danielm14

Bought 3 houses in Earlwood as an investment in October 2016, rented them out in the same month, there is a mixture of 2/3 bedroom houses that I am renting out at the moment.

I own similar properties in Marrickville (albeit smaller blocks) that fetch rent in original condition from 850-910 a week.

In Earlwood these properties that have bigger blocks also in original condition rent out at east 650-690 and no higher than that, I had a rental on the market for 2 weeks at 690 and the tenant negotiated to 640.

The agent when they sold me the property told me the rental yields would be around 700-750 at least, well sorry that did not happen. He then conceded to me (a slick agent from the area, most probably greek) that Earlwood is a low income area and not many people want to move to Earlwood and pay that money for a house rental.

The rent does not cover my mortgage repayments and I am always in arrears, although to be fair my property value is now worth $250k more than what I bought it for a couple months ago, so ill be selling them on to another sucker.

Dont believe the hype, its not a fantastic area, I read that someone called it a "hidden gem", i think there is a reason why it was hidden, its a pretty shoddy suburb with no amenities and the recent developments of caffes in the area (thanks to inner west culture) probably wont last long as I dont think the residents can afford a $5 coffee.