NSW Buying a house in 'The Ponds' -- IP + PPOR

Discussion in 'Where to Buy' started by rooster123, 30th May, 2017.

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  1. AAA2214

    AAA2214 Well-Known Member

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    Doonside is full of housing commissions and I didn't like the vibe especially the north side of Doonside. And as I said i did this on few different days and different time of the day. If you are getting something reasonable and you like the area and are happy to live there, then go for it.

    Few areas like the Huntington Heights Estate in Doonside is good but there are some obvious troubled spots in Doonside. Driving along Kildare Rd towards Featherdale Wildlife Park you will see a large amount of public housing. It's obvious that there will be more social problems in these areas as they have a concentrated demographic typified by multi-generational welfare dependency.

    Do I want to spend about 800k and buy a house to live in that kind of area? Nay! I can find lot of other suburbs in Sydney
     
    AAA2214, 21st Jun, 2017
    #61
  2. Cimbom

    Cimbom Well-Known Member

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    Or you could buy one in one of the nicest suburbs in Canberra :p

    It's almost an outer suburb of Sydney anyway
     
    Cimbom, 21st Jun, 2017
    #62
  3. Loverenting

    Loverenting Well-Known Member

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    Agree. We did attend many inspections in Doonside, Woodcroft and Glendenning before we went to Quakers Hill (the nicer parts). We feel QH as a family suburb is noticeably better than the rest.
     
    Loverenting, 22nd Jun, 2017
    #63
  4. Rolo

    Rolo Well-Known Member

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    appreciate all your opinions, thanks.
     
    Rolo, 22nd Jun, 2017
    #64
  5. hash_investor

    hash_investor Well-Known Member

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    did you buy or rent?
     
    hash_investor, 23rd Jun, 2017
    #65
  6. AAA2214

    AAA2214 Well-Known Member

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    Good news everyone! We scored :p:p:p

    We made an offer on a Quakers hill house last week, got accepted, signed contract on the weekend. Did the B&P, looks good. Bank valuation also came through. We will be unconditional next monday

    Was little bit on the higher side (I might have offered 10K more) but this was one of the way we could beat the competition of buyers in the open home( 20+ buyers). I'm over the moon that the valuation came through. Hopefully everything is smooth during and after we move in :)
     
    AAA2214, 23rd Jun, 2017
    #66
    pwnitat0r, New2prop, L3ha7 and 4 others like this.
  7. Loverenting

    Loverenting Well-Known Member

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    Loverenting, 28th Jun, 2017
    #67
  8. hash_investor

    hash_investor Well-Known Member

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    Did you buy the one for $900k?
     
    hash_investor, 28th Jun, 2017
    #68
  9. AAA2214

    AAA2214 Well-Known Member

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    Ya it's true. There's still value for $$$ left in Quakers Hill and hence the suburb sales are doing well.
     
    AAA2214, 29th Jun, 2017
    #69
  10. AAA2214

    AAA2214 Well-Known Member

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    Nope but that's the one the agent mentioned that they have offers near 900k and are looking for better offers.
     
    AAA2214, 29th Jun, 2017
    #70
  11. Trioboy

    Trioboy Member

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    Not sure if there is any further growth potential in Quakers Hill. Prices have almost doubled since the GFC.

    We bought our PPOR in early 2009, During the GFC for 460K (It’s a 4.2.2 built in early 2000s close to the Farnham road shops). Last Val we got came up in the 800K range. I’m not sure if there is any room for further growth in this cycle.
     
    Trioboy, 19th Jul, 2017
    #71
  12. L3ha7

    L3ha7 Well-Known Member

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    Hi @JesseT ,

    Any tips for Interstate IP? There is alot of hype on Brisbane and Melbourne Suburbs but price is increasing everywhere. I have heard alot of stories where investors struggled to find tenants and properties are vacant.
     
    L3ha7, 19th Jul, 2017
    #72
  13. AAA2214

    AAA2214 Well-Known Member

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    I hope you have a house and not duplex/townhouse. Did you do an independent valuation or from the bank? 4/2/2 houses in Quakers Hill are selling for around high 800 to low 900 to mid 950.

    Quakers Hill, NSW 2763 Sold Property Prices & Auction Results

    The main driving point for Quakers hill and the current popularity among young families for living in(PPOR) mainly is thats its an established suburb with all the amenities required and dont have to wait till 2019 to 2025 for infrastructure. You can move in straight and you have everything. Also, its always less risky to buy in an established suburb rather than upcoming ones even if market slows down. Also, in Quakers hill you get houses with about 550+ land for about 800-850k. In the neighboring suburbs like Schofields, Ponds you just get less land only of 400-450 sqm for 750k.

    Long run, for value growth, its always good to have the land component and Quakers hills is just neighboring suburb to Schofields, Ponds. So, there is still scope for growth in Quakers hill in my opinion.
     
    AAA2214, 19th Jul, 2017
    #73
  14. Trioboy

    Trioboy Member

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    Its a free standing house. We got the bank valuation in late 2015 when we pulled the equity out. Seems like the Market have moved since then. Perhaps time for another valuation?:)

    We have been looking around in the Ponds area. Houses around the lake (Lakes Edge Park) seems to be premium build (and also comes with a premium price tag). We might stick to Quakers Hill for the moment.
     
    Trioboy, 21st Jul, 2017
    #74
  15. AAA2214

    AAA2214 Well-Known Member

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    Ya definitely prices have gone up due to the popularity of Quakers hill. I wish I could buy when my sister bought her 2nd property here in 2014 :D
     
    AAA2214, 21st Jul, 2017
    #75
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