NSW Homebush West/Flemington or Toongabie(Bathla Built-Portico Plaza)

Discussion in 'Where to Buy' started by Kanika, 21st Jul, 2018.

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  1. Kanika

    Kanika Member

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    Urgently need some quick advice, to choose between a 5 year old apartment 2 bed plus study(small 3rd bedroom) in flemington (Homebush West) 10-15 mins away walk from flemington station, unrestricted views of city harbour bridge on one side and sydney olympic park on the other side VS. brand new 3 bedroom apartment in Toongabbie(built by Bathlas) 2 min walk from station on top of portico plaza shopping mall. Both same priced, well under AUD $600k except that Toongabbie one is eligible for first home buyer grant of 10 k. Strata water council monthly for Toongabbie would be around $430, while Flemington will be $550/-
    Which of the two is more profitable deal from long term perspective of living in for atleast initial few years?
    Pls advice stating some good reasons as I am a complete new bie to real estate world in Sydney markets and feeling pressurized by the agents to quickly close the deal.
    P.S. - I actually have signed the contract for flemington one at 0.25% purchase price, but the owner did not accept the offer and asked for another AUD $5000/- to which I have not agreed yet but once agreed I have to sign a contract asap may be today. My deposit is still stuck with them until I give them my final decision. even if I stand on my last offer, I am worried having signed the contract for AUD $570k in current sydney market inflated so much, is it a good decision?

    P.S. - On the other hand, Toongabbie (Bathla) one came into picture later after I had signed the contract for other one. I received follow up call from the builder's sales office, the person on call agreed to match up the price of Flemington one plus waive off contract fee, plues being brand new property I will get 10k for first home buyer grant.

    I will be really grateful for any help. Any suggestion would be highly appreciated. Thanks.
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Flemo is closer to the city, right on the markets and if the views arent going to be built out that would need to be worth something ?

    ta
    rolf
     
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  3. dengus

    dengus Member

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    Hi Kanika, I have lived in Toongabbie since 2011 and in the last two to three years there has been a MASSIVE increase in supply of units. Construction has been non stop and there are still several developments to get out of the ground. I believe his will hamper any Capital Growth. I have also heard that the original developer of portico plaza went broke and another developer came in to finish it off. they have been trying to sell the complex for a long time now. Hence the real estate agents enthusiam.
     
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  4. samiam

    samiam Well-Known Member

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    Sounds like Flem is a unique property (if it's not going be build out) and seller got upper hand while Toongabie despatete for sales with discounts
    Watch the quality of the built - new builts in that area are not that great. Being brand new you could have issues (which we had) need to deal with builder
     
  5. dengus

    dengus Member

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    I would consider telling the agent you actually want to pull out of Flemo and ask for a $5,000 reduction! Don't feel pressured by them, it's a buyers market at the moment, you have the power.

    Can you wait a bit longer to purchase? There will be some good bargains in Toongabbie next year with the amount of supply to come on, especially if your Sri lankan, big community here.
     
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  6. ndpjai

    ndpjai Well-Known Member

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    Flemington/Homebush is a better option imo too
    But if it’s right on parramatta rd, lots of apartments popping up but as others mentioned negotiate well good luck
     
  7. ashish1137

    ashish1137 Well-Known Member

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    Hi Kanika,

    I wish you all the best for your purchase.
    Please note that you are buying in a peaked out market so minor reduction in the values is still possible.

    Having compared the two options, I strongly believe the unit in flemington stands out way better.

    I would be vary of spensing 600k in a place like toongabbie (no offense to anyone). The only advantage here is an additional bedroom which might meet the needs of your growing family. But further to station, no views and will.be crowded due to plaza. You wont get the peaceful location feel.

    Also, what does the reduction in one and more demand on another tells you. Flemo asset seems a better proposition.

    Anything with views has higher value imho. Provided another unit block should not be coming up in near future as you will lose the leverage.

    As others have stated, new unita are prone to issues as well. As a matter of fact, any new house. Buying 2 to 5 year old will provide you a stable maintenance cost.

    Also if you compare commute to city, the flemo unit stands out and you should be easily able to rent as well.

    Then walkimg distance to station.

    IMO the flemo unit ticks all boxes that a young family needs. Happy hunting and dinalization.

    Regards
     
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  8. Eric Wu

    Eric Wu Well-Known Member Business Member

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    Agree

    Personally I would choose flemington unit, being 5 yr old, majority building issues would have shown up, so less surprises comparing with the new one.

    More importantly, the location is far superior
     
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  9. Scott No Mates

    Scott No Mates Well-Known Member

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    IIRC the original developer of the shopping centre was John Symonds' brother, the cladding around the lower floors may be a bit questionable with regards to flammability.

    Great location for proximity to station but it is above the pub, so noise and social issues may be a problem. Capital growth will be an issue If there are that many newly built units in the area. Strata levies will skyrocket at they appear to be quite low considering there are lifts, high rise and fire services. I call BS. Where do you get an established unit with such low levies?

    Flemington is a better bet.
     
  10. devank

    devank Well-Known Member

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    I lived in 2145 and living in 2140.

    Unless the extra room is a major deal, I would go for Flemington. Compared to 10-20 years ago, certain 'tough' community has been priced out of this area. Feels lot more safer.
    Issues?
    1. Traffic on weekends. Mostly thanks to educational activities and the market.
    2. Need to time trains. I think it is about 15 mins interval. It's the same in Toongabie anyway.

    Positives?
    1. All kind of shops and restaurants.
    2. Nice mix of communities. Getting more and more diversed.
    3. Sporting facilities. Swimming pools, tennis courts, play grounds, cycle paths etc. Olympic park is just 15 mins bike ride away.
    4. Educational facilities. Descent schools around. Private institutions are around.
    5. Road access. Easy access to all major roads. Airport is about 30 min away.
    6. Employment access. Practically all employment centers are about 30 min train ride away.
     
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  11. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    I would go for established property with some land component (villa or townhouse), and not sign up for a brand new unit just to benefit from a $10k grant. In reality , you are paying way more for the brand new vs established.

    As others have already said, with established, any building issues will already be documented in the strata report vs you don't know what you are signing up with a brand new building.

    There is a huge oversupply of units in the area, and you will find better value in a smaller unique strata complex - villa or townhouse.

    Don't be pressured by real estate agents - especially in the current market.
     
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  12. bdydrp

    bdydrp Well-Known Member

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    Wouldnt touch bathla properties with a ten foot pole..
     
  13. Kanika

    Kanika Member

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    Thanks everyone for your time and feedback.
    As of now I have pulled out of the contract I signed for Flemington and denied to buy with Bathla. As for flemington the reason being the agent was being rude and pressuiring. I first refused to the increased price of 5k so she although accepted that and said she will negotiate with the owner n previously signed price but she said, she will not provide any cleaning or repairs. The property is 5 year old and was in a dirty condition superficially. I did not even check the strata report or any electronic appliances yet so I dont know how much damage under the carpet.My solicitor wrote that the contracts will only be exchanged on condition the previous owner fixes and pre existing damage but the agent clearly said no to it and it's not their problem after house is sold to me, I got to deal with strata and get the fixes in place for everything i come across. Obviously due to lack of transparency and unwillingness to help me in anyway, I had to cancel it. But I am thankful I did so after reading reviews from lot of people living in that building and facing problems with builder/strata etc.
     
  14. Gockie

    Gockie Life is good ☺️ Premium Member

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    I think you sound very hasty. Normally you buy the property in the condition it’s in.
     
  15. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    Kanika,

    Flemington is the better of the two options. However I am a bit concerned about the asset selection (new/OTP), though I assume you are buying as an owner occupier. It does feel rushed, and I only say that because Flemington and Toongabbie are fairly distant suburbs with little in common.

    So I would suggest pausing, and then starting again by narrowing your suburb selection, and then moving on to the type of product you wish to purchase.
     
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  16. Kanika

    Kanika Member

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    I am not sure if I understand that fully.
    So do you mean if I like the property superficially I should go ahead and buy it without asking previous owner or builder (in case of brand new) to do any damage repairs from inspection report?
    What if some of the damages are building maintenance issue like leakage or low quality material used in building construction, how would I know all that if the agent is not willing to wait and pressurising to sign and exchange the contracts before I get a satisfaction and transparency by getting all the inspection and strata reports?
    Pls be kind, i am new into this and looking to buy my first property and still learning how it all works. Thanks.
     
  17. Kanika

    Kanika Member

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    I agree. Thanks.
     
  18. Kanika

    Kanika Member

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    Thanks for your feedback. It's not very close to parramatta rd. Its Centenary Park, Courallie Avenue - a gated residential estate closer to Flemington station and market.
     
  19. Kanika

    Kanika Member

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    Thanks for your feedback. I am not sri lankan but yes I too think I should wait and watch the market rather than trying to buy as people suggested in current "inflated" and "peak" priced market.
     
  20. Gockie

    Gockie Life is good ☺️ Premium Member

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    Yes, absolutely get the reports, I'd never buy without getting them. You need to know what's gone on on the building, how much is in the sinking fund etc. But you sound very rushed and inexperienced and I think if you think the agent is pushing you, you need to take more control - I wouldn't let it come down to the agents attitude determine whether you buy the property or not. It's unlikely you can get the seller to spend money to repair anything unless the seller desperate to sell to you. They know you are already interested enough to put down 0.25%, you already signed a contract, why should they fork out money to fix things for you? It comes down to how much they want to sell to you.

    Anyway, with your 0.25% you get a week to decide whether to go ahead with the purchase or not. Use that time to check everything out. You aren't entitled to get the 0.25% back.

    And... please don't buy the one in Toongabbie.
     
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