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Just thought I would give everyone an update on this…..exaclty a year ago I was looking to get $420,000 for this unit. Just sold it in a week for $511,000. What a difference a year can make hey….glad we decided to wait in the end! Sydney is certainly a sellers market at the moment…
Tamara we just put it up for Auction but had a price we were happy to sell at so sold before Auction. We had a good agent. I know Catylst there is the chance it will go up even more but we just didnt want to miss this opportunity. I certainly wish I bought more in the inner west 5 years ago I would be retiring to !
Thanks Jamie still was not an easy decision as i do believe the inner west will continue to grow but the sale suits our circumstances at the moment so we are happy.
scha9799 You have captured exactly what I am thinking. The unit was our first home and it definitely will appeal to this market. We looked into selling when the government ended stamp duty concessions and were told we may get 450,000 then so there was certainly a spike. Its gone back down again now but I think there will be a few more buyers this time just hard to tell if prices will increase much.
To throw a spanner in the works we have had 2 applicants today to rent the place for $400 a week .
The property is in Earlwood so less popular suburb than the neighboring marrickville.there is quite alot to rent in 400 range in marrickville at moment.You can see my unit on on domain or real estate it’s yellow brick one with courtyard let me know your thoughts.
Thanks Kristen you bring up some good points. I do think there could be some issues as the common fence on the property has fallen down and not been fixed yet. The unit may need an update but we are looking at about $10,000 to do bathroom and kitchen and I am not sure if it will increase the rent significantly. The unit also has courtyard which appeals to some and not to others.
I thought we had a good property manager but am realising we may need a new one so will be heading down to Sydney on Sat to address the unit and market. I spoke to another agent who said the rental market in Sydney is patchy at the moment. We were getting $385 3 years ago so its strange the unit is not a dump!
Decisions decisions not sure if we can afford a property thats draining nearly $100 a week when im on maternity leave! Leaning more towards selling and reinvesting in an area with better yields.
I know the agent advised us we should put up for 420- 430 we put up at 420 and have already reduced to $400 now he is saying we will only get $385. I think it is a bad time to be looking for tenants in winter. I am going to fly down on sat to some open homes to see what we are up against in the rental market and sales. There is alot for rent but not much for sale.
Based on getting $385 a week The unit is costing us about $90 a week on an interest only loan. Im guessing with principal we would be at about $150 a week. Is this alot for a negative geared property thats probably gone up about $100,000 in 3 years?
Thanks Richard for bring this up. We do have 3 separate loans so its not an issue luckily. !
Just noticed some feedback was wanted on Collinsville QLD we bought a place there about 7 months ago. Was tossing up between here and Blackwater. Decided on Collinsville as the entry price was a lot lower for a house. The last few months has seen an increase in sales in collinsville so pretty happy with our decision. Only thing is like any mining town rental demand is very up and down. We have had not issue so far but you never know . We are getting a rental yield of about 10.5%
I think there is quite a lot of potential growth here as there are 4 coal mines to be built over the next few years.
Yeah I would get out. $399,000 is alot for a property in Coomera. I have a few investment properties but just bought my PPOR in Highland Park just down the road from Coomera. We just purchased a 3 bedroom house for $270,000. We would get $350 – $400 rent. The only reason we bought is that the repayments are less then renting.
There are much better deals on the Gold Coast at moment. If you are looking for an investment on Gold Coast I would be looking at a house in Miami or one of the beach locations lots of cute cafes and things going in there.
The "Ritz" of the mining towns hey. There looks like there are some shody houses there though! Thanks for the info engelo has given me some food for thought.
Yeah but there is usually a catch when things look so cheap
. I dont think it is going to be the next Mornabah but I do think there is some potential .Yep as I mentioned in a previous post maybe the Gold Coast will end up being a good investment again. BMA wants to fly in fly out from Gold Coast airport and the airport has secured the tiger airways terminal for FIFO flights.
http://www.goldcoast.com.au/article/2011/07/28/336331_gold-coast-business.html
I think the problem is that the agents are all blocking the prices in certain areas as they dont want you to see how low the sale price actually was. I am having the same problem trying to find sales prices in northern nsw on realestate.com.au
Front page of the Gold Coast Bulletin today. Will be interesting to see what happens. Better cross fingers Liberals get back in…..unless of course you have invested on the Gold Coast where they desperatley need some good news!
http://www.goldcoast.com.au/article/2011/07/20/333891_gold-coast-business.html
Investing in any mining town is always risk.
The concern is that the new mines are looking to have a 100% FIFO workforce. Meaning people will be living in camps set up by the mines.
http://www.cqnews.com.au/story/2011/04/01/meeting-validates-the-fifo-concern/
This may or may not happen and may or may not have an effect.
Just do your research
Anyone familiar with Collinsville and whats going on there? Seems prices have been on a downward trend and there are alot of properties available for rent. Heard there is a new mine close to approval but sees this does not seem to be having any upward affect on prices yet.
Mel
Thank you both for your advice I am pretty sure our block is a 1960's original. Gives me two options to think about. I think its time to sit with an account and work out what will be best.
Thanks again
. I dont think it is going to be the next Mornabah but I do think there is some potential .
