Merrylands - would you purchase?

Hi All,

Grateful for this forum. Love to read, posted once.

I am trying to build up my property acumen and my ability to spot a good investment. I have seen this one, which I believe meets my goals.

If I can negotiate on price, and get $350 per week, it could be cash flow positive. Merrylands seems like a good location in that it is a good proximity to parramatta and also on the Liverpool line.

One thing that worries me is the age of the building. As a new investor, and one that doesn’t want to have to spend much on maintenance, is it risky purchasing an old apartment.

7/57 St Ann Street, Merrylands, NSW 2160
https://www.realestate.com.au/property-unit-nsw-merrylands-133186778

Would love to hear your thoughts!!

 

I know someone who has a few properties there, for investment purposes it is a good area.

 

What's your goal Emelia?

 

At this point, just to have a conversation, and get people's thoughts on what to look for? Also to understand if people have concerns with purchasing older apartments.

Thanks - feel free to offer any thoughts.

 

I meant, what is it that you wish to achieve from this purchase?

It's your goal, not anyone else's.

If it works for someone else doesn't mean it will work for you.

 

Merrylands does not get the same quality of tenant as parts of Parramatta. Plus I recall a methadone clinic being on Pitt St in Merrylands that attracted an unsavoury element. This does not scare me from buying but alerts me to finding the best agent possible and not finding the first available tenant. The general rule of thumb for the budget investor buyers agents are “we can sell anything that returns $1pw per 1,000” so that property fits the rule. Best wishes.

 

So did you buy it @Emelia Addo ? I see it's under offer....

 

Im wondering the same

 

Nope I didn’t.. looks like someone else thought it was a good investment.

 

Love the suburb location wise
Through from a land perspective

Wonder how much the older apartments go that are off Pitt St (British town names) - While being centre of Merrylands are walking distance to Parramatta

 

Probably a buyers agent. We live and learn.

 

I bought a similar property there many years back for 160K. Gets $400 per week.

Also bought a house there @ 12 years ago for 370K. Worth $1Million+ today

Used to be a very English/Irish migrant type of demographic until the 1980's and 1990's... for the past 20 + years it had became popular with Lebanese ...but Chinese and Afghani's are buying there in droves these days.