NSW North Parramatta

For starters, my due diligence on the suburb is its a good leafy suburb. Lovely homes, even the units are pretty massive. It is close to the river, the lake, parks and also the restaurants. Transport scene is good and has a fair few schools nearby. It also connects to main roads depending on whether you are going north, east, west. Most importantly, it is very close to second largest CBD in NSW.

I understand that the boat has sailed for buying an IP in that suburb, but how would you rate it for a PPOR (a 3/2/2 unit or townhouse). I am only looking at a 5-6 year outlook and then moving back to a house, after which I will convert it into an IP. Most of the units I have seen have massive balconies, they are spacious and also lots of greenery. The 3/2/2 are selling under $700k with outgoings not outrageous.

What are your thoughts on North Parramatta?

 

It's generally a nice area with easy access to many parts of Sydney from there.

The streets near the river are quite convenient but you will find that most of the 3 bedrooms are in the section above Victoria Rd.

 

Hey Nick, the streets close to isabella and gladstone are pretty good.
Do you think the prices around $700k are reasonable?
I will PM you soon re Property management.

 

That's where the market is in North Parramatta and as a PPOR you are paying for the location essentially. You can find some cheaper ones in Northmead, but it can get quite busy traffic wise.
You may find it more reasonable to buy a house in Seven Hills for the same price but if you want to live in North Parramatta, then the price becomes reasonable.

E.g. I could get a lot more in North Parramatta than I could in West Pennant Hills. But I still think prices in West Pennant Hills are reasonable as I would like to live there. If I didn't want to live there then the prices would seem unreasonable.

That is how I see it anyway and if I was to justify it any other way, then it would have to be solely on price and practicality.

 

@Nick Valsamis agree. I will inspect some places tomorrow and see how I go.

 

It still does not make enough sense to me. You can rent there if you absolutely want to live in there.

 

What doesn't make sense to you? I don't absolutely want to live there. I am planning to buy something that can be a good PPOR, but won't be a bad IP after all.

 

The region is quite good, no doubt about that. Do you reckon you might get a good deal in coming year or two.

After all, buying IP is the doorway to create wealth and that will be delayed in absence of equity.

Regards

 

This is what you want and thats why it does not make sense.

 

Just don't buy next to the cemetery.

 

Fair enough.

 

Definitely not buying close to the cemetery

 

Agree. Seems like I will be joining the elite club of investors who have a fair few IPs, but no PPOR

 

Hey @Mumbai We've bought for many clients in the last 11 yrs in Parra and surrounds and North Parra is favoured more by some buyers due to quieter position but @Nick Valsamis is spot on in that the cheaper 3bedders are above Victoria Rd, so not as technically close to ease of walking to Parra station. Depends on mode of transport you want and how close you need to be. I'd stay south of at least Harold and Fennell Sts if you want better rail access and keeping in mind you can catch the free shuttle to the station via the loop bus http://www.parracity.nsw.gov.au/__data/assets/pdf_file/0004/22783/the_free_shuttle_download.pdf
We bought for one client in Grose St and she loves the shuttle and was using it to commute daily. Further from the hustle and bustle of CBD Parra but affordable. I think Parra has a lot to offer despite all the dvpt coming on. It's Sydney's 2nd CBD and has some great little restaurants and cafes too now..... even Jamie Oliver has set up in the the square

 

To add to that, tenants also find Grose St convenient.

It is almost always the case for 2 bedroom units, but not as much for 3 bedroom units because there isn't as much of them for tenants to be too choosy.

 

PPOR is a bad idea as long as you are working

 

@hash_investor - what's the issue of having a ppor?
There's more than one way to skin a cat.

 

Don't agree there. I have a PPOR and it is because of that I have 3 IPs. I would not have bought any IPs if not for the equity from the PPOR.

 

In my case, you got that right.

Somehow, i have been programed to think with a brain rather than heart. I wonder? I'd be having a PPOR.

Regards

 

You could have done the same with an IP ... Plus more