NSW PPR Sydney 2 bedroom apartment Hillsdale or EASTLAKES

I purchased my 3 bedroom apartment 4 years ago, the floor plan is open & large, it is North Facing and has windows all the way around, so cross breeze is beautiful on Summer evenings. The down side, A lot of INDIANS RENT in Eastlakes, there food smells so bad that is seaps through to the common areas which is difficult at times, they also live with a lot of people, ie: couple, with there kids & inlaws and they take in students, I've seen up to 10 people live in an apartment....water usage is high and that is the owners corporations responsibility, they also like to hang there clothes over the balconies which makes the area look like a slum....if it wasn't for the above I have stated...Eastlakes is a beautiful suburb, 15 minutes away from anything worth doing, beaches, shopping centres, CBD. Once crown group finishes their development it will lift the suburb a lot, rents will go up, and will give way to more urban residents and drive out the low income earners which have turned Eastlakes into a Slum. (this is not racist-i wish someone was this honest with me before purchasing my apt)

 

TOO MANY INDIAN RENTERS IN EASTLAKES, they drag the area down significantly with the way they live, clothes hanging from balconies, & the constant cooking that seaps into the common areas.

 

15 years ago my wife lived at EastLakes and it was quite ok to live. The shops was old but felt safe. Then we got married and moved to Hills, and about 5 years ago we went there and it just turned so bad that we told ourselves that we were lucky that we didn't buy a place there.

Then I drove past Hillsdale....

 

No one else seems to have noticed this. Won't 100s of new apartments in 8 storey buildings have a pretty negative effect on the current and future pricing of 2 bedroom apartments in Eastlakes? Thoughts?

 

The new developments are selling 2 bedroom apartments off the plan for $1,060.800. Strata levies I can only assume will be super high per quarter. I think the gentrification of the area will make the smaller boutique apartments much more desirable, most are located on small quiet streets, lower annual costs, and not to mention built to last (DOUBLE SOILID BRICK) most are 2 level buildings, no lifts...I would much rather invest in a 2 bedroom located in an old block, than spend money on a apartment that will only show any signs of major defects in the 10+ years. Of course these older buildings don't have the fancy overheads (marble & stone common areas) but I know I would be spending between 600 hundred & $700 thousand dollars on a 2 bedroom apartment in a older block, and create a beautiful renovated apartment that will be built to last.

 

I think there'd be a lot of people who think the same way as you, but I still feel like increasing supply by so much in Eastlakes would have some impact on price growth, as in now might not be the time to invest. Appreciate your reply Helename and really keen to others thoughts on this.

 

Just a quick F.Y.I...the proposed Crown development is not including the development of the apartments. Crown Group are ONLY completing the shops at this stage. Once that has been built, they Will re-asses as they don't have APARTMENT sales to even begin construction on the dwelling stage of the project...NO ONE IS WILLING TO FORK OUT OVER A MILLION ON A 2 BEDROOM in EASTLAKES. Not sure if people are now very cautious to invest off the plan, or Mascot Towers has really put a magnifying glass over new high rise apartment construction.

 

Was about to post something about this, have heard about Crown troubles in getting pre-sales - this was even before the Mascot Towers.

Just not the right product for the location imho.

 

how about for houses in eastlakes?

any thoughts as I find the price difference to down the road in kingsford (toward unsw) is significantly lower by at least 15%+