NSW IP in Seven Hills

Hi All, i found a 50 year old house,754sqm ,9 mins walk from seven hills station for 981K. My plan is to buy & rent it out. Approx rental return would be 400 per week. My aim is capital growth. Could you please advise if this is a good option.I heard that seven hills has many commission houses,so property value growth might not be there. I have already paid 0.25% as initial offer amount. I am really looking for your valuable suggestions. Thank you very much in advance

 

The fact that it's housing commission is not the problem with capital growth. All of Sydney has more than doubled in price in the last 8 years. I feel Sydney is very overheated. Also that is very cashflow negative. Have you run the numbers on holding costs? What about when interest rates go up? You don't want to be one of the ones who HAVE to sell because you cant afford to hold.

 

Thanks for your response.
Yes - i can afford this payments even if interest rates go up if this property can give me good capital growth in long run like 5-10 years.
But im not sure if it is a capotal growth property.
Thanks again.

 

If your agent's first name starts with P then the I think I know the house you are talking about.
It looks good but there is a decent amount of shrubbery in the backyard and a big tree in the front.

In addition there is only one driveway into the lot with the fence on the other side completely up against the house.

For me, it's one I would probably stay clear from...

 

You are absolutely correct about the agent name & the property
Yes,frontage is 15.1m approx
Thank you very much for your response

 

IMO you signed contract based on your decent research, stick to that, dont get confused. There will be always pros and cons, even in $10m house there will be some disadvantages.

Seven hills is still an underrated suburb IMO. I think the property you have signed looks good. Nice flat land with decent gardens, good luck