Where to buy the family home?

[Proper_T]

Hi Guys, just wondering if anyone knows any good suburbs to buy a 3 bedroom house under 850k in Sydney's inner west?

Also considering other places besides the inner west - about 40min max from Sydney CBD - preferably close to a train station.

Been looking at heaps of areas but nothing appealing as yet. Wanted something with a new look. Not into the old houses.

Any ideas?

Thanks!

 

[Liberator]

Hi Guys, just wondering if anyone knows any good suburbs to buy a 3 bedroom house under 850k in Sydney's inner west?

...

Wanted something with a new look. Not into the old houses.

Maybe try Tempe. I believe this house sold for $840K: http://dayandhodgson.com.au/properties/recent-sales/13-terry-street-tempe/
The agent told me that "most people looking in Tempe want an older 'character' style home" so you might have less competition on the newer build ones?

 

[Proper_T]

Thanks for that link, will take a look in Tempe

 

[devank]

Homebush west or North Strathfield if you are lucky.

 

[Proper_T]

Thanks for that!

 

[klassen]

Bexley.
Eastwood.
Berala.

Main roads in select areas scattered over the inner west if lucky.

 

[spanna]

I’m contemplating the same question, but not in NSW. The question has now become when to buy the family home ? Should one overindulge on a house they know they will be happy in for a long while in a nice area if it impedes future borrowing capacity for IPs. Or should I buy the family home with my investment hat on and stick it out in a less desirable location / cheaper house for a few years.
Thoughts?

 

[Liberator]

I’m contemplating the same question, but not in NSW. The question has now become when to buy the family home ? Should one overindulge on a house they know they will be happy in for a long while in a nice area if it impedes future borrowing capacity for IPs. Or should I buy the family home with my investment hat on and stick it out in a less desirable location / cheaper house for a few years.
Thoughts?

I would imagine a lot would depend on answers to questions like...
What are your goals and priorities? How old are you? How big is your family and are you planning more children? Is your earning capacity going to rise significantly in future or plateau? Are you likely to live in the one PPOR for decades or move around? What is your risk profile? What is your attitude to money in general (eg saver/keeps to budget/splurger)? What does your partner think? Can you discuss money issues together?
Does 'overindulge' mean you are stretching to meet mortgage repayments even while interest rates are so low, or just that you are spending more to get a 'nicer' house/location but it's still affordable for you even if interest rates go up?

But I think the first question is probably the one to really nail down...

 

[spanna]

Well we are young, no kids but probably pretty soon, so that will mean down to 1 wage for a while, that wage is going to increase progressively over time though and is currently 100K +

Sometimes my investment brain kicks in.... other times my heart kicks in and says life is for living.....

 

[Liberator]

Well we are young, no kids but probably pretty soon, so that will mean down to 1 wage for a while, that wage is going to increase progressively over time though and is currently 100K +

Sometimes my investment brain kicks in.... other times my heart kicks in and says life is for living.....

Le sigh. I can definitely empathise with you for the heart-brain tug of war...
Sorting it out all comes back to figuring out your goals and priorities! Then you'll have your answer.

 

[heroine]

If you want to stay there for 5+ years, you'll need to look into schools /public / private / waiting lists etc.

If you don't then I would put my investor hat on. Also keep cut offs for stamp duty exception etc in mind (if that applies in nsw)