Dundas

Hi,

Im new to this forum, but have been reading for a few months now. I am thinking to purchase a fairly new 2 bedroom apartment in Dundas.

I was wondering what the area is like now and whether this is a good area to invest? I found the price very resonable and It will be my PPOR, but hoping to turn it into an investment later.

Im worried that it isnt such a good area, compared to Parramatta or Eastwood.

Any insights would be really appreciated!

Tanya, do you always ask a hairdresser if you need a haircut?


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In any case, stand back and prepare for answers long the lines of -

Dundas would not be my preference... XXX would be better

and

Yes, now would be a good time to buy ...because interest rates are coming down.

Tanya

I did look at Dundas a couple of times but it was a few years back.
The long term trend for units is 9.5% so it's ok.

All 3 suburbs are good IMO but it depends on what you are after, where you work, where your friends live etc.

What's the price of the unit?
Parramatta is probably better value for money but it depends on where you buy.

Cheers

Tanya

btw, don't listen to O2Bsure, he/she thinks this is the US with the dodgy/speculative loans and that our property prices will collapse.

Our property market is nothing like the US, our lending is largely regulated
and our banks despite some write downs due to their US exposure they are enjoying record profits.

At the same time, home loan interest rates have peaked and tomorrow they are coming down so I think the worst is over and we should have price stabilisation and some small price increases.

Cheers

Thank you for your reply BV, the price is $329,000 and has 2 security car spaces. Another one sold for $319,000 that had 1 space.

After looking for months, its one of the nicer 2 bedders I have seen at that price, which is I guess why I was wondering whether the area was ok. I also wanted a place I didnt have to spend money on renovating.

I was happy to hear today that the interests rates are most likely to be coming down too!

Tanya

It sounds like a good unit.

Please note that the median price for units is $291K and I don't know the building and the exact location to know if the price you are paying is justified.

I suggest you go to this website and look at the sales for your street
You should get an idea of prices.
Street sales report - search now for free - onthehouse.com.au

btw, Jacque knows the area better than I do so if she doesn't see this thread send her a PM and she will give you her opinion.

Cheers

Hi Tanya

I do know Dundas especially well, not only having searched for clients in the area but also growing up and living in the suburb next door.
My impressions (and please note these are just that):

The "Valley" has always had a certain stigma attached to it, due to the previously high population of Housing Commission stock housing in the vicinity. As a result, even though the vast majority of these have now passed into the hands of private owners, locals still paint it with the same tainted brush of history and nothing much will change this, except time. Nearby Telopea is also the same, though again it's only particular streets.

I like certain sections of Dundas only myself, and would try to avoid the area around the Evans Rd shops as well as the awful old high rises in Marshall St (I think they're in this street), behind Telopea station. Not really attractive parts, but then again I'm sure other ppl will disagree.

The suburb is made up mainly of older 1960's typical HC stock- fibro or brick 3bed 1bath basic cottages, most initially built without parking. Units came later, and obviously around the stations you have more of them, due to the allowable zonings. Compared to the surrounding suburbs of Carlingford, Oatlands and Epping, prices are cheaper but then again you're not comparing apples with apples as most houses in these other suburbs are larger.
As far as value goes, it's pretty good at the moment and presents well for FHB's with house prices starting from mid $400K's- most decent examples selling in the low to mid $500K's. The big advantage of this suburb is it's location, and it may well transform from an ugly duckling into something more beautiful over time- already you can see a lot of knockdown rebuild projects as owners afford to start again.

Hope this helps- best of luck with your unit purchase

Thanks so much for all the information BV and Jacque, its been very helpful.

As far as value goes, it's pretty good at the moment and presents well for FHB's with house prices starting from mid $400K's- most decent examples selling in the low to mid $500K's.

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Say what? The items 'FHB' and '400-500K' do not belong in the same sentence or even the same paragraph. What are you people thinking?

As for trend analysis - by what % has Sydney real estate increased since the beginning of this year? I would suggest you start with that as the basis of your trend because it is at least the most recent trend. For a larger view I would suggest you analyse the trend in the 1st half of last century rather than the 2nd to better understand the current situation.

The definition of a 'long term investment' is a short term investment gone bad. I have no doubt the 'long term investment' phrase will start to be trotted out more and more as time rolls on and the promised capital gains fail to materialise yoy. For most here a long term investment is 2 to 5 yrs. I strongly suspect that will become 20+yrs with regards to real estate.

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