NSW 5/6-8 Short Street Kogarah

What these guys said - this would be one unit to steer clear of as there are many issues and a high likelihood of special levies to be raised.

 

Especially for a first home buyer. It'll put you off any future purchases...

 

Yeah I know it is "Helipad"

I think you have a point that if most of the owners are investors they will not really bother to rectify things because they are not affected, although I am not really sure how many owner occupiers live in the compound I was browsing the strata report I couldn't find any information about it.

 

Hi Mate,

I believe what everyone referring to is the Helipad on top of the hospital.

Selling in future or even re thing it or capital growth will be a major issue.

Regards

 

Thanks for all your inputs guys, I appreaciate your replies and feedbacks. I'll better wait for another opportunity that comes my way. I'll probably go back to my original plan of buying interstate since Sydney market is still in the correction phase.

 

Hi Ashish,

H can be helicopter too! Who knows?

Maybe the only way this unit can profit is if the council approves this area for high rise building and developer will buy it for good sum of money

 

In the interest of education, you need to think about how you're going to on-sell it in the future.
Anything that gets highlighted in a B&P or strata report will have to rectified or ignored, while thinking about your future buyer (or even renter).
This place is "okay" for you to be close to work. It's also okay for families that have to move closer to the hospital to be closer to someone who needs critical attention. This could mean short or medium tenancy = higher vacancy.
Now, who do you sell it to when you want out? Another nurse/doctor? Or another investor who will develop on it. Not many OOs would consider it.
Or do you hold for long term and hope vacancy isn't too low to eat away your yield?

Other red flags apply to investment properties:
Location to train lines.
Location to high tension (voltage) lines.
Location to electrical sub boxes.
Properties on highways.
etc
etc
Many of these things are simple things to weed out dud choices, before you even think about looking at strata reports and repairs needed.

But good on you for finding a great discussion piece on your first time

 

Hi @ShireBoy
Thanks for sharing your knowledge. At least now I have a better knowledge how investors search for investment grade property. I agree that not many OOs will consider it and the target market is probably limited to healthcare workers who prefers living next to their workplace. I also realised that not so many people are fond of living close to their work place.

It so happen that my colleague check this place out when it was still new in the market. She was willing to pay for 600k before they have requested for a strata report then they backed out and didn't tell me the reason why but rather asked the agent to send me a copy of the report which they purchased. She just told me do your research before you decide. Now it's clear why the property is in the market for long now and the price keeps dropping. The agent even said that the owner might consider 545k for this which is really cheap in the area. DD is really important.