NSW Watching the Druie Drop in Slow Motion (2019)

No point talking theoriticals....i do a quick sanity check if you cant hit a minimum 40% its a no go in my eyes.

 

Line me up with a couple!

 

I can...but you need to pull the trigger

 

Exactly! Eagle Homes is another cheap project builder.

Yep! Still plenty left over for that.

Aha! So, because YOU don't like the area, nobody else should. Sorry Sash, it don't work that way.

Whoever bought that site will make money, so long as they put two basic project homes on there & don't over capitalise.

 

Eagle homes looks cheap on the surrface but even there you are looking at low to mid 5s for a single storey duplex? The base cost i believe is mid threes I have already costed this out.

Then add another 80k for demo...holding...and sell cots.

You never answered the question have you build a home from scratch by demoing an old house?? Ya realise builder dont discount to Druie residents right? Oh by the way some builder may refuse to build in certain pockets of the Druie.

Lets face it not many choose to live in lower socio areas. Why because studies have shown this affects their childs placement in society. This might explain why a lot of families buy in good school catchments. Hate to say this but a study was done about Mt Druie high a couple of years ago and it did not score so well. Where as penriffe high scored well as a lot of immigrant families bought shiny houses in places like Glemore park

 

'9;l

You don't like it when anyone questions your judgement, do you?

What has school zones to do with this conversation? Nothing! And since you are not a local, you probably don't know that Penrith High is the Selective High School in the area, so of course it scores higher. There are many students from the Mt Druitt suburbs who go there.

 

dude seriously you are such a snob. when was the last time you even went to Mt Druitt? i shop there every weekend, its fine, mostly hard working ppl getting on with life. ppl there no different to the types of ppl you get at say Warringah Mall.

stop bagging Mt Druitt seriously, its getting really boring.

 

For once i gotta agree with @sash here

at 365k purchase + at minimum $500k for a brick veneer 3/2/1 duplex turn key (even then you would have to be quiet experienced to acheive this budget), your going to have issues offloading at 500k each. Including demo plus strict council requirements even 2 granny flats sized dwellings would be somewhere in 2-300k.

But i think its a good buy. Reno and a 2 bed granny flat and if possible finish under 500k all up. Would be easily able to get 600+ pw rent (id say quiet conservative based on 370 quoted by agent for the one place)

 

Nobody, other than Sash is talking about a duplex. It's sub dividable into 2 x torrens blocks & will take 2 x cheapie free standing homes.

This old weatherboad with a damn good reno sold for $565k two weeks ago. There were 5 offers of over $500k
4 Siglingen Street, Emerton, NSW 2770

 

I am not a snob i am callin it like i see it. More money to be made else where stop listening ti idiots i have been to mount druitt only 2 weeks ago. I also got quotes on building in Western Sydney. The same reason why numbe4s dont stack up in Brissie at the moment. Stop getting emotional this is property investing

 

That is why emotion and business does not mix. There is no profit in mt druitt at the moment...the market driven by demgraphics is changing...yould be much better off targetting inner city units in brisbane and adelaide not ******* holes like mt druitt and logan which have no redeeming properties.

For the record i am typing as i wait at brissie airport for a flight back to Sydney

 

Really? So, on one hand you say there's no money in Western Sydney, then you expect us to believe you were getting quotes?

This seems to be a standard response when someone doesn't agree with you.

 

WTF??? the residents of blood alley would take offence to that.

Neoblie and Woodstock are just two examples.



Woodstock

 

Nuffin wrong with the Druitt.

If you bought 10 houses in the Druitt 10 years ago it would have cost you $2m. At the height of the boom those 10 houses would have sold for $5m that's $3m profit. PLUS you would have grossed over $1m in rent in that time!

You wouldn't get that kind of return if you bought a $2m property in the city 10 years ago. You can't overlook Mt Druitt otherwise you can miss out on easy $$$.

(no bogans have been offended by this posting)

 

Woodstick = Jimmy Hendrix......

 

He was a guitarist not a drummer

 

Yeah..and he was also stone 24x7......

 

Actually if you would have bought 3 places in locations like Castle Hill/Cherrybrook you would have made the same returns (net) and have had less headaches. But they have dropped off 20-25% now!!!

 

Sorry shouldnt have mentioned duplex but should have mentioned dual occupancy (free standing or attached)

But could you please englighten me of how you would subdivide the block the block in 2 torrens title? I know its possible for a dual occ in blacktown council and have it subdivided after construction but general subdivision in r2 is 450m2 + (though maybe theres something i missed)

I believe 500k would still be the budget for everything. (remember its not a simple build on a house + land package) This would involve demo + custom designed house (very rare to find of the project design to fit there though i know one builder that might) + one set of infrastructure (maybe 2 as exisiting might need to be relocated) + landscaping + other hurdles

While i think its a good buy, the ex housing commission suburbs of 2770 are not really the best for small scale developments (dual occs). Have seen a few sell for high amounts (750k even) but id be hesitant. Hopefully one day construction costs in sydney comes down and these ex houso stock gets redeveloped (like north adelaide though their councils are also more encouraging)

 

The one they're talking about is a corner block, isn't it? Different rules