I once knew very old man who brought in a suburb that in that time was considered the lowest of the lows.
He needed to buy two properties in the lates 1940's to accomodate his large family and that of his sister's as her husband had died. He simply purchased the best thing he could at the time.
Long time friends never came to visit and his was often branded as a loser at work because of his suburb choice.
It was not until the 1980's did he prove everyone wrong.
He had brought two very large adjoining waterfront terraces at Balmain.
In the 1970's he said people has started to realise the proximity to the CBD and in the 1980's the heat was on.
Good lesson to learn.
That is only a manufactured home sitting on someone else's land in a mobile home park mate
I dont think people who bought 1 bedder units for ~ $100K in Cabra and 2 bedder units in Cabra for under $150K are complaining much now
Cabra still has a bad rep, just not as bad. Still a 'bad' area.
Woy Woy is going nowhere fast. They have many social problems, very low socio economic, drugs, people on benefits, single teenage mums etc....the Woy Woy peninsula (Woy Woy, Umina Beach and Ettalong/Booker Bay) is very similar to Mt Druitt and surrounds.
Yes a lot of young families are moving there, but very low income families. Mostly from areas of Sydney they have been priced out of and don't want to live in the western suburbs of Sydney.
Most of the 'normal' families from that area move to surrounding areas considered more salubrious. eg: Tascott, Empire Bay, Bensville, Pretty Beach, Hardys Bay, St Stupids Island....etc
I know Cabra and the Woy Woy area like the back of my hand. And PLENTY of people in them.
You'll be selling your Woy Woy place in the years ahead with little or no profit. Possibly a loss after costs.[/QUOTE]
Emotional attachment to a place even though its negative can make people say the most silly statments. How can ALOT of families be moving to an area and it not have an effect on prices both sales and rentals?? Of course its a lower socio economic but prices reflect this and this does not mean prices wont rise. Your last statment is obv a joke or you have lost your mind there are alot of knowledgable investers activly aquiring property in and around the penisuala who obviously think prices will rise...I just hope your still around in 3-4 yrs time when we all do our $$$ cold lol
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Emotional attachment to a place even though its negative can make people say the most silly statments. How can ALOT of families be moving to an area and it not have an effect on prices both sales and rentals?? Of course its a lower socio economic but prices reflect this and this does not mean prices wont rise. Your last statment is obv a joke or you have lost your mind there are alot of knowledgable investers activly aquiring property in and around the penisuala who obviously think prices will rise...I just hope your still around in 3-4 yrs time when we all do our $$$ cold lol
Of course the peninsula has cap growth. ( Everywhere has cap growth, even if it is just above inflation) Its just very low. They go loooong periods of no growth and then a spurt with a national boom of growth. But demand in the area itself doesnt drive growth.
Demand is always low there regardless of families moving there from Sydney. Thats why its a very cheap area for property.
Ive known the area all of my life and have many friends there. I even know a couple of agents on the peninsula.
Big diffrence... " You'll be selling your Woy Woy place in the years ahead with little or no profit. Possibly a loss after costs." TO " Of course the peninsula has cap growth"
Honestly you make no sense at all, and i dont see your point. they are completly diffrent statments.
As for knowing a couple of agents well i think anyone who is serious about any area will know " a couple of agents" but what has that got to do with proving that your opinion is correct and prices will fall over the next 3 yrs??
Seriously evan the place is due for correction, and you are right about one thing and that is that the area will have flat periods with little to no growth then shoot up dramaticlly over a short period. Well the prices have been level for the past 5-6 yrs so the people who bought then and are selling now are the lossers not the people entering now
) think this is still possible? I'd hopefully have my 10% deposit by the end of next year.This thread is fantastic and helps to confirm many of my thoughts / plans regarding the Wild Wild West (I've been a resident for 21 years in the Blacktown Council).
The plan is to get a decent sized block in Mt. Druitt, rent it until I can afford the Granny Flat and then hopefully get it over to CF +ve.
Good plan, there are alot with granny flats or part build granny flats already out there for sale, so maybe keep an eye out for one thats done or one that just needs a make over.
Do people (skater, you seem knowledgeable
Yes very possible. I would do one now on a 95% lend and continue saving to aim for number two purchase towards the end of next yr.
*EDIT*
As an amendment to my original post, I did a bit of browsing on domain.com.au
http://www.domain.com.au/Property/For-Sale/House/NSW/Dharruk/?adid=2008626985
With my limited knowledge (and limited due dilligence) I see the above property as being close to ideal at the moment. It's within my price range, it has a detached double garage which could function as a granny flat, currently has good rental return.
Anyone care to weigh in on my find? I'm trying to hone my property seeking skills...
