Report comment

In Hurlstone Park NSW on “Demolition of all existing...” at 22 Dunstaffenage Street, Hurlstone Park:

Yiannis M commented

Steve, to satisfy your curiosity, I confirm that I am neither the developer nor know or are related to the developer.

I do however understand yours and the other opponents cynicism to New Generation Boarding Houses (NGBH) as I too was a cynic and a NIMBY until I took the time to dig a little deeper when looking for a better investment for some of my hard earned money.

I exited the residential property investment sector due to poor returns rising prices and being held to ransom by (un) Fair Trading and ridiculous tenancy protection regulations, which effectively hold a landlord hostage in their own property. Don't take my word for it though, just go to A current Affair for countless stories on how honest Mum and Dad investors have come off second best time and time again in the residential rental circus!

This brings us to the point of why would any self respecting investor want to provide / develop residential rental accommodation hence the supply demand equation resulting in the current cost of residential accommodation. Its only going to get worse unless a solution is found and the Govt has no answer to this hence they turn to the private sector for solutions via State based programs such as NGBH.

From a selfish point of view, I obviously was seeking to maximise my return on my invested hard earned money (crucify me for that!) but I also wanted my investment to be a win win scenario (if that was at all possible) as I have young adult children who are paying exorbitant rents and know first hand how hard it is for them to get onto the property ladder in Sydney.

During the research phase, I have not yet found a better concept than the NGBH where the investor / landlord, occupants / boarders and community (neighbours, local businesses) all benefit as the:

- developer / investor obtains a reasonable return on his investment (note: it is not a passive investment in most cases rather a business venture, as mum and dad investors generally run the smaller boarding houses);

- boarders pay a lower rent, max 2 weeks bond (as opposed to 4 + weeks) and electricity, water and internet are included in the rent. My kids currently rent a 1 bed unit in Hurlstone Park for $550 p/w they would be paying $300 approx for an inner west self contained room in a NGBH allowing them to save the difference towards their own home;

- community and neighbours benefit as the NGBH is regulated, is registered, has min 3 months accommodation agreements in place with boarders (unlike share homes and Air BnB in unit blocks, but that's another issue), cant be strata titled and sold off individually unlike unit blocks, local businesses benefit etc,

So Steve, lets get real, unless you're a charity and want to work for free or you are a messiah prepared to risk your own money for nought, then please advise of an investment option for me and many other Mum and Dad investors out there, that provides all of the benefits to all concerned that a NGBH does.

delivered to the planning authority

This form is for reporting comments that should be removed. Reasons can include that the comment is spam, abusive, unlawful or harassing — in other words, where people are going out of their way to cause harm. Please explain clearly why you think the comment should be removed.

This week

Find PlanningAlerts useful?

This independent project is run by a local charity, the OpenAustralia Foundation. PlanningAlerts is powered by small, tax-deductible donations from the people who use it to stay informed about changes to their local area. If you find it useful, chip in to support PlanningAlerts.

Back PlanningAlerts