Hi my fellow PC'ers, I've decided I want to jump in the pool and buy my PPOR (3rd property). I work in the wonderful Sydney CBD and would like to be as close to work as I possibly can. Through much research, I've narrowed myself down to Campsie, where I intend to purchase a 2bdrm, 1 bathroom, 1 garage place in the ~$550K space. I've got a few options narrowed down but would obviously like my friends on PC to tell me the good/bad things about Campsie. I understand it is seen to be a unit 'ghetto' as 54% of the population lives in a unit (which is high compared to surrounding suburbs) and that means there may not be much CG in the long term (doesn't bother me as this will be a long long term hold) I may/may not rent out a room in the 2 bedder to help with servicing. Look forward to your feedback
Go for it .. Get a bigger size unit if you can find it and I can't see much wrong with campsie or even Lakemba .. Stay close to rail (walking distance) or closer to Burwood side and you can hardly go wrong. It's a miracle that campsie units are under $600k and you cross the river into Burwood and the whole story changes.
I think you would better wait for 12 months then jump in. The supply end has not finished coming yet.
Couple of devs on the campsie Croydon park border. I like campsie towards Canterbury section. Heaps of older units and less dense (eg park, Gould, redman, wonga) with very minimal development (as all the dev is over at Canterbury station itself). Also, the riverside where mitre10 use to be is meant to change into cafes, much like church st parramatta.
I've noticed Campsie units have had price decreases. I've also noticed sold prices are less then advertised prices... Campsie is doing something slightly different to the rest of Sydney. Discounting is back in fashion out here. I wouldn't mind waiting but I have a niche need. I need a Garage on a corner (which a property I've currently got my eye on has) as I would like to be able to park a second car in front of. It also has workshop space at the rear of the garage which is great for me as I work on my car a fair bit
Campsie is a great place. CBD easy access to CBD by train. Totally agree the price is declining, especially units/apartments. However, I don't think you need to wait for 18 months to go in. I actually think the next 12 months will be good time to buy. Don't wait longer than 12 months. Because now is a panic mode time, election not really settle down. Banks servicing is still tight. China controlling its currency outflowing. European fragmenting If wait longer than 12 months, all the uncertainty will be stabilize.... then people may jump back into the market, especially one of those high Asian population suburbs. Just my opinion.
Below is what I take: Campsie is a great place.------only for new arrivals. People move elsewhere when having a bit money. CBD easy access to CBD by train.-----true, but also broght with some issues typical of train station. Totally agree the price is declining, especially units/apartments.-----Still a lot to come. However, I don't think you need to wait for 18 months to go in. I actually think the next 12 months will be good time to buy. Don't wait longer than 12 months. Because now is a panic mode time, election not really settle down.------Panic is just starting. Banks servicing is still tight. -------??? China controlling its currency outflowing.-----will control more and Yuan devaluing will cause, if settled, other repayment issues. European fragmenting -----will frament more. when market is down, it will stay down for few years, if it is like last time.
Of course, not just buying anything. One need to do research before buying. Many new property will have settlement problem. And some people will be prepared to loss 10% deposit and sell less than what they pay for. Campise is not one of those high density suburb which was on the postcode restriction area in the bank. I agree market will stay down for a while. Opportunity will rise when someone is panic and sell. As an savvy investor I believe, we look for opportunity not just suburb alone. someone's misfortune can be a windfall opportunity for someone else.
