450K where to buy in sydney?

[menty]

I have been looking for a few weeks however cant seem to find any properties that are within my price range. Everything still seems to be overpriced at the moment.

I have looked at both houses and some units and there seems to be the first home owner who wants it as a PPOR.

Where are some other locations I should be looking at for decent CG? Ashfield seems to be too overstaurated with units, and areas around Lidcombe, regents park, sefton seem okay ish for houses. Where are the high rental demand areas?

What do people think of Birrong and sefton? There is a good selective school at Sefton which would be a plus.

 

[JohnHenry]

Lidcombe sounds good mate, it has frequent train to the city CBD area, so it is a good choice for living or as IP.

 

[jjestate]

it would depend on what do you really want to buy and what you want to be close to. It not overpriced but it is the Sydney's prices and it not likely to be cheaper in the near future.

Assuming you want for living 2b+ then $450,000 may get you something that okish in the west (lidcombe is an option), but for faster potential in growth value invest $450,000 can get you a new/newish 1b apartment IP thats 10kms within the sydney CBD, fairly low vacancy rate there you can usually rent it out for at least 5% to 5.5% rental yield.

 

[JohnHenry]

...........but for faster potential in growth value invest $450,000 can get you a new/newish 1b apartment IP thats 10kms within the sydney CBD, fairly low vacancy rate there you can usually rent it out for at least 5% to 5.5% rental yield.

Yes that sounds like a plan, but does bank (the big4) usually lend us for a studio ? with 90% LVR IO loan?

 

[Shahin_Afarin]

Hi John,

Just be careful with the strata charged on some of those properties. The rental yields are not so attractive when they have really high strata costs.

To answer your question - lenders assess it on a case by case basis.

Before applying for the loan - get the lender to confirm the specific property address. There is a list of properties in which lenders do not touch.

At a high level they look at if it includes a kitchen, bathroom, living area, etc. Property living area is a minimum of 50 years (excluding balconies).

Regards

Shahin Afarin
Property Finance Consultant

 

[Rolf Latham]

Yes that sounds like a plan, but does bank (the big4) usually lend us for a studio ? with 90% LVR IO loan?

um no..............

u may get Comm to come to party but I reckon the balance wont like it

ta
rolf