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How to find a growth suburb in NSW
A couple of days ago I blogged about new developments in Ultimo.
This got a lot of people asking about developments and how they effect the area.
I have started to move into developments and research how to pull off the best type of build.
The thing that makes the most sense to me is that what ever I build I want that build type to be
in high demand. The luxury market still is a bit too risky for me so I will stick to medium quality
and also a high demand demography of possible buyer.
When you start to actually cost out a large construction you really want to be able to have
an accurate study of the cost of construction to final sale cost.
This is where a developer of especially large developments needs the help of planners and statistics to
guide the possible risk in sales.
I think there are some great indications to the average house buyer by using the perceived knowledge of developers and the calculated risks they take.
Many people say to me "where should I look?"
So maybe look at these links and see where others have found out there is a demand and then
look for houses or units in this area.
Another great thing is to pay close attention to the sale price of the brand new properties.
This will give you an indication of the price point you might have to match or stay under in a renovation or your own small build. Get an idea of price points that they are selling and compare to what you might be selling for.
Links below are development sites research websites in Sydney.
OK so go to www.realestate.com.au click new homes
next click show on map
now click you will see a map view and enlarge the map so it looks like this
now lets narrow in on Minto and then lets click one of those green tear drop thingy's
ok now click the listing in red and lets see what price people pay for a new house in this area
then we can actuarately know what a house is worth and how much we should pay for an old house?
next www.domain.com.au hit the NEW DEVELOPMENTS BUTTON
Here you can start to map out where the developers are going.
Try and work out why ?
Is there a lack of accommodation. Is the population growth increasing.
Maybe a new service is opening up in the area which will attract people to this particular suburb.
Also what are they offering?
Are they one two three bedrooms , what seems to be the demographic?
You will also see NRAS approved developments which means the government designated that they really need affordable living in this area. Not bad remember you can rent to NRAS client then later drop the NRAS idea and rent at market value if you are not happy with that arrangement.
Here is another great site
And another one
HOPE THIS HELPS WITH YOUR RESEARCH