Is it ever a good idea to buy an apartment investment wise? What areas in Sydney would be worth looking at (if any)
depends on appartment. avoid high density obviously. 2 bedder with parking at least. near beach or central (e.g. Redfern), not CBD. ideally with courtyard. some are better than others. low strata, ideally no elevator. old large buildings, where ideally there is 10 yo carpet and old tile bath. easy fix and massive value. good luck.
imho, depends on the investor and their investment strategies. Could buying apartments ever fit into someone's investment plans? sure. Is it right for every investor? I would say no. If I were to buy an apartment in Sydney, i'd want it in a popular coastal area, cafe hub, trendy areas. Smaller blocks under 12. Look for value gaps from renovated to unrenovated. Able to do a complete renovation to add value. The apartment would also have to have a twist, eg big internals or garden apartment or views etc. Having said that, I personally wouldn't be buying average 2/1/1 apartments anywhere in Sydney if I could afford to buy homes/townhouses. That's my personal choice based off historical growth but more importantly where buyer trends are going post COVID. In this lovely new world of COVID/future viruses/isolations etc, people want more space now, not less.
Some apartments do as good as houses. In addition to above look for those designed by top tier / famous architects.
Maybe somewhere in North or Eastern suburbs where there aren't many new developments, "family suitable" and house-like apartments (eg 3 good sized bedrooms, 2 bathrooms, double lockup garage, courtyard) in smaller block with reasonable strata fees. I think that is at least 1.5m or even 2m though, in which case there may be more options outside Sydney with more land content that give more opportunities for profit/capital gains.
Something like this, I think should track closer to house values https://www.realestate.com.au/sold/property-apartment-nsw-neutral+bay-138426703 As @ches said, it would be around 3 million though.
This one is not as expensive, but has done well - convenient location, boutique complex, courtyard, art deco Sydney auctions: ‘Nervous’ couple get $350k surprise as property market cools - realestate.com.au https://www.realestate.com.au/property-apartment-nsw-bondi+junction-138804583
After so many years they need very expensive maintenance. Many complexes don't collect levies/budget for it from day one
Question is very broad....what is the purpose...IP...PPOR....budget...near schools...near trains....distance from CBD or near beaches? Some fantastic buys in some areas....of Sydney...others not so much.
Balfour Place Lindfield agents sell $100m worth of off-the-plan units above Coles in three days - realestate.com.au The 4 bedrooms were $4.5m+, could get a nice house for that...
