dane494Member@dane494Join Date: 2004Post Count: 2CeliviaParticipant@celiviaJoin Date: 2003Post Count: 886
Hi again, Melbear, just dragging this post up again. Have you looked in the yesterday’s Sun Herald 2004 Sydney Property guide (not sure if you could get your hands on one)?
The 2004 projections for houses in Paddington is said to be between 6-10%! Not bad. Not many other areas are predicted to perform better than that, many worse! 
Regards!melbearMember@melbearJoin Date: 2003Post Count: 2,429
No I didn’t see it, but I spoke with the guy I’m buying from (with) today, and he mentioned it. I’m actually quite happy with that growth prospect. The figures I had been working off with the ‘syndicate’ that will buy with me has only been a 5% growth per year for the next 5, so anything higher than that just makes our figures look even better!
Thanks for bringing it up and confirming it for me.
as we are looking around the surry hills area for a ppor atm, im very interested to see where this thread goes.
if we decide to go ahead with the purchase we will be heavily geared and realying on capital growth to exceed interest repayments
julieCeliviaParticipant@celiviaJoin Date: 2003Post Count: 886
I’m happy for you Melbear. Hope you do well.
Alpina, Surrey Hills houses projection 4-8% CG and units 0-3%.
that would keep me about line ball with interest repayments.
julieAnastasiaParticipant@anastasiaJoin Date: 2003Post Count: 28
If the tce is in Ok condition and has either a carpark or 3+ bedrooms, OR is a 2-bed in top notch condition I would say $800K is an OK price for the area, but you wouldn’t want to pay much more unless it is in an outstanding position. I think you are always going to pay more in Paddington in the short to median term (equivalent properties would go for at least 50-100K less in some other trendy inner Sydney areas eg inner West like Eskineville, Newtown).
Paddington is going to be a popular place to live for a long time to come – you can’t beat a location that is 5 minutes by car from the beach, the city and the harbour. Not to mention all the great shops, pubs and bars. So I don’t think you’d ever have a problem getting tenants.
However, someone made the statement earlier that they aren’t building any more terraces – this is true, but
there are HEAPS of cheaper ones less than 10 minutes away just waiting to be done up in currently not-so-trendy areas such Darlington, Redfern, Chippendale and Everleigh. These suburbs are the Surry Hills of tomorrow. I’m willing to bet the growth in these areas will out perform Paddington in the next few years.
For rent prices – I have two different friends who each live in 2 bed terraces in Paddington (nice condition, no parking) – they pay rent for these of $490 and $450 respectively.
Just some thoughts,
Good luck with your purchase
if you can find a 2 bedroom terrace with carpark in good condition in paddington, let me know and i’ll buy it
juliemelbearMember@melbearJoin Date: 2003Post Count: 2,429
It’s a 3 bed terrace house with parking, and a smallish backyard – too small for the three young kids – and a similar house 8 houses up just rented for $560 per week.
My friend will be doing a ‘clean up’ so it’s easy to rent it out when he moves out.