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Is Engadine an ok suburb to buy?

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Josh | 13 Nov 2013, 01:26 PM Agree 0
Hi, I am looking at a unit off the plan within the sutherland shire to live in for around a year or two and then use as an investment property and rent it out. I have been looking at one in Engadine, 2 beds, parking, 111sqm and 2 balcs. Was wondering if 580000 is a lot to pay for this type of unit.
It feels like heaps.
I need to make sure im not spending alot on a unit that may not be worth this much.

  • Goodo | 14 Nov 2013, 03:11 PM Agree 0

    I live in Engadine and have worked in finance in the Shire for the past 25 years.

    It appears to be a lot for a 2 bedroom unit in Engadine. Other comparison sales seem to top out in the mid to high $400 range.
    My nephew bought a 2 bedroom unit 2 blocks from Cronulla Beach for $550K earlier this year. Block about 8 years old & spotless inside.
    Some more research would be recommended.
  • Pascali | 05 Dec 2013, 04:49 PM Agree 0
    Hi Josh,

    I also live in the Shire "Gymea Bay", I take a realistic approach to investing in property.

    Just remember "good things take time". As a finance broker I have arranged mortgage for many people and have seen many people make bad investments when purchasing off the plan.

    If there is one thing you need to do...its get a "bank valuation" for the property/unit you are considering purchasing. It will give you realistic and history data, don't listen to people who say bank valuations are not accurate. In most cases it's because people think their property is worth allot more than is really is.

    In my experience, buying a unit off the plan can work only if you know the market very well.

    If you need any more advice let me know.

    Take care
  • Little_Stone | 09 Apr 2014, 01:35 PM Agree 0
    Definitley need some research done. Never a good idea living in what is going to be an investment. Tax reasons and also because it really is not what you buy an investment for.

    Did you end up buying it Josh..?
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