Dee Why unit IP

Discussion in 'Where to Buy' started by PaddingtonBear, 17th Sep, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
  1. PaddingtonBear

    PaddingtonBear New Member

    Joined:
    17th Sep, 2020
    Posts:
    1
    Location:
    Sydney
    Hi folks, long time lurker on here and after some expert opinions.
    I want to buy a 2 bed unit IP in Sydney. I know yields are not the best in Sydney but I want to get my foot in the market and Sydney is familiar to me.
    Budget- 900k max (700k-800k ideally)
    Strategy-hold at least 5 yrs for CG and allow rental income to cover mortgage interest in that time.

    Ive been looking at Dee Why which has some decent 2-3 storey unit blocks between Pittwater Rd and DW beach. Steering clear of the apartment towers near Dee Why Central and hoping to get a decent discount in one of these smaller unit blocks. Vacancy rates at 0.5% for DW so seems to be strong rental demand despite the increased supply from the new towers.

    Councils master plan for Dee Why caught my eye as did the slated 2026 Beaches link motorway which i would be relying on for CGs.

    What are peoples thoughts on Dee Why? What other Sydney suburbs do you guys think has investment potential for units less than 900k? I know sydney prices will probably drop further into next year but since i intend to hold for a while and my finances are ready now I want to take the plunge now.

    Thanks heaps!
     
  2. lynchy

    lynchy Well-Known Member

    Joined:
    15th Sep, 2015
    Posts:
    618
    Location:
    Perth > Melbourne > Sydney > London > Sydney
    I live in Dee Why and absolutely love it. My partner and I are in our very early 30s, both professionals, working in the CBD

    The BLine bus gets me in to the CBD in 40-45 minutes, slightly longer coming back after work. Plenty of decent restaurants and bars on the beach front and I walk most Saturdays and Sundays from DY to Freshwater along the beach walk with our dog

    When I bought, the masterplan and potential tunnel was a driver however lifestyle was the main one. Short walk to the beach, short walk to express bus, plenty of activity and amenity already there with more to come. Ticks all the boxes. A train station long in the future would be amazing but I firmly believe that ship has sailed. It was floated in the 80s or 90s, Chatswood to Frenches Forrest to Dee Why. Too expensive these days I would've thought

    Definitely buy on the beach side of Pittwater Road. The nice bright units for rent are still being snapped up after the first opening, many for a higher rent than listed, especially those with big balconies or courtyards. There are a few really dark and damp ones that sit on the market for a while. I'll be holding for a long time given the rental I should be able to achieve will be able to cover P&I repayments (though probably not rates and strata)

    The redevelopment of 33 Oaks Ave and the Council car park also on Oaks Ave in the medium term should see further CG upswings
     
    Scott No Mates likes this.
  3. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,095
    Location:
    Sydney or NSW or Australia
    The demographic has changed in recent years with the Dee Why Central redevelopment although there are still several govt agencies dotted along Pittwater Rd & some back streets. Those reliant on these services are still in the community but now make up a smaller proportion of the population due to the influx of new units.

    Road improvements will drive prices.
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia