Buying Sydney IP Now

hi, just curious is any one out there buying Sydney now?

I am searching for a unit in Coogee / Bronte or around there (with view) to hold onto long term. 20+.

Any thoughts?? Ideas??

 

If you're buying to live there and enjoy the view and lifestyle there then I'd say go for it. One thing to keep in mind is that the view may change over the 20+ years, unless you buy on the waterfront where there is a 0% change of someone building another apartment in your line of sight.

A colleague of mine bought an apartment for investing further north in Manly around the $680k range, a few streets back from the water. Might be worth considering as an extra point to plot on your radar.

I'm sure there's eastern suburbs agents and brokers on this forum who can give some insights and tips.

All the best

 

No . Sold three in recent times . If I was buying property with the intention of having something in Coogee in 20 years , I'd buy 3 else where ( Brisbane , Adelaide , tassie ) for the same money , in places that haven't double in the last 6-7 years with the expectation of selling those after they've doubled and then buying in Coogee in 6-7 years time for not much more , or maybe even less than I'd pay now ....

Of course that's just my opinion and I may be wrong

680 for a unit in manly ... if it was recent , must be a 1 bedder with no garage or have serious issues , or busy road or all of the above

We've sold a unit in manly for 75% more than we paid for it several years ago .

Was struggling to see two bedroom units under 1 mill . We have kept a 1 bedder with garage , one block back from the water ( no water views ) which has just been revalued at 1 mill .

Let's have a look ...

Currently , outside a retirement unit , there is one unit for sale in manly if you put up a search limit of 700k . It's listed at 700-750 . It is on the main road going into manly , it's one bedroom , no garage and although it doesn't say the size , a rough calculation based on the plan , puts it at around 35m2 . It does look quite cute . When we bought in around 2011 you could buy one bedroom units next to the waterfront with drop dead views for under 400 . That was similar to what they'd been selling for around 6-7 years before .

Cliff

 

Just to add some info. I have several IPs Syd and Brisbane, but wanted this location, in particular to tenant for the next 10 years say, then furnish and use on Fri/Sat/Sun etc with the family.

 

Weird, literally just looking at this one as the gf and I are staying in Manly for NY and she really wants to buy an IP here. 1br in the same block sold for $660k in Sept this year so could still be good opportunity once the holidays are finished.

Thankfully pointed to your logical suggestion of buying elsewhere, wait for it to double and then come back to Manly where prices will more than likely stagnate for a long time.

Great lifestyle suburb and we'd both love a PPoR here but IP's first

 

I can understand the logic of wanting a property in Coogee . My sister has one , but if you don't want to use it for ten years ...

Of course if you have the deposit , the serviceability isn't an issue and you want to compete in what is one of the hottest markets for a long time .

Cliff

 

This seems to have been the case for the last 10 years or so that we have been buying in the eastern suburbs as buyers agents.
It always seems to command a premium. The beach, shops, Uni, proximity to the CBD, what's not to like??

 

It is your money and plan.