Hello! My name is Daniel and I have been a long time lurker of the Somersoft forums, particularly when I was researching my first purchase - though never a poster! So with the new website and new start - I thought i'd get a little more involved this time. Few points about me: 28 Left handed Full-time Web Designer/Developer Part-time Teacher (TAFE) Part-time Student (PgDip in Urban & Regional Planning) 1 IP in Penrith (2 Bedder), looking to grab my second by the end of the year I have lived in Penrith most of my life - so I know the area - and the market - pretty well, so if you have any questions feel free to ask. Cheers, Dan.
Gday @DanB , welcome aboard. Good to see you're posting over here at PC. I was a Web Developer in a former life too. Where abouts are you looking to get your next IP?
Thanks @Azazel ! Still looking at Western Sydney. Lots of money being poured into the town centre and surrounds with a revamp of the main street, Nepean River, and more commercial spaces etc. which is promising. Though large amounts of medium-high density developments happening around Penrith/Kingswood is something to think about. Other than that - looking interstate, Brisbane inner-city/LGA - still researching that prospect. Lastly I was up at Coffs Harbour a few weeks ago and I liked what I seen (follow the cafes!). Though hopefully there are some other investors out there who could help me with those areas.
Good stuff. There are plenty of Brisbane threads here, some of the quickest moving I think. If you're going to look at BNE, probably a good idea to take some shortcuts by 'borrowing' info off the people who've already done the research
@DanB! Nice to see you've introduced yourself, mate. This is the place to be! Hope the Penrith IP sees strong growth through to end of year so you're ready to grab #2. Bris looks very good. You're welcome to join me on a trip there soon
Thanks @Steven Ryan! Strong growth so far - and those crazed purchases for Thornton OTP bodes well. Haha - Might have to take you up on that offer pretty soon.
Yeah, you might do very well with a desktop valuation with all the new overpriced stuff settling around your place. A lot of those buyers are going to feel some pain in 12 months, I reckon.
Gday fellow westy Where are looking in particular? There's heaps going on buy where and what? Reno? What's happening down the river these days? Have they finished the new bridge... Started!?? Is panthers pushing along with their grand plans?I have a place in jamo and remember seeing the draft plans for panthers super complex thing they are proposing! I'm pretty sure I know you too.... Do you miss the "maccas house"? If you do some serious Facebook trawling you might work it out
Thanks - Will do! Yea, finding a subdivision property is the dream, but other than that - something that is ready to tenant. River has some huge things happening - an amphitheatre/redeveloped is being planned, just by Emu Bridge 'The Weir'. Coffee Club side is getting a big restaurant strip development happening. Not too sure what is happening with the bridge though. Panthers will never stop expanding - added some more hotel rooms, the 'iFLY', and sooner or later the training hub Yes - you do know me then! I do miss the Maccas House - my profile pic was taken in BC somewhere back then! Loooong time ago. I think I know of 2 Robs in WA atm, Rob H, Rob M. Other than that - not 100% sure! Any hints?
I was only over for a couple of months, mates with Jesse, pissy, josh and Co. Adam. It was a few years ago now wasn't it! 6 or so!! That's nuts time flys ey Are you still out west? the old parts of St Marys would be the go for bigger blocks to subdivide but i think the prices of St marys v Penrith are to close, i think the Mt druitt frenzy has pushed St Marys higher than it probably should. But i haven't had a good look for a while so may have settled now. And that emu pedestrian bridge is a joke. Council and rta should be shot, along with a certain ex-mp who made everything a problem. My 2 cents would be to see a west bond traffic and pedestrian bridge and the Victoria bridge east bound traffic. But hey one day they'll build something i guess!
Ah Adam! The 'bob' threw me! Yea 08-09. Still out West after a stint in London, and then the inner west. Back out here saving money! Yea I agree- Was looking more in the Kingswood region.
Are you set on buying to subdivide? Is that part of your strategy? Reason i ask is that i bought in Jamisontown this time last cycle (coming of the peak), it increased in value 15% over 8 years, but then 2012 came along and there was 50+% in <3 years. also with Sydney starting to go nuts building, if you build in the next few years you may be paying premium rates.
Yea - Subdividing is getting higher on the list of 'musts' for my next purchase. The amount of medium-high density developments going up in the area is turning me away from buying apartments at the moment. Until those have finished and see how many were OO vs Investors. In South Penrith there have been a lot of granny flat approvals, a few knockdowns with a subdivisions popping up in its place. So yes you are right, its hard to find brick layers etc. so premiums would be paid- I am thinking more long term. Rent out for x years, then if need to push, go for a subdivision.
Yeah that's fair enough. We might be coming back next year and if we do it will be on the radar to do similar, pay the premium but have a good block set aside ready and waiting. the kingswood park werrington county area. Or crimebrook with the sand quarry finishing up they are already looking at how to develop out there. There's a group/committee that council and businesses have going to look at growing the area, worth getting their emails or even attending the meetings - Penrith progression, they have just changed the name i think. I'll have to find an email.
Cranebrook is a good prospect as well - even better if you can get some land in the rural area down Castlereigh. Just checked out the group - Penrith New West! Added - usually just troll the local newspapers for my info, a mailing list is even better - thanks for the headsup. Thanks @Chilliblue
"Hello! Is it me you're looking for? Becuase I wonder where you are And I wonder what you do Are you somewhere feeling lonely? Or is someone loving you? Tell me how to win your heart For I haven't got a clue But let me start by saying I love you" .....Lionel Richie lol, welcome aboard Dan. I invest in Mt Druitt in case you didn't notice.
Hey Dan, I've been lurking too and looking to start investing/property owning. My wife and I are currently renting in the Penrith area. I’m looking at buying a PPOR in the Penrith region and maybe an IP in Brisbane OR alternatively 2 IPs in Brisbane area. I’m concerned that Penrith/Sydney is at its peak and I’m simply succumbing to FOMO. Question to you guys: what are your thoughts on getting into a PPOR in the Penrith area right now / remaining in a rental and investing elsewhere?
I guess it depends on what you are wanting out of it. PPOR in Penrith isn't a bad idea - its a nice place to live and lots in the plans for improvement. Though if you are getting a PPOR in Penrith for CG purposes, you probably wont be getting the gains of the last 24 months. It's definitely towards its peak - maybe a little further to go over the next 6-12months. Plus a lot of detached dwellings are going well over asking price, so get in touch with a local REA with what people are paying vs what is being advertised. Personally I went the path of renting, and owning an IP - like most young Australian's living in Sydney, its hard to get into the property market with a PPOR, more-so while renting. For me renting + investing elsewhere was always a better option for my situation and goals (build an investment portfolio to one day "own the house of my dreams"). So far it has worked out well, tax benefits, depreciation, cg etc were my main reasons for investing rather than owning.
