My gamble on the Sydney property market

Completely agree re timing - no one can 'know'. But imho thats not an issue. Its more about probability and approximation. I am not buying residential atm because I have two new commercial projects I am involved with.

But I absolutely believe there are good places to buy right now with good prospects for growth over the next 3 years. It just takes some investigating. There definitely are good prospects around.

 

This. There are a lot of first home buyers right now priced out of detached homes, and don't mind apartments but are writing them off because they are using their current poor performance as some sort of faulty proof that apartments are a bad investment. They will regret it when apartments also go up. This is the best opportunity for a lot of priced out FHB'ers and they are asleep at the wheel...again. We'll have the pleasure of hearing their whining when they've missed this window 24 months from now.

Look at this stunner... it'll sell for cheap too I bet:

9/2-4 Carrington Avenue, Strathfield NSW 2135 | Domain

 

And he was an accountant by trade...
Though, I concentrate on the bigger general picture he presents rather than the details, as I have always gone about my life in that way. Nothing is certain, especially in the future, no crystal ball, but if I can take out one aspect from someone else experience and apply it in my life to make it batter, I will (why reinvest the wheel).

 

Yup @Illusivedreams articulated it very well. As smart as many people like to think they are, no one can time this stuff. But right now guaranteed growth is being handed to us on a sliver platter. It's never been so easy and we don't always get such a free pass. What a time to be in the game...!

 

I like this unit nice reno too (have soft spot for Art Deco too), I may have just opened the kitchen to be open plan, if permitted.
Thanks it will be interesting for how much it goes, although in my observation this suburbs demographics is mostly for OO and houses, don't you think?
I like how OO paid of 50% of properties, only 32% still rent and house represent 59% and units 33%. Also nice disparity between house and unit price.
Demographic shown on this link:
Strathfield, nsw - Suburb Profile, Review

 

Strathfield is a weird mix of both.

This is another one that sold late last year for only $960k:

Sold 6/2-4 Carrington Avenue, Strathfield NSW 2135 on 04 Dec 2020 - 2016620155 | Domain

Look at that balcony!!! I can't get over how much value there is in good quality apartments right now, these are stunners and I think will perform very strongly over time.

 

I think strata maybe high, lots of gardens to maintain and pool, also already renovated so not much value to add, so perhaps for OO. Unit 2 also sold in JUL 2020.
For my investing strategy would have to pass....but yes very nice indeed!

 

Yes @Illusivedreams did but I think he and I may differ in our assessment of market opportunities atm. I am saying there are still great buys right now in the market (medium term). Based on his last post I am not sure he shares the same sentiment. If that's the case then we would disagree on that.

 

That looks amazing with so much character and thanks for sharing @jaybean ! No way that one is going cheap (and what is cheap for something like that in your opinion?)

 

Cheap would be circa 900k, still good value at low $1m.

Maybe if the market is truly blind to apartments right now it'll sell in the 800k range, you never know.

The location is crazy too, like 300mtrs to Strathfield Plaza, 500mtrs to the station.

 

I like how his youtube channel has a lot of case studies of what he bought or hasn't bought. Although I don't have the funds to be loading up on apartments at the moment, it's very educational especially for new investors.

 

Different strokes for different folks.

Grew up in Melbourne, lived in NYC and now live in Sydney, looking to buy.

I love Sydney and the business and career opportunities here. Love Melbourne, but it is too slow for my liking. Can see the appeal of moving out of Sydney once you are older, but it's the perfect place to make something of yourself.

The talk of my friends in their 30s looking for a tree change, scares me.

 

For $750-800K, I'd buy this
https://www.realestate.com.au/property-apartment-nsw-hunters+hill-133203858

 

What would be the yield on that?

 

What would be the yield on anything these days?

 

Good point...doesnt seem to matter much nowadays

 

It is over 55 community living, right, you realize that?

 

no I didnt damn - I take it back.

 

If u feel limited by borrowing capacity, rather than accepting that you have to pay more in this market, get another preapproval with a different lender. Suncorp is one of the most conservative lenders by a long way. I've just had a couple approved today for a 1.6mil loan who earn considerably less than your combined income.
Would that change your decision if you could borrow more?

 

The OP makes 240K gross and wife makes 170K and are able to save 170k/year. They have 1m in cash. Job security is 100%.


You just don't want to pay current market prices. That's fine. Having a bit of a whinge.

But you're not being "forced" to move from Sydney. Puuulease. Gimme a break.