Where to buy in Sydney 2014?

[aazarak]

Hi everyone

I am looking to purchase my first property and as I am from Sydney am looking in the area.

I plan on renting out the property for the first 2-3 years and then moving in or selling to upgrade depending on my financial and family position at that time. So I am looking for something with reasonable yield and good prospect of short term capital growth.

Because I work in the city I am trying to look within 15 kms from the city and have been looking in the inner west (north strathfield, marrickville) and lower north shore area (lane cove, artarmon) for a 2 bedroom apartment.

My budget is in the mid 500K mark and I have found that it is increasingly difficult to find property in this range. That meets my criteria.

Would it be better to look further west or south for a house with land in areas such as liverpool, campbelltown, riverstone, penrith and look for better yield, or stick with the search closer to the city or is there another option that is better for my situation?

Thanks in advance for your advice.

 

[Speedracer]

Hi everyone

I am looking to purchase my first property and as I am from Sydney am looking in the area.

I plan on renting out the property for the first 2-3 years and then moving in or selling to upgrade depending on my financial and family position at that time. So I am looking for something with reasonable yield and good prospect of short term capital growth.

Because I work in the city I am trying to look within 15 kms from the city and have been looking in the inner west (north strathfield, marrickville) and lower north shore area (lane cove, artarmon) for a 2 bedroom apartment.

My budget is in the mid 500K mark and I have found that it is increasingly difficult to find property in this range. That meets my criteria.

Would it be better to look further west or south for a house with land in areas such as liverpool, campbelltown, riverstone, penrith and look for better yield, or stick with the search closer to the city or is there another option that is better for my situation?

Thanks in advance for your advice.

I think Rockdale and Kogarah may also have good opportunities. Not inner city but close enough.

 

[Propertunity]

My budget is in the mid 500K mark and I have found that it is increasingly difficult to find property in this range. That meets my criteria.

You're looking in the right areas in my opinion. If $550K does not cut it - then rethink your criteria downwards, move 1 suburb futher out, or get more money.

 

[Television]

Plenty of 2BR apartments within 15km of the city for around 550k.

I'd be aiming closer to work for sure (vs. land out west), based solely on my experiences as a commuter. 1-1.5 hours each way gets pretty old, pretty quick.

 

[datto]

Aaz Have you checked the various websites that sell property eg domain or real estate. They have a search criteria where you input how much you're willing to pay AND you can check every suburb in Sydney!

They are absolutely amazing sites. In fact you'd spend less time looking for your answers there than you would do waiting for an answer on a property forum.

 

[aazarak]

Thanks for all your advice guys.

I have been looking on the proeprty search websites for a long time and have found that all the 2 bdr properties closer to the city advertised around the 500-550K mark sell for closer to the 600K mark or have high strata of over 1,100.

Which of the areas do you guys think are established for better capital growth in the next 2-3 years?

 

[frankhuang1984]

Consider your budget, try Homebush (not Homebush West). it is very close to Strathfield. Almost meet your criteria_Inner West. Rental Yield is good as well.

 

[gronk007]

As someone who previously lived in the Nth Strathfield (Strathhaven to be precise), Concord, Strathfield belt I'm not sure if this area represents much value as an IP.

There is an absolute plethora of supply in this region, and whilst you might get CG albeit in a hot Sydney market, some of these complexes have 200+ units that you are competing against for the rental dollar.

Just my two cents worth. Lane Cove in terms of supply is very similar, but the units are very old around there, not much depreciation to be had in the oldies there.

I always have a soft spot for Ashfield north of the rail line, or even Summer Hill if the $$$ fits (lived there as well).

 

[mgs4]

Perhaps around Harris park, cheaper than Parramatta but good surrounding infrastructure and industry, reasonable time into the city on public transport. Fairly affordable at the moment with better yields than most of the rest of Sydney.

 

[mgs4]

Also on this topic what are peoples views on the housing profile that will do well this year. Eg last year the inner west was a stand out but most of those levels now have priced out first homer buyers and would have investors thinking given almost all are significantly cash flow negative.

Do some think that the better opportunity this year is most affordable stock in western Sydney that is affordable to first home buyers, has better rental yield available for investors? Eg places like Penrith, Blacktown, Granville etc.?

 

[gronk007]

Hi everyone

I am looking to purchase my first property and as I am from Sydney am looking in the area.

I plan on renting out the property for the first 2-3 years and then moving in or selling to upgrade depending on my financial and family position at that time. So I am looking for something with reasonable yield and good prospect of short term capital growth.

Because I work in the city I am trying to look within 15 kms from the city and have been looking in the inner west (north strathfield, marrickville) and lower north shore area (lane cove, artarmon) for a 2 bedroom apartment.

My budget is in the mid 500K mark and I have found that it is increasingly difficult to find property in this range. That meets my criteria.

Would it be better to look further west or south for a house with land in areas such as liverpool, campbelltown, riverstone, penrith and look for better yield, or stick with the search closer to the city or is there another option that is better for my situation?

Thanks in advance for your advice.

Hi Aazarak, how did you end up going?

 

[belvoir]

My picks this year would be:

Belmore
Punchbowl
Lukemba
Bankstown
Beverly Hills
Riverwood
Greenacre
Belfield
Roselands

They haven't been crash hot but these pocket of suburbs are surrounded by suburbs like Burwood, Peakhurst and Penshurst which are all pushing really high.

There is a negative stigma with the above mentioned suburbs (middle eastern troubles) but there are some very nice pockets that will improve as the areas gentrify and more people recognise that property in those areas are cheap.

You can still secure a liveable house for around $650k or a top of the line unit for $550k (3 bed 2 bath 2 car).

 

[cadence]

For yow budget and if you want 2BR,best bet is older style units. Suggest you check out lane cove, Concord, north Strathfield, GladesVille, Arncliffe, Pagewood.

 

[FelixL]

My view is sydney is more or less fully appreciated, even a bit on the side of over valued. Lots of foregn buyer looking to park their money so not too rational on the commercial value.

rental yield is dropping while supply is picking up, rate is on the upward side of the cycle plus the ticking timebomb of the chinese property bubble...

perhaps outer west like mt druitt, penrith there might be more opportunity

 

[Mick C]

My picks this year would be:

Belmore
Punchbowl
Lukemba
Bankstown
Beverly Hills
Riverwood
Greenacre
Belfield
Roselands

They haven't been crash hot but these pocket of suburbs are surrounded by suburbs like Burwood, Peakhurst and Penshurst which are all pushing really high.

There is a negative stigma with the above mentioned suburbs (middle eastern troubles) but there are some very nice pockets that will improve as the areas gentrify and more people recognise that property in those areas are cheap.

You can still secure a liveable house for around $650k or a top of the line unit for $550k (3 bed 2 bath 2 car).

^ good list, i would add the following to the list as well;
- St Marys
- Penrith
- Liverpool
- Lalor park
- Auburn
- Merrylands
- Fairfield
- Kingswood
- Mt Druitt

 

[datto]

Carramar

Warwick Farm

Lurnea

These places are still cheap and a good buy IMO (of course)