Where to buy 650K in Sydney

[monalisa]

You are right as its my PPOR, I wouldn't be selling in for a while but what I want to make sure is that I get good a house for the money spent and not a crappy old one.

Definitely. Don't buy something for the sake of buying. I think quality matters. What is the point of buying a block of land with uneven shape for example. You want something which will still be in demand regardless of the market (with potential for growth etc).

There is always demand for good properties.

Why don't you look at a block where you may be able to also put in a granny flat? The cash flow will help out with the repayments. It is another thing if you are OK to have that in your PPOR. Just a suggestion.

 

[write2abdul]

Thanks DT!

Sure, If I find the right house, I'm happy to strecth a little.

Considered increasing your budget?

At 130k gross income thats $1750 take home per week. If 40% of that was repayment that works out to be the repayments on $728K.

Possibly more if you have a partner who works?

 

[write2abdul]

Thanks Monalisa! Last week when I called the agent she mentioned its under contract but now back on the market now

write2Abdul - did you check out 11 Scott Street Toongabbie? I wonder why it hasn't sold still? Must have some issue. Appears it was advertised earlier this year too, and didn't sell.

 

[write2abdul]

Thanks for your suggestion!

Thats my plan. Take a property which has access to build a granny flat after 1-2 years

Definitely. Don't buy something for the sake of buying. I think quality matters. What is the point of buying a block of land with uneven shape for example. You want something which will still be in demand regardless of the market (with potential for growth etc).

There is always demand for good properties.

Why don't you look at a block where you may be able to also put in a granny flat? The cash flow will help out with the repayments. It is another thing if you are OK to have that in your PPOR. Just a suggestion.

 

[julie]

holsworthy

I'm looking to buy my first home to live in. Few details about me

• Living in Sydney and looking at buying around 650K
• Married and 1 kid ( 4 years and need to go to primary school in 2 years)
• Currently renting
• Paying 2200 rent per month(Happy owner). Have been paying for 2 years now
• Stable income around 130K
• Wife Not working
• Have deposit of 65K

Looking to buy with the following criteria

• House
• Budget of 650K
• 45 mins to central
• Good primary public school
• 5 mins walk to school
• 5/10 mins walk to station

Currently looking at Girraween/Toongabie/PendleHills/Quakers hill. Which other suburbs you folks suggest?

The houses in Holsworthy are lovely and on big blocks. The train is 40 mins to city and the local primary school is a selective school. Best of all the houses are $550k. If you prefer a brand new house look at Moorebank but it lacks the ambiance of Holsworthy.

 

[gcb160]

The houses in Holsworthy are lovely and on big blocks. The train is 40 mins to city and the local primary school is a selective school. Best of all the houses are $550k. If you prefer a brand new house look at Moorebank but it lacks the ambiance of Holsworthy.

Do you mean the primary school has an OC class? Students sit a very difficult exam to be offered a place in those classes and students from any area can apply. Where students live isn't taken into account so living close to a primary school with an OC class or a selective high school doesn't increase your child's chances of being accepted into that class/school.

 

[write2abdul]

Schofields

One of my Friend was suggesting me to look at Schofields and he was pretty confident I would getting a good house with big land under 600K.

Went there last weekend to check out and this house was on the market for 760K+

http://www.realestate.com.au/property-house-nsw-schofields-117358659

He's reselling with some reno done in 5 months. They bought for 560K in Jan 2014 and with little bit reno want 760K now

Another one wants 740K

http://www.realestate.com.au/property-house-nsw-schofields-117306679

What motivates anyone to buy in that suburb at that price with no infrastructure?? Just a very longgg investment??

Thanks DT!

Sure, If I find the right house, I'm happy to strecth a little.

 

[MightyWill]

One of my Friend was suggesting me to look at Schofields and he was pretty confident I would getting a good house with big land under 600K.

Went there last weekend to check out and this house was on the market for 760K+

http://www.realestate.com.au/property-house-nsw-schofields-117358659

He's reselling with some reno done in 5 months. They bought for 560K in Jan 2014 and with little bit reno want 760K now

Another one wants 740K

http://www.realestate.com.au/property-house-nsw-schofields-117306679

What motivates anyone to buy in that suburb at that price with no infrastructure?? Just a very longgg investment??

That first link has a lot of reno done to it; would of cost at least 50 - 100k of work and hard yards.

 

[MsAli]

We paid 100k more than we would have 6 months ago. Did annoy a bit. But you need to be willing to adjust your expectations fast. Fast forward 5 months, we aren't complaining...

Took me 9 months to buy the first home. Just remember, there is no perfect property!

 

[write2abdul]

Thanks MsAli! Yep would keep looking.

We paid 100k more than we would have 6 months ago. Did annoy a bit. But you need to be willing to adjust your expectations fast. Fast forward 5 months, we aren't complaining...

Took me 9 months to buy the first home. Just remember, there is no perfect property!

 

[write2abdul]

Hmm. Not sure the property is worth 760K though. I would think it would take atleast 10 years for Schofields to change from the current village setup to atleast compare it with Quakers hill.

That first link has a lot of reno done to it; would of cost at least 50 - 100k of work and hard yards.

 

[mumbai]

Schofields, I am not too sure, whether I would consider looking at your budget. You could definitely get something in Blacktown, Quakers, toongabbie, greystanes, before going that far.

 

[write2abdul]

Thats right I would shift my search back to those suburbs. Agents in Schofields have hiked up the price now for the growth in the next 20 years

Also, I was checking on the blacktown council map for the flood zone and most of Schofields is in the flood zone and hence the insurance would be high in addition to the high cost.

Schofields, I am not too sure, whether I would consider looking at your budget. You could definitely get something in Blacktown, Quakers, toongabbie, greystanes, before going that far.

 

[MightyWill]

Who is paying 760k for Schofields? Far out; what does this mean for houses within 15 km to the City.

 

[write2abdul]

I wish I could get a good house with land for 760K within 15kms to Sydney CBD

Schofields is 50Kms from Sydney CBD

Who is paying 760k for Schofields? Far out; what does this mean for houses within 15 km to the City.

 

[gcb160]

One of my Friend was suggesting me to look at Schofields and he was pretty confident I would getting a good house with big land under 600K.

Went there last weekend to check out and this house was on the market for 760K+

http://www.realestate.com.au/property-house-nsw-schofields-117358659

He's reselling with some reno done in 5 months. They bought for 560K in Jan 2014 and with little bit reno want 760K now

Another one wants 740K

http://www.realestate.com.au/property-house-nsw-schofields-117306679

What motivates anyone to buy in that suburb at that price with no infrastructure?? Just a very longgg investment??

Schofields has gone up in price a lot recently because it is in the North West Growth centre so there is going to be a lot of development happening there. I think it also has something to do with the Hills area becoming so expensive that people have been pushed out and are considering Schofields and Riverstone. People who can't afford The Ponds probably buy there as well. The other side of the North West Growth Centre is still pretty affordable and it is just as close e.g. Dean Park, Glendenning, Hassall Grove, Oakhurst, Plumpton even Ropes Crossing on the other side will be 5 mins from an entrance to Marsden Park when all the development is done. And then there are all those little traditionally undesirable suburbs where you could buy 2 houses for the price you will pay for one 10 minutes away.

 

[MightyWill]

Hmm. Not sure the property is worth 760K though. I would think it would take atleast 10 years for Schofields to change from the current village setup to atleast compare it with Quakers hill.

Yeah I think its a big crazy to be paying 760k for a house 50 kms from City.

 

[chilliblue]

yeah i think its a big crazy to be paying 760k for a house 50 kms from city.

^^^ +1.

 

[gcb160]

It's not uncommon for houses in Western and South Western Sydney to be that price or higher. It does seem silly to pay so much when you could live a couple of suburbs away and pay hundreds of thousands of dollars less. My parents-in-law are going to be building a new house at Stone Cutter's Ridge which is actually the suburb of Colebee. Their house will cost at least $200k more than what we have paid for our house at Ropes Crossing and they will only be living 12 minutes away. Their land is larger (440m compared to 375m) but their house is going to be smaller and because they are building a single storey their yard will actually be smaller than ours even though their land is bigger. They are in the same part of Sydney but are marketed towards different demographics.

 

[kamchatsky]

Schofields has gone up a lot because of the following factors:

- Existing train station with express train to city (50 mins)
- New town centre being built next to the train station.
- Schofields Road being widened linking Rouse Hill - Schofields - Marsden Park (where the future Sydney Business Park is located, including Ikea, Costco, Bunnings/Masters etc etc etc).
http://www.rms.nsw.gov.au/roadprojects/projects/sydney_region/western_sydney/schofields_road/
http://www.sydneybusinesspark.com.au/

- North West Rail Link (NWRL) last stop at Cudgegong Road is only 3 mins drive from Schofields.
http://nwrail.transport.nsw.gov.au/

- Schofields will be seen as Hills area once NWRL is completed, and you know how expensive is Hills area. People think Hills area has better demographic than other western Sydney areas. It is all about perception of the area.

- Potential for NWRL to extend to Marsden Park with stop at Schofields, meaning Schofields could become a mini Sydney Trains hub, bringing even more convenience:
http://northwestoptions.com.au/

I think Schofields has great potential. In fact, I bought an IP there earlier because of the factors above.

Have you seen the house prices at The Ponds? It is next to Schofields yet The Ponds is hideously expensive these days. Therefore people are buying Schofields because it provides much better value than The Ponds for lower cost.