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

Option B.
- lower number of units so land component is higher.
- better builds in the 1970's + options to renovate
- nothing unique about Option A
- Option A strata fees are only going to go up over time as lifts get older etc

 

I agree with Propertunity. I would just check the renovation potential for option B to make sure that a cosmetic renovation would significantly boost the rental.

Option B is classic investment stock and I suspect a very reliable performer.

 

Just buy in smaller unit complexes, no lifts, or gyms, or pools, or common areas. Check all outgoings and DO a Strata and Building reports prior to buying. Sometimes special levies may be deemed on older buildings or unforeseen expenses.
I realize this is to live in so emotional choice so you may wish to be close to amenities and train, but townhouses further may grow more in value as they have some land component. Again I would look at older and small complexes of 3 or 4.
I do like Mount Pritchard as opposed to Lurnea.
I have lived 8 kms from Liverpool for many years as a migrant there and hence have few family or old family friends still living around there.
Whatever you decide let us know.

 

I do not mind the area, but don't buy into the airport etc, it has as much potential to go down, up or sideways as anywhere else.....

As much as I do not like around Wiley Park, you can't argue that it is better located, not so many decades ago you would not take a place at Tempe, Alexandria, Wolli Creek etc etc, and look now.....they all come good due to location.

 

Sarah,

Can you update us?

 

I must say, Wiley Park is undesirable in some respects. But I have bought there myself and I think it is a great investment class area. I would add that Wiley Park units have been some of the best performing category of real estate in Sydney this past year. So there is money to be made in Sydney if you know where to look.

Yep, Wiley Park is in a good location, and has good population density.

 

All of Syd is on the nose for IPs atm
........

Pick the one that will hurt the least if you must buy a buy and hold.

 

Seeing as this is the most recent Liverpool apartment thread... I currently hold an apartment in Liverpool, would you hold this or sell? With the huge amount of further apartments I see going up, am I looking at an oversupply issue in the near-mid term, and would you sell ASAP or hold?

 

What sort of appartment is it?

How many bedrooms?
New or old?
Courtyard?
How many appartments in the block?

 

Sorry, should've put more info. Its a 2/2/1 in a block of about 170 which was built in 2014/2015. Its not on the ground floor so no courtyard. About 5-10min walk to Warwick Farm station.

 

Hi Peppas,

The property you own is not the sort of property I would have purchased (large complex, new etc).

However, unless you are in distress, I wouldn't sell it. Just leave it to run through a cycle. The costs of switching just aren't worth it.

I would add, that Liverpool is a growing mini city, and it will benefit from the new Badgeries Creek airport.

Hope this helps.

John

 

Thanks John, my initial thought was to hold and see what happens.

Yep, it was bought before I found this forum... Now where's the biggest regrets in the last 5 years thread

 

Don't bother with regrets. It's a property in a capital city that is booming. You'll be fine.

Hang on to it and course correct simply by buying a better one next time.

Not every property in my own portfolio I would buy again. But they are all in capital cities, and that's pretty forgiving in time.

 

Yeah, if you cut and run now you will realise the loss, so hard too say, getting out was really a 17 thing for Syd.

Most of the units are up already now it seems there.

 

As a onetime single parent IMHO you should buy a property to be your PPOR and concentrate on building up your super and investing in shares ...
Believe you me there is nothing like having the security of your own home and some readily available cash ... all the best

 

That's a good tip. It's called "putting the big rocks in the jar first".

 

Thanks... I have a PPOR as well but we might be looking to upgrade in the next year or two, which is why I am considering selling this one if we are unable to afford the new one

 

My reply was directed at Sarah123 who posted the first message looking for advice, somehow the original subject has been lost in the conversation ...