NSW 550k Campsie, Belmore or Canterbury?

HI everyone

My cousin is looking for a PPOR with the view to turn it into an IP eventually after living in it for a few years (when she can upgrade). Her budget is 550k and we're looking at Canterbury/Campsie/Belmore at this point. She actually works around Ashfield but is priced out of most properties in the inner west.

So far Canterbury looks the most convenient and nice in terms of transport/access to supermarkets/parks/cooks river. However a lot of the stuff on RE are new properties on a main road and 550k will likely only get a 1/1/1.

Campsie has more shops and easy transport but is more crowded and seems to be a crime hotspot on the BOSCAR map. Would this be a bad place to live? However, there seems to be more choices for property in this area within budget.

Belmore is more suburban with less trains, no major supermarket, very few parks but some nice 2 bedders come up under the 550k budget. It also looks like this area has had growth in the last year despite the slowing market.

Can you give suggestions on what else we should look for? What to be wary of? What are your opinions of these three suburbs?

 

From a purely investment POV only, over the last 15 years or so, Belmore units have seen the most CG, followed by Campsie and lastly Canterbury.

 

I'm thinking Ashfield is a completely different train line to the suburbs you mentioned so she won't be able to take a train to work. That's my concern with this plan.

 

Time for catchup or is this due to other external factors?

That was my thought too, different line. Have to go to Dulwich Hill, then light rail, then train again.

 

If she's happy with a 1 bedder, she could buy one in Ashfield for that price. There's even cheaper 2 bedders around 600k

Ashfield, NSW 2131 Sold Property Prices & Auction Results - realestate.com.au

 

Yeah, the plan is that it's not too far for her to just drives to work. Rent a car space, go into the ballot for work car space, or move her car every 3 hours.

 

I'd consider campsie, express trains to city. That said canterbury has buses to ashfield

4/15-17 Perry Street, Campsie, NSW 2194 - Apartment for Sale #128856114 - realestate.com.au

Not a smart move to buy a 1 bedder when you can buy a bedder for less.

Yes the 1 bedder is shiny and new, but being a local in the area, some of those new apartments have popped up at lightning speed (approx 6 months or so from a hole in ground to multi level apartments - you really have to question the quality of such builds)

 

Nothing wrong with that part of Sydney - from growth perspective and descent rental returns - on this price range. By comparison, only across to St George (Kogarah, Rockdale, Hurstville) you would be looking at minimum 100K more for equivalent property and the rents aren't that must different.

Just keep in mind that Canterbury is over developed (as you are saying too) - as is most of Canterbury Road all the way to Belmore. Stay away from OTP. Campsie, Belmore or even Lakemba on older established buildings on the right street (and this is important) should do well over the long run.

The rental yield would also be good (a $450 to $550K 2 bedder older styler apartment in those suburbs would get you around the $450-$550 p/w rent!

I have to say, that one of my best performing investments over the years is a 3 bedroom apartment is at Lakemba - but once again you need to make sure to buy on the right street/side of the train line etc. Good luck.

 

Hi guys,


Didn't mean to hijack the thread, but since we're talking about Canterbury, Campsie & Belmore, I am currently eyeing for some old houses in those area and looking to knockdown & rebuild. My idea is living in as PPOR for awhile than turn to a IP. However, over-development is one issue and I'm worrying about the potential capital growth in these areas.

My budget is 1-1.2m, should I buy in here or there are better option for me in St George or the shire?


Thanks

 

I actually think buying here for that budget is a good idea.... there will be the frequent metro rail trains running through (Will be in a few years time though before it happens) and it's not badly located relative to many other parts of Sydney. I think the area has a lot of potential to further gentrify. Whether the St George area will be better or worse... I can't say. But perhaps the Canterbury/Campsie area and that whole train line has the potential to become Inner West 2.0.

 

I doubt you can find a lot for 1-1.2m at St George these days, but you may want to have a look at the in-between - Roselands or Beverly Hills on the city side of King Georges Road. You should be able to find some great family pockets there, hardly any large scale development and a lot of people redeveloping old houses like yourself.... just a thought!

 

As is customary, Mr Chris Dimitropoulos is right.

Belmore is a cracking area and in a soft patch right now, with very good buying. Be wary of new and off the plan which does dominate availability, and I would stick to older stock. Location is really important in Belmore as well, so stay close to the station, and the Belfield side is better. Good suburb choice.

For units, Wiley Park is really under-loved, and had some incredible capital growth recently, which I expect to last another year. Wiley Park is cheap, only 18km from the city, and will benefit more than most suburbs in that area from the station rejuvenation.

Lastly, the Kogarah/Carlton area is really good value if you can stretch yourself a tiny bit, and not too far away.

 

I was looking at purchasing a 2 bedroom apartment in Carlton. Some really nice value. Huge amenities.

 

Thanks everyone for your responses! They're really helpful. So it seems like the general consensus is that I can't go wrong in Belmore/Campsie area if I am looking at older stock and avoid main roads.

I find that a lot of ground floor units pop up, what does everyone think about these? My main concern is security... especially in the Campsie area.

Also, what is good walking distance to the station? For me I find that for a unit, anything >10mins is too far, but maybe I'm just lazy.

 

Avoid ground floor.

Correct, > 10 minutes is not walking distance in real estate terms.

Cheers,

 

Keep a look out closer in too. There's been a few sales of 2 bedders in Ashfield in the very low 600s. Could drop a bit more in the months to come. I would exercise a lot of caution with buying apartments now, especially in less premium areas

 

Hey everyone, would a 2/2/1 in Canterbury in the low 600s be a bad buy if it is on the big Canterbury road? The living room is in the back (away from the main road), but bedroom would face the road.

I know main roads are generally a bad idea but seems like an okay price for what you get.

 

A main road may turn off tenants when it is becomes an IP. I guess it depends on whether the rent would also be cheaper than the average 2 bedder to entice renters to live there.

 

Having lived on the same stretch of road in an apartment that opened up to a side street but was indirectly exposed to Canterbury Road, I can tell you with first hand experience that it was NOT pleasant.

During the day, it wasn't so bad, turn the TV up a little to drown out the noise. But at night time, especially after rain, it was annoying as, even with windows closed.... and I was on the 3rd floor.

If anything, living room facing canterbury rd and bedrooms facing the back would be preferred. I would never ever purchase a property where the bedrooms face a main road... unless of course it was 50% discount to similar sized apartments in the area.

For $600k I would be looking in campsie, still near canterbury station (eg park st, Gould st etc) for those older red brick wall up style apartments. Better layout for noise transfer and cheaper too.

 

Thank you @neK, that makes it a lot easier.

The hunt continues.

What do you think about the Avenues side of Campsie? Not good? Seems to come up more often than the park/gould st side.