NSW Thoughts on PPOR apartment in Ryde (Sydney)?

Discussion in 'Where to Buy' started by virhlpool, 11th Jun, 2020.

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  1. virhlpool

    virhlpool Well-Known Member

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    Any thoughts on buying an apartment for living in Ryde (Sydney) in an older block? I think the price range is $675k-$750k depending on the quality and age of the apartment. I know that there are a lot of new apartments built in the area so I am conscious of supply but the older ones seem to be more reasonably priced as expected. Any thoughts on the vacancy rate in the area if at all I were to think of it as an investment property in near future? Ryde being a central spot in that side of the city (and closer to CBD), what do you think of capital growth in the next 5-7 yrs?

    Also, any views on public primary school in Ryde would be appreciated though school isn't the main criterion at the moment. Thanks!
     
    Last edited: 11th Jun, 2020
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    A bit more and you'll get a townhouse in Marsfield?
     
  3. Ryoka

    Ryoka Well-Known Member

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    I live in Ryde.

    Vacancy rate pretty high. In the past year, ive noticed units sitting on realestate.com for weeks, and they just keep dropping prices and throwing in 2 weeks free until it gets taken. You can rent 2 bedders from $330... thats ridiculous cheap for this area.

    And as you mentioned, there are heaps of new apartments getting built every other month.

    Good luck.
     
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    I think because Rhodes is nearby with loads of apartment, plus all the apartments in Meadowbank too, it must be driving down the rents somewhat. I had units in West Ryde but sold them, so I'm not sure what the rental situation is right now.
    I have a friend who was renting in Concord West and moved to a bigger place nearby 2 weekends ago (I believe they went from a 2 bedder to a 3), and I think Covid was a great time for her to move as a tenant.
     
  5. Ryoka

    Ryoka Well-Known Member

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    Couple yrs ago $450 will get you a 1 bedder (in this area). And you had to fight for it too.

    Now $450 can get u a 3 bedder.

    Definitely a renters market.
     
  6. Gockie

    Gockie Life is good ☺️ Premium Member

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    Well, 1 bedder for $450 in the area would have been a high end 1 bedder.
     
  7. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    There was a post about the area a while ago but a local agent confirming vacancy rates are high.

    Just the amount of new apartments and developments around the area is scary. Unless that supply gets absord, I really don't see the growth there.
     
  8. Tattler

    Tattler Well-Known Member

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    Wow, that is very cheap indeed. I remembered a few years ago when everyone was buying apartments in the Ryde Macquarie Park area.
     
  9. Ryoka

    Ryoka Well-Known Member

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    It wasnt.

    Just to give you an idea, each inspection had 20-30 people minimum. It was silly how much difference a surge of mac uni students could make to the rental market.

    In 2016/17 properties were renting out like hotcakes.... i know because i was desperate to move and i almost took a 1bd for $495. That was right at the peak at the time though.

    Lucky it died down a bit.
     
  10. TwoDogs

    TwoDogs Well-Known Member

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    Relatives of mine just bought their first PPOR, an old 2b unit in central Ryde. I think they did well as it was fully renovated. But the average older townhouse in Marsfield, where there live now, do seem better value and they could have bought for the same price. There are a lot of townhouses in Marsfield especially around the university, many are dull and not well located. My mother's is on the other side of Epping road where values appear to holding better.
     
  11. virhlpool

    virhlpool Well-Known Member

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    Marsfield is nice but the public transport isn't as good as Ryde. Ryde has superb connectivity with CBD, Parramatta, Macquarie Uni, Burwood, etc. Also, Top Ryde shopping centre is another advantage if you live in a walking distance. Anything that goes in favour of Marsfield in comparison apart from distance to uni?
     
  12. Gockie

    Gockie Life is good ☺️ Premium Member

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    Macquarie Centre is close, Epping Boys is close, Macquarie centre/uni has a train station, its leafy, with a townhouse you get land, Marsfield is quiet... good connection to Parramatta with 550 bus if you go to Mac Centre or Epping Road, very frequent (every 10 minutes in peak). Easy access to Chatswood.

    Horses for courses though.
     
  13. virgo

    virgo Well-Known Member

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    Which one has or will have a greater concentration of Chinese/Indians??

    (It's a serious train of thought.....as they are the main drivers of migration and more demand and more price growth blah blah blah.:))
     
  14. SydneytoMelbourne

    SydneytoMelbourne Well-Known Member

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    My budget at the moment is probably $800 - $950k (potentially $1m+ if we hold out until next year and the market isn't booming back up). Would absolutely love an old terrace house, or a townhouse, but $1m doesn't get you much in Sydney. I've only been here a few years (from Melb originally) so still not super familiar with these inner suburban areas.

    Having a quick peak at REA, there seems to be quite a few older, but still reasonable looking townhouses < $1m in Marsfield. Are there any other inner / middle suburban areas that have similar pricing to Marsfield that are worth looking at?. I'm very intrigued now!
     
  15. np999

    np999 Well-Known Member

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    seems there are still many 1br for rent at $400+:

    https://www.realestate.com.au/property-apartment-nsw-ryde-429351974
    https://www.realestate.com.au/property-apartment-nsw-ryde-429459682
    https://www.realestate.com.au/property-apartment-nsw-ryde-428606966

    and 2br at $600+:
    https://www.realestate.com.au/property-apartment-nsw-ryde-426837418

    Guess the important thing is that old blocks are much much cheaper.
    I doubt any owner would lease out a modern 1br apartment at $350 in Ryde, the Strata/Council/Water/Insurance bills are just too high for rents this low to make sense for the owner.

    To me, rents have definitely come down, but the severity is not at all as bad as what "1-br at 450 down to 2-br at 330" would suggest. No one will put up a recently built modern 2br-apartment for lease at below $350 per week.
     
  16. Ryoka

    Ryoka Well-Known Member

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    I probably shouldve been more clear. Everything i said was for old buildings. $330 is for old buildings too.

    Now u can rent brand new units for $400-$450. 2 yrs ago a brand new 1bd was $550-$650. It was crazy.
     

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