NSW Vardys Rd Blacktown adjacent props

Discussion in 'Property Analysis' started by noviceInvestor1, 4th Jun, 2020.

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  1. noviceInvestor1

    noviceInvestor1 Well-Known Member

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    # 297 asking 700-750K- https://www.realestate.com.au/property-house-nsw-blacktown-133708426
    # 299 asking 750K - https://www.realestate.com.au/property-house-nsw-blacktown-133678542

    - Adjacent properties, on a busy road, quite close to a busy intersection
    - Same Land Size
    - Same selling agent! (??)
    - Neither of the properties have a sewer anywhere on the land - both suitable for a granny flat
    upload_2020-6-4_15-36-50.png

    No 299 is fully renovated (except the bathroom), 297 needs quite a bit of work. However 297 seems to have a better layout (extra bedroom).

    I'd appreciate any thoughts on the following:
    1. How much would it cost to refresh 297 to look like 299?

    Now with the assumption that you had a budget of 800K and you really wanted to buy a house in this area:
    2. How much would you offer for each of these properties?
    3. Which one is a better buy?

    Thank you!
     
  2. Trainee

    Trainee Well-Known Member

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    Wanting to buy in the area doesnt mean buying on the main road? Unless you are looking to buy both.
     
  3. noviceInvestor1

    noviceInvestor1 Well-Known Member

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    Apologies, not quite sure I understand what you mean.... are you saying that you'd avoid buying on the main road and prefer other streets in the area if you had to buy in this area?

    I am not a builder by profession, I guess only a professional builder would buy both (??)
     
  4. Shawn

    Shawn Well-Known Member

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    I would not be buying either. This is <200m from a main intersection and traffic piles up. Imagine car brakes, truck brakes, people horning, cars accelerating - all throughout the night.

    I live close by and recently bought a property down the road and a friend just bought a place on Allen Road.

    If you really want a granny flat, the same selling agent is selling 69 * 69A Fredrick Street for $880K

    https://www.realestate.com.au/property-house-nsw-blacktown-133700618
     
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  5. Mumbai

    Mumbai Well-Known Member

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    And this one makes more sense as, the granny flat is already built and probably rented.
     
  6. Shawn

    Shawn Well-Known Member

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    It's also a corner block - so the granny flat will rent for +10% above market as it has it's own street frontage and driveway
     
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  7. Trainee

    Trainee Well-Known Member

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    But less than 600 sqm?
     
  8. skater

    skater Well-Known Member

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    How long is a piece of string? It's basically a very cheap job involving paint, a cheapie kitchen & cheap flooring, but costs can blow out if you can't do it yourself.
    Well, I don't want either of those properties and neither one is a great buy, so that's a question I am unable to answer.

    Agreed! If I HAD to buy something in Blacktown & they were the only three presented, this is the one I'd pick.
     
  9. noviceInvestor1

    noviceInvestor1 Well-Known Member

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    @skater, @Shawn thanks for your views. Re the prop at 69 Frederick, yes it is quite appealing but in my opinion there’re asking at least a 100K more than what it’s worth... especially given these recent sales, all including a GF:

    233 Vardys Road, Blacktown, NSW 2148
    https://www.realestate.com.au/sold/property-house-nsw-blacktown-133370018 - 800K

    35 Tulloch Street, Blacktown, NSW 2148
    https://www.realestate.com.au/sold/property-house-nsw-blacktown-133370222 - 740 K

    8 Cooper Street, Blacktown, NSW 2148
    https://www.realestate.com.au/sold/property-house-nsw-blacktown-132882186 - 730K

    thanks
     
  10. skater

    skater Well-Known Member

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    So, don’t buy it. You’ve asked &. Answered your own question. Way to go.
     
  11. Jana

    Jana Well-Known Member

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    297 may need about $40-50k if you get the right people to do the Reno.

    I don’t see value on both. Excessively overpriced given located on quite busy road.
     
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  12. Shawn

    Shawn Well-Known Member

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    hey @noviceInvestor1 - I went to the opens for the second property and analysed it but would not touch them with a 10 foot pole.

    233 Vardys
    - Main Road
    - Tight block
    - Very narrow walkway to granny flat.
    - where is Parking for granny flat residents ?

    35 Tulloch
    - very very tight block
    - granny tenants walk right past 2 bedroom windows in main house to access granny
    - front house is in very bad shape (kitchen and bathroom aren’t shown)
    - granny at the back was very nice but had a weird layout where living dining and kitchen were all together and you didn’t really have an empty wall for a tv mount.

    You also left out 3 other sales

    2 & 2A Grant St Blacktown -
    https://m.realestate.com.au/sold/property-house-nsw-blacktown-133412234 - $860K

    12 & 12a Elanora St Blacktown -
    https://m.realestate.com.au/sold/property-house-nsw-blacktown-133041106 - $907K

    And another corner block comparable that is across the road from a railway line on 708sqm with a 4 bedroom house that had a very bad layout

    28 Railway Parade Blacktown -
    https://m.realestate.com.au/sold/property-house-nsw-blacktown-133457874 - $851K

    Each one went for over $850K in the last 3 months. Railway Parade was a corner block just like yours. These are worth a ton more than standard blocks especially if the house is positioned well
     
    noviceInvestor1 likes this.

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