Where to buy 1st home in sydney.

[camran12]

Hi i need your help and sugesstion to buy our 1st home.

We are very confussed where and which property we should look for.

We are currently living with our relative at pennant hills, NSW

We are sharing rent and other expenses with our relative.

I am currently working at Frenches Forest,

My income is 50K.

My wife works income is 55K, she works in city and travels via train or bus from Pennant hils.

I have 1 year old daughter and she starts going to child care.

We have Deposit = 40000

I prefer propety to be near station but that not a really big issue.

Please provide some sugesstions THANKS..

 

[marg4000]

Don't know Sydney that well so can't offer specific advice.

My advice is to organise your finance FIRST. No use setting your heart on a suburb and months later finding out you can't afford it.

Get on to your bank, or consult a mortgage broker to find out how much you can afford to borrow. Allow for your deposit and all costs, FHOG etc, which will give you the amount you can afford to pay for your home.

Once you have your budget in place, get onto www.realestate.com and start checking out suburbs. You will quickly find the areas you can and cannot afford. Look for areas that have convenient transport arrangements to your places of work. Look at what style of housing you want, and other amenties the suburb offers. You will also need to consider child care options.

I would think that being near a station or good bus service would be a great advantage. Access to good public transport would be good for future values also.

Good luck
Marg

 

[Qlds007]

I agree with Marg.

You will be suprised the variance in borrowing capacity between lenders and the last thing you want to do is find a place that you really like only for your Bank to say they will not go upto that much.

Once you have a borrowing capacity have a look at the varying options available to you such as fixed / variable rates, redraw / offset, provision of weekly / fortnightly repayments / costs of mortgage insurance etc etc etc.

A good mortgage broker can guide you through the maze on offer and assist you in your acqusition.

 

[twobobsworth]

What you can afford & borrow will impact dramatically where you will purchase.

Maybe look at buying something that you can add value to. Look around Thornleigh or Hornsby.

 

[Toseeyounice]

As everyone else has said, get the finance sorted first - rule of thumb for me at the moment is that every $100K borrowed costs about $750pm depending on loan arrangements. For example, if you use your $40k as a 10% deposit, and borrow the remaining $360k, mortgage payments will be about $2500pm.

As for areas, try somewhere like Dee Why, Cromer or Warriewood - transports not too bad to the city or Forest areas from there and you get to live by the beach. Or try a bit further out towards Hornsby.

 

[BV]

Camran12

I think that finding something on the Northern side and along the train line would suit you best but before you decide on where and what you will need to look at how much you can borrow.

If you want to be conservative with your spending you could go for a unit/townhouse and later on when you family grows and need more space you could buy something bigger.

Good luck

 

[camran12]

Any suggestion regarding North west suburb.
I am thinking to buy at kellyville ridge, quakers hills, riverstone, schofiled area.
The prices are bit expensive there.
Any recomendation.

 

[twobobsworth]

Transport is pretty crappy, even with the express bus from the ettamoga pub or the train line along riverstone & quakers.

 

[BV]

Any suggestion regarding North west suburb.
I am thinking to buy at kellyville ridge, quakers hills, riverstone, schofiled area.
The prices are bit expensive there.
Any recomendation.

I prefer Quakers Hill because of the schools, Uni, train station and car park.
That's a nice area IMO and there are other suburbs around but If you get on the train after Quakers you probably won't find a seat.
Some townhouses on the new side of Quakers are value for money IMO.
A coat of paint and a new carpet and you are way ahead.
If you can afford to spend a bit extra you could go Kellyville but it won't be any quicker to the City.
Cheers

 

[BV]

Transport is pretty crappy, even with the express bus from the ettamoga pub or the train line along riverstone & quakers.

Yeah transport to the city from there is slow.
Get on the train early and get a book or something to kill some time.
Transport will undoubtedly improve in the future but people will have to wait.

Camran12,
Parts of Seven Hills towards kings Langley (above Abbot rd) could be an option if you like the area.

 

[camran12]

I was speaking with real estate agent he told me quakers hill is a rough area.
Advise me to look some where kelley ville / rouse hill / riverstone / schofield.
Idont know any thing about that suburbs and dont know about future growth.
There is a plan for train station in rouse hill in future, dont know when.
The prices in rouse hill is bit high, over 500K. I dont want to borrow too much as 1st home buyer. Max 350 - 400K, But i like kellyville rouse hill area, is there any future potential there ? or any recommendation ?

Any suggestion.

 

[Jacque]

Hi Camran

Max $400K for a house isn't much, and certainly won't get you something freestanding in many of the suburbs mentioned so far in this thread. If you need to be near rail, however, have a good look at Seven Hills; it's close to Baulkham Hills shire and you can still pick up homes under $400K if you look hard enough.

Agree with the others about finance first- go and get it sorted and get pre-approval before you consider areas. Best of luck

 

[Jayro]

I think the agent that mentioned quakers hill being a rough area is talking absolute rubbish IMO. There is 2 sides to quakers hill. New side and Old side. BIG difference between the two. Old side is cheaper, "rougher", and obviously older homes. The new side is all nice new brick homes. very nice area but obviously a little more $$$.

The new side of quakers hill is VERY good buying at the moment IMO. Depending what you are after, but you will get a nice brick home with attatched SLUG or maybe DLUG if your lucky. Basically for a free standing house you will be looking at around $400k.

We have a 3 bed, 2 toilet, SLUG on about 560sqm block. Value is about $400,000 and the rent is $320/wk. Like others have mentioned suburbs like Baulkham Hill is lovely and some parts of kings langely also nice. Kellyville very nice part pricey. I think for these aeas you will be up around the $500k mark.

Hope this helps. Just my views on the areas anyway.

Jayro

 

[BV]

I was speaking with real estate agent he told me quakers hill is a rough area.

ahhh, your REA must be from another planet.

Seriously, if you check out the suburb profile on domain
you will see that the majority of the people there are young families with little kids.

Anyway, the area is not suited to your needs.
You should look for a unit up Hornsby way.
Cheers