hi y’all,
Anybody got their finger on the pulse for Sydney?i have a rental 3BR house in Tempe near the airport, and am needing to make a quick decision about whether to re-let or ready for sale in the next month or two.anyone currently trading near there?i wait with baited breath……Just bought a 2 bed apartment in Rosebery, had no problems getting tenants for it with a 5.9% yield. I've been closely watching the Alexandria/Rosebery/Mascot areas and think out of the affordable inner city Sydney areas this area has strong potential.
There is currently a renewal program happening that covers the Green Square area surrounding Alexandria, Rosebery, Beaconsfield. These areas are largely light-industrial with a lot of warehouses that are slowly being converted. It might take time for this area to change, but it will change and I think now is a good time to buy and hold. Just stay away from noisy Botany Road or any major roads linking up to the airport.
I'd agree with Chopper – at the moment it is a hold.
Prices for sales are being hammered unless you are in the Eastern Subs or North Shore where the market has been quite strong or you have an exceptional/unique property (victorian terrace etc). If you aren't under the flight path (not many aren't) spend some money on noise abatement/insulation to make the house that little bit quieter. Also look at 'stick on' double glazing by companies like magnatite? (I think) – a layer of perspex fixed to the frame of the window to knock out some of the noise coming through the thin window glass.
good advice thank you both
cheersI'm focusing on the rosebery/mascot/alexandria area. Anybody else have any tips for the Sydney market? It seems Chippendale/Camperdown/Newtown are overboiling, lots of talk about Marrickville/Sydenham/Petersham as well. Anybody have any opinions?
I'm looking around Newtown/St Peters. My parents are trying to talk me out of one directly underneath the flight path… eg. fuel dumping and all that jazz. Does anyone know much about the health issues of living under a flight path? (apart from the constant day & night noise)
Hi tess85,
i bought my 1st house in Tempe before the 1998 boom and i have never regretted it. we rented it out (to continue living in Rose Bay) for 1st year then moved in for 4 years renovated it and then moved to Woronora River at Sutherland. we are now in Byron and still own both houses (Woronora for sale)We enjoyed our time there you do become desensitised to the noise but i have lived in Wilson st Newtown 2.5yrs and my brother lives in St Peters in Wilson St. and to be honest the Barden st Tempe house, although closer to the airport, has less noise less often. something about the planes have to bank quickly and fly over Newtown and St Peters.
I wouldn’t live in any of those places for too long but there is growth in all of them and they are easily leased.
cheers Philip
tess85 wrote:I'm looking around Newtown/St Peters. My parents are trying to talk me out of one directly underneath the flight path… eg. fuel dumping and all that jazz. Does anyone know much about the health issues of living under a flight path? (apart from the constant day & night noise)If they are required to dump fuel this generally done in a holding pattern out to sea. It is not taken lightly these days and must be investigated when fuel is dumped. I would be more worried about pieces falling of the aircraft. You have no idea how often this happens.
hmmm, more food for thought. devo's post reminds me of Donnie Darko (when the propeller crashes into his house)
We are planning to live in our first house for a while, so I guess we'll have to debate the price of silence… ie. the question of whether it is ok to buy a nice & cheap place right under the flight path, or to pay more for a quieter place. We've been looking for a while and am getting priced out of most places that we see… hard to believe that for our money ($500-$550k) we can only get really old homes or "only" an apartment. We need to be close to the CBD, but by gosh, Sydney's market is pretty crazy!!
benderfile wrote:i wait with baited breath……That's kinda disgusting…
Do you think it has something to do with fishing??
hi benderfile and others
sorry 3 months to late on the original post but my view is this.
benderfile i would hold. Tempe in my view is a weaker market than say newtown/eskinville and those markets are flat or in slight neg growth for now.. People are more likely to buy in tempe when closer in is humming and they just cant buy in… So with that in mind you wouldnt get the price you could get say 6 months ago when things were moving along ok (but not hot)…FOr the others out there looking…. remember "buy in the best location you can afford at the time" sure many parts of tempe have less aircraft noise than newtown ( i have freinds in tempe and ive lived in newtown) but thats where the avdvantages end…. Erskinville next to newtown for example is a very good area to invest and has been popping up on peoples hot lists for yrs and it has less aircraft noise than newtown but with all off newtown lifestyle advantages plus it has 2 train lines running through it and 3 stations in walking distance meaning you can train staight to the city circle in both directions ( very handy)…You would be far better of here than tempe in the long term with better cap growth (generally) and better rental demand, higher rents being walking distance or one train stop to sydney uni.
Generally i think this area, despite now decades of gentrification still is along way from being the surry hills/paddington of tommorrow, but it will happen!! so if you can get in, do it…
my advise
Scott No Mates wrote:I'd agree with Chopper – at the moment it is a hold.Prices for sales are being hammered unless you are in the Eastern Subs or North Shore where the market has been quite strong
Just in off the ABC, in regards to dropping state revenue "the upper end is feeling the pinch as defined by "x" number of houses in Mosman selling for over 10Mill last "y" and now only 1selling in "z", sorry can't remember what the xyz were but it has started to bite them too…
Thanks everyone for the input.
I decided to rent and whipped down to sydney from far north coast NSW, i renovated or fixed everything in 7 days and had it re-let for $50pw more before I left.
It is now on a 5% yield. i bought 9 years ago so showing 9.3% on original debt.
I have taken a new Line Of Credit out with a new bank to use for deposits for another property.
All good advice about the other areas, i couldnt afford them at the time.
cheers Philip
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