BEGINNER!!

Hi, and welcome!

There's a number of individuals on this forum with properties in Sydneys West who may be able to provide some useful advice

First question, is this purely and investment? What are your goals/aims?

My own personal experience has been the high cost of construction and current land values in the area make construction a poor investment at the moment. I am constructing 2 granny flats in St Marys and tended to find vacant lots with just granny flats were unviable and overprice by the seller.

I have however found a good deal just last month, a brick veneer house with a second dwelling for $320k (all fees inclusive). Needs about $20k worth of work tho. It took a lot of stressful negotiating, I had to find a place for his mother who was the current tenant to live, thus the lower price (tho in hindsight could have bargained harder).

My focus was on areas in close proximity to train stations, and other amenities, (St Marys, Kingswood, Werrington, Penrith etc) those areas ticked all my boxes, tho a few individuals have made great deals in places like Tregear etc.

I have bought 2 properties there, now am being more aggressive on my bargaining for cashflow positive properties. I don't think i'll find those in Sydney's West due to the high volume of 'investers' there recently willing to pay what I would consider too much for a property.

Am also keeping an eye on Camden, a friend of mine has over 20 residential and commercial properties there, tho his strategy is hard to copy, he loves it there.

Regards
NHG

Hi Chanelle,

You CANNOT build a granny flat on a vacant block. Granny flast must accompany a primary dwelling- it’s why they call them ‘secondary dwellings’.

Serge.

Chenelle

It is very important to do your due diligence carefully before proceeding. Most people loose money because they make hasty decisions based on bad advice. So do your own due diligence very carefully. So ask the following questions. Is the area you are investing in the best for growth? Should you be looking at other markets? Maybe you by an renovate an older apartment? My experience is that small developments often do not make a lot of money. The reason is that a lot of people can by the land in the price range you are looking at. So consider carefully.

Maybe you could also put a cheap transportable home on the land?? There are often good deals around on these … but be sure to take into consideration all costs of transport, stumping, setting and connections etc this is of course subject to that council approving your application. The financiers will also request that the house is properly set/ anchored etc

You’ll definitely get better rent return on a house than a granny flat.