Hi Tom, I'd be very careful buying in Sydney.... going by recent sales, that sort of budget is unlikely to work in areas close to parramatta including wentworthville, pendle hill, girraween and toongabbie.
Have you considered other cities?
Wow! R2 - may be the buyer has hope that zoning will change to R4?
Btw I am talking about 55 Patrick Street Btown.
Don't understand what you mean by being able to build >60sqm. From what I understand Btown council is very rigid.
Over paying a tad to secure a property doesn't mean much in the long term.
We overpaid $15k for one of our props in the rising sydney market... but by the time we settled, we were way ahead....and miles ahead now.