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NSW Would you buy an apartment in Sydney right now?

Discussion in 'Where to Buy' started by nat7878, 21st Jul, 2015.

  1. nat7878

    nat7878 New Member

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    Would you buy an apartment to reno and flip/hold in Sydney right now?
     
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

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    No I wouldn't. But that's because it doesn't fit into my criteria for my next investment. And for those who do decide to buy a unit in syd now, I hope they would be following some very strict guidelines to protect them.
     
  3. nat7878

    nat7878 New Member

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    I'd love to know what you think those guidelines are?

    Sydney worries me for two main reasons, some suburbs have a lot of new development going on which is great but it is also bringing masses of new apartment buildings with it, and I wonder if we are going to see a correction anytime soon.
     
  4. bythebay

    bythebay Well-Known Member

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    for the right price I'll buy anything

    in current heated Sydney market, will be difficult to buy under market value apartment, reno then flip and still come on top after you account for the buying, holding and selling costs ... that's just my 2c ...
     
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  5. larrylarry

    larrylarry Well-Known Member

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    only CBD apartments, alexandria, green square should be a worry. apartments in suburbs can do well especially near good local schools.
     
  6. Mick C

    Mick C Well-Known Member

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    Depends where in Sydney....

    South and west....yes i would.
     
  7. larrylarry

    larrylarry Well-Known Member

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    Parramatta, Westmead, Northmead, North Rocks, wentworthville and other surrounds?
     
  8. WinDyz.

    WinDyz. Well-Known Member

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    I would.
    Inner west, Lower north shore, upper north shore, eastern suburb. Just avoid Green square, alexandria, mascot ,etc.
     
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  9. Gibson

    Gibson Well-Known Member

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    Agree There's still some pockets in the inner west and lower North shore v attractive for young professionals, so long as they are well located to transport, shops and cafes you will do well in the long term (ps, I hold two IPs in the Leichhardt LGA)
     
  10. WinDyz.

    WinDyz. Well-Known Member

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    Leichardt is really good... drive around there... not much new development. Mostly old houses and low rise unit. It will do well in future.
     
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  11. 2FAST4U

    2FAST4U Well-Known Member

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    No but then again I’m not an apartment type of person. I would never buy one let alone ever live in one.
     
  12. Befuddled

    Befuddled Well-Known Member

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  13. Gibson

    Gibson Well-Known Member

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    I saw one of Peter Wargent's graphs recently that showed Leichhardt Council with the smallest number of DAs approved in the last 12 months for units ( I think Parra, Auburn and the Hills had 2,000+ each) It's a Greens controlled council v anti development. That said it will be interesting to see what the NSW Govt does w the revitalisation of Parramatta road which has been on cards for last few years.
     
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  14. Mick C

    Mick C Well-Known Member

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    wentworthville and Parramatta yes...
    Northmead - Medium...getting to the top already
    North rocks- Not much happen here beside prices going up cos of carglinford...but no real" CG drivers"
     
  15. MTR

    MTR Well-Known Member Premium Member

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    You need to consider timeframe for Reno? Location, and timing?

    Because Syd has been running hot for some time you are now in higher risk territory, no one knows if it will tank in 3,6,12 months etc

    What we do know is that it will happen, if you buy and the market tanks what is the plan? Can you hold, service the debt.

    When markets tank property prices fall and worse there are no buyers you must hold unless you are prepared to take a loss.

    Your call?

    MTR:)
     
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  16. WinDyz.

    WinDyz. Well-Known Member

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    That development will be absorb fairly quickly.

    Sydney is changing. Unit living is the next big thing. Next generation will prefer to live close to city/cafe/work, etc. Unit/Apartment in a good location and close to public transport will be in high demand in the future for both ownership and rent.
     
  17. larrylarry

    larrylarry Well-Known Member

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    I'm looking at Rydalmere and Dundas units close to train stations shops and schools. About 4 km to parramatta.
     
  18. Shadow

    Shadow Well-Known Member

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    I wouldn't recommend Sydney units - there are far too many in the construction pipeline and there will be an oversupply in a couple of years. Unit prices will fall.
     
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  19. Gibson

    Gibson Well-Known Member

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  20. Leo2413

    Leo2413 Well-Known Member Premium Member

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    These would be my guidelines, it may differ for others.

    1. In a smaller block that is not new.
    2. Definitely low strata. No pools. No gym.
    3. Definitely has room to add value to and manufacture some capital growth. This is hugely important for me. It builds in a scope for adding value in case there is absolutely no short to medium term growth, and given where much of Sydney is on the property clock having the ability to manufacture growth mitigates some risk.
    4. 2 bedroom no smaller than 70-80sqm.
    5. Obviously in a central location with good infrastructure, transport, amenities and entertainment.
    6. Try my hardest to buy below market value but its gonna be very, very hard in this market. That's why I wouldn't be buying a unit in Sydney now unless I was confident I was getting it at a bargain. This meets my own buying criteria.
     
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