Meriton units in Parramatta: buy or not?

Hi all,

I’m looking to purchase a Meriton apartment 2 BDR in Parramatta CBD for $760k. Given my current financial position, I’m able to afford it and also getting a stamp duty exemption as a FHB.

Given the supply of apartments in Parramatta, the vacancy rate in my opinion is not bad. Though I feel as a CBD the rental yield is not impressive.

Would appreciate some feedback on

- Meriton apartments
- Area and capital growth associated
- any other factors to be considered

 

This is an easy one. NO.

With your budget, buy a house in say, Seven Hills or Lalor Park. Thank me later.

 

Parramatta, North Parramatta & Rose Hill will have a endless supply of new towers over the next few decades. Supply will exceed demand for a long time. The supply of new build rentals cant be helping rental rates.

 

Thanks for your advice. Is it the price, Meriton or area?

 

Pick any two of the three and you'd still find enough convincing discussions to avoid.

 

What will drive future growth in a highrise at parra?

what other alternatives would you consider, op? How about a 2 bed unit near a station, brick 6 pack?

 

These units are nearby too and cant assist prices in Northmead through to North Parra

Buy a unit lose a fortune!

 

I’ve bought off the plan in Surry hills and Cremorne and instantly made 20-80% at settlement

rentng has been cash positive
Sold one at a big profit

covid means the price was dented on the other but not for long it seems

but parramatta is different and what’s going to differentiate your unit from others in 5 years to either tenants or buyers when it’s looking a bit tired and there’s better places on the market ?

same reason you have to be very careful to buy a unit in DY or surfers paradise or anywhere there’s no saturation and endless new developments

 

I’m looking at the development happening in Parramatta CBD, metro, train, university, stadium, etc. These could drive prices up, not sure by how much. Basing my decision that Meriton is a trusted name in the market and might appreciate more than others. Could be wrong, hence on this platform seeking advise.

 

Meriton always keep some and rent them. Use them as serviced apartmnets and more. They do tend to limit over-supply through this but it just defers the inevitable. eg the old DJs site has a huge number of rentals and serviced meriton suites apartments so they will be selling these off for years and years:. And then there is the North Parra precinct with 2800 new apartmnets and (maybe) some commercial space. - Homebush Mark 2 ?

Have to agree with :

 

At least 2/3 and not necessarily in the order you expressed

 

Meriton -no
Parramatta no

Cliff

 

No. I have been told Meriton’s control the strata through apartments they keep. Which means high outlays in year 3-5 onward. Cause you need to keep everything top notch to subsidise the “ resort look and feel” of the complex.

But that are just rumours and whispers. Take it or leave it . No facts to prove it’s actually happening.

 

Meriton is not bad.

Also they are still here so if needing to claim on Builders 7 year warranty at leas they will be here to answer the claims unlike most other operators.

Re Parrmatta i have no idea.

 

+1. Land appreciates....

 

A mate of mine bought an off the plan in Parra which settled 2-3 years ago. In the current vendor’s market the apartment value is still a bit under the initial purchase price (without taking into account stamp duty).

If you are willing to pay that much you might as well buy the off the plan duplex in Werrington (by Landlease) - it is very over priced but would still be better than the Meriton stuff in Parra, in my view.

 

Not really a sellers market for high rise apartments.

 

OP coming at this I think maybe from the perspective that the price of this product fits their budget, the Meriton brand/glossy brochure provides a feeling of comfort (and probably appeals at the personal level), and the overarching investment into Parra then justifies/ further de-risks the decision.

Am guessing, so happy to be corrected if I'm off the mark..

I reckon a better investment is established house and land in another capital city.

 

Meriton gets a lot hate but we owned one (different suburb) for 10 years and loved it. 2003/4 build and never had any defects or issues and was really well maintained

 

No