NSW Opinion on this property (Carlingford)

Discussion in 'Property Analysis' started by Prop_invest, 24th Mar, 2019.

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  1. Prop_invest

    Prop_invest Active Member

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    Hi

    Me and my partner are thinking to buy our first PROP. Our budget is around $800k. We thought the best thing is to buy an old house in a good location to pay only land value and rebuild it in 3-4 years time.

    We inspected this property yesterday. It is on a slope (front is higher than the back). And agent was saying we may need to pay $30k for easement (agreement with the owner at the back for stormwater) which was a bit confusing.

    What do you think if this?
    How much roughly would cost to tidy it up and settle in?
    Is the slope a problem?

    96 Marshall Road, Carlingford NSW 2118 - House For Sale | Domain


    Thanks
     
  2. ttn

    ttn Well-Known Member

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    qak likes this.
  3. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Usually stormwater drains to the street, so when land slopes to the rear, then you may need permission from the rear neighbour to run a pipe through their land so it drains to the street behind.

    Depending on what you want to build, the slope of the land and the council, there may be other methods to detain the water, but letting it run via gravity is usually the most cost effective. However the rear neighbour might not agree etc and could get stressful.

    In this market, I would choose another block without these issues.
     
    larrylarry likes this.
  4. Joynz

    Joynz Well-Known Member

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    Nicer.

    Even though it has a weird sunken bath and they are calling a 1.4 x 3.3 m room a ‘bedroom/study’.
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    With the right design and raised building, you may be able to drain to the street (if you get high enough).

    As a single dwelling, council may allow you to install a pumpout system for stormwater rather than going down the path of an easement.
     
  6. Prop_invest

    Prop_invest Active Member

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  7. Prop_invest

    Prop_invest Active Member

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    Thanks... should keep searching then
     
  8. Prop_invest

    Prop_invest Active Member

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    Thanks... but even if I can get away with this problem it is costly
     
  9. Prop_invest

    Prop_invest Active Member

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    does the drainage issue matter when one rebuild or when the ownership is transferred? I assume currently there is a solution for the stormwater in this property, right? is this agreement, if any, will continue with the new owner or not?
     
  10. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    The issue is when you rebuild, as the new property will have more surface runoff than the original property (and they didn't really seem to care back then). The stormwater from the current property probably just makes its way through the ground into the rear anyway, but when you go to council for DA approval they will want a solution.
     
  11. Prop_invest

    Prop_invest Active Member

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    Thanks for clarification
     
  12. Jacque

    Jacque Well-Known Member Premium Member

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    Where else would you consider buying, besides Carlingford?
     
  13. Prop_invest

    Prop_invest Active Member

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    We have looked around the Hills (Baulkham hills, Winstor hills,... and Northmead and around Carlingford and Dundas). These are the suburbs we felt good as we were there but I am not sure if how to rank them as we are new in Sydney and do not have much of local knowledge here.

    I heard Baulkham hills has a good neighborhood and schools (though we do not have kid :) ). I think there are social houses in Dundas ?? I am not sure why the price in Northmead has dropped more than other suburbs?
     
  14. Jacque

    Jacque Well-Known Member Premium Member

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    Your budget will be the deciding factor here, and with $800K for a freestanding house on land, your options are extremely limited (as you've already seen) You can basically forget Baulkham Hills (unless it's a main road or severely compromised house and even then most of these sell $800K+) but Winston Hills and nearby Old Toongabbie are worth researching. Northmead and Dundas, North Rocks, Ermington etc may throw up the very occasional option but most of these will be dives or main road/power line easement affected properties.

    What other criteria is important to you?
     
  15. Prop_invest

    Prop_invest Active Member

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    Thanks Jacque for your comments. I know $800k is a bit low. I might be able to push it to $850K mark if I find something really good.

    There were a couple of houses in Baulkham Hills which are close to our budget:

    Sold 56 Almeria Avenue, Baulkham Hills NSW 2153 on 02 Mar 2019 - 2014920090 | Domain
    Sold 37 Tamboura Avenue, Baulkham Hills NSW 2153 on 02 Mar 2019 - 2014920088 | Domain

    I think we would like to be close/have a good connection/ to Parramatta and City as much as possible. Somewhere safe with a good/safe and in an above average social-economy area. We are thinking of having a family so schools will be important in 4-5 years time. I am considering the CG as well to be able to invest more in the future.
     
  16. Prop_invest

    Prop_invest Active Member

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  17. x1011

    x1011 New Member

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    Wow, 696 sq block and good price. But it definitely needs some work for me to live there. First, kitchen and bath. How much would it cost to renovate them to modern style? Secondly, I wonder if the pool complies with council regulations. If not, this will cost me as well.
     
  18. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Northmead - North Parramatta has become a suburb filled with medium to high density new builds. And will continue to grow for many years with the new North Parra and hospital precinct starting. Even the Bunnings has been closed to make way for another group of towers. The oversupply of Dyldam towers (and others) is likely reflected in the average falling further than Baulko etc where there are more houses and established dwellings. Knockdowns in Baulko etc tend to build a large new 2 level single dwelling.
     
  19. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    That area has very well known parking issues (TAFE) and the TAFE hours include evenings. We had a friend in that street which backs the TAFE and it drove them nuts as it has grown steadily worse. Also used for commutes to bus the M2 to city.
     
  20. Jacque

    Jacque Well-Known Member Premium Member

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    Hi @[email protected] I didn't actually ask this - @Prop_invest did in the original post :D but I agree in part with you re: overdevelopment in Northmead. Sign of the times with a growing population and spillover from nearby Parramatta.

    @Prop_invest you are going to have more luck finding something in the $800K-870K range (now that you've revised your budget- another $60-70K DOES make a difference here!) in the Cropley Dr area adjoining Winston Hills, as it's generally cheaper here than the Roxborough Park area. Still scarcity of choice (as you've already researched) but more opportunity for a realistic outcome.

    Reiby Dr looks to be underquoted to me as, even in this environment, I can't see it selling for less than $880-900K. Big caveat here, however, as I haven't inspected the property neither do I know it's history (for all we know it could have structural issues, unknown encumbrances on title, termite damage etc etc) - it will be interesting to see what happens on auction day. What I do know is that in the past year there hasn't been a single sale of any freestanding 3x1 house in the Roxborough Park area for less than $905K. It's a great established pocket of Baulkham Hills and preferred by buyers due to proximity to Castle Hill, schools, parks (Waves and the ovals here are a real boon to the area) yet with a BH price tag, not a CH one :) Land value alone is $770K (with a current Baulkham Hills median house price still around the $1.1m mark) so if you were to pick it up for $800K (on the face of it) you'd be buying extremely well. Downsides are it's position (backing onto TAFE and street parking can be problematic) the fact that the pool takes up all of the yard (most families won't like this and investors will stay clear) and it requires renovating clearly. That pool (agreeing with @x1011 here) looks like it requires fencing so I doubt a compliance certificate would be in the contract. My two cents worth anyway....