NSW IP House Far West Syd VS Townhouse West Syd

Will not go for 8's. Most people looking are FHBs who want everything already done for them. Land size isn't optimum for Penrith Council, unless doing a knock down & rebuild duplex.

 

I doubt 8s as well purely because most FHBs get scared to buy places that need work. They are mostly after ready to go houses. In saying that investor numbers are pouring back in and many investors are pretty damn good at fixing up houses including myself. I could fix that entire house under $20k like I said and within 4 weeks I reckon.

Looking at some numbers being achieved nothing surprises me anymore.

 

I said “houses in Airds near Campbeltown had one of the most significant growth percentages in NSW”. I didn’t say it was in the Campbelltown suburb itself, but is near it. It’s only 3.9km from Campbelltown suburb. The LGA is still the City of Campbelltown and is part of the Macarthur region which are the areas Illusivedreams was referring to. Apparently, Airds had the largest percentage of public housing in Sydney and was being sold off to private buyers which has helped boost its values rapidly. They have houses that are more affordable than houses in Tregear too. This one in Airds has a guide of $450k-$470k for land size of 749m2!

5 Murulla Place, Airds NSW 2560 | Domain

Would you think this is great value for money considering areas around it are developing, there should be some continued growth in Airds too? I mean it can’t go any lower than $450ish mark. Neighbouring suburb Bradbury is similar to Airds too.

 

When you flip properties, do you usually just organise trades and act as a Project Manager, or do you just handover the brief to a builder who does it all for you, or do you do all the work yourself?

I have been through the house myself; not as many came in when compared to the properties in St Mary’s especially that one you were talking about earlier - 242a Carpenter Street and 2a Saddington Street, which had loads of people come in.

In its current state, it would be hard to find a tenant who wants to live there, but as you said there’s a cheap reno would fix this. It’s also one of the worst looking properties on this street and this street has houses that mainly have the owner occupier appeal, so there seems to a lot of potential for an investor. Worst house in a decent street in a location close to growth centres - Penrith (Nepean Hospital & Western Sydney Uni) and St Mary’s (metro) - sounds like a good deal, depends on the price though.

 

https://www.penrithcity.nsw.gov.au/...opment/Residential Development fact sheet.pdf

In Penrith, you can build an attached dual occ with R2 land of minimum 650m2 area. Is that why you said knock down & rebuild duplex?

If the R2 land is 750m2 or more, you can build a detached dual occupancy. Considering that this property is only 727m2 (< 750m2), is there any chance of the council approving a detached build on this property at all? How strict are they? It’s only 23m2 short of the requirement.

 

I do everything myself. If I need to engage a tradie I will also project manage the entire thing. I will not pay someone to manage such small and easy tasks. We are not building a new house here its all small jobs.

Cosmetic renos are the EASIEST renos to do. Paint can do wonders to how a property looks. Remove those hideous front shades, spray the entire house in a new colour, new cheap laminate flooring throughout (you can find ones these days that look like a million dollars for very cheap), repaint cabinets, clean up some of the trees, repaint and reseal entire bathroom reusing all the vanity, shower, toilet etc...... It will look a million bucks once I'm done with it. All tax deductible as well.

 

Personally I think Penrith council will not accept
This is based on recent decisions where they seem development unfriendly (though their were minor variations requested - which were rejected) - You can have a look for yourself on DA tracker of all recent approvals

Also there isnt much room as Penrith Council has some weird setback rules. Considering the house isnt great knockdown rebuild would be perfect.

 

Do you know roughly how much more value a detached dual occ has in comparison to an attached one? Is it worth actually purchasing a block with 750m2 with dual occ potential than a 650-749m2 block with only attached dual occ? How would the valuer assess these 2 options; like do they take into consideration the property development potential of a block?

 

No idea if its got value to you, its got value to you (I dont believe 750m2 blocks have much higher value than 727m2 in Penrith council though corner blocks seem to be slightly higher due to clean granny flat setups and where a dual occ is possible agents will try to sell the idea.) A valuer wouldn't care if its attached or detached dual occ potential. Only think a valuer could see is if there is a trend for higher value on 749v750m2 lots and will use previous sales to justify. I dont think its common in Penrith Council but its more common in councils towards the city.

 

What do you mean by a “clean” granny flat setup? Are you saying it’s easier to obtain council approval for a GF it’s a corner block? If yes, why is that? I thought if the block is more than 450m2, then it shouldn’t be a problem to build a GF.

 

Clean as it, it looks decent - not going through someones side access to your granny flat. It would appear they are two independent houses with their own st access