Investing $250k in Sydney?!?

[*Jade*]

Hi Jade

If you follow forecasts by those such as John Edwards from Residex then the Parra region is looking promising, given the planned infrastructure changes as well as the recent change in planning that's seen a height allowance increase (with at least one developer I've heard of stopping dvpt late last year to consider demolition to start again and put in a new DA) - I certainly would pick my areas carefully, as some streets are better than others. I'd also have a look at Westmead, due to the hospital and station setup there.

You could pick up a townhouse in Quakers Hill for your budget, but be prepared to spend time searching and negotiating hard

Good luck with your search and please keep us informed as to how you go!

Thanks Jacque - will also look into parramatta & surrounding areas. I'm a newbie at all this so all input is appreciated!

 

[twobobsworth]

Quakers Hill because I came across a very good deal.

I'm looking in this area at the moment. What type of deal did you get?

 

[BV]

2bob,
It was a rundown place on the new side of Quakers (bank repossesion)
close to high school.
The bank didn't want to spend any money to fix it so it sat on the market for a while
until I came along and brought it back to life...

I didn't spend much money to fix it, probably around $3K, the bank paid for the new carpet
the paint was good but we did a lot of cleaning.

I replaced the easy stuff i.e. rangehood, installed water mixers, shower heads
a couple of cisterns, cleaned the blinds, installed new fly screens, window locks, aircon,
picked up a hills hoist from ebay for $20 etc, etc.
We were there for a couple of weeks. I still have to go back to seal some corners.
It was rented a couple of days after settlement.
Lucky the REA was nice and he let me get in early.

Also, they had done some building work before so I got a good depreciation(approx $4.5K/year) so that's a big help too.
Scott from depreciator was great, he picked up on the building work so that was a bonus....
Cheers

 

[Highlygeared]

If i had $250K, i wouldnt be looking at anything less than a 2 bedroom unit. Hornsby is fine but personally, id go for a 3 bed house in outer sydney. just be careful, there are more reputable outer suburbs than some. The media loves bashing suburbs out that way and i think none of them have ever gone past parramatta. i live in inner west, soon East but Im no snob when it comes to investing.

 

[BV]

Ah I forgot, if you intend to buy and fix something
IMO your convenience and sanity is something you will need to consider.
I always say that if I had to do it again I would find something closer to my neighbourhood
but I never seem to find something of good value and close to home.

I don't have big regrets, but I found it annoying having to travel every weekend
and some week nights 30Km across Sydney. I must be getting old....

Ofcource once a reno is finished, the PM takes over and it's all good from then on...
Cheers

 

[Lambolica]

The Blacktown area and surrounds has properties in that price range, Mt druitt, or you caould look further west in areas around St Marys, Tregear(sp?) etc where a house and land can be had for well under 250k and revalue well with a minor facelift.

Would be a good place to start looking to get you started and into the market.

Cheers
Simon

 

[*Jade*]

Thanks for all the input guys - I shall broaden my horizon!

 

[Boost]

Hi Jade. I'm no genious at this stuff and still have a fair way to go, but I'd like to drop in my 2 cents worth. If you know that you can borrow around $250k to start with - I think you've got a fair deal. I bought my first Investment down the sout coast last year for $150k - it was my first and I could have done a bit better on the bargaining side I think (Live & Learn!), but the investment has worked in my favour so I'm still happy!

With $250k look at areas within 2hours of Sydney - don't constrain yourself to Sydney CBD - there area so many other CBD areas within the metro & 2 hours out of the metro. Food for thought - try Penrith, Mt Druitt, Blacktown, Guilford for Sydney areas - then grab a map and find where the 2 hour diameter is from Sydney. Character homes (e.g cottages) will always be better option as it sets it aside from the rest.

At one stage I was looking at units, but I hated the fact that there were so many and my was not unique in a city that is saturated with them - I found the unique ones were around the $400k mark or just not so easy to find.

Good luck. Oh & don't forget the laws of attraction!