NSW For Those Wishing to Buy in Western Sydney

I'm usually very approachable, and will answer questions to the best of my ability, but as of late, I have been inundated with private messages from people, mostly newbies, wishing to buy into Western Sydney who have heard a lot of hype and think it's a great idea to spend maybe $850k on a home with maybe a 2.5% yield.

There is nothing wrong with investing in the area BUT in order to make good profits you need to get the TIMING right. There is a time to buy and a time to sell. Now is not the time to buy.

So for anybody making investment decisions, please, please make sure that you have made this decision ON YOUR OWN. Weigh up the pro's and the cons, and don't follow some random person on the internet who tells you it's a good idea to buy into the market, just because they bought many years ago for 1/3 of the price it is today. You will notice that they ARE NOT currently buying at today's inflated prices.

Please DO NOT MESSAGE ME, I'm not responding anymore to messages regarding Western Sydney. Do not send me links to homes & ask what I think of them. I am telling you all now, I think it's overpriced.

I'm not saying that bargains don't happen. They do! But it is rare, and even rarer in this current market.

If you would like the views of some other people with experience in Western Sydney, who will tell it like it is, and not give false information, I'll link some here. Speak to them here, in this thread DO NOT message them either, because they're busy people, and don't need to answer the same questions over & over again, when it can be said once here.

@beachgurl
@See Change
@Travelbug
@DaveM
@mickyyyy

 

Perhaps refer any further queries to sash oops

 

I know the answer.

 

I don't know anything! This is a public service announcement

In all seriousness I think there is more growth left in for example a suburb median that is currently at 625k i.e Hebersham I believe based on a few metrics it will get to 720k median price. One metric that tells me this is interest rate dropping so much (2016 4.5% average to 2.5% today and there is cheaper like 1.99% available), the same actual monthly payment in 2016 allows you to service more debt today at the same monthly actual repayment you did in 2016. That's why so many ppl out there buying plus add in alot less stock. I could be wrong but others here also acknowledge interest rate has been a BIG influence in this current boom and all booms, plus low stock levels. If you buy in western sydney, buy in the good parts and have a 10 year hold plan. So if your looking in 2770 Hebersham, Dharruk and Whalan in that order are my picks.

 

@skater I say you get your BA credentials, monetise your experience and skills and start getting paid for the value you can bring clients.

 

I thought the post was gonna be a quaint "Good luck"

 

Hey Micky

I think that is possible , but , to buy at that price as investment , if you were to buy and sell in the medium time , once you pay stamp duty , legals agents fees CGT , as a short / medium term investment it’s not worth the risk when there are better options .

Long term , some Western Sydney areas drop back between peaks ( 2770 well over 10 % and at times significantly more ) and the time between the last two 2003 - 2017 is fourteen years , so there is a possibility it may be many years before that long term growth happens.

There are many opportunities which in the view of many long term forumites represent a higher reward WITH lower risk at the moment .

Western suburbs is hot at the moment , but IMHO it’s a lot closer to its peak than its bottom .

Cliff

 

Just for a little historical perspective , this was what people were thinking about 2770 six years ago .

Watching the Druie Drop in Slow Motion [NSW]

We were all off the mark , ( sash more so ) but the extent by which we all underestimated how far Mt Druitt and Sydney as a whole would go , for me is just additional backing to how silly it has been and how much closer to the top we are .

Covid is a genuine black swan event and is distorting the market at the moment and IMHO making it unpredictable .

be interesting to look back in another 6 years

Cliff

 

Really seems as though the disposable incomes of Australians has been brought to the fore by international travel being obliterated.

 

Do you need any other than a business card and a website? I have even seen some without these two.

 

there’s a poster at the moment who is constantly hyping up certain areas , in particular to what appear to be fairly nieve newbies , and @skater is just over commenting on their claims .

I think she’ll just link to this post for reference moving on .

cliff

 

Legally you need to meet certain requirements. For NSW:

Raising the bar: New licensing requirements coming for NSW buyer’s agents | Real Estate Buyers Agents Association of Australia (REBAA) Inc..

@Jacque you're literally the face of REBAA NSW. They can't go wrong

 

I see far more potential in central coast, selective pockets……but just my 2c….. evidence too support this and coming from a lower base

Even though been strong for a while, its going to keep roaring….. oh no, another prediction

 

Gosh, too much work in this market

What if a gem comes along, make more money keeping it

 

Hence why I can't do it .

Also I lack the patience to talk to too many time wasters.

 

Stick to photography i
far more fun

The latest photo is the best so far

 

G'day Cliff

I think its practically in the bag as when you look at of the incomes coming in to buy for owner occupier the wages support it. This year ABS will show the increase in household income to 2016 as some decant paid workers have moved into the better parts i.e Hebersham, Dharruk and Whalan.

I do acknowledge the costs but from posts they are all long term purchases and I did mention have a 10 year plan to hold. From my charts it peaked in 2004 and doubled by year 13.

I do agree there are other opportunities elsewhere to earn same or more in dollar terms growth but ultimately its up to the individual. Maybe they do not want interstate for whatever reason, most due to being the first investment and want to be close to renovate as an example.

Everyone is ultimately different and for us to say no and not know anything about them is really not our place, and seen alot other investments which would be worse. Thing about Sydney it keeps on doubling and a safer bet long term as its the economic machine of Australia.

 

Sydney - the coming correction 2018-2022


Extremely accurate if you replace "correction" with "BOOM".

 

Yep. I still think loads of people want to buy in Sydney and if you only have a 650-700k budget for a house, you really don't have many options at all. That's why I think the Mount Druitt area will keep going. We still have a few years of low interest rates, there are still loads of decent hard working people wanting to buy a house on land in Sydney....

I feel it's the units, apartments, strata properties that aren't going to perform in Sydney so much unless they have some special twist or appeal to them. The ones that are generic.... dime a dozen.

 

But it was a fun thread….. nothing like some good, heated debate……
Predictions, predictions….. I give up cos I got a few wrong