sydney market

[john doe]

Hi everyone,

My wife and I are just starting to look for our first IP (have a home we're paying off). We'd like to buy in Sydney, preferably the inner suburbs. We're looking for a price around $350 to $400k. We'd like to go for something with a bit of land (like a townhouse or terrace). But just from initial discussions with friends, everyone tells us we're mad if we think we can get something other than a unit for that price in any of the inner suburbs. I've also looked in the Domain for the past couple of weekends and have to admit, I can't find a single townhouse/terrace anywhere in the inner suburbs for that price.

Can anyone suggest any suburbs that we should have a look at. It's early days yet in our search so I'd really appreciate any opinions.

THanks in advance

John

 

[alpina]

hi john,

i think you will be hard pressed getting a house/townhouse in the inner suburbs for 350-400k. a rundown down terrace even is a suburb like redfern will set you back between 400-450k with the better stock being closer to 500k.

will be difficult getting even a new 2 bdr apartment in that price range though there are some good older style ones available from strathfield onwards.

we had similar aspirations as you when we started looking a few months ago but now realise that much more dollars are required in sydney if you want to be close to the city


good luck!

julie

 

[Homer J Simpson]

I agree close to the city all start at around the $550K mark except the condemened ones. Try to think outside Sydney, there are plenty of +ve cash flow properties outside the inner suburbs. I can't see any at the moment for houses at the $600K+ in the inner suburbs

 

[john doe]

Hi guys,

Thanks for your replies. By next year my wife and I will be able to buy in the $550 - $600k range (because wife starts working then). So I guess I'm also wondering if maybe we should not buy now but just wait until then. Any opinions?

Also, Homer J....any suggestions on suburbs to start looking at outside of Sydney that have good cashflow positive properties? Some friends of mine have recommended Newcastle, or down South.

THanks again guys.

John

 

[Homer J Simpson]

I have been buying in the Blue Mountains. But it really depends on your own personal criteria. The problemis is that if you are buying for good rental yield then growth is not so good. So really what is your investment objective? Have you read some of Steve Navra's post? He may have ideas that can help you now.

 

[john doe]

Yeh, good point homer J. Our long term objective is to acquire an unlimited number of IPs (& share in future) so that we can live off the passive income. I guess we're just trying to thrash out the path of how to get there at the moment.

John

 

[Jamie]

Originally posted by john doe
Hi guys,
Some friends of mine have recommended Newcastle,
John

Sorry John, you have been misled...

There is nothing up here worth buying at all... would be a waste of a journey just to look..

Jamie

 

[Glenys Shepherd]

Hello John

Why wait till your wife starts work? Perhaps you could buy in the Brisbane market now and when your wife starts work then you could consider buying another property.
Have you considered a Steve Navra seminar? Check out his web site. If anyone can help you to make some decisions, I am sure he can.
Good investing.

Glenys

 

[john doe]

Hi everyone

Thanks for your advice to date. It seems all roads lead to Steve Navra (either that, or you all get a commission from him ) I'll think about it.

Also, does anyone have a comment on the Southern suburbs of Sydney (around Miranda, Sylvania, Gymea, Oyster Bay). A lot of these suburbs are near the water. I'm thinking that the Northern Beaches of Sydney have priced out a lot of Sydney Siders...surely people will need to head towards the southern suburbs now to get close to water.

Cheers

John