Well I recently have been looking at a new place to rent and was surprised to see that I can't get anything under $550 for a 1 bedroom in the centre of the city. It only drops off slowly as you move away from Sydney City ...
We all know how overpriced Sydney is but at what point do you cut your losses? I mean $550 to rent is high but then again to buy a place in the city would be about $550,000 + strata + rates ... understandable why the rent is that high!
What you guys do ? Live further away and travel into city for work / dinner / coffee / punt / clubs etc and pay less, or pay more for the convenience?
Get a studio in the eastern suburbs.. you should only pay $350-$380.. anywhere you want.
Potts Point, Darlinghurst, Elizabeth Bay, Rushcutters Bay, Paddington, Surry Hills, Edgecliff, Zetland, Waterloo.
Live further away and you'll regret it. (i reckon)
It will be more economical if you can share the high cost with a flat mate, say in a two bedroom apartment, and usually the facilities will be better than a studio or 1 B/R.
1/2 of the rent for $600/$700 a week ain't too bad!! and you can share electricity and other stuff as well.
Good luck
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buy in Ashfield. 15 mins to city by train. 400k 2 bedder. can live in one room andrent out other. borrow 360k and monthly payment is around 2k so thats less than $500 a week.
disclaimer: i have no association with that unit. just a random search. for a 1 bedder ashfield can get it for $330k.
Rent out your spare room to an asian student. $150-200/week should get you someone decent. Include a fixed allowance for electricity, etc - eliminates arguments over splitting of bills every quarter. Girl or guy (girls are usually more house trained). They will invite their female friends around, so you might pick up a bit on the side. Don't put them on a rental lease but make up a "Share Agreement" (as a "lodger"). That way you don't have to register any bond money paid, and it is much easier to turf them out if there is a problem. As they are not "paying rent" but just "sharing expenses" it is easier to get under the taxation radar.
I did this for a number of years (I lived near UNSW which even had an office supplying me with tenants).
did u get many female tenants with benefits ?
No, I deliberately avoided mixing "business" with pleasure.
But I regularly organized parties to which they could invite their friends, and the pickings were good.
Believe it or not. I just recently bought a 4 bedroom cottage House 300m2 in Belmore for $445k. I'm so damn lucky! I borrowed $400k. Rent appraisal $480 (invest) or weekly repayment to live in ($495). Shall I rent all 4 bedroom each $150x4? Or I just live in it? Lol
The problem is , Belmore might not be a very sought after location for oversea students !Originally Posted by suka02
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true brother wilisno but I forgot to mentioned its about 300m close to the station. If you have a research there is nowhere else you could ever found a property "house" of 2-3 bedroom over 450k or 500k. Despite mine is a 4bedroom. if you do, I'll shout you a punt anywhere you like in sydney
I'm not saying it's not a bargain buy for you, I'm just saying if you want to use it as a rental property, don't expect high rentals as others mentioned above.true brother wilisno but I forgot to mentioned its about 300m close to the station. If you have a research there is nowhere else you could ever found a property "house" of 2-3 bedroom over 450k or 500k. Despite mine is a 4bedroom. if you do, I'll shout you a punt anywhere you like in sydney
I heard that in places like Burwood, a 3 bedroom apartment can fetch up to a thousand dollars a week by private rental deals to students and workers !
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I believe I got a bargain. As i observed comparing to last year, i believe the property house market price jumped between 50-100k. nowadays there is nowhere near under 500k mark house price even though they are old or new. Although its an old house and its been bought with the rental approval from the agent. average price people pay for renting in a house is about $500 range or over. Doesn't really matter where it is located as its still in sydney metropolitan area.
Most o/s student targets where the shopping areas is or closeby to their Uni. It's understandable, city area, burwood etc.. because they don't want to know about other areas and what could have been better for them.
Not bad is this your first property ?? so you can claim beniefit like first grant under 500K ?? free stam duty ??? the only down side I can see is it is a small land
Belmore prices were actually steady for the past 2 years with only minor growth, and last years figures (particularly mid year, forget if May or June) were extremely skewed by the sale of a massive plot of land for obviously a high price. Supply to demand ratios for the area have halved in twelve months, which means if a mortgagee sale comes along bargains can be had. These would be holding purchases though as Belmore has a history of being stagnant, and it wasn't so long ago it had decreases of 5-10% every year for 4-5 years running, only to rebound with 15-20% growth during the boom of 2009-2010 (all figures are rough as I am working off memory, but wouldn't be far off the mark).
A neat renovated 4 bedder also sold for $495,000, and a 5 bedder for $515,000, so do I claim the punt???
Have you looked across the harbour? Kirribilli, Neutral Bay, North Sydney, all have one or even 2 bedders for $550 or under. Close enough to the city but far enough away too. I lived in Kirribilli and after a night out would walk home over the bridge, took 30 mins and sobered me up enough for when I got home.
Most uni students are of an Asian background are fairly new to the country and as such keep close to everything they've researched and been told about the country. In places like Kingsford I've seen houses near the uni fetch $200x 6 bedrooms which is significantly higher than the average rent. In areas like this it makes sense as the area is surrounded by Asian food and groceries as well as the same nationality ppl as themselves.
In belmore its too inconvenient for these students and as such wouldn't be looking at a place like that. Ud only be renting to the norm and such that property would be no different to any other property that can be had for quite cheap in that area. As pointed out its not an area that has shown steady growth over the last 5 years. That's not to say that it won't, just based on previous data its not a good a buy as u think.
Look in http://www.realestate.com.au/rent which will give you an idea of current offerings.
Also look on the notice board of the institution you will study at.
Here is a very unexpectedly affordable place to rent or buy even. I don't recommend property investment here, but if you want an apartment in a fucking nice place to live....
http://www.domain.com.au/Property/Fo.../?adid=8089072
http://www.domain.com.au/Property/Fo.../?adid=8122407
http://www.domain.com.au/Property/Fo...did=2010158019
And sorry to be harsh, but I'd rather eat a fucking turd every morning at 8am than live in S/W Sydney.
Check out this map guys. It will tell you everything you need to know about the different areas of Sydney.
A picture is worth a thousand words. Very accurate and very funny
http://farm7.static.flickr.com/6007/...bb8bdb56_b.jpg
LOL, I'd love to see the map according to the S/W. Rose Bay, Vaucluse would be Israel?
Yes, I understand it isn't the asians teritori to live in for o/s student. I'm just saying there many other ways I could make good deal out of it. Safe for renting and safe to live in (in terms of repayment). I believe lakemba it's a safe area beside punchbowl, although you may think the Muslim people causing trouble? Do some people think and believe so? Most people I that area are religious and have faith peace with their neighbours.
Anyways, l don't want to go into deep detail of religious, lets just make it peace to all (no discrimination). I been to lakemba many times during day and few nights over the few years. it is safe definitely. it Makes me feel happy for me as a home buyer and hope for the future fortune ahead. my reeasrch of property within that area is based on market list on domain and property website. no houses that are sale under 500k, all over 500-600k max.
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