1.2m PPOR Inner West SYD

Hi everyone

We have plans to buy a PPOR House in Sydney's inner west the next 1-2 years. I wanted to get a gauge on PC's opinion as to whether our budget and wishlist aligns.

Max 1.2m budget. Our idea of the inner west stops at Summer Hill and Hurlstone Park. ie. not Ashfield.

Wishlist:
- Walking distance to a train station
- 2 bedrooms, 1 bathroom - big enough to fit a shower and bath separately
- North/east facing
- Minimum 150m
- Parking space.... (I know unlikely) or at least quiet street where there will be street parking
- Backyard, of course!
- Pretty much ready to move in without need for extensive reno

Is this feasible or am I asking for too much? Should we be considering a townhouse for the location that we want?

Thanks in advance

 

Stanmore, Petersham, Summer Hill, Leichhardt, Annandale, Marrickville, Dulwich Hill, Hurlstone Park

 

And a search on domain or re shows you....

 

Hi Chau

In 1-2 years we wouldnt know what will happen to the property, it might go down to a level that's feasible for you or it might pump up to a level out of your range.

Inner West seems like there's always a market for buyers.

 

Appreciate your thoughts Tony.

Just wondering if there’s a strategy that would allow us to get what we want.

Buy a place that needs cosmetic renos for 1-1.1m in the right location and have some work done to it?

 

It will depend on your cash reserves by the time you're ready to renovate.

Personally I would buy something that's a little older and renovate it myself as this will save me from paying a premium on a fully renovated property, save a little on stamp duty and also it will e renovated how I would like it. But then you might have the headache during renos.

By saying that, I've had clients that couldn't do it for the following reasons.

- didn't have enough cash to do it after settlement

- banked on the valuation coming back higher to draw equity out at a later stage, which it didn't.

While buying in the Inner west, surely you wouldn't go cheap on the finishes.

 

I do a bit of work in these areas. You're about $200- $300k short on budget IMO.

 

This will sell at auction on Saturday for $1.5 ish

https://www.realestate.com.au/property-house-nsw-summer+hill-133607894

 

What if we give up on having a car space?

Or do we forget the idea of a house and look at townhouses...

 

Bear in mind also, that in the Inner West, many properties in need of renovation will often sell for more than their renovated counterparts because buyers are prepared to pay a premium to be able to 'put their own stamp on it'.

 

I agree with @fols - what you want is not feasible in today's money.

 

​

What do you think is feasible if we wanted to stay in the inner west? Which of those criterias would you drop?

 

I would say 1.4 ish. Either way a lot more than 1.1-1.2.

 

Just a couple more minutes near that area is Earlwood.. you'll find something in your budget there.
Or else within the areas you mentioned you need at least 1.5.
Don't get a townhouse..strata etc.. get that house!

 

I'd drop the criteria of having $1.2M max to spend and get another $300K from somewhere

If that's not possible, then move 1 suburb out where prices are a little lower. Alternatively, drop off some of the other criteria like car space, move in ready, and so on, that you can live with long term.

 

I'd drop the criteria of inner west myself!
I know it's a very subjective matter, but for me personally, I don't see the appeal at all! Sure, you're close to the city, but other than that, livability is far worse than out in the burbs.

But do whatever makes you happy!

 

Try a little harder and pound the pavement, make some offers - if you stay home and ask for opinions on an internet forum, then good luck with the 'search'. And IMHO, there's noting wrong with the likes of Croydon and Burwood. 15 min to Central on the express train.

All of the properties below aren't ideal, but neither's your budget, so something has to give.

That being said, if you inspect enough properties, one seller may crack if your conditions are attractive enough.

https://www.realestate.com.au/sold/property-house-nsw-croydon-133395238
https://www.realestate.com.au/sold/property-house-nsw-lewisham-133483802
https://www.realestate.com.au/sold/property-house-nsw-tempe-133185530
https://www.realestate.com.au/sold/property-house-nsw-marrickville-133055446

 

+1

Surely there are buyers to whom Inner West appeals a lot but even with 1.4m budget;

1. Difficult to get a place which is walkable to train station. Anything more than 1Km is ~10 min which I wont call walkable. Train from Croydon takes 20 mins to Central so effectively its 30mins
2. DOnt think most places have a gragae, heck its a struggle to even fine a spot on street
3. Tiny to no backyard
4. If you have growing family with kids, you may need more space

This I'm saying based on my freind's experiece who sold his 2BR unit in Ashfield and bought a massive 4BR house with big backyard and pool in North Rocks and couldnt be more happy. He takes the Hills bus and the travel time has only increased by 5 mins. He actually prefers this as doing rounds to school with car becomes much more easy as compared to walk them.
Anyways to each their own! Good luck

 

Thanks, that's a constructive suggestion We've considered there actually but haven't looked deeply into it. It's a big suburb, with quite large price variances between streets. Might need to have a drive around to understand it a bit better.

Definitely going to pound the pavement Lacrim - just wanted to get some perspective so the pounding doesn't go to waste looking for a particular product only to miss out on other opportunities because our search was too narrow/impossible.

Interesting that the consensus seems to be house further away rather than a townhouse in the inner ring.