101/6 Reede Street, Turrella

SydNest Score: 3.1/5

Location 5 | Price 3 | Condition 2 | Amenities 2 | Neighbourhood 3

This ground-floor apartment has a contemporary design and looks nice. The living area receives some natural light but the design and being on the ground floor might mean the lights remain on during the day, especially in winter. It has a Northwest orientation and rear access. Located 1 minute from the train station and a few minutes' drive to Wolli Creek shopping precinct.

Ideal for households with incomes from $140,000 to $200,000

The sales agent has not listed a guide, but made the listing appear above a search of $800,000, so I expect that to be the lower end of the guide.

Last sold 2014 (I believe this was the primary sale, so it has only had one owner) for $585,000 and the valuation model suggests $775,000, with a maximum of $827,000. In my opinion, the vendor would only be getting a 3.5% average price increase if it were sold for $827,000.

Please note: One bank will only lend up to 80%, with a full valuation. If you want help navigating finances surrounding this purchase, contact me through my website.

At $827,000 million, a 20% deposit (at least $207,000 including stamp duty) could be affordable for those with household income of at least $170,000, probably down to $140,000 if it’s an investment.

If you have a 5% deposit (at least $83,000 including stamp duty), this unit could be attainable with household income of at least $200,000, probably down to $165,000 if it’s an investment.

Of course, these estimates are subject to so many things, which you can read about in my disclaimer.

What I love about Turrella

Close to public transport for easy commuting. It has its own station and is two stops from the Airport and a 20 minute trip into the city
Quiet, residential neighborhood with a community atmosphere.
Nearby parks and green spaces for outdoor activities.
Close to shops, cafes, and essential services.

Here's what the apartment offers

Two balconies.
Two bedrooms with built-in robes, master with ensuite.
Open plan living and dining area with access to a backyard.
Kitchen with stainless steel appliances, gas cooktop, and Caesar stone benchtops.
Bathroom.
Internal laundry with dryer.
Security intercom system and secure building access.
Small garden.
Direct street access.

Keep in mind ongoing costs:

Strata levies: $1,267 per quarter

Council rates: $280 per quarter

Water rates: $171 per quarter

Rental potential: Valuation models suggest a rent of between $750 and $920 per week, but I assumed $830 per week in my calculations. Vacancy rates and property management fees should be considered when evaluating potential investment income.

If you like it

Good luck with the inspection, this Saturday at 11.30am. Visit my website if you would like me to arrange your finance.