NSW new estate menangle nsw 35000 homes

I know where you are, some good houses going up there.

 

What is Burnett group about? Are you a developer?

 

No, not a developer. My mentor's last name was Burnett, he set me up in business 30 years ago, then I married his daughter. He was heavily involved in major transport etc, was partnered with Brambles in Australia and NZ. In the early 50's he was involved with construction, mainly roads, dams, towns. I bought the construction side of the business of him in 1982. We deal purely as consultants.

 

@BurnettGroup how big is your block? Looking to offload it?

 

Our blocks are around the same size, 700sqm. I'm holding onto mine, only because of it's position. It owes me nothing. My associates is up for sale, circa $690k.

 

I wonder what impact this will have to the current IP prices around Campbelltown area? We have a couple of IPs there - one house with granny flat and one apartment, would be interested on what everyone thoughts are.

 

If your IP is well located close to shops and public transport it would be hard to think there would be a massive impact.

If however your ip is right at the back suburbs of campbelltown miles away from anything and amidst social housing i think there may be more impact in these properties.

The other upside on the rail corridor is the planned rejuvenation by planning nsw

http://www.planning.nsw.gov.au/Plan...Glenfield-to-Macarthur-Urban-Renewal-Corridor

 

I don't think it will drive prices much higher. I think it might even cause an over supply for the area. 35000 is a lot of homes

 

Thanks for the link. We're living overseas at the moment so weren't aware of this before.

Our IPs are in pretty good areas of Campbelltown. The apartment is in CBD, oldish smallish block but good size and renovated. We're actually considering about selling it at the moment. It had doubled since purchase in 2009 and think it maybe a good time to get out now when the price is high.

The house & gf is in St Helens Park, not near housing and backing off to a reserve. It's a very good little earner since house and gf are rented separately, so we'd be holding it for awhile.

That's what I was wondering when reading OP's post re. the development. 35,000 is A LOT!

 

It seems you are considering the same thing i would think about with your Campbelltown unit. If it has shown good growth it may be a good time to exit given the impending flood of hugh density units coming online across most major suburbs with train stations.

My opinion is that this will put downward pressures on most unit stocks in the same suburbs.

It may be good to pull out given this big growth and invest in anorther market that is at a more favourable stage of its property cycle.

PS this is only my opinion and should be treated as such. Do your own due diligence with what suits your financial goals

 

Wow this is a very insightful and constructive group of people compared to the rest of the site!!! ... i live in Blairmount in Campbelltown and back onto the paddocks that divide campbelltown and Currans hill (or manooka valley) I believe the land owner is same family that is doing the manangle developments . 2 weeks ago there where a dozen surveyors out in paddocks and they told me that the developers where planning to build there too. This area would very close to campbelltown station, macurthur square and a already built primary school.

 

i was also curious if anyone in this group had done renovations as their strategy???

 

I did a 20k renno. Kitchen appliances, floorboard, paint, gutters, waterproofing late 2013 in ingleburn. Didnt lift value up much back then but then the 18months growth since then has been amazing. Also adding a gf now to increase yield.

 

What a strange place to develop such a large amount of housing, it's too far from Sydney and too far from Wollongong to commute I would have thought. Ex GF of mine lived in Wilton and it was a proper nightmare for her.

 

We have some renos done to most of our IPs - mostly cosmetic: carpet, paint, blinds, occasionally kitchen & bathroom. Had also done a couple of granny flats and adding rooms (under same roof). Our preference is actually to buy slightly rundown underpriced IP and add value by cosmetic renos. This way we can manufacture better growth than just relying on the market growth.

 

An update on our Campbelltown unit, we ended-up listing it for sale and received an offer on the same day. Contract was signed after a bit to and fro and it's unconditional now. Sale price is $1.5k shy of doubling the price we bought it for less than 6 years ago

I guess some market is still pretty strong in Sydney.

 

Nice work Kristaje. Can I ask why you sold? What's the plan next?

 

Thanks York

We sold it to realise some gain, utilise tax credit, and have cash ready for buffer and potential future investments. We recently refinanced some IPs to get cash level up too. Cash goes to offset for now. With market changes, there maybe good buying opportunities (either IP or shares) in the future, and we try to get ready for that. The money will stay in Australia for immediate future, as AUD is pretty low at the moment.

 

Hi Brian,
I would think if it was on 7 news, then there is a reason that it was on 7 news.
- Either the developer paid 7 news for marketing.
- Or it is something odd(not in a good way) that is happening which a news channel needed to broadcast.

These are my conspiracy theories so I personally wouldn't consider buying anything there.

 

Hey @Dan Donoghue how was your investment journey? Haven't heard from you lately. Hope all is well.