Sydney ppor now ?

[eyespy]

We're thinking of buying a ppor in Sydney's eastern suburbs. We currently live in a unit there and whilst it is still ok space wise, at some stage In the future we may need something larger. I'd like your opinion on what you think, should we buy now ( market is hot, very hard to buy) or wait a few yrs ? We combined have 4 investment properties and if we don't buy the ppor will look at another investment (most probably in another state that hasn't boomed as much)

Personally I feel the sydney market has a year or 2 left of steam.......I would have preferred to have bought ppor a year back but can't turn back time. Thinking if I wait then may have more bargaining power later.......and our investments would have grown more so more money to put to the ppor.

Thanks

 

[Propertunity]

should we buy now ( market is hot, very hard to buy) or wait a few yrs ?

Why would you want to wait a few years just so you can pay a lot more?

The market is hot, but we are successfully buying there most weeks. Maybe you need to upskill?

Personally I feel the sydney market has a year or 2 left of steam

Personally, I agree with you

 

[monalisa]

We just bought a PPOR for build near Parramatta.

Market has been too hot here - with little stock.

How we managed it was by building a good rapport with a local agent, who called us the day before the property was meant to be put online. We knew exactly what property we were after, so we were able to strike quick.

I think key is being sure of what you are after.

We are pleased with what we have purchased, it ticks of the key things we wanted, in terms of size, frontage, location etc. We have paid top dollar for it - however, given the lack of similar sized blocks, we think we did alright. If it had an open home, it may have sold for 5% more than what we paid.

You will definitely have to pay more than a year ago.

Here is hoping there is another 1 to 2 years to go!

 

[FelixL]

We had tried to purchase a PPOR last year in the Hills area. Got hammered badly by the hot market. Each inspection has like 100+ people and before had a chance to ask agent the offer already went up $100k above the asking price...

Back then thought the market can't go higher, so going with my normal investment logic (fighting against irrational home owners, rental yield low), decided to wait. Look at the price now!

Another thing about buying own home is how picky it gets, had to have this and satisfy that, and then some X factor feeling. So missing out on a dream home is painful and hard to come by again

Lesson learnt, buying own home is very different beast to investment. As long as one can afford it and found the place thats got the chemistry, then pay whatever the market price for it

 

[XMW]

Lesson learnt, buying own home is very different beast to investment. As long as one can afford it and found the place thats got the chemistry, then pay whatever the market price for it

Totally agree with above point, as PPOR is the place you are going to enjoy for the next 10+ years for most of us and usually you will need to fight and pay top dollar for that.