NSW Property in North Sydney

Hi All,

I am looking to purchase an investment property in North Sydney. Its a brand new building called Polaris. The unit has 1 bedroom 1 parking and 1 study. Internal area is 64m2 with balcony being 16m2.

Purchase price is $845,000 and the unit is on the 4th floor.
Is this a good deal?

Polaris - Taylor Thomson Whitting

Regards.

 

For whom? You or the developer?

You'd have to get some comparable sales evidence of other 1brm units in the building to make a judgement.

 

At that price, I'd prefer something around Potts Point/Darlinghurst/Elizabeth Bay area, preferably in a cute historic building. I'm generally not a fan of most newly built apartments

 

With all due respect, with that price, you can buy an old house built in the 60-80s in Bankstown area (not Bankstown as a suburb)/ Fairfield area / Liverpool area with frontage of 15m. Renovate and add a granny flat to it. Some investors on PC have done extremely well regarding granny flat development.

Check their posts here: 4 properties (6 incomes) in 6 years, welcome any comments!

 

What do you think is good about it?

 

The units at the top of that building look interesting but they are also directly west facing. There are other new buildings further up towards maclaran st that look more attractive - rooftop pool etc.

Berry st can be quite dark as well and I wonder how much natural light you would get on level four.

 

There are also some people that dare not too venture into these neighborhoods with concerns for their safety based on media reports

 

Oh, that would have been me back before I moved to Western Sydney for our first home. I had been living in Northern leafy suburbs so the idea of moving west freaked me out at first. Even my friends said it was crazy i.e. Aggressive drivers, bogans etc. but at the end of the day I would say it wasn't too bad at the expense of housing affordability, lower living costs.

 

for many people crossing the bridge requires a police escort.

hahah..

but the truth is this

N.Sydney will always be a higher end suburb.. near the cbd and n.sydney has its own business district.

bankstown will continue to grow with sydney, but suburb profile and price is not in the same league. no offence but if everything is equal, most people will choose n.sydney over bankstown.. hence for the same money, one you get a house and one you get a 60sqm apartment with no parking.


different markets for different buyers.

 

Sorts the wheat from the chaff/prols from the plebs etc

 

With that money I'd blow it in the Druitt satellite suburbs. You'd get something that really sets you apart from the neighbours out there.

 

Are there suburbs even rusted-on Druittonians look down their noses at?

 

For sure. There's a whole sub class of suburbs out there. A sub species if you like.

You hear it at the train station, "I'm from Whalan I don't associate with you Letho trash"

A fella from Letho might bow their head to a Whalanite but they quickly raise it and denig anyone from Willmot.

There definitely is a pecking order out there.