PPOR: Holsworthy or ???

[sk280]

Hello All,

This is my first post on this wonderful forum.

I am a first home buyer with a pre-approved loan of 450K. In the process of shortlisting suburbs (B.T.W I currently live in Croydon, NSW), based on my budget and my requirements (below), I've decided to look around in the following suburbs (in that order)

1. Holsworthy
2. Toongabbie
3. Glenfield
4. Schofields
5. Seven Hills / Wentworthville

My requirements:

1. Close to Station (I work in the City, Wife works in Redfern, No Children)
2. 3 Bedroom House (or Townhouse, No Units/Semis etc, prefer single title)
3. Decent Schools
4. Tolerant Community (Am an ethinic immigrant)
4. No Reno's/TLc, Move straight in.
5. Interested in Capital Growth over time (medium to long term - 5+ Yrs)
6. Possiblity to sell quick (w/o making a loss, Conservative)
7. Might relocate temporarily to overseas (US/UK) after a few(3+) years

My queries:

1. Advice on suburbs chosen (with alternatives if any)?
2. Your opinions on each of the suburbs posted with your experiences will be greatly appreciated.
3. Any other first home buyer advice?

Thanks in advance.

Cheers,
SK

 

[perky29]

Holsworthy -
Lived there for 5 years between 1993 and 1998 in Gemas St - which was 15 min walk to the station and 5 min walk to Coles, 2 min walk to school. When we left we sold for 176k - its now worth over 400k (4 bedder). Try to look for a house around there , or at least close to the school and shops (which is even closer to the train station). It was a nice suburb in those days, I doubt its changed much.
Personally don't know enough about Glenfield to offer and opinion.
Schofields is still a bit rural , I would be looking closer to the Colebee area (with big land is possible) as when Greg Norman builds his estate there it will probably help values in the area.
Toongabbie and Seven Hills are good value areas. Seven Hills is prbably the cheapest of all the areas you mention , and has a train station (though there are lots of car break in's there) - Seven Hills probably also offers good "value-add" oportunities, but does have properties in the condition you require too...
Good luck with your house hunting !!

 

[sk280]

Hi perky29,

Thanks much for your reply.

1. How much can I expect to pay for a 3 bedder (no ensuites), 1 bath, 1 carport (no lockup garage) on a through road with 15 min walk to the station?

2. How are the schools in that area?

3. Any comments about the community there?

4. Any specific reasons why prospective investors and first home buyers alike are flocking to subrubs around paramatta and not in areas like wattle grove/holsworthy where its still affordable to buy houses with the direct rail line to city (east hills)?

Thanks, Please keep the replies coming, much appreciated.

 

[beachgurl]

I would go with Wentworthville or Toongabbie.

Both are suburbs that flow-on from Parramatta. As Parramatta becomes more unaffordable, people will buy in the above areas which will increase values. Parramatta is becoming the hub for some big businesses so the demand is increasing for properties in the area. The church st restaurant strip and Westfields are also big positives for the area over the others.

Wentworthville is more expensive than Toongabbie but also has more units and more migrants.

In comparison to the other areas you have listed, these have the most reliable and frequent train service. The Richmond line is pretty bad and outside peak hours, the train line to the south-west isn't great (pretty much all-stations trains that take a long time to get home).

 

[sk280]

hi beachgurl,

I understand the general perception in this forum for their preference to suburbs in and around Paramatta. Am curious to know why Parramatta would become more unaffordable? Is it because of its potential to become the hub?

Yeah I heard as much about the Richmond line, but if I were choosing Holsworthy, isnt the East Hills regarded as one of the best with its fast trains to City under 45 mins? Am curious why suburbs like Holsworthy, Wattle Grove, Hammondville etc are'nt deserving their due inspite of good proximity to motorways, shopping centers, excellent train lines etc. Any thoughts?

Thanks much for your reply. Appreciate all your replies.

 

[beachgurl]

Parramatta is becoming the hub for many large business and there are plans in place to further gentrify the area. Due to the efficient train service it is getting very popular for private and commercial property owners.

I have a friend that lives in Glenfield and she said that the train service is terrible outside of the express service times (ie after 6pm). While there are good motorways out there, the M5 is a carpark through the tunnel.

 

[sk280]

Whats your opinion on buying PPOR in Riverwood/Padstow/Revesby?

 

[perky29]

Ahhh Padstow Heights , know it well - my mother has lived there since 1974. Bought for 35k ... now worth perhaps 500k?
In my opinion , Padstow Heights (relative to other parts of Sydney) is as cheap as it will ever be. For an area that is 24k to the city , has Padstow train station 2-3km away , its at a good price.
But going on your price range, perhaps a little pricey.
I would steer away from Riverwood - too much housing commision.
Revesby is a good older suburb, tryo to find near the train line if you can (and its cheaper than Padstow).

 

[sk280]

Thanks for the info on Riverwood. Yeah seems like Padstow heights is not within 450K either, whats your opinion on Dundas?

If I were to choose between Dundas and Wentworthville, which would be a better option for capital gains in the long-term?

Happy new year to all!

 

[stumunro]

Ermington / Dundas are going through a bit of gentrification imo. Same with Carlingford. I've noticed this over the last couple of years, but alot more of late.