just relocated to Sydney.. where to start!??

[Edmond Dantes]

Dear somersoftians,

I've relocated to Sydney as part of my job commitments and starting to think about expanding my multithousand dollar portafolio.

I'm currently staying in bankstown. I know, I know, it probably doesn't have the best reputation from what I've heard, but it's so convenient: walking distance to the station, big shopping centre, etc. The apartment I'm staying is quite nice and can't complain paying $200 /week in rent ! ;-). Long story cut short: a gentleman stays here only 2 days a week, so that's why I'm paying cheap. I hardly see him. No lease, no bond, no worries.

few questions:

- I'm interested to know why someone would spend $500k on a property where you can buy 2x250k properties in brisbane?
- I'm looking to buy something up to $350k. My only requirement is that it needs to be close to the station. I haven't organised loan, etc... just want to get my head around suburbs here first. What do you recommend?
- I'd prefer house, but I've seen units around this area (Wylie park,Punchbowl, bankstown, lakemba) that are less than $300k and have a decent yield. There seems to be lots of stock available. I know that they're not the best suburbs but if you get yourself a decent PM and a good insurance, you should be able to get decent tenants.

any areas that you know that will fit my criteria (<350k, prefer house but will check high yielding units as well)?

thanks

 

[HappyCamper]

For houses under $350k near the train line, have a look at Blacktown and Quakers Hill. Don't think you'll get cash flow neutral though. Can't comment on apartments.

 

[mja]

You could easily get a house in Granville with change left over for $350k. There are plenty of bargains in Sydney - you just have to find them.

 

[13910]

You could easily get a house in Granville with change left over for $350k. There are plenty of bargains in Sydney - you just have to find them.

Agreed. Granville would be where I'd be looking. It's not a place that everyone would invest, but given the other areas you've mentioned you seem opened minded enough for it.

It has the benefit of being an interchange for the Campbelltown line, so nearly every train west from the city stops there. It also means it's services by one more line than Bankstown.

There are better suburbs around it - Harris Park, Guildford etc - but that's reflected in prices.

Cheers
Greg

 

[r2d2]

For house, anywhere after Blacktown in the west or after Glenfield in the south west.

For units, there are plenty of suburbs. Some of the suburbs around Bankstown like Lakemba and Wiley Park has the highest yield in Sydney. And if you look hard enough, you can buy two with your budget.

 

[Jacque]

I'd second the Parra and Blacktown areas, but be picky on locations as some streets and blocks are superior to others

Happy hunting!