NSW Investing 100k into an apartment.. Parramatta?

Hi all,
We are looking for a 2 bed 2 bath and would like to be near the water. Preferably along the northern side of it. Does anyone have experience with the apartment market in Parramatta, either Morton St or Broughton St? Our budget is around 620/630k. We've been looking into other markets but feeling priced out.

 

I would look to buy in this area that I have circled. Low rise, solid looking quiet residential older units, the area is pleasant. Well located. They don't come onto the market that often though.
If you buy newer higher density at Morton St or Broughton St, I don't know what issues you night have in future, and newer high density apartments are just going to keep being developed in the future, making yours not special.

 

One of my collegue has couple of units in the area @Gockie mentioned. Rental no issue but according to him not much CG since he bought (2016). It's not long ago but with Apt/Units/TH - Strata kills (my opinion)

 

I'd definitely go for a freestanding non strata property, but for the OP's budget, the Mount Druitt area is just about the only option. And it's not everybody's cup of tea as a PPOR, nor is it near water.

Brisbane is an alternative....

 

really helpful. I don’t think I’d be able to afford one unit in that area, provided it popped up. I noticed there was price depreciation in Morton at so you may be onto something.

could not live in Druitt it’s too far from anything we need. Brisbane even further but like the idea of moving up there someday, just not ready yet.

 

What do you need thats not around that area? What you NEED and what you WANT are 2 very different things.

Everyhing you ever NEED is available in Mt Druitt. There is a sizable Westfields there and many many other shopping centres closeby

 

Sure but everything I ‘needed’ was in my previous city in the US but it was far from what I personally wanted. I work in Plumpton (just north of it) but all my communities and extra curriculars are 35 minutes from Plumpton. I’ve personally learned to stay near communities once you have it because it isn’t easy to start from scratch all the time. I want to invest In property but not keen to start from scratch again. Parramatta is a good area as it is central to work and community, a fair compromise - I also find being near running water emotionally uplifting

 

Thanks for your insight again.

Couldnt this area just as easily become a high density area like Morton down the line? What gives you more confidence of this particular area? Cheers

 

If it becomes high rise, you win because you can sell your block to a developer for a premium!

 

Ah right, I get you!