NSW Campsie in Sydney - What you think?

There's some designer apartment for sale at Campsie.. Close to shops, close to woolies, close to station.. $800k-ish for 2 Bedrooms..

Demographic seems to be mainly asians..

For investment does anyone have any opinions on this suburb? I'm thinking of buying off plan now and selling soon after built, end of 2018.

Hoping to make a quick $100k


-Frank

 

Risky move, you could just as easily lose 100k at this stage.

What happened to the other one you bought Frank pal?

 

Hoping to make 'quick money' is usually never quick or easy. Make sure you do your thorough DD, especially for the price your paying for that type of stock given the current market climate, not to mention the OTP risk. You need to look at risk from a few angles there then determine the likelihood of realising your goal of a 'quick' 100k. Don't forget transaction costs. Its a killer to very short term goals.

Goof luck.

 

I wouldn't. But up to you.

I'll just leave this here. Bolded ASIANS for effect
Sold #2013486701 in Campsie NSW 2194 on 10 May 2017 for $465,000

 

Hi Biz,

You talking about the one I wanted to get out of the sale lol..

That one is the proposed family home I still have that, I put the 5% deposit and settlement is in the usual 42 days.. My solicitor says that I can get out of it and lose only the 5% but that they can try to sue me for 'deficiency of resale plus agent and advertising fees etc' and if I do pull out of this sale it will have to be litigated..It won't be something I can forget about in a few weeks it could get messy.. I decided I don't want this headache.. I'll just buy it and live in it a few years and just sell it.. Being a duplex (half) it's not something I want to keep long term anyway..

I do have a little money left over hence why I'm thinking of 10% deposit now as an investment now in Campsie and sell hopefully before I have to get a loan to pay for it
This is a different project


-Frank

 

I lived in Campsie for almost 15 years. Campsie's seen a lot of growth in the last couple years, outstripping most of the surrounding suburbs in that area. Possibly due to large asian population and migrants wanting to live there. Not too sure about getting an apartment there though, im sure you're aware that there's quite a few of these OTPs popping up in Campsie.

Personally, I stayed well away from areas like campsie, canterbury given the large amount of OTP coming out. OTP are in general a bit risky, and even though its a 'boutique' smaller sets of apartments.. there's still a few of those coming up or just came out in campsie that I know of.

 

Currently Campsie has an oversupply of new apartments. The existing stock is already not easy to sell. It will be very risky to buy OTP now.

 

Good point.. Thanks Sam, and everyone else for your responses..


-Frank

 

You just got yourself stuck in one sour deal. Don't get another one. Think it out. There is no rush. Hire a BA this time if you don't know what you are doing.

 

Yeah I agree. I have come to the conclusion these days that many people would be far better off to engage a good, reputable and skillful BA as opposed to winging it themselves with very minimal investment knowledge.

 

Why buy in Campsie when you can buy similar units in Ashfield for roughly the same amount?
I think the days of buying otp and making $100k was a year or two ago.

 

I travel to Campsie once every few months and there are certainly many new OTP apartments. Very pricey for Campsie. What about the older apartment blocks with less units? To make money from OTP now would be pretty difficult unless you buy into Chatswood where you can flip to another buyer who doesn't know the market but love Chatswood area. You need at least a million to buy an apartment in Chatswood.

 

Based on all these responses and just general reading, it seems like its getting very hard to make money from investment property in Sydney now. Whats the point of buying anything here in Sydney other than a family home??

-Frank

 

When people start asking about how to make an easy 100k OTP, we know the market is pretty much done for this cycle

 

I wouldn't call buying otp to sell after build as an investment. It is just speculation for a quick buck, isn't it?

 

What he said.
You can probably make a quick buck (literally) but no more with this short time frame.

 

Price would have to go up $50k just to break even with entry exit costs, no thanks.

 

OTP developers have already priced in what they think the growth would be by the time of completion - in other words they've already taken a cut of your potential capital gain

 

Ok what about if I bought this and just keep it for say 5 - 10 years.. I like OTP cause I don't have to worry about it for 2 years and gives me time to save a bit more..

I can get this Campsie Apartment for $714k.. This isn't a lot for a new unit in a reasonably good suburb close to the city.

Rental yield works out 3.6% - Not very good is it.. But should I expect any different from a unit in Sydney?

Whats the consensus.. Stay away, or buy? Or get a BA


-Frank

 

the consensus is to not buy in sydney for the next 5 years at all.

but your call the consensus may be wrong.