First Home/IP in Inner West

hey guys/girls,

I have been reading this forum for a while and saving up for my first home and probably IP after i have lived in it for a while.....

I have saved up around 60K and get around 600K loan...

Now, i have seen 2 OP properties and for 600k mark i can only afford 1 bed, 1 bath and 1 car park - One of the development is next to Dulwich hill and another one is 1km away on Marrickville rd.....

My plan is to live there initially for sometime, use it to buy other places if i could and use it as a IP later...
I am a newbie so probably making a hasty decision but just wondering what do you guys think?

I guess i can always use the same money and buy a cheaper Apt - around 370k and buy a place further ( 2 Bed, 2 Bath) and live it on rent while i keep renting.....

So just wondering what do you guys think of OP 1 bed Apt in Inner west and if its a better option or i need to move further from city and buy something cheaper around west or Liverpool etc.....

In terms of risk, i can afford 600k as long as i see some growth and dont find it too difficult to put the place on rent if i want to and as long as it goes for 500/week (1 bed,1 Bath) rough figure
 
Inner west has moved a lot in recent times, so you may be entering at the wrong time of the cycle.

Nonetheless, areas like this are always going to be attractive and have pretty solid long term fundamentals.

If your intention is to get in and have a place to live - not a bad bet. If you have more specific goals in property, may like to consider how purchasing in Dulwich hill can get you there.

If you're a first home buyer, you can take advantage of grants/concessions to help make your 60k deposit go a little longer.

Cheers,
Redom
 
Hiya technoP

I don't profess to being an expert on inner West syd property prices but from what I can see - that market has already jumped quite quickly in recent times so I'm not sure if it's ideal timing for someone looking to purchase their first home.

Cheers

Jamie
 
Now, i have seen 2 OP properties and for 600k mark i can only afford 1 bed, 1 bath and 1 car park - One of the development is next to Dulwich hill and another one is 1km away on Marrickville rd.....

Instead of buying OP, what about an existing 2 bedder with parking in those suburbs for less than $600K?
 
With that deposit amount, i wont be able to get an existing property at around 600k.
If its OTP - i dont get any of the government grants hence the reason for me trying to buy the best i could in a good suburb....
Eventually my goal is to put it on investment but just not too sure if i am on the right track or just high...
 
With that deposit amount, i wont be able to get an existing property at around 600k.
If its OTP - i dont get any of the government grants hence the reason for me trying to buy the best i could in a good suburb....
Eventually my goal is to put it on investment but just not too sure if i am on the right track or just high...

I think you mean you do get the grants?

Note that its largely priced in - and that new stock often moves backwards before it moves forwards. Nonetheless, it does let you purchase at a higher price point given your deposit will be significantly higher with the grants in play.

Cheers,
Redom
 
would you consider an older unit?

you can buy 2br in 3 storey walkup for your budget (with a bit of change) in Ashfield.

or do you prefer the other side of inner west? there's a block in Concord, not far from Barnwell Park golf course, opposite a park, 2 units there went for early $500k in last 6mths ago, I drive past it a lot but the street name escapes me right now, it's on the small side but surely bigger than the 1br OTP. strata will be low, but it won't be shiny and may need a small reno job.

or you can buy a house on 500sqm block of land in west, Seven Hills, Lalor Park, Blacktown
 
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