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500k budget NSW

Discussion in 'Where to Buy' started by cluelesslucy, 24th Jun, 2016.

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  1. cluelesslucy

    cluelesslucy Member

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    22nd Jun, 2016
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    NSW
    Hi forumites :) if I can pick your brains again, what would you do if you had 150k deposit, 500K budget(based on borrowing limits) and want to step into the property market. Prefer NSW as I'm in Sydney at present. It would probably be IP as we can't afford a house that suits us at this budget. Looking for longterm gains as we're in our 30s.
    Thanks again
     
  2. Mumbai

    Mumbai Well-Known Member

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    If it's an IP, I would rather recommend it NOT be in Sydney. There are good deals outside NSW.
    Brisbane still hot, Adelaide gets a lot of attention from investors.
    But, if really have made your mind for Sydney, then look for older apartments with no more than 6 in the building , with no lifts, pool and large garden to maintain. The aim is to make sure strata is as low as possible. Units closer to public transport and shops are preferred.
    If you are happy to beyond Sydney but in NSW, @BuyersAgent could probably help you.
    All the best.
     
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  3. JDP1

    JDP1 Well-Known Member

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    I would agree with this...except adelaide as i dont think it has the economic fundamentals yet.
    Brisbane and Melbourne yes.
    500k just doesnt go that far in sydney as we all know.
     
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  4. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Thanks @Mumbai yes there are plenty of options once one looks outside of Sydney. No too many good quality freestanding home in Wollongong under 500k anymore but still around if you know where to look. Further out is an option too but need to be careful to pick the high demand areas.
     
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  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Location:
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    Good buys of $450-500K for house on land to be had within 1 - 1.5hrs commute to Sydney. Wollongong to the south, Blue Mountains to the west and Central Coast and Newcastle to the north. Alternatively, if you want to stick to Sydney, a unit in the fringes - Liverpool etc. Just need to be careful of selection criteria (although this applies with all purchases at anytime)
     
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  6. virgo

    virgo Well-Known Member

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    Penrith ....
     
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  7. Lisa

    Lisa Member

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    24th Jun, 2016
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    Location:
    NSW
    I have many who ask me this question. I agree with Mumbai, you are better to spend this money outside of Sydney. If you can find something for this amount, then all means purchase this. (upon all due diligence followed of course). I have found some in Western Sydney that are about this amount in value. Mine I purchased 5 years ago, where about 180k, now about 500k. So you can still find these. Keeping in mind Sydney has gone up so much that rental yields have yet to catch up.
    Outside of Sydney but not too far? I would say, central coast region or south coast such as Wollongong.
     
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