NSW Red Brick Walk-ups during a downturn?

Anyone got any ideas on how the old Sydney red brick walkup units will fare during this downturn?

The older units up in Darwin got smashed during the apartment glut, bu I'm not sure if the same will apply to Sydney?

Anyone got any wisdom to share?

 

Imo good ol Darwin and Sydney can't be compared on any level .

 

Darwin population will reach 154,280 by the end of June of 2019
Sydney population will reach 5.73 million by June of 2019

just a tad different

 

That's why I'm asking! Darwin and Sydney are on different planets....but alas I only know Darwin.

Would really appreciate how people feel about the red brick walk-ups in Sydney.

@Sackie do you think they'll get smashed with the incoming unit supply or will they do Ok due to having a lower BC and in smaller blocks?

Keen to learn.

 

I got one. I'm down about 15% I reckon. 2 bedda with LUG in Sydney South West.

 

Bidwill isnt south west mate

 

Sure. But I do venture out of my comfort zone on occasions.

 

This is what I think. Generally speaking smaller unit complexes will be more resilient and buoyant to oversupply and fluctuations in Sydney . They will still be affected but not as much as larger buildings.

Then, the more in demand a suburb is in Sydney the more resilient the smaller buildings will be and will see smaller corrections than suburbs with less demand/ further away from the CBD. Especially boutique buildings in good locations. The ones on main streets , near power poles etc will see larger dips in prices .

I have a unit im selling atm in a good beachy suburb and decent street . Boutique building no parking and im expecting a price than would perhaps be 5-10% less than if sold at the absolute very peak . So not too bad at all considering the unit had 70% growth over the last few years .

 

Old red brick walk ups are extremely good investments in this environment - in Sydney at least. For a few reasons:

1) There is no premium, and you are essentially acquiring the property for land content, plus the rental stream.
2) They are typically low rise, so you get more land.
3) they are often in the best situated part of the suburb/street, because they are older.
4) And finally, you can renovate them, so you can achieve many of the benefits of the newer apartments.

One of the downsides of the red brick walk ups, is that they have absolutely no appeal to baby boomer downsizers, who are generally after modern boutique blocks. Downsizers are a significant demographic segment, and they are not interested in this style of property.

 

And no Opal Tower issues (in general)

 

Red bricks say with 6-12 packs on large lots are gold!

They are holding their value a lot better than newer units....

 

Would you buy one right now though? Or wait till the new year?

 

Yes...only a bargain though.....

 

Who would have thought eh...Cabra down 15%...another 5-10% to go...

 

Warwick Farm actually. I sold out of Cabra nearly 4 years ago. Druitt is going gang busters if you're looking to buy. But even then I'd hold out till it bottoms. Can't believe I saw a house going for 360K out there.

 

Is that the one in the middle of the 1:10 yr flood zone, under the HT power lines and sandwiched between the rail line & main drag?

 

Watcha...so sez Dats.....I sez that over 3 year and forescore ago....it is carnage in Sydney....wait till the Baby Boomers leave in drove....dems going to get dire.

Seeing some idiots jump into the Hills thunking it has bottomed...it has not .......the SW is lower priced so..has a floor at some stage.....

 

Nah. This one. Now gone.

3 Leyte Avenue, Lethbridge Park, NSW 2770

There's another one Bidwill for 350K but it looks like a cinder box (I'd say bong ash has gotten onto a flanno shirt which was then ripped off and thrown onto the curtains before the occupants went to bed).

Bargains to be had in the near future! Bogans moving to the Hills! yeeha! Commodores screeching the streets of Castle Hill. We'll show 'em.

 

If it were me buying an apartment I'd prefer an older one with all the Opal Tower shenanigans. Proof it hasn't fallen down in a few decades.

 

Bejesus ...that one in Letho is not bad...not very far from Ropes Crossing....$5k...and it will sparkle....