NSW Entering the Parramatta market

Is that based on 105% finance or after a cash deposit?

 

It is based on 20% cash deposit.

 

Questions are important so you can come up with your own answers. There is no one right way of doing things. Simply what you are comfortable with and what fits your risk profile and what ticks your boxes. Hence the questions. And considering those would be important before anybody can really help you further. I don't think you answered any of the questions asked so don't know what counter argument you were expecting?

People only really follow the conclusions they come to, no matter whether somebody provides a counter strategy or perfect answers. Counter strategy can only be offered on the back of a discussion.

I think what you need is finding out what would click for you. Suggest reading the strategy thread that I had created: "Strategy" - how does it look like?

The above is what ticked our boxes then - strategy can and does evolve overtime as you learn more. A good point would be to start with what are your negotiables and non negotiables with the purchase (find ours on the thread I list). That should help you get clarity on what you need to buy.

Also, unclear whether you are buying to live in or for investment?

 

Investors who have bought in the middle of both cbds 3 years ago are laughing now

 

Parramatta does have a riak of minor oversupply for a couple of years ahead but after that, I'd imagine it'll pick up steam again.

You need to do research and due diligence to develop your own outcomes, when it comes to this area. Whilsy I do not know your full criteria/specific goals, I'd steer clear of the OTP stuff unless it was in small blocks of under say 12 units (though not many developments of this small scale these days in parramatta... the developers crunch the numbers and usually can't turn a profit unless they can squeeze about double that, say 20-24 units, on the same land size...).

Even then, there is so much poor quality crap being built at the moment. All over Sydney, but more pronounced in the middle/outer west, where the 'shiny' look of 'modern, designer' (or so marketed as...) needs to be reproduced in a similat style to developments going up in more affluent areas, but on a budget. This tends t lead to poor quality stuff being built that looks great for a year or two then quickly corrodes!

 

I totally agree on this.
My thinking is that the council should NOT approve those crappy developments. It does not make the area look good.
I'm sure a lot of people will pay for a good quality building and it would give home owners the confident to own/live for many generations, especially scarcity of land in Sydney.
Come on council & developers! Make Sydney look good please, otherwise how can we be a global city

 

It's not just Parramatta City Council who are to blame, there are a multitude of factors involed for a poor-quality development being given approval to go up. But I do believe that the more 'development-hungry' councils out there in Sydney might be inclined to lighten their assessment criteria in pursuit of accepting developer $$$ into their council zone (and of course the opportunity of creating say 20 x new rate-paying property owners out of a block of land that may previously only produced 1 x rate-paying owner).

Some councils in Sydney are pretty despicable though, in this regard. Probably the worst offender in my mind is Burwood Council. To me they seem incredibly shady; approving giant developments despite significant public objection, lack of public consultation and input into development approvals, lack of lroper infrastructure planning for the extra humans these developments will bring, the list goes on.

Just look at that horrific monstrosity of a development that went up parallel to the train tracks. Crummy, ugly, box apartments with no balconies, windows that open 12cm maximum, and horribly wedges between a busy busway/car traffic street, and train tracks. The bedroom windows are literally about 9 meters from the actual trains. It's like a scene from Tokyo but far far poorer design/aesthetic.

 

I totally agree on that building! It's not that old, surely they could have built something more asthetically pleasing....

 

I'm not suggesting only Parramatta City Council (although it's one of the issue). However, I would suggest for all councils to really thinking about their building landscape. As development nowadays is often going vertical and more difficult to knock down & rebuild in the future, I would like to see more thoughtful design!

Not only because we don't want eyesore but also it would be more economical in the future in terms of maintenance etc.

 

try the ones near Wolli Creek... you can literally reach out of the train window and touch the apartments...

the blocks are so sterile and unnatural in the surroundings...it's ugly, and a blight on the landscape

 

I know, it is horrible. Theres a great piece on Property Observer today about the social and health ramifications of oversupplied, poorly built apartments.

One of the most lacking parts to the sterile designs are the lack of greenery, rooftop gardens and better common/open spaces (or should I say, lack thereof..).

No jokes, I've seen better designed prison grounds in recent times compared to some blocks going up

 

Wow no surprise there, but that's a very good comparison. Feeling a bit helpless here as I do not want our future generation to live in this kind of mess.