Picks for each capital city

Discussion in 'Where to Buy' started by Inov8ive, 27th Dec, 2015.

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  1. Gockie

    Gockie Unicyclist Premium Member

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    Yes, part industrial, but there's also plenty of completely residental areas... geez... my mum used to work at the factory were they made all the household consumer goods back in the later 80's I think.... I forget what it was called now though. :(
    Edit: the company was Reckitt Benckiser in Melrose Park. My mum used to take home quite a bit of product - the seconds. I can't believe they still manufacture here!
     
    Last edited: 28th Dec, 2015
  2. neK

    neK Well-Known Member

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    Agreed that silver water doesn't have that "community" vibe. But then again can't the same be said about rydalmere?
     
  3. Gockie

    Gockie Unicyclist Premium Member

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    Well, I'd call Rydalmere sort of the same as Ermington and Dundas. Its really not too bad as residential, if you don't look at industrial buildings or Victoria Rd.
     
  4. Inov8ive

    Inov8ive Well-Known Member

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    I get your reasons for believing that these suburbs have met their potential, we will have to agree to disagree on this one but can I ask why you do believe a terrace in Surry Hills would continue perform so well given the ridiculous amount growth over the last geez 10 years?
     
  5. neK

    neK Well-Known Member

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    Just looked on Google maps.... The industrial vs residential ratio is much larger than rydalmere....
     
  6. Inov8ive

    Inov8ive Well-Known Member

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    No definitely not. Rydalmere has a wonderful community with schools, shops, a few cafés of late etc. Silverwater is all industrial which means the residents live on the same streets as factories. Most people would not want to live there.
     
  7. Gockie

    Gockie Unicyclist Premium Member

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    The city will always be popular and 10k CBA jobs (majority of which employees are currently working at SOP, Parramatta and Lidcombe but the locations are likely to shuffle) are moving to Australian Technology Park before the end of 2020.
    This is close to Alexandria and Redfern. But I think it will also keep demand up in Surry Hills. Seeing a Terrace in Alexandria/Redfern starts from ballpark low $1mills, it doesnt seem too bad value for what you get. But it will become more popular and I think prices will rise.

    I bought a unit in Darlington near Redfern and Chippendale late 2014 but originally I was looking in Parramatta. But a 2 br unit was already pushing near 500k in Parramatta. Knowing that it was 350k 2 years or so earlier turned me off. So I bought a 1 br (2 level) apartment with parking in Darlington for only about 20k more than a 2br apartment in Parramatta. It's close to city (walking distance even), UTS, USyd, very easy transport being 4 minute walk to Redfern Station... now that is excellent for transport. But I got a real bargain... generally you probably can't get the same for much less than 600k without a good amount of effort.
     
    Last edited: 28th Dec, 2015
  8. Gockie

    Gockie Unicyclist Premium Member

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    Ps. I've more or less just bought a new PPOR... cools off in 3 days so probably I won't be buying in the first half of 2016.

    So whatever I said... it's basically a dream/thought and I am unlikely to commit real dollars to. But if I had to buy, that's where I'd be looking.
     
  9. Inov8ive

    Inov8ive Well-Known Member

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    I bought a 3 bed terrace in Redfern for just under 600k in 2010. And I can still see a little bit of growth in Redfern as it continues to gentrify, same with Alexandria. I think Surry Hills is probably at its limit though to be honest. Unless wages go up I can't see too many people affording 1.5mill plus for a terrace on 180m2 of land with no parking. Yield is not great either
     
  10. Gockie

    Gockie Unicyclist Premium Member

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    Bargain of the decade! Very nice. That's 1 bedroom apartment pricing these days. :)
    You could be absolutely correct on Surry Hills am I am happy to say that.

    And yes, agree... if you rent normally the yields would not tend to be great due to high purchase price. I suppose a rent by room scenario might be ok yield wise but hard to manage. But then again most yields in Sydney arent great since purchase prices are high across the board and yields tends to only be ok for unit stock, and on the poor side for houses.
     
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  11. Inov8ive

    Inov8ive Well-Known Member

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    Yes it was an absolute steal even at that time. It was part of a deceased estate, was listed on Monday and under contract by Friday with no open house. I sold it way too early in 2013 but still did very well out of it..
     
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  12. Gockie

    Gockie Unicyclist Premium Member

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    My tip... in that sort of area the mantra should be.... "Never sell"
     
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  13. Inov8ive

    Inov8ive Well-Known Member

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    I agree and its a regret but I had other things going on and I needed to reduce debt and release equity. I still did well out of the Sydney boom so I cant complain.
     
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