Thoughts on Wolli Creek NSW

Hi, I live in sydney. While I can’t give you specific info on yields, rentals etc I can tell you abit about WC. WC is located about 15-20minutes by train from the Sydmey CBD and about 10 minutes from Syndey airport.

From a astetic point of view, the development that I have seen at WC is very poor. I wouldn’t rent or but myself, unless I had no choice. Also, WC is nested between Tempe and Arncliffe. In my opinion these aren’t the best places in Sydney.

I believe that on average unit rentals in sydney range from 250 – 300 for something ok. $300 is certainly not the top end of the spectrum. Yields in Sydney are extremely low due to the high cost of property. My view is that property in Sydney is bought forcapital growth rather than rental returns.

Media reports also strongly indicate that the has been an oversupply of units in Sydney. I tend to agree with this assessment Having said that I recall recently seeing on the residex website that units have grown in value by a very small % [I think about 2% or so)in the last 12 months.

How long have you been a property investor?? How many{if any} cashflow positive properties have you found and over what period.??

Coincidently, I went past the Wolli Creek development yesterday on the way home from the airport. There is another building going up – scaffolding up to four or five levels so far. I’m not sure how high this one is going to be, but there will be some people in the already completed blocks who will be losing their views. Buyers would have been aware of the projected towers, though. Of course, tenants may be a tad surprised.
The ‘parkland setting’ hasn’t happened yet, but it will. I imagine there will be ‘rolling lawns’ to the creek banks. Not sure whether I’d be game to put my toe in the water, though.
Skippygirl, no sign of any shopping centre on top of the station yet. Shops will inevitably appear in the vicinity – they would not have been given approval to develop without shops and other ‘neighbourhood’ facilities. There will eventually be a sizeable population that will sustain retail – probably a collection of garrish 7 elevens. I recall talk at one stage about an Ikea and some things like that going in that area. Not sure whether that’s still on the drawing board.
As Gordon said, there is lots of development planned for that part of Sydney. Who knows whether they will be good investments long term. The broader area isn’t bad, but it sort of lacks a focal point e.g. the Darling Harbour/Jacksons Landing area has the harbour close by. I reckon short term, the yields would be dreadful.
The amount of development in the Green Square/Alexandria/Zetland area is also staggering. This is closer to the CBD. I think these ‘created neighbourhoods’ take a while to bed down – they’re pretty contrived to start with.
If I was looking for a unit to buy in Sydney, I’d look for one close to the water – either the harbour or a beach.
Anyway, I’m rambling. They’re just my thoughs and I could be completely wrong – I’ve never really considered purchasing a Sydney apartment.
Scott

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Yuck.. Wolli Creek is just that. A swampy marsh that smells. Knowing the type of culture of the area, it’s like mutton dressed up as lamb. Crime rate isn’t that fantastic either.

The people in the area can only afford suburban rental prices and these units are priced for inner city living? sum don’t add up.

However, there are great plans to have the area cleaned up and shops in place (not to mention a few more units, which are already blocking others peoples views). Once this happens the status of the area may lift and professionals may be interested in living in the area.

People do use the parklands (even in it’s current stinky state) Maybe you could use the ‘bad’ points to talk down the price or wait intil one comes up 2nd hand?