Hi Everyone, Was wondering if I can get some thoughts for units out in Kingswood/Penrith area. Such as this one. 11/14-18 Santley Crescent, Kingswood NSW 2747 - Apartment For Sale - 2013923953 Am avoiding high rises, off the plan apartments, and sticking with smaller block of units. Would love to hear thoughts on area, growth prospects? Thank you !
I believe Penrith is generally a good area and will have prospects of growth. I personally however have a few points against investing now in units in Sydney. First, Penrith has ample space to develop into units. Which, IMHO, from prospect of scarcity will depress price growth. Units also seem to be discounted at the moment. I have noticed that off the plan units in Parramatta (for comparison only) dropped from $510K for 1/1/1, to $475.
Are you looking for investment or PPOR? I think short term unit buying will probably be pointless but if you are looking to hold medium to long term you will do fine from a growth perspective. A lot of infrastructure has already began for Badgery's creek and the projected population growth will help. As for the property that is super expensive strata. I'd say the sinking fund will be super low or they are saving for some major works. Gated complex is a questionable description. Rent I actually think you might be able to push for more. If you are looking for investment I've never had an issue for myself or clients with renters as Kingswood has a university, public and private hospital, tafe and lot of industrial workshops across the train line. So vacancy rates are very low and a high chance you will get a cleaner or cook from the hospitals.
Hi @cw2000 As already mentioned, you will be fine long term. Whilst no one has a crystal ball, given the Sydney growth over the last 5 years, the tightened lending rules, and low rental returns may mean little growth in the short term. What is your goal with this property?
That unit seems cheap in price. Looks neat inside. But no LUG and no separate shower. Rates are expensive....more expensive than a house in the Druitt. Also that strata levy is very high. Are the strata managers paying off their Mercs with the high fees and costs? Go 300K or walk.
Done a walk thru Park Ave Kingswood a years ago, early morning dodged the guy with the beer cans , the lady asking for a $1 , who knows maybe it's changed ? That was 2006 a 2 bedroom was 120k to 150 k then
Why buy anything in Syd ATM ? I decided years ago nothing in Syd worked numbers wise unless it was a steal & of course, there really were none.......and you can be a lot closer for that money too......keep looking if it is PPOR, if investment, book for a head session.......
