NSW Parramatta

Discussion in 'Where to Buy' started by ShK, 3rd Aug, 2018.

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  1. ShK

    ShK Member

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    Morning all gurus,

    Looking for some advice/watch out points on a property around Parramatta, nsw. Vendor willing to take up 590k offer on a 2 bedder, 2 bath and 2 carspace. Property is 6 years old apartment block with 12 units. Ground floor massive courtyard.

    Sorry can't disclose address.

    Looking at the median price around Parramatta and considering similar sales around the area for one's which are much older, I am bit concerned whether there are any missing links. Definitely the number of new developments that are happening in the area helps explain part of the concern. However looking to see if any of you gurus could provide some guidance

    Thanks in advance
     
  2. David Shih

    David Shih Mortgage Broker Business Member

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    Hi @ShK

    Looking to invest or for your own living?

    If for investing why Parramatta, given you have pointed out the number of new developments may be a potential concern?

    Cheers,
    David
     
  3. ShK

    ShK Member

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    Thanks @David Shih

    Looking to move in for a couple of years and reassess

    S
     
  4. Buyers Agent

    Buyers Agent New Member

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    Hi Shk,
    I would recommend that you get a CMA (comprehensive market analysis) on the property you're considering.
    It's important to also compare the built date and any improvements made to the apartment i.e new kitchen.
    Also ensure you're reviewing the median price for similar properties i.e Median price for a 2 bed apartments.
    Cheers,
    BA.
     
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  5. spludgey

    spludgey Well-Known Member

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    If you're looking to move in, casualc gains/losses are much less important than whether it's a place you want to live that's convenient for you and within your price range.
     
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  6. ndpjai

    ndpjai Well-Known Member

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    I'm aware of the property, its closer to Mays hill\great western highway lots of apartments coming up and on the other end of Parramatta, but closer to Westfield and 20 mins walk to station. U can still negotiate in the current market say around 560-570K. Lots of developments happening in Parramatta both commercial and residential as well. Good luck.
     
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  7. ShK

    ShK Member

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    Thanks @ndpjai

    Very helpful
     
  8. ShK

    ShK Member

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    Thank you
     
  9. ShK

    ShK Member

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    Thank you for the insight
     
  10. ChrisDim

    ChrisDim Well-Known Member

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    Hi @ShK

    I am not sure if you are aware but Parramatta has the largest pipeline of residential construction in the whole of Sydney. This article (just in case you haven't seen it) will confirm what you already know. I can also tell you from my field, if you do decide to rent it in a couple of years, you will be competing with numerous brand new properties of the same size as yours which will prolong vacancy periods and impact your rent. I am seeing exactly that right now with similar properties that I am managing. :(

    I just think there are a few better locations to put your $590K right now. (I am sorry if you have set your heart on this one).
     
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  11. ShK

    ShK Member

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    Thanks @ChrisDim for the insights
     
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  12. Sackie

    Sackie Well-Known Member

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    If its an investment, I wouldn't touch it. You can get 15km closer to the CBD for same price WITH add value potential and much less market supply.
     
  13. Singhalyash

    Singhalyash Well-Known Member

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    @Sackie
    Which areas do you suggest? I am considering Parra for an investment, 2 bedder unit however point made by you and others make sense. On the other hand, if I do get a good bargain, wouldn't there we CG when market start growing again? Thanks in advance.
     
  14. Singhalyash

    Singhalyash Well-Known Member

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    @ChrisDim with prices more reasonable now, would you recommend 2 bedder older unit in parra, walking distance to station for investment? Lot of units in market for under 500K? Which other areas you suggest?
     
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  15. Sackie

    Sackie Well-Known Member

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    I wouldnt touch a unit in Parramatta as I see better value elsewhere. look at areas 10-13km from Sydney CBD. Smaller boutique buildings on good streets. Larger floor plans with add value ability but easily able to rent as is.

    I'D choose that over a unit in Parramatta .
     
  16. ChrisDim

    ChrisDim Well-Known Member

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    I wouldn't @Singhalyash for exactly the same reasons as before. There are reasonable prices in many other places in Sydney with a lot less supply.... Also, I just looked quickly and there are over 800 2 bedroom apartments right now advertised for rent at Parramatta!

    I'd hate to have compete with all those. Parramatta is booming with development and life but it just feels that the best opportunities there, were a few years ago before it became so popular. If I was to buy in Sydney for 2 bedroom apartments, I'd look in the Canterbury-Bankstown corridor (and even there you need to be careful). BTW, I am not saying YOU should buy there, but that's where I would look.
     
  17. Dsign

    Dsign Well-Known Member

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    Merrylands a suburb over you can get a 3 bed Fibro needing a little work for the same price approx. Imo this would out perform the unit
     
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