I am looking for to purchase a property for rental in the Gordon, Killara, ST. Ives area. Has anyone seen anything or have any opinions on this?
Hi George,
Sydney’s Northshore areas are expensive. I’ve been searching Sydney areas and haven’t found any reasonable priced properties to buy. They are all negative cash flow and I’m also doubt about their potential capital gains. I may look for a 2br 2 bathrm unit under $400K close to the city. I can rent it to my daughter later one if she wants to work in Sydney. I prefer to get an IP in Brisbane but don’t want to buy without seeing it. It’s too far for me to travel there.
Don’t you look for IPs in other city than Sydney?
Cheers
Huey
Hi George,
My parents used to own a small 4 bedroom house on a large block in Gordon. They originally bought it in 1987ish for $70,000 and sold it 4 years ago for $500,000. I know that the guy who bought it from them rented it out immediately for $500 per week. That’s a 5.2% return but that was before the real boom hit. I believe that same house is now worth more like $650,000. Their’s been good capital gains in that area, but if you are thinking of renovating, extending or bulldozing the house to build units, you’re better off looking elsewhere. Ku-ring-gai council are really stringent in what they will approve. The poor guy who purchased my parent’s house bought it as he owned one of the adjoining houses and wanted to redevelop. He put in the submission of the plans before he had even settled on my parent’s house. He is still waiting for an answer …
Hi Lucky,
It should worth a lot more than $650,000 now.
Cheers
Huey
Im comfortable with Sydney. I know most of the areas pretty well. I know its easier to rent the properties when they are closer to the city but this time, I’m looking for an older house on a large block of land so I can knock it down and have it revalued and move on. Last year I purchased a terrace in Surry Hills and the property manager literally had to beat the potential tenants off with a stick.
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