Liverpool- Should I buy an older apartment or new apartment?

Hi,
I'm a single mum and currently renting. I don't own any properties. I want to get into the market and buy a unit in the Liverpool area so I have my own home by the time I retire in 20 to 30 years time. I was initially looking at purchasing a new apartment around $550 000, however I don't have enough for the deposit yet. I have an option now of purchasing an older apartment and renovating the unit. This might help with building equity faster and purchasing another older unit. Is it better to wait and keep saving for a new apartment or purchase an old apartment now and potentially buying another older apartment later? Is it better to invest in one new unit or 1-2 old units? Any advice/comments would be appreciated. Thanks in advance!

 

Any particular reason that you like/want Liverpool?

 

Better to invest in 1-2 older units and renovate. They have higher land component and building maintenance issues are bedded down. New ones are not unique and getting issues fixed can be problematic.

 

Hi Scott, thanks for the Wiley Park unit link. To be honest I thought It's a safer option in case I need to move into the property. I live and work in Liverpool. Plus it has been mentioned that Liverpool is a great idea to invest in with the new airport plus the population is expected to double by 2035.

 

Hi, you're right. I've been doing a lot of research yesterday and noticed the same thing too. The units are bigger and lower strata fees. I'm thinking of aiming for the middle. Not buying something new or too old.

 

There are houses listed for sale in Mount Pritchard from $630ish.
It's only 10 min from Liverpool and no strata fees, has a backyard etc.
Downside is they are old fibro houses.

Seems like better value to me than a unit in Liverpool.

 

Have you had a look at houses around the Liverpool region like Lurnea only a 5 min drive to Liverpool. There are around 650k or a townhouse for around the 550ish.

 

Lurnea still getting some stock at $640-$660 556sqm block, with a direct bus service into Liverprool and Casual mall.

 

If you save a bit more for the deposit and wait a little while you may start to see sub 600k listings again.

2 bedder ex ex housing commission fibro may come up now occasionally, just be ready. Offer a realistic low , stick to your price and you may jag one.

 

Hi Sarah123,

Of the two choices, an older unit that you can renovate is better than a newer build. Older units typically have better locations, are better built, and have some nicer features such as higher ceilings. They also attract less of a premium price, so it is favourable at least from an investors perspective.

Liverpool has solid fundamentals, and I like Revesby as well as Wiley Park as well (for investment).

The problem with the data around Liverpool units, is that the average cost of a unit and the average cost of a detached house, are actually similar. For my investment models, units in Liverpool are not attractive, because for only 40% more you could purchase a house.

Put another way, in Liverpool, houses are relatively cheap, and units are relatively expensive.

Given that you intend to live in the property at some stage, this does relax the economic priorities somewhat. As long as you are safe etc, an older unit is better investing.

Kind regards,
John

 

Hi, yes I've started to look at townhouses outside of Liverpool but I just think the city of liverpool is more convenient. Closer to shops and the train station. Again I have to keep saving for at least another year to save for that price range.

 

I live in Liverpool and I might move into the property at some point.

 

Hi John, I think I'm heading more to the older units but not too old. What do you think of units in chippingnorton? It's close to Liverpool.

 

If that's the case...why not move into it now? Banks will give you more money for a place that you will live in. That should make your deposit go much further, maybe far enough to nab you a townhouse?

Goes without saying though that the general consensus is that Sydney is cooling. If you keep saving for a deposit and the market keeps dropping, eventually you will meet in the middle .

 

Hi Sarah,

Overally, Chipping Norton has larger average size blocks and therefore has a higher average price. Nice parks around there. Older demographic around here. CP is safer than Liverpool.

Close to main arterial roads, but no train station. But CP does have good arterial road connections.

Specifically to units: the unit complexes in CP are much lower rise, and there is far less new developments than Liverpool. So CP is far less vulnerable to over supply and price falls than Liverpool.

In summary, CP better than Liverpool. Moorebank worth a look as well, also better than Liverpool.

Hope this helps,
John

 

CP = Chippping Norton.

 

@Sarah123
Chipping Norton for Families with kids and cars.
Liverpool for convenience great access to rail links/bus links Westfield

I like Chipping Norton but it is horribly inconvenient.

For a single mother I would go convenience over other factors.

Also too many apartments in the pipeline in the aria in general . I drive through liver pool in the morning and evening as I work in the area.
There is at least 10 cranes in the air completing multi story residential they are all in similar final stages.

I would definitely try to pick up a house. Considering neighboring Lurnea is $660,000 for a 3 bedroom home.

transport , child care and employment would dictate requirements.

.
Did any one here the $740,000,000 investment in Liverpool medical precinct ?

Liverpool Hospital's $740m win for state-of-the-art precinct


Can you imagine shy of a billion dollars going into the area if you factor in the universities in the pipeline for the area.......


Extract:
The $740 million Liverpool Precinct would become a major melting pot for medical innovation, new technologies and almost double the number of jobs in the health and education sectors for the local area, Mr Perrottet said.

Planning department projections show the population of Liverpool Local Government Area is predicted to grow by 40 per cent from 2016 to 2031 – twice the rate of NSW.

 

Hi, just additional question to her post re: (old vs not so new) which will you choose given this situation?

A. 600k apartment with 300 units (100 units each building) 14-storey building built 1999
3bedroom 2 baths 2 car with good amenities, pool, gym, sauna, lifts, huge balcony with water views, near station strata is 1200pq 14km away from Sydney CBD rent pw approx 700

vs.

B. 630k apartment unit, 20 units in a 3-storey 3-building complex built 1975
3bd 2 bath 1.5car no amenities near station strata 800pq 16km away from Sydney CBD rent pw approx 550