NSW North Parramatta

Discussion in 'Where to Buy' started by Mumbai, 8th Apr, 2016.

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  1. dabbler

    dabbler Well-Known Member

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    Yes and no, it all depends on finances and when you had the PPOR, but yes, it will not likely gain any equity from now for a while, may even drop, so renting could be better, but a lot of people want a home, not use someone elses IP.
     
  2. neK

    neK Well-Known Member

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    Any scenario could be possible

    No PPR scenario
    • Had you bought the PPR, you would have been better off
    • Good thing you bought an IP instead of the PPR

    With PPR Scenario
    • Had you bought the IP, you would have been better off
    • Good thing you bought an PPR instead of the IP.
    Example, its 2012, say Joe Bloggs has two IP's in QLD. He's looking for buy a PPR in Blacktown. Back in 2012 it was $395 Median (Source: Blacktown Investment Property Market Data)

    He decides to buy 2x IP's in Elizabeth SA instead @ 191k each (Source: Elizabeth Investment Property Market Data)

    Now in 2016, had he bought in Blacktown it would be worth $650k today- an increase of $255k. Furthermore it would have been his PPR so should he decide to sell it, it would be tax free.

    However, he bought in Elizabeth SA instead, he's got two positively geared properties, worth $239k each ($478k in total) - an increase of $96k.

    Now he's looking at Sydney and thinking.... I'm still at the mercy of my landlord, I've moved house once per year and each time I've ended up with more rent and a lower quality house. I can't even fix anything up.

    This is obviously an example, but it's to illustrate that anything is possible and that a balance needs to be achieved. To simply run down the path saying IP's are the only way to go and you should always rent as a blanket statement is just silly.
     
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  3. Kashmir

    Kashmir Well-Known Member

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    I've lived in North Parra a couple of years ago and personally think it's a great spot to be as a Landlord/IP..not sure of current prices though!(easy access to a number of suburbs), rail, restaurants, shops etc..However it's not somewhere I think is particularly special to raise a family? The schools and everything else is just ho hum.. I prefer Cherrybrook, WPH or the Hills for a PPOR.
    However this could be great if and when it gets built..Light Rail for Western Sydney | Parramatta City Council
     
  4. inspiredbyprop

    inspiredbyprop Well-Known Member

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    Not if your kids are going to the private schools along the pennant hills road above M4 eg. Kings, Redeemer, Tara...
     
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  5. Gockie

    Gockie Life is good ☺️ Premium Member

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    But assuming you are paying fees for them i'd hazzard a guess you'd choose to live somewhere more upmarket.
    If they get a scholarship, that's a different kettle of fish, obviously.
     
  6. Something_Wrong

    Something_Wrong Well-Known Member

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    Can also add James Ruse Agricultural, University to the list of schools, plus all the open parks, bush-land walks and nearby restaurants, cafes and offices for employment and access to waterways.

    So yeah not a particularly special place to raise a family.
     
  7. Something_Wrong

    Something_Wrong Well-Known Member

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    I know a few people who live in the area, so they can send their kids to the private schools, if they lived in a more upmarket area, they couldn't afford to sent their kids to the private schools, it is also on the way to work for them as well which makes the morning drop off and afternoon pick up easier.
     
  8. inspiredbyprop

    inspiredbyprop Well-Known Member

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    More upmarket places - I will leave this to others to comment on, as it's quite subjective. Personally I would not even think that North Parramatta is not upmarket at all as I've seen quite a few nice properties especially around the Burnside or if I may say Oatlands.

    Btw this is not related to OP, let's leave it at this :)
     
    Last edited: 11th Apr, 2016
  9. Gockie

    Gockie Life is good ☺️ Premium Member

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    I'd rather live in an area with better public schools, that way you arent paying though the nose for a private school education. And those properties will hold their value as other families move into the area to get into those school catchments.
    Re North Parramatta, there are some beautiful historical houses in the area. Just like cars. When you see one like yours, you see them everywhere...
    Anyway, back on topic. Parramatta High school is semi selective. But it's still too early to say how well those students will perform in the HSC.
     
  10. Mumbai

    Mumbai Well-Known Member

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    Primary schools (which is my need for the time span I plan to buy in NP) are not bad in North Parramatta. I will be moving back to Girraween, if my kid gets into the selective school there.
     
  11. larrylarry

    larrylarry Well-Known Member

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    my kid may go to Tara and I don't intend to live in upmarket areas...why would I if I'm happy where I am?
     
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