NSW Inner west terrace's - Surry Hills/Redfern/Ultimo

Drove past Surry Hills/Redfern/Ultimo on the weekend and got me thinking, wouldn't one of these be nice. What's the general consensus of owning one of these 3/4 bedder older terraces in these hipster locale?

Are they a valuer's nightmare?

 

They are a valuers dream. Rock solid location, consistent capital growth, huge demand from people wanting to own them.

 

They are a very desired type of property, the larger ones (3 or 4 bedrooms) tend to have grand or generous proportions and some of them also have a decent land size (by inner city standards).

They are also very expensive. Not only to buy but to maintain. Wonky walls, "unusual" plumbing, questionable electrics and heritage features mean $$$.

Having said that, they are worth it. Modern houses just do not have the character and life of these beautiful old terrace homes.

vtt

 

Plenty of property issues with these beasts too. Unregistered easements, dunny lanes, remnants, possible dealings with Old Systems or qualified titles.

 

Thanks fellas. Would it be fair to say they're not for the faint hearted/require deep pockets?

 

Depends what your strategy is. Hopefully more than just 'buy and hope for growth'.

 

It's a little unorthodox - dump the outlaws there and rent out the other rooms.

 

They are great if you have enough cash available to fix problems that you don't even know that you have and enough patience to deal with a small issue that subsequently turns into something outrageously expensive.

I'm not sure if your unorthodox strategy will quite suit one of these properties as they aren't really the kind where you can "dump and run" (pardon the term!).

vtt

 

More support for Redfern.

The Commonwealth Bank is closing three Sydney sites and moving 10,000 staff to Redfern | Business Insider

 

I love these terraces and they hold value well due to locations and scarcity.

 

Not so much a valuer's nightmare but if you want something with parking and that doesn't require immediate funds on it expect to start at around $1.2m (dependent on location of course)- terraces ain't cheap

I prefer Surry Hills but then again you will pay more to be part of the hip cafe crowd near Crown St.

 

Putting aside all the sentimentality, why would you want to buy a terror souse?

 

Good enough reason for me to walk away and good to look at but far from good.

 

I'm confused... "inner west"?? The whole of Sydney should be called west! And as everyone should know west is best!

 

@bob shovel it just depends upon where you start measuring Sydney. Is it the CBD? Geographical centre (Parramatta), centre of population distribution? The coast?

 

These are opportunities - not all bad.

 

I love em but you will have loads of issues with them. Rising damp is the worst. Terraces were constructed before dampcourse was used in construction and rising damp is almost always an issue. That musty smell will never leave, paint will constantly peel off walls and carpets will always be recurring maintenance. You need to appreciate character to live in them and you need to select likeminded tenants as an investor. I speak from experience

 

yes, West is the best. if you don't like it, you can live 20km East of Sydney CBD

 

There is a tiny terrace near by Redfern. The silly owners have left a termite infested jacaranda in it.. Its for sale, was for auction ( cancelled) ..

 

If you could afford it, probably would have been a really good buy a couple of years ago.