First home buyer-property below $390K in Sydney?

[FHBUYER]

Hi All

I was wondering if anyone can provide some advice. I live in Sydney and work in the North Ryde area.

Im a first home buyer eligible for the First Home Owner grant. Ive got the bank pre-approval and my limit for buying a 1-2 bedroom unit/townhouse is $390 000. Preferably near public transport and shops (but I also have a car to drive and park at a train station).

Ive been looking at units in the Parramatta/Merrylands area but having trouble working out which streets are safe and which streets to avoid (Im a single female)

I was also wondering, as I am in a tight budget of $390 K ,what OTHER safe suburbs to buy property in? I work in North Ryde (so a travel time of 60-90 min by public transport is fine)

Thanks in advance

 

[Spades]

Hi FHB,
Maybe look at Harris park/Granville...Widen the target areas also.
Cheers Spades.

 

[Garryprop]

Yeah and I'll agree with Parramatta/Harris Park area. One next to the transportation hub is always good for long term, in case you job moves to another suburb.

Otherwise, if you are looking for 1 bed, take a look around Meadowbank and West Ryde the older style units may be within the budget.

Good luck!

 

[fokas]

Have you considered focusing on buying a unit that doesn't focus on what you would prefer to live in, but rather buy from an investment perspective, to then live in it for the min of 6 months to satisfy the FHOG requirements, and then rent elsewhere in your preferred suburb?

 

[MsAli]

Only brand new OTP properties allow for FHOG. Are you aware of that?

 

[Spades]

Good advice fokas...Always 2 sides of the coin and more ways to skin a cat.
Cheers Spades.

 

[Spades]

Only brand new OTP properties allow for FHOG. Are you aware of that?

I aware of new props for FHOG....Not that i'm an advocate of OTP.
Though if you buy right and can see past the fog,it can pay off.
A friend of mine just saved himself 40k,FHOG,No stamp and 10k builders discount.
At first i thought he was crazy but where he bought,imo it will payoff.
Cheers Spades.

 

[FHBUYER]

Thanks all for the quick responses
Im aware of the FHOG requirements on the apartment needing to be brand new OTP

Yes I should have mentioned that I do plan to live in it for a minimum of 3-6 months then rent it out. So I am considering it from an investment perspective too. So any more suggestions of suburbs for this purpose would be great too

Also Spades, can you please tell me why some people may not advocate an OTP apartment? Other than the fact that you cant get a 'real feel' of the actual apartment you will end up getting? Also that you cant move in straight away?

Thanks all

 

[monalisa]

why some people may not advocate an OTP apartment? Other than the fact that you cant get a 'real feel' of the actual apartment you will end up getting? Also that you cant move in straight away?

There is a fair bit of discussion on this on the forum - just search for OTP.

 

[Aaron_C]

Also Spades, can you please tell me why some people may not advocate an OTP apartment? Other than the fact that you cant get a 'real feel' of the actual apartment you will end up getting? Also that you cant move in straight away?

Main issue is finance.....what you pay for it today may not be what it's worth 2 years later when there is completion.

 

[FHBUYER]

Main issue is finance.....what you pay for it today may not be what it's worth 2 years later when there is completion.

thanks that would make sense

 

[WattleIdo]

Hi FHBUYER,
not sure if you've already bought something yet. I highly recommend Harris Park for a single female - like me. It's pretty safe there. I was looking around the same areas when I first bought back in 2007. I've done really well out of my little 2 bedder there.
There are issues with rubbish and mattresses etc but it's generally safe and friendly and is super under-rated - though I think that's starting to change.
Lots of people want to rent there. You can even afford to be fussy about who lives in your flat.
It's ridiculously close to Parramatta so you have HP station, Parra station and Granville just down the road. Then there's the river, the park and RoseHill racecourse.
Which road would you choose to get to the city? M4/Parra Rd, Victoria Rd or Penno Rd?
University of Western Sydney or Granville or Lidcombe TAFEs? Maybe further west? It's so easy to get around from Harris Park.
On a Friday evening when you get home from work, ring your favourite Indian restaurant for some takeaway and then take a short stroll to pick it up. Yum.
The whole area is great - including Merrylands, Granville and all those places which are currently less glamorous. You can be one of the ones to bring the glamour! All the best.