Hi, Just wondering if anyone can share their opinion on investing at Ryde? At the moment prices are very steady. Not much is happening. There are always few properties on the market but is very difficult to pick something reasonable. I am not sure if “metro” will go ahead as announced by previous state cabinet but new shopping centre is growing rapidly and is due for opening in couple years time. There is not much publicity surrounding this project and potential affect on property prices. Could this be a hidden jewel? In my opinion it is a sleeping hollow just like Rhodes was few years ago. I am talking about 3br villa, low 500s walking distance to new shopping centre. Is it too good to be true? There is much talk about property market collapsing in the near future in Australia and it makes me a bit nervous. On another hand it may be last opportunity to get loan approved before tightening of the lending market. Top Ryde City - Retail Progress & Construction
I like Ryde, for both it's proximity to the CBD and it's large amount of facilities. The new shopping centre (LOONG overdue!) will be fantastic and benefit the surrounding area as well, in my opinion. Ryde council have beautification plans for the area as well, which will serve it well as it's an older suburb which needs a lift. Very crowded in parts, with increasing rental yields like most of Sydney at the moment- and though you don't get much for your sub $600K price bracket, look hard enough and you'll find some gems. Current median unit price $325K and house price $711K (Residex), so townhouses/villas etc in the $500K's look like good value.
Thanks Jacque, Done deal, property is my subject to the cooling period etc... I look forward to the development of the area as it will definitely increase in value over time. Now I have to sit tight and ride through the turbulent times ahead.
Wow! That was quick Best of luck- hope the property turned out fine for you and no building/pest issues. Remember that if you're not happy you can still withdraw during the cooling off period. Did you qualify for the FHOG of $14K?
Hi Jacque, Unfortunately I do not qualify for 14k which is not a big deal. It is our 3rd IP and I looked for some advice/opinions on forums more in regards of the timing. I have to admit I rushed a bit and didn't think it through. I was bit worry due to the financial situation on the markets etc.. then I though that even if IP goes down in value there will be still rent coming in and interest rates can only go down so as long as I keep my job I should be laughing all way to the bank.
Well good for you Dudek. I hope you manage to get great tenants now who'll assist in paying off that mortgage each year
Another big thing about Ryde is it must have more new railway stations under construction or planned than almost anywhere! I'm sure the northern beaches would be happy with one. New one at Macquarie Uni........go a few hundred metres down the road and you'll see another at Macquarie Shopping Centre........afew more blocks down the road at the rapidly growing business park........yes, you've got it........another new railway station. Add to that, if the on again, off again, on again North West Metro goes ahead there'll be another at the new Top Ryde Shopping Centre. Need more transport? Well of course the new Lane Cove Tunnel now pops out at North Ryde. I'm sure you'll do well.
Hi Alan, Funny you say that, I specifically moved to Dee Why to get away from those terrible trains and it has all the buses which travel further up the peninsula stop at the main stop, Howard Ave . When I was catching a train from Gordon to the city it would take about 30 minutes. If they were doing "line work" they had buses which would take the same amount of time and some expressed past stops, those express buses actually made it quicker back to Gordon than the normal trains. It's also much more preferable to sit in a bus than stand up like a canned sardine in a far overpacked train and smell the armpits of the person next to you in peak hour Also, some people feel much safer at night, rather than sitting in an empty carriage. Personally I think State Rail is an OHS issue, thank god I don't have to deal with it anymore. Cheers, Dan PS Apologies to Nathan Rees as I know you only started a month or so ago...
Hi Alan, More than likely, it would certainly take alot of traffic off the road and save the environment. Though the cost of doing a train line from the city up to Mona Vale would cost a motza! Unfortunately NSW doesn't have a motza to spend... They could have at least spent it on hospitals or education but they never seem to get the politicians interest (it's not sexy enough)... Cheers, Dan
Well, it seems governments have loads of money to bail out financial institutions but when it comes to investing in people - transport, hospitals and education they claim to be bankrupt… very intriguing indeed. Sydney’s infrastructure can be compared with 3rd world standards with one small detail – streets are bit cleaner due to the rates collected by local governments. Going back to the topic: Ryde is only 30min from CBD by bus. New proposed METRO will take about 18min. 12 minutes is hardly worth of new METRO to be build. I am more exited about the number of cars taken from the roads each day witch can make living closer to the CBD even more attractive.
