NSW Buying apartment in Waterloo, Roseberry and Mascot

Hello group members,

I have been searching to buy 2 bedder apartment in areas like Waterloo, Roseberry and Mascot, because
1. I like apartment style living
2. I want to live close to airport and city
3. I would like to buy an apartment which appreciates (ofcourse it will never grow as much as a house/land)
4. I have been loving the vibe of suburbs like Roseberry and Waterloo which have this chic new age vibe but great residential feel to it as well.

can someone help me in giving advice, thoughts and suggesting on these suburbs profile, in terms of their anticipated growth ? kind of crowd it attracts ? market perception ?
Also - my budget is somewhere around 850K (I just donot want to splurge a million dollars in an apartment- but the sellers are asking 900+ for their property, while I can see that there is a major slump in the apartment property market because of increasing interest rates and a number of apartment have been in the market for more than 2 months with no buyers around) - do you guys think I can take advantage of this situation and grab a great deal by hard negotiations ? a lot of these apartment owners are under distress selling due to inflation and getting a great deal on apartment like these can be achievable ??

 

You think a 2 bedroom in these areas will appreciate because........? What's your expectation of supply and demand?

 

I look at these areas a little bit like docklands in Melbourne . Probably very nice to live in , central etc , but as investment , they've been underperformers and while I keep an eye on them , as an investment , i never expect to buy there .

If one of my kids wanted to buy and live there , my advice would be , make sure you get a REALLY good deal and don't expect much in the way of capital growth anytime soon . Interestingly when I have mentioned them to my kids , they've instantly dismissed them as somewhere they wouldn't want to live . I think that comes down as to how they were marketed . I think they have greater appeal to certain ethnic groups . That could be a good or a bad thing depending on your view point .

cliff

 

waterloo area is classic example of how planning lawa gone terribly wrong. initial stage was fine with gentrification but then total overkill of apartments has destroyed it

i guess from your words you probably dont have kids but have you checked how population changed vs number of school/daycare in area? a 2bedder aimed for young family (parent + 1small kid) will shun your area.

i would rentvest, buy somewhere with better yield and just rent there if you really like... i can feel strata is already 8k+ in area like that... yuck

 

Good advice here

 

Because these are literally very close to CBD, Barangaroo and airport. Also, because I don't see any major upcoming construction happening in these areas except Waterloo metro. Hence, no oversupply and if we look at 5-6 years ahead the demand will be huge because affordability near city will be a challenge. thoughts ?

 

You weren't convinced by the points people put down in your thread a few months ago.

Points haven't changed.

As long as your future isn't impacted if you don't get much capital gains on this, your money your risk.

 

You are absolutely correct, I don't have kids and currently living by myself in my apartment in Rhodes which I purchased in 2017. I would like to upgrade and live closer to city & I love the vibe of Roseberry suburb and also the convenience it offers. I am a freq flyer so travelling to airport is bliss from these suburbs.
I am actually looking for a REALLY good deal (low strata) & to be honest I donot want to rentvest because that's just not what I feel like doing (I don't want to live in a rented apartment).

 

That's why taking suggestions. I don't living in a house and apartment style living is my thing. If I can afford then why not ? but at the same time I want to make a rationale decision and not throw my money at a random auction and make an impulsive purchase.
That's why my questions are around SUBURB PERCEPTION because if you look at suburbs like Turramurra, chatswood and St Ives - apartments have appreciated with a 70% growth (even more than houses in majority of greater sydney area)

 

You are absolutely correct, I don't have kids and currently living by myself in my apartment in Rhodes which I purchased in 2017. I would like to upgrade and live closer to city & I love the vibe of Roseberry suburb and also the convenience it offers. I am a freq flyer so travelling to airport is bliss from these suburbs.
I am actually looking for a REALLY good deal (low strata) & to be honest I donot want to rentvest because that's just not what I feel like doing (I don't want to live in a rented apartment).

 

Sorry a question in that case - how come existing apartment owners are able to sell their apartments in these suburbs with a growth of more than 40% that too in a time span of 4-5 years ? I mean all the apartments I go for inspection were bought with a much lesser value and they are comanding a good deal in the market now ?

 

maybe they’re not as similar to docklands as I thought .

happy to be corrected .

if you want to live there and are happy to pay the current prices , no problems

Cliff

 

Growth has been patchy and tended to be most on the units that have a distinct selling point eg large living or outdoors. Overall, postcode 2015 has averaged about 2% annual growth over the last 5 years for a stock standard 2-2-1. In fact, if you look at 2bed unit asking prices you would only have just got your money back after agent fees and stamp duty over the last 5 years.

 

during high tide all boats float somewhat. i.e. all units gained perception

during low tide, only good boats can remain aflaot. this is when you feel the difference and wished you chose "good boat", and waterloo strata units aint one of them.

my late father said to me, "dont buy what you want, but buy what others want" this concept has saved me to this date

 

I think the COVID boom largely sidestepped 2bed units in places like Waterloo because of the lifestyle everyone wanted then, so I don't think they were lifted by that tide. They may benefit from being less overpriced than those small houses that have been considered 'good boats'.