Timing guidance needed, investing in ppor Bondi

The post count is how we should tell them apart. For now. . . .

@seachange Look after yourself and kids first. As others have said your ex(?) can look after himself.

 

Sorry to hijack your good name @See Change . Hopefully we see reasonably eye to eye, or I might be stirring up a lot of confusion for your mates

 

I'm hoping some sort of comical arch nemesis thing develops out of this.

 

@seachange "Im Looking at PPOR being an older deco 2 br 1 bath around $800k -1.1 mill price range"

This is for a unit correct? Something like these?

Sold Price for 34/20 Edward Street Bondi Beach NSW 2026
http://www.realestate.com.au/property-apartment-nsw-bondi+beach-121668374

http://www.realestate.com.au/property-apartment-nsw-bondi+beach-121250230

 

Yes, exactly that type of thing.

 

I know the area quite well and I think its going to be difficult in the current market to get that type of thing for under 1mil.. HOWEVER having said that I just saw a 3bedroom unit in North Bondi sell for 880k but it was very poor condition, needed about 50-70k to bring it up to scratch and also there is a special levy being passed for 3bedroom units in the building that is around 55k..So when you put all that together its going to cost over1mil. But for 3 bedrooms not bad. BUT having said that, the agent was a completely and totally incompetent out of area agent, no more than 23 years of age who lacked any kind of experience whatsoever when I went to see the place. So that probably had much to do with the price. I think realistically for a 2 bedder in this area and in the current market...your going to be looking over 1mil and your gonna have to be at the right place, right time to snatch it.

To be honest, I would be looking at rose bay or Vaucluse. You have more chance to find value there if your willing to drive another 5 minutes. Look at these. Only a few months ago.

Sold Price for 17/81 New South Head Road Vaucluse NSW 2030
Sold Price for 25/745 Old South Head Road Vaucluse NSW 2030
Sold Price for 1/9 Young Street Vaucluse NSW 2030
Sold Price for 12/30 Balfour Road Rose Bay NSW 2029
Sold Price for 6/24 Chaleyer Street Rose Bay NSW 2029

 

Hi Leo,
You're absolutely right about better value nearby in rose bay. Even greater Bondi is a lot less than where I'm looking. My location need is very specific though and I can't change it. Im very tempted by some of the properties I've seen in Vaucluse, Woolarah etc. At the end of the day if I can't spell it, I can't have it ;-) .
Im keen to be settled in my own place, but I do have time on my side. I can rent for as long as it takes, and I'll compromise on size if I have to ( some 2 bedders are pretty small).

 

Ok fair enough, you know what you want and can wait, which is really a good thing as I think there will be some distressed sales etc for sure in time to come so you may be able to pick up a 'bargain' then. Hang in there, watch like a hawk and then pounce!!

 

( I saw one last week for $785k - it was tiny and badly in need of reno )

 

And some good business advice I once had- always be prepared to walk away from a deal, there are always options..

 

100% agree.

 

55k special levy? Yikes. Might make other owners want to sell up. Understanding what the levy would be used for would be the key...

 

Part of it was maintenance, part was to make the building more modern. Security intercom, render the entire redbrick building, glass balustrade balcony, painting etc.

 

Might be ok then, if all owners can pay for it as it should increase the appeal of the properties. Still, it's a huge amount of money if you weren't expecting it.

 

Part of the problem of beachside purchasing is the buildings are much quicker to degrade. The salt air rusts everything .

 

There's room for both of us and I don't think any one is likely to make the mistake , though I DO get PM's addressed to Sea Change ….

Originally on Somersoft I wanted to use Sea Change , but it was taken ( though I never saw them post ) . I've always wanted a place on the water , which I now have care of my involvement on the forum , though unlike the TV show we are able to keep it as a weekend . Also I had a crush on Sigrid Thornton , my wife has a crush on Pearce Brosnan so that's ok … ) . Sadly I saw Sigrid interviewed recently , and my initial impression was she'd had one or two too many visits to a plastic surgeon ….. Grow old gracefully people !!!!

I though about making the change when Property chat came along , but for me , wanting to see change in my life has come to represent what I wanted to do , have done and try to help others do , so it was only a momentary thought .

I don't think there is a bad time to buy in the eastern suburbs . My niece bought a unit in Coogee around 7 - 8 years ago in the 400's and it had moved up to 600 before there was any talk of sydney booming . At that stage they bought a Town house in Maroubra ( kept the coogee unit ) before the boom really took off and are doing very well .

Cliff

 

I agree. Especially for the unit markets. There just seems to be so much demand long term for the suburbs there.

 

Sounds like I might pick up a few misdirected PM's then . Bonus