NSW Run for the Hills?

Discussion in 'Where to Buy' started by sash, 26th Jun, 2015.

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  1. Mumbai

    Mumbai Well-Known Member

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    Everybody is laughing at you, as you did not buy ANYWHERE!
     
    Mumbai, 29th Jun, 2015
    #21
  2. meme plecko

    meme plecko Well-Known Member

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    JH, come on, someone may listen to you and end up in deep shiit in a couple of years time...
     
    meme plecko, 29th Jun, 2015
    #22
  3. sash

    sash Well-Known Member

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    You da man and da business...!

    Give me a high five!

     
    sash, 29th Jun, 2015
    #23
  4. Bran

    Bran Well-Known Member

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    Tekoz, are you receiving a cut?
     
    Bran, 29th Jun, 2015
    #24
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  5. sash

    sash Well-Known Member

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    Nah mate between him and John Henry...they are starring in the new Dumb and Dumber movie...they might be the same person....

     
    sash, 29th Jun, 2015
    #25
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  6. Tekoz

    Tekoz Well-Known Member

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    Mr. Mumbai,
    I was out bidded in Saturday Parramatta existing apartment bidding process.

    Asking price $480k, I put my bid on $500k (Great Western Highway)
    Asking price $450k, I put my bid on $495k (Boundary St.)

    I just don't understand, why people dare to buy existing unit in Parramatta area with more than $500k.

    So anyway, I will focus myself on Sydney market after the property bubble popped which bring down the market 20-30% cheaper.
     
    Tekoz, 29th Jun, 2015
    #26
  7. Tekoz

    Tekoz Well-Known Member

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    No I don't get any incentive at all.
    I'm a property investor not an opportunist.
     
    Tekoz, 29th Jun, 2015
    #27
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  8. sash

    sash Well-Known Member

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    Like I said ...you da man!! DA MAN!

     
    sash, 29th Jun, 2015
    #28
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  9. WinDyz.

    WinDyz. Well-Known Member

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    Why not ? You were pretty keen on OTP in parramatta that cost around 900k ? 500k existing 2 bed unit in Parramatta is very good. IMO. I'll take it no hesitation!
     
    WinDyz., 29th Jun, 2015
    #29
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  10. meme plecko

    meme plecko Well-Known Member

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    JH, read these two posts, something doesn't add up...

    You shouldn't be buying in Parra because "the only place to buy next is Riverstone and Marsden Park"...

    Entertaining stuff... :)
     
    meme plecko, 29th Jun, 2015
    #30
  11. sash

    sash Well-Known Member

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    Is JH the skitzo version of Tekoz??

     
    sash, 29th Jun, 2015
    #31
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  12. Tekoz

    Tekoz Well-Known Member

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    Yes, that's what I thought. But somehow I was over bid.

    Yes I'm suggesting for House & Land package in those areas for Capital Gain (long term investment). But for medium term CF+ IP I'm buying in Parramatta area.
     
    Tekoz, 29th Jun, 2015
    #32
  13. meme plecko

    meme plecko Well-Known Member

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    2 bed units on Great Western Road Parramatta rent for $350-450/week. So, yield is not great, not much depreciation on these either.

    Very much off topic, which Sydney suburbs have the best rental yield right now? Anything over 5%?
     
    meme plecko, 29th Jun, 2015
    #33
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  14. Tekoz

    Tekoz Well-Known Member

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    Hm.. perhaps you are right.
    I've bee using the Spreadsheet that @MsAli & @monalisa created to calculate the cashflow, the yield on those two Parramatta apartments will be CF+ if the rent is more than $460 with interest rate 4.5%

    The new OTP apartment is smaller than those two existing apartments that I bid this Saturday.

    As for your question regarding the CF+ suburbs, I don;t think now is the good time for CF+, I've read in other threads that in the area like: Harris Park, Holroyd and Granville the yield is now great if you bought the IP 2-3 years ago due to Parramatta ripple effect.
     
    Tekoz, 29th Jun, 2015
    #34
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  15. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Hi @Tekoz / JH, what would this property cost you at higher interest rates?

    The spreadsheet assumes 'cash' deposit. What is the cash flow if the property was 105% financed?
     
    Property Twins, 29th Jun, 2015
    #35
  16. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Yes...and nor is it time for capital growth in Sydney!
     
    Property Twins, 29th Jun, 2015
    #36
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  17. wombat777

    wombat777 Well-Known Member

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    Do be careful with due diligence in these areas due to flood risks. Housing estates aren't always planned properly, nor the roads to service them properly. There are quite a few flat low-lying areas susceptible to flooding from the ridge lines around - particularly with heavy downpours.

    Some of the new roads going in seem to be being built to deal with the flood risk. Some small isolated estates may be periodically cut off or access severely impacted in big downpours due to old roads that were badly planned and run through flood zones.
     
    wombat777, 29th Jun, 2015
    #37
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  18. Tekoz

    Tekoz Well-Known Member

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    @monalisa how is that possible for 105% financed ?
    the deposit is 20% as my Mortgage broker suggest,
     
    Tekoz, 29th Jun, 2015
    #38
  19. Tekoz

    Tekoz Well-Known Member

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    Many thanks for the sharing Womby,
    I'm not local to the area so yes, you could be right. Somehow I was under the impression that "multi billion" dollar estate in a newly opened area should be problem free because otherwise people wouldn't pay that much.

    Perhaps it can be said that Schofields & The Ponds area is the same as Breakfast Point but minus the waterfront view and non-high rise.
     
    Tekoz, 29th Jun, 2015
    #39
  20. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    By 105% i mean putting in deposit using equity from another property.

    Also even if you are putting in 20% cash deposit there is an opportunity cost of this.

    I really think you should exercise caution buying in Sydney.
     
    Property Twins, 29th Jun, 2015
    #40
    Tekoz likes this.
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