NSW Richmond/Kurmond

Thoughts on North Richmond/Kurmond for a PPOR or investment? A few new developments happening there 396 Bells, Redbank Communities and then also the announcement of the bypass bridge.

 

Floodplain?

 

Apparently not in the flood zone on map (parts of North Richmond is, but not Kurmond)

https://www.hawkesbury.nsw.gov.au/__data/assets/image/0018/31815/flood-extent-map-south-websm.jpg

 

A PPOR or IP can have vastly different search criteria depending on what you are looking for. So it is hard to comment without knowing which approach you are focusing on and the subsequent search criteria you have. While I would personally steer clear of new developments as you are inherently purchasing cheap land with an overpriced dwelling.

 

Thanks Branden

I am looking to purchase land there and building a house (land is <$1000 sqm for over 600m2)

As the land doesn’t register for 12 months, I have a bit of time to decide if I want it to be a PPOR or investment (leaning towards PPOR) due to the type of development being created there (very community focused). They have started the build for local shops as well and govt announced the bypass bridge to help cut commute times. It feels like a better buy than in Box Hill where land is >$1,000 and very small (300m2) but of course it is further out (extra 25mins from Box Hill)

 

If your plan is to build a PPOR then I would say go for it. However, if you are looking for an IP I wonder whether you would be better off utilising your capital and serviceability elsewhere? I say this because your criteria (unregistered land and a new build) may not provide you with capital growth in the short term. Just some food for thought.

 

From a PPOR perspective - I live in Redbank, very nice, quiet family friendly area to live in however very far from the city. Where I live, the land is not flood affected however if the Hawkesbury river floods we are basically cut off from Sydney completely for a few days (this happened in both the March 2021 and February 2020 floods).

There is currently only one river crossing at North Richmond and the traffic in/out is really bad in peak hour (it can take 20 minutes just to get into Richmond) but at other times of day is ok. A new river crossing has just been announced and will be built over the next couple of years, however they’ve also just announced 5000 new blocks of land at Terrace Rd which will pretty much cancel out any traffic relief the new bridge creates. My brother just bought land in January in Kurrajong for PPOR which has already appreciated by almost 200k in value, so it’s all going up already.

 

Thanks Millie

Do you foresee prices to go up further with the new shopping village and bigger land releases? Prices of the land have steadily gone up in the area in the last 6 months - my guess is people would rather spend $750k on a 900sqm vs. $750k on a 350sqm in Box Hill. I’m hoping to have a PPOR that also has good capital growth.

 

It's hard to say (and I'm definitely no expert) - I think the biggest downside is that it's so far from the Sydney CBD or even Parramatta (up to 1 hour from Parra, and that's with tolls). I feel like a lot of people wouldn't be willing to deal with that, unless the work from home revolution continues post COVID. Having said that, it is one of the few remaining places where you can buy a house on a big block of land for <750k in Sydney, and is a much nicer place to live in than say Mt Druitt/St Mary's.