I am slightly confused about the price of properties on the market in western Sydney where my partner and I are looking to by our first home. Here are the factors I am having issues with:
1. Are newer built houses worth more than older ones even if the older ones have been renovated (eg 7 year old house vs 30 year old renovated house) and if so will they always be worth more - i.e. say in 50 years time, one house is 57 years old and the other 80 years old, will they be worth similar or does it depend on how they have been maintained?
2. Land size. Taking the above into consideration, I have seen newer houses (5-10 years old) on blocks of approximately 400sq m, and nicely renovated older houses (20-30 years old) in the same area on blocks of 800sq m - 1000sq m for sale at about the same price. Which of these options would be better for capital growth as we would be looking to rent out this property after a few years and purchase another one?
1. Are newer built houses worth more than older ones even if the older ones have been renovated (eg 7 year old house vs 30 year old renovated house) and if so will they always be worth more - i.e. say in 50 years time, one house is 57 years old and the other 80 years old, will they be worth similar or does it depend on how they have been maintained?
2. Land size. Taking the above into consideration, I have seen newer houses (5-10 years old) on blocks of approximately 400sq m, and nicely renovated older houses (20-30 years old) in the same area on blocks of 800sq m - 1000sq m for sale at about the same price. Which of these options would be better for capital growth as we would be looking to rent out this property after a few years and purchase another one?