Join Australia's most dynamic and respected property investment community

NSW buying near chinatown sydney cbd

Discussion in 'Where to Buy' started by slumdogmillionaire, 27th Jul, 2015.

  1. slumdogmillionaire

    slumdogmillionaire Member

    Joined:
    27th Jul, 2015
    Posts:
    15
    Location:
    Sydney
    Am thinking of buying an apartment on the market at the moment in chinatown in the CBD in Sydney.

    thoughts about future and capital growth prospects?
     
  2. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    You know there will be an oversupply of units in the CBD soon.
    Studios are going from about 480k and dont forget the Strata fees plus Council Rates .
    As for World Square block they have a Studio from 580k.
    Strata fees are $1800 per quarter.
     
  3. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,895
    Location:
    Sydney
    If I got CBD, Chinatown is possibly ok. Just check there's no huge developments going up nearby, watch your strata fees, and tell us how big is the complex? 70 or 100 units or more?
     
  4. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    image.jpg Just had this delivered to my inbox by a Chinatown Agent.
    But its a Serviced Apartment.
     
  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,895
    Location:
    Sydney
    If it was me, I'd definitely pass it up. Studio plus its a serviced apartment, you can't rent it to whoever you want. Steer clear.
     
    Last edited: 1st Aug, 2015
  6. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    939
    Location:
    Sydney
    I personally would pass because of the high strata costs and too many times the emergency levy that needs to be raised in order to fix things when it should have been covered by the strata fees. Also, many of the apartments are overcrowded so another reason why there are more wear and tear.
     
  7. C-mac

    C-mac Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    789
    Location:
    Sydney
    Wouldn't touch anywhere in Sydney CBD right now, personally.
     
  8. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    I think.. And im not 100% but i think Serviced Apartment lease holders pay your Strata fees.
     
  9. Mick C

    Mick C Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    206
    Location:
    Sydney
    I have unit in Chippendale and from my exp...in this current market ( as i been looking for a 2 bed in Redfern/ Newtown)

    1. Rental has gone down in the city ( Because it was inflated for the previous 2 years - due to over crowding)

    2. Speaking to agents , the 2 and 3 bedrom units prices has gone up 15% in the last 12 month which something that's new.as normally the 1 bedroom are more popular ...but it looks like there's a shift towards the 2 and 3 bed.

    3. Prices for 1 bed and studio are stabilizing

    4. Chinatown and the "Edge" of the city" are perfect investment IMHO ....esp the one with lower strata - No pool etc...no lift if possible...

    5. Stay away from studio if possible....

    6. DEF DEF stay away from service apartment ...unless your a pro.

    7. Personal opinion ... don't buy the Regis tower building - is the biggest strata building in the CBD...but a lot of strata issues...

    8. Demand in the city will always be there...strata will be your biggest killer...so if you got strata covered you will be ok.

    9. Parking is worth gold...
     
  10. slumdogmillionaire

    slumdogmillionaire Member

    Joined:
    27th Jul, 2015
    Posts:
    15
    Location:
    Sydney
    Thanks for all the responses. Just had a few comments/queries.
    1. I would not say rents have gone down in the city. Rents have gone up (albeit at a slower pace than capital gains ofc.) but they have still gone up considerable since 2 years ago..
    2. yeah I have noticed also that 2/3 bedder prices seem to be outperforming 1 bedders from what I see. But then again it looks like now 1 bedder in surry hills cannot be had at ALL for under 800k.. which is a bit ridiculous....
    3. What are some of the better buildings in Chinatown/near Town Hall? Is the one across from market city any good? is it called quay?