First PPOR: location location location?

[AsD19]

Hi all,

This is my first post, although I've been reading this informative forum for awhile.
Looking at getting some opinions about my first PPOR in Australia. First off, I've got a budget of high $500k's to low $600k (this would be stretching it though) and have been looking at various types of property.

I've got a few conditions which are required, place needs to allow animals (dog), ideally close enough to walk to a station (less than 1km) and take a maximum of around 30min to the city, 3 bedroom brick building and in a reasonably safe area. Given these conditions and my limited budget I understand that it will most likely be a small villa/townhouse at most.

I'm open to pretty much any area given the conditions above. I've been looking for the past 4-5 months to date and I've pretty much concentrated my search on the following suburbs. Mortdale, Penshurst, Carlton, Allawah and Homebush (area North of Paramatta road closer to North Strathfield station).

So my question is, out of these suburbs which would be the best to buy into? I've only seen a few duplexes come up in the Mortdale area which is around $640k, the other areas are villas/townhouses in this price range.

Also if anyone has suggestions for any other suburbs, that'll be good a well.

Sorry for the long post, any comments would be greatly appreciated.

Thanks

 

[Mick C]

Personal view.

Down south generally experience less capital growth than any another part of Sydney. Even thought it's quite close to the city;

Con's
- Lack of upgrade to instructure
- Lack of work hub/office corporate business
- Outdated buildings/streets/ property
- Developers just don't favor this area
- no buzz
- Atmosphere/lifestyle not as desired.

Of course there are some exception such as rockdale, Hurstville and campsie which has experienced massive growth in the last 5 years.

pro

- close to city
- Affordable ( within 30min drive to CBD)
- Good transport system

Overall it's an ok place to buy given your budget and requirements.
If you go north, inner west or east- you will be limited to units only.

----

Another places to consider for townhouses/villa within the price range of $500-600
- Carlingford ( close to some of the best schools, area is undergoing a lot of change and diversification + new units and instructure is popping up+ close to epping and parramatta...lastly a lot of mic-mansions are being built; increasing the average price of the area)

- Boarder of Homebush west ( close to SOP and parramatta- one of the tallest building in the west will be built in SOP; creating a lot of new buzz + increase demand....also SOP is growing rapidly )


Regards
Michael

 

[AsD19]

Personal view.

Down south generally experience less capital growth than any another part of Sydney. Even thought it's quite close to the city;

Con's
- Lack of upgrade to instructure
- Lack of work hub/office corporate business
- Outdated buildings/streets/ property
- Developers just don't favor this area
- no buzz
- Atmosphere/lifestyle not as desired.

Of course there are some exception such as rockdale, Hurstville and campsie which has experienced massive growth in the last 5 years.

pro

- close to city
- Affordable ( within 30min drive to CBD)
- Good transport system

Overall it's an ok place to buy given your budget and requirements.
If you go north, inner west or east- you will be limited to units only.

----

Another places to consider for townhouses/villa within the price range of $500-600
- Carlingford ( close to some of the best schools, area is undergoing a lot of change and diversification + new units and instructure is popping up+ close to epping and parramatta...lastly a lot of mic-mansions are being built; increasing the average price of the area)

- Boarder of Homebush west ( close to SOP and parramatta- one of the tallest building in the west will be built in SOP; creating a lot of new buzz + increase demand....also SOP is growing rapidly )


Regards
Michael

Hi Michael,
Really appreciate the reply. I am mainly looking in these areas due to the lower cost of entry, and although its not as good potential future growth it ticks the boxes currently.

Carlingford is an area that did cross my mind, however due to mine and my partners jobs in the city, public transport makes it slightly unfeasible. I have gone to look at some apartment and units in homebush West, but the quality of workmanship is questionable in some of the newer places. Is there a reason why homebush area seems to be fairly low in comparison to its surrounding suburbs, that'll Strathfield, Concord etc? My understanding is that it used to be a factory area but there are developments in the works for the area?

Thanks

 

[testingw00]

Have you considered looking at the Botanica estate in Lidcombe?
3 bedroom Townhouse/torrens title going for around $600-$630k.

 

[AsD19]

Thanks for that suggestion, I have looked at the ad before and will go take a drive around the area...

Out of curiosity where does it say $600-630k? The prices I saw are from $680k

Cheers

 

[testingw00]

Those are for off the plan. There is about one or two existing properties going for over $618k.

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2010228800

Check the sold sections on domain or realestate.com.au for the past sale figures.

 

[AsD19]

Cheers for that idea, I will have a look around the area tomorrow when I'm looking at the following properties, any thoughts on these?

http://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Homebush/?adid=2010239739 - looks like a fairly largish complex which isn't really ideal, based on the description it says its at the rear as the 25th unit. Price of $588k seems slightly on the high side based on other sale prices in the area?

http://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Homebush/?adid=2010229339 - Price was listed at $608k when it was first advertised.

Cheers

 

[big_head]

the suburbs in the postcode 2044.

The other suburbs mentioned are no comparison in my opinion given your requirements.

The 3rd bedroom will stretch the budget a little though....

 

[moyjos]

Why not rent where you want to live and buy an ip (or two) to get your CG.

Many more opportunities with that sort of budget.

 

[AsD19]

Big head, had a search in that area, it's really only units and apartments in that price range?

My intention was to have a place now that allows animals and has slightly more space (inside and out) while looking for an IP around 6-12 months down the line (which is why I'm trying to restrict myself to a lower budget, my partner currently has an IP that's being rented out). I understand that the areas I've listed aren't the best for CG, however at this stage it will mainly be a long term residence.

 

[big_head]

Look in Tempe specifically. No unit blocks. 2bdrm for your budget would be do able, the 3rd is the issue. Unless your happy to renovate at a later stage? Aircraft noise yes, but sound proofing fixes that.....also you are close to newtown, marrickville and 10 mins on the train and the city.

 

[devank]

- Boarder of Homebush west ( close to SOP and parramatta- one of the tallest building in the west will be built in SOP; creating a lot of new buzz + increase demand....also SOP is growing rapidly )

What is SOP?
Are you talking about the development near the Homebush Station? If it is then it is centre of Homebush not border of Homebush West.

I have gone to look at some apartment and units in homebush West, but the quality of workmanship is questionable in some of the newer places. Is there a reason why homebush area seems to be fairly low in comparison to its surrounding suburbs, that'll Strathfield, Concord etc?

Don't confuse Homebush and Homebush west (Flemington Station). It is about 20% difference. Homebush have lots of older units. Where as Flemington/Homebush West has lots of newer units.

You simply can't compare the convenience of Strathfield station to anywhere else in Sydney! Homebush & Flemington have 'slow trains'. You need to change at Starthfield or Lidcombe depends which direction you are travelling. Still if you won't have problem if you time it well. I live about 15mins (walk) away from both stations. Generally I can get to Parra in less than 45 mins (including walking).

Flemington used have higher 'small crime' rate mainly by drunken physically strong young men from certain community. I think they are all replaced by Asians now.

If you want to keep a dog then why are you looking at units in the first place?!?

Based on your requirement I will focus on Lidcome townhouses or villas.

 

[Aries]

I am new in property investing, so have yet to have wisdom to share.

I am guessing SOP = Sydney Olympic Park?

 

[Mick C]

yes SOP = Sydney Olympic Park.