NSW Auburn 1st IP - keep it or sell it?

Discussion in 'Where to Buy' started by JayOh, 6th Aug, 2016.

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  1. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,357
    Location:
    Sydney
    Based on the location the trip is not too far to travel to the CBD or to go to Parramatta which is a fantastic thing. I think the area could improve and get better over time as I think Lidcombe has cleaned up a fair bit. Not sure if the quality of the tenants is going to be good in Auburn though and expect that there will be issues. Also, with the asking prices for houses or the new apartments, I think there are better options to buy in a better suburb, but then again I have bought into areas which was considered to be a 'rough' area but is now desirable.
     
  2. WattleIdo

    WattleIdo midas touch

    Joined:
    18th Jun, 2015
    Posts:
    3,429
    Location:
    Riverina NSW
    If I had a 2 bed house in Auburn close to neutrally geared, I wouldn't be selling it. It's a great area and has gentrified several times. Because it's still a destination for recent arrivals, it keeps changing. Eventually, it will become too expensive for new arrivals. Also love Lidcombe but much much harder to get in there now.
    At first I thought you might need to reno but you have new carpet so probably not.
    Then I thought you might be on a main road because you mentioned noise?? But you do say it's a nice street.
    I would be more careful with your choice of tenants but do accept that even the good ones may well move on.
    Basically, if you want a large pool of tenants to choose from and want the good ones to stay as long as possible, you put down the rent. Yes, that's right. Put it under the median and keep it there. It's only $10 or $20 but it appeals to the kind of people you want to attract i.e. stable types.
    There are plenty of good people who would love to love in a 2 bed house. Stay open to the pets, single mums, older couples, younger couples etc but manage your PM and make sure standards are explained to the tenant. If the house isn't up to scratch on first inspection, give them a week or two to get it sorted and then re-inspect.
    Good luck.
     
  3. Tenex

    Tenex Well-Known Member

    Joined:
    14th Aug, 2015
    Posts:
    570
    Location:
    Sydney
    Get good landlord and building insurance on it as well as a good PM and keep it.

    Firstly if you sell and then try to buy you incur a bunch of costs that are not necessary.

    Secondly all pockets around parramatta are going to be golden in near term to long term.