IP Three Level Townhouse Yah or Nay

Located Syd South West.

2 bedda double garage less than 10 min walk to station. Looks big. Just over 500K asking. One bath 2 toilets. Big court yard. Probably rent $400 pw.

Last sold a couple years ago for about 250K.

Plan to low ball the agent and possibly headlock him if he gives any cheek.

Big issue is the three levels. Guess a lot of tenants don't like too many stairs.

Is three levels stretching it?

 

If it was 3 or 4 bedrooms I'd go for it. But just two... too many stairs imo.

 

Good point.

 

if its close walking distance to a University (yes for a good price) otherwise nah.

 

I wouldn't be too deterred from the levels. It might suit a certain type of tenant.
If the numbers work for you and you see growth in the long term then go for it. Or just headlock the agent to make friends. Doesn't hurt to increase your contact base.

 

Yield isn't super-amazing.

How many in the complex and what's the strata costs? Or is it Torrens?

 

Not near any university. Thanks for the input.

 

Walk to station is gold in syd, and town house at that price.
Is ground floor all garage?
I would. for some reason, I like multilevel town houses. better to have a toilet each level though.

 

Also.. I don't follow greater SW Sydney closely, but it is a curious time (cyclically) for you tp be pondering a buy in this part of Sydney, Datto. Do you really think there's much juice left in the cycle down there?

 

I estimate about 18 in the complex. There is a mix of townhouses and units.

It would be strata titled but don't yet know the levies. I've looked from the outside.

Further DD required but I am weary of three levels.

 

Well your target rental market in that area won't exactly be grannies with walking sticks (who don't like stairs), but at the same time I've always believed (rightly or wrongly - happy to be ridiculed for this as I am not a parent!) that young families also don't like stairs either.

Young new parents with kids under under 3 would see stairs as another safety risk for their baby/toddler, no? And there are a lot of these young families in this area. People seem to be popping out babies left, right, and centre, down there!

 

I think prices in the area have levelled or maybe dropped slightly.

Capital growth may be finished for now. That's why I won't accept asking price and will go low ball.

The good points about the townhouse is its size, double garage and close proximity to station.

From what I could see the ground floor is comprised of a double garage and a stairwell rising to the middle level.

Stairs! Some people like them but I think many don't. Hey, it would be a great way to keep fit.

 

3 months after APRA was time to buy in SW, it has picked back up again now, 2 bed units were going back to 360, but now again 380+ , houses are also again selling, the IR reduction has fired it back up......but probably for the last puff...

I been looking at a few things, but my thoughts are, if it is still creeping up slowly once election and IR direction changes, then will buy possibly, otherwise can wait.

The new units are just starting to come online, and been getting quite a few emails lately on new units and ones in the 500k bracket, I think these may be ones already falling over, have you seen the 22+ floors going up now ? When I looked 6+ months ago before it started, they were brining all Chinese nationals out to look at it....

 

The stairs will make furniture moving in/out more difficult for tenants, even young ones.
Marg
(A nanna but no walking stick yet!)

 

With a double garage on the ground level and staircase then 3 levels not an issue. Tenants would see this as a 2 level townhouse. Once inside then you are only going between two levels plus having better views from top level.