NSW Liverpool

Really like this forum! I am thinking to buy a 2 bedroom apartment off the plan in Liverpool NSW. Near westfield and hospital. Completion mid 2018. The price range they offer is between $550k to 600k. Just wondering if the price is reasonable? I will be living there. From what I can see on the local market, at the moment the brand new 2 bedroom apartment (the ones which completed recently and settled) in Liverpool also selling for $550k. That means the OTP is priced at current price, in general it always prices higher. My concern is by the time of settlement and arranging for mortgage, the value will be lower and I can't borrow enough money from the bank. What do you guys think? Thanks!

 

That's always the concern because the purchase price would have a premium on it. Ask 10 RE veterans here and you would get a consistent response.

 

So this is what a lamb to the slaughter looks like?

Stay well away from all that poorly built over supplied rubbish. My advice would be to rent for the next couple of years and then pick one up for under 450k when all the dodgy brothers start going under in a few years.

A unit in Livo is probably the worst thing you could buy right now....after a house in Moranbah of course...

 

I think you're concerns are right. Especially in Liverpool where there was so much going up the last few years. There is a huge supply there for apartments.

 

I work in Liverpool and also live close by and can tell you first hand the units are way overpriced at the moment. I think Liverpool as a suburb will grow in the long term the mayor is quite proactive and always looking at new ways to expand business in Liverpool but OTP units are a no go at the moment. As a previous poster has mentioned your better waiting for the developers or the OTP to have issues with finance etc and potentially getting the OTP units at a lower price

 

Quality is a real concern with OTP, especially with the building boom and trades doing subpar work.

We've heard stories of roof flying off in Auburn or thereabouts and also in Moorebank in the last couple months.

 

I work in Liverpool and am an architect and from what is currently being built and what is in the pipeline with approvals, I would say that there will be a decent oversupply of stock in the not too distant future. Would definitely hold off buying.

 

Are you also in one of the many OTP projects or others? Nice to have an architect on PC.

 

Been monitoring the market for a while and i agree with this. If you look at what's currently for sale, a lot of developers are trying to get rid of their sites which i assume is because they foresee the supply issue in the next few years.

Liverpool address available on request - House for Sale #121780218 - realestate.com.au
15-17 Frangipane Avenue Liverpool NSW 2170 - House for Sale #121464970 - realestate.com.au
505254 Murphy Avenue Liverpool NSW 2170 - House for Sale #120964782 - realestate.com.au
Liverpool address available on request - House for Sale #121503026 - realestate.com.au
37 Copeland Street Liverpool NSW 2170 - House for Sale #121814594 - realestate.com.au

You only need to look at the skyhaus development in construction at the moment, 2 29 storey buildings is going to be PLENTY of apartments hitting the market at once.

 

As Buyers Agents, we've been buying 2nd hand 2brm units in Liverpool for our investor clients $200K less than this! Some at $340K, some at $350-$370K.

This is the premium you pay for buying brand new and shiny. Meanwhile "your" $550K one will tend to drag up the value of the $350K ones we've purchased.

So buying OTP is not great - but for a PPOR, maybe??? But it is not a wealth creation strategy IMO.

 

No I'm situated in an older two storey building, the practice has been running for well over 30 years and hasn't found the need to relocate.

There is an abandoned site (old bowling alley) which has remained dormant for a while with interest obviously diminishing, billboards on the facade detail a new high rise but it hasn't grown legs as yet from all reports. I've recently heard the site across this road from this also has plans for a high rise development. Many sites along the Cumberland Hwy are trying to be offloaded for potential development as well, but I think the oversupply has already begun to take affect and people are weary at this stage. That being said Liverpool is undergoing great change and development is being pushed by council, the transformation over the last couple of years has been incredible, but in my opinion not sustainable for at least the short term.

 

A lot of good memories from that place, used to do school sport there...Well we really just sat around and had a yack. Played the arcade games once the teachers left and had a dart or two in the car park. Those were the good ole days for livo.

 

I agree that Liverpool has a lot of new OTP stock. However, long term (10yrs) I rekon Liverpool is a winner. Potential to be the next Parramatta. Good things to come for liverpool. Just gotta be patient.

 

You should see it now, it's been broken into and they've attempted to fence the undercroft carpark but it's just turned into a dump. Walk past at night and it looks like a scene from the Walking Dead lol

There's no doubt Liverpool will become a hub as such in the future but there is much to do, namely the ice problem which is not only specific to Liverpool. It would be great to see a "cleanup" of the drug scene similar to that which occurred in Cabramatta a while back.

 

Some of the apartments in that block is now 550k+...and it wasn't too long ago next door (Georges Fair) you could've bought a smallish block and whack a project on top for not much more. With a lot of those R4 zoned blocks either sold or about to be sold, that entire Nuwarra Rd corridor will become packed with apartments.

 

I wonder what effect the Moorebank Intermodal Project will have on developer's interest in this area.

 

Not much. If anything, Casula might've benefited more from it given its proximity to the intermodal itself.

 

Don't

So you want to buy something now that will be good in ten years ? But it in seven years when it's cheaper .

Why not buy something now that will go up in the short / medium term

Anywhere but western Sydney

Seriously

Cliff

 

I was in the same predicament 6 months ago, merely because i am predicting Liverpool to be a new hub in 10 years or so... but i turned away away from purchasing there because the risk is massive - quality of new developments around are horrible and there is definitely an over supply and developers now know this (this gained traction as an agent called me multiple times, offering more and more discounts, when i told him i was not interested anymore).

 

I've got an old 2 bedda near the hospital. I occasioally loiter around Livo and have noticed the change in the skyline.

The area is great for rentals IMO and may benefit from the new airport.

Mitche, I always use the the following yardstick when about to buy : will the purchase create or likely create sleep disturbances? If so, I back off.