the westconnex is going to be good , I don't see it will fundamentally change the property market in Penrith.
Badgers' creek , they've had that on the drawing board for at least the last two property booms .....
Cliff
My understanding is that when those two big project finished, then Pnerith will be the third CBD after Parramatta. is that make sense or I'm totally confused myself here ?
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Liverpool is considered the third CBD.
Penrith is pretty much it's own centre
Losers
Public transport users, after Tony Abbott refuses to fund urban projects
Victoria facing demands to hand back $1.5 billion of East West Link cash
Sydney residents hoping for a rail link to new airport
I haven't bought in Sydney since August 2013 , and probably the last place I'd buy atm would be outer Western Sydney , including Penrith as an investment esp OTP .
My expectation ( though I may be wrong ) is that in the future ( not sure time frame - maybe 5-8 years ) I will be able to buy properties in the outer west for less than they are selling now .
If you were buying a PPOR , it can be different , but we bought our first PPOR in Concord West in 1987 for around 200 ( reno special with outside toilet...) . ( peak of the market ) We totally renovated it , spent hundreds of hours hours working on it and around 70 K and seven years later sold it for 300 . Once you look at all the costs it was around break even , if that .
When the market stops , IT WILL GO SIDEWAYS for a period of Several years ( IMHO ) .
There are better places to buy for an investment than Sydney ( IMHO )
Cliff
Sydney house prices are now up nearly 30% since 2012 and up 53% since 2009
You guys who owned property in Sydney are lucky. I bought in bne in 2008 and haven't seen 50% gains
hehe if you are speculating in property might as well go where the smart money is
The real lucky ones will be those that cash out before the inevitable price drops when the interest rates go back up to 10%.
Cliff just curious if you held it for 3 years longer how much would it have gone for?
hehe if you are speculating in property might as well go where the smart money is
The real lucky ones will be those that cash out before the inevitable price drops when the interest rates go back up to 10%.