I just noticed that there is a 3br/2bth apartment that's come up for sale in one of our investment buildings in Carlton NSW that some of you might like to check out (we own Apt 8 in the building). 7/5-7 Nielson Ave Carlton 7/5-7 Nielsen Avenue Carlton NSW 2218 - Apartment for Sale #127569498 - realestate.com.au Our apartment is similar size and renting out for $600pw and has been rented out by the same family since we purchased it 4 years ago. Anyway like I said, I don't have an interest in this apartment, but our apartment on the same floor has been a nice little earner for us and delivering good yields with pretty reasonable strata costs.
Nope....just terrible agents. (at least I'm assuming that's the case eg and they missed a door from the bedroom to the living room) our layout is a little different and we have glass doors onto the balcony from both the living room and the rear bedroom. This was the place we purchased. Unit 8/5-7 Nielsen Avenue, Carlton, NSW 2218 - Property Details
Carlton's prices for both houses and units haven't gone up in the past 2 years. The big growth has stopped so not sure what would make the unit that's for sale now for mid 800s much of an investment now. Not knocking Carlton as a place to own property, I live there after all, but maybe not for a new investment in 2018.
Carlton is no different to most Sydney suburbs, lots of growth over the last3 years.....but now what? For me as an investor the best part is its a highly liquid suburb eg lots of turnover and lots of buyers and renters always looking to move into the Kogarah/Carlton/Allawah area turning up to each auction as generally highly affordable apartments. But yep its not going to be a "transformational" price change you might get buying out at Liverpool or some other suburbs going through "change". I think a lot of Sydney "historical trends" are going to be in a state of flux this year so not sure you can rely on historical but we'll see. Any reason you think St George area growth is going to be any less than other parts of Sydney I'd be interested in hearing your thoughts. My only concern about this property (and its this type of property) is that its a 1970's building and most of these are going to be torn down sometime in the next 30-60 years. Albeit.....i'll be long dead before that happens so a bit far outside of my investor concerns.
Hello fellow Carlton neighbours! Anyone noticing the number of new residential developments (mostly 4-5 levels) that are being developed, especially on the Princes Hwy side of Carlton?
Yep and really surprised at how expensive they are eg smaller rooms/lower ceilings than the older 1970'2/1980's stock. They do have bigger windows etc which is nice. Personally I'm all for it and its a good thing we need more people living in Sydney along rail corridors (we also need more rail lines....but that's for another discussion).
I had a look at a couple of these new developments and were shocked at how much they are asking for. We are talking about $900k + for a 2/2/2; approx 75sqm - 90sqm. Bigger windows are nice indeed, especially the Kogarah RSL club development, massive ceiling to floor glass all the way through the length of the living area.
Yep it almost has an effect of putting a price floor under the old apartments, eg...new apartment too expensive buy this 1980's apartment and feel like you did well. Im noticing similar effects when it comes to boats, every year the new boats go up in price 10% which means your old ones are depreciating in value....but no where near as fast as they should eg 5 year old boat seems really reasonable price even though its similar to what the person paid 5 years ago (forgetting of course it costs 10% of a boats value each year to maintain it most years). The new boat prices "buffer" the old ones instead of encouraging people to buy new. Anyway that's my 2c worth. We'll see what Nielsen Ave goes for in a few weeks and then know how the St George market is going in 2018.
Are you talking about the new developments on Norman St (Allawah) and the west side of Nielsen Ave (Carlton)? I've noticed that other than the units on the very end, most of the properties along the western Nielsen are houses... I think I saw a development of units being built between the houses...
Yes, the western end of Nielsen Avenue there will be a block of apartments being developed called "The Nielsen".
Just circling back to the group so we can best understand where the market is at - this property has now sold for $825,000 - 7/5-7 Nielsen Avenue Carlton NSW 2218 - Apartment for Sale #127569498 - realestate.com.au Basically about $15k less than I thought it would, but pretty close to where the market was expecting. Im not sure Sydney is crashing as much as people are hoping.
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