Buying in Edmondson Park/Bardia

Hi All,

I am planning to buy in edmondson park..in Bardia suburb on bardia ave.

It will be a lot of land 375sqm ..450K and then construction.it will be family home.

Although i am expecting some capital growth as well in 2 years ...around 10% but as Sydney's market is alteady at peak..so not sure if its good time.

I also realized that lots are selling pretty quick...

Any ideas how is this proposition looking at price and suurb growth....

Station is closeby , public school and $1B town center in next 2 years by fraser is on the cards .

Any insights will be great ....

Cheers
Aashish

 

im no expert in the area by any means, but it seems to me that 375sqm for something about 40km out at the top or just past its peak isnt going to give you the 10% in 2 years.

 

Ppor is different to IP. Location wise it is not bad, close to costco bunnings etc at preston as well as m5/m7.

However it did went up quite a bit over the past 2 years, I remember you could get house and land for 500-600k when they first started selling them (in leppington).

But if you can justify the spend by moving into your brand new 4 bedder by all means do so, just dont rely on cg, you may get them but dont bet on it.

 

Why are you expecting 10% growth in 2 years.
What factors are there to drive it?

 

That's a decent price for a 375sqm block. I know 300sqm blocks are selling for 420k now there. It's gone a bit nuts. Good area. I'd try go Leppington if you were gonna go Southwest. Still very affordable and is $1100/sqm compared to $1400/sqm in Edmondson Park

 

Don't forget you will have to put a 250-280k singlr storey home on there so you're around the 700-750k mark all up which is pricey. Look for estates where established new homes have sold for a high pricer than what you're building overall..

 

The only way you will get 10% growth while Sydney is stalling is to buy into an estate where the developer goes up by 5k every release.. There's only one in the Southwest that does that.. I'll let you research which one that is

 

@aashish my friend bought the similar place last year in Edmondson Park, his builder is Metricon so far the land hasn't been registered yet accordingto him, therefore instead of moving in to the new house on July 2016, it will probalby January or February 2017 next year.

the process is slow but surely going to be a great place to live according to some of my friends who bought the place in that area.

 

@neK I have multiple reasons to believe that it will grow and most of these reasons are dependent on NSW Planning .. more jobs .. airport and overall development of the area .. here are the reasons I shortlisted ..so overall growth of SW Corridor planned by NSW gov will drive the prices ..

@ej89 ON PRICE .. i declined a offer of 365K for 300 SQM land in same place while a 300SQM is selling for 420K. I am looking for PPOR else it was pure profit of 55K without much work on land itself. @Everyone There were only 5 lots of 300SQM @365 and all are sold now..i was holding 2


@ej89 Sorry I am not sure which developer is that .. someone in Oran park/Jordan Springs ??
Yes Leppington may be little bit cheap and better in future as more than 70 Hectares is reserved for Business .. workplaces ..jobs ..see attachment BUT I did not found anything residential in walking distance from Leppington Station ... although I am still looking for .. in case you know something please PM

1. Close to Edmondson Park Station < 1 KM
2. Upcoming $1 Billion town center next door .. tender awarded to Fraser Property Group
3. Walking distance to Public School ( Bardia Public School )
4. Buying lot of land so flexibility in house design
5. Upcoming location on SW Growth Corridor .. Leppington next station
6. There are many initiative on this corridor in terms of Job Creation , Infra spending and new Airport ..
7. Direct trains to CBD and close to Liverpool CBD , Proposed high speed train from new Airport ..

Thoughts Comments Appreciated !!!

 

All the stuff you have mentioned were announced 2-3 yrs ago and that's why it's the price it is now.. Does your place have to be near the station if its PPOR?

 

Yes announced 2-3 years back but now is the time when plans are approved. Tenders awarded ..in 2-3 years once completed the look and feel ...evweything will be changed.

PPOR has to be walking distance from station as my wife dont know driving and i am too lazy to drive...

You did not mentioned which place increased 5K....next release

 

I can't give all the answers out unfortunately.. I will narrow it down for you.. it's somewhere between Edmondson Park and Spring Farm...now you will have to talk to the marketing teams in each estate and find out who has price increases... Would you ever live on a 300sqm block? Only difference is double vs single garage and that'll set you back essentially 150k for bigger land and bigger garage and slightly wider home..

 

Probably yes i acn live but as i passes that opportunity...someone else got that.

Now cannot have that size but if i get opprtunity i may again say no as 375 got more land so more value increase

Also the psqm rate is almost same diff of less than 50 psqm.

So no worries all good....

 

So the total cost of ownership will be in the region of 700-750..i would just rent instead of that. Thats a lot of money (in anywhere else except sydney)...if cg is the goal, id rent a house (and in a better location than 40-45 km out) and look around/do some research instead of looking to buy this.

 

@ej89 why not share the information here ?

 

With the amount of land that will be available over the next few years from edmondson park, leppington and austral, why do you expect 10% growth as the sydney market comes off a boom?

Maybe this is possible if the developers artificially increased the prices at each stage but i wouldn't make my investment decision based on this.

Austral And Leppington North - Liverpool City Council

 

I had a friend bought in Edmonson Pk last year. 4bed 2bath 2garage place for $750k. Unsure of the land size. Originally asking rent of $650/w. No takers. Recently rented for $620/w.
I wouldnt buy this as IP. I can see the argument for PPOR but not at that price unless you had a strong reason such as being near family.
Although close to a station, keep in mind the trip into town would still be 1hr+ even on the express. Not a fun commute by any stretch of the imagination.
If you worked at Parramatta (2nd CBD) you would have to change trains.
Liverpool is projected as the 'upcoming' 3rd CBD so if you worked there it would be convenient but besides Westfield, the streets of Liverpool havent been updated for years.
In addition, there are a number of high density apartment complexes completing by the month (it seems) which suggests a potential oversupply problem not to mention the inevitable onset of a 'ghetto' feel due to the demographic there.

 

@Daniel007 I mentioned my thoughts why it will appreciate in the thread.

@Golden_Lio Can't agree with you more. You have stated what I am thinking. it's not an IP for me but a PPOR. I am expecting to gain something from my PPOR so that I can buy my first IP. I think i may take longer but the reason to buy here is family and nothing can be more comforting than being near to family.

So in nutshell my maths tells me not to buy but for family reasons I am ignoring my maths

 

Then you should not buy. Its a bad decision by all means. There are areas where you can invest and enjoy the same level of capital growth, probably more growth with CF+ properties.

What is the guarantee that your family will stay there whom you want to be near to. They have been there without you already so what if they decide to pack up and go somewhere else? Will you follow them again?

Just rent near them and buy what your math says.

 

thats why buying 2 lots together