Hi all.
We are looking at buying an apartment for $750k in Castle Hill.
It is literally 3 mintues walk from the train station.
Small set of apartments.
3 Bed 2 bath and 2 car garage.
Rent would be approx. $550 a week.
Strata is not cheap at 1900 a quarter.
We are looking at buying the property solely for capital growth as in a few years the prices will increase when the train station is ready.
PS the apartment is approx. 12 years old and good condition.
What would you guys do?
Thanks in advance
Buying a Property 400m from a Train Station but The Strata Is $1900 a Quarter-Castle Hill
grabngo on 31/10/2016 - 15:02
Comments
That strata amount is crippling! Does the building have lifts? Pool? Gym? Huge complex? Concierge? Just wondering what is contributing to the high strata. Is there much in the sinking fund?
That's ridiculous - but then again it's amazing what Strata gets away with.
Currently paying - 700 AUD per quarter for a 2 bedder apartment with 1 bath - 2 car garage lock up (manual lock). Nothing else fancy - we're about 500m from nearest train station in a small suburb sandwiched between a equally smaller suburb and a reasonable transport hub.
1900 AUD sounds about right from a stand-alone house, not for an apartment.
"1900 AUD sounds about right from a stand-alone house, not for an apartment."
sorry but house will not have strata at all but maybe community fees, land tax, etc which all are much much cheaper than $1kApologies - meant to say it sounded more applicable to Council and other associated rates. You are correct.
"We are looking at buying the property solely for capital growth as in a few years the prices will increase when the train station is ready."
too bad, that price you are going to pay now is already a reflection of that train station.
and strata, over time will only increase will almost impossible to decrease. get ready to pay over $2k/quarter in couple of years.
is what I thought too. Strata and council rates never goes down.. it only goes up!
yeah so annoyed with that strata imagine what can we do with $8k in a year. a lot of gadgets!
Totally agree - everywhere on the Northwest rail link has gone up accordingly.
I have an apartment at Kellyville Ridge, 600m from the new station. It's a big 2 bed, 2 bath,2 garage. No lifts but does have electric garage doors etc. Mine is also about 12 years old and I pay the most in my building (biggest apartment) at just shy of $800 a quarter after our increases this quarter.
Strata that high in a small block makes me wonder what is wrong with the building. They are probably setting money aside for some large repairs which need to be performed on the building. Most apartments I see around range from $1k to $1.5k a quarter, so almost $2k seems high.
Totally agree. Have you had a strata report done, OP?
Does this Strata include sinking fund contribution?
Be always very careful in choosing apartments from only reputable builders. Seen so many of new apartments that the workmanship was compromised of speedy finish. No water proof, no tape around gas casket…corners were cut and builders would wait for owners to complain then fix. Once warranty is out, you are on your own or left for strata to fix with sinking fund. Good luck!and for people like off the plans, agent will say strata only $1000 but yeah nothing you can do if after 2 years the strata goes up triple.
they put low strata fees to attract buyers. bait and switch.its almost $8,000 a year bro.
If you can do it because you're on $150k a year then yeah, go for it.
Even if its investment I think of how I would pay for it if I was living there and my pain threshold is $1,000 per q.
$1,900 is a joke.
(falls over)
my home is 15 minutes walking distance to a train station and is 4 mins walk to a shopping center.. strata is only $350 compard to yours (but is subject to an increase of an unknown percent next year). Then again its a townhouse and has no lifts, escalaters or swimming pools, but has lock up garage and automated gates.
My understanding is that Strata committees are now required to provide 10 year plans outlining their projected budget. Maybe try asking what they plan to do with that ridiculous amount of money..