Studio or 1 Bedroom - Under 300k (Syd)

Discussion in 'Where to Buy' started by tempura, 30th Jul, 2014.

  1. tempura

    tempura Member

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    18th Mar, 2010
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    Location:
    Sydney, NSW
    We've been looking for a unit for my mom to stay in.

    Budget is under 300k.

    Being Asian descent, I would prefer to put her in a suburb where Chinese/Cantonese would be either the majority or 2nd biggest group of the ethnic group. This is purely for her to be able to blend in easily to the community.

    My first question is: Do you have recommendation for which suburb/s in Sydney that suits that criteria?

    I understand that there is only few search hits return with cost < 300k and even so, it is a very small unit; most of them are ex serviced apartment.

    My second question would be: what is the plus and minus of purchasing serviced apartment?
     
  2. superAndrew

    superAndrew Member

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    Location:
    Brisbane, QLD
    You have to look at it from to perspectives:

    1. What is better suited for your mum
    2. What is better suited as an investment

    The serviced apartments might be better suited for your mum.

    From an investment point of view the 1bed unit would be better compared to the studio and the serviced apartment.

    Then you also have to consider your budget. A 1bed unit for 300k will be hard to find in Sydney.

    Cheers

    Andrew
     
  3. EN710

    EN710 Member

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    Re Chinese/ Cantonese - there are several come to mind, but you'll need to times your budget 1.5 to 2x that...
    - Hurstville, Strathfield, Burwood, Chatswood
     
  4. Spades

    Spades Banned

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    Hi tempura,

    Cabramatta?

    Cheers Spades.
     
  5. bobby85

    bobby85 Member

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    Enfield
  6. bobby85

    bobby85 Member

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    Actually, if location and community is so important to mum/mom, you should consider renting and buy elsewhere for investment...

    BUY
    $300,000 (if lucky): 5% interest = $288/wk based on 100% loan
    Strata = $34/wk based on $450/qtr on a 1970s walkup unit.
    Water = $13/wk based on $170/qtr
    Council = $21/wk based on $280/qtr in Burwood
    Stamp duty = about $8000 for that first year of owning.

    Total weekly expenditure on owning = $356/wk not including stamp duty, other buying costs, repairs and blah blah.


    RENT

    http://www.realestate.com.au/property-unit-nsw-burwood-413704615
    $350/wk and youre in da hood
     
  7. tempura

    tempura Member

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    18th Mar, 2010
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    Location:
    Sydney, NSW
    $356/wk vs $350/wk .. would choose $356 at anytime because the property will be mine, whilst the other scenario i am paying for someone else's mortgage.

    can i throw you guys another quick question? i know it's been mentioned over and over again in other thread in this forum.

    I have seen heapssssss (and i mean heapsss) of Waldrof Apartments being sold in Sydney.

    My options are as follow:
    1. Granville area (near station): < 30 sqm and not a service apartment.
    2. Rosehill area (near station but not quite as convenient): < 30 sqm and a service apartment.
    3. Pennant Hills area (10 mins walk to station): < 30 sqm and a service apartment.

    If I could ask your opinion and suggestion to list them in order of your preferences please?

    I know it sounds stupid but just wanted to hear it from you guys.
     
  8. beachgurl

    beachgurl Member

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    If there are heaps on the market it probably means they are very difficult to sell. When you do decide to sell you will be in the same position.

    Have you looked at comparable sized properties close by to those buildings (you may not find any as these are exceptionally small). You may find that those places are overpriced for the area.
     
  9. Redom

    Redom Mortgage Broker

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    Location:
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    Note that it is typically more difficult to get financing @ high deposits for serviced apartments. Can easily go to 70% with a large pool of lenders, but options will be limited for any more.

    Given the finance constraints, the demand for these securities fall reflecting in a cheaper price.
     
  10. Rolf Latham

    Rolf Latham Member

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    Confused = Sydney, Brisbane and Gold Coast
    and hence the apparent "great" yield.

    ta
    rolf
     
  11. Gockie

    Gockie Life loving Big 4 Banker

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    Location:
    Northern Sydney
    Live in Eastwood, Epping, West Ryde, North Epping.... West Ryde you could get 1 bedder for $350k if you buy well