$700k budget - north Parramatta apartment or Greystanes townhouse?

Hi everyone

We are looking for our first PPOR in Sydney with the plan to convert this into an IP perhaps a few years down the track. We have a budget of about $700k (although can stretch this to $750k) to utilise the stamp duty discount available through the First Home Owner Assistance Scheme. We are looking for something in the suburbs surrounding Parramatta.

We are interested on in a 3 bed walk-up apartment unit in North Parramatta which is within walking distance to the light rail line currently under construction, which is appealing from an investor's point of view. Looking further afield, we also found that we could afford a 3 bedroom townhouse/villa in Greystanes, which appeals to the owner occupier side of us as we have young children.

We know there's conflict in what we what because of the fact that we are going to live in it yet plan to turn it into an IP in the future. However, from an investment point of view, would a townhouse in Greystanes have comparable growth potential to an apartment in North Parramatta, owing to the fact it's a standalone house? I'm not very familiar with the suburb of Greystanes and couldn't find much on this forum about it.

Is there anywhere else in the western Sydney area we could look at considering our budget? Areas with good schools (including private schools) are desirable.

Thanks in advance!

 

Do you know the type of loan you want for this if your plan is to convert to ip?

 

What school is considered good school for you? Naplan score over 90? Where do you work? I think the Greystanes Townhouse sounds like a better option. There will be many more apts in parramatta and surrounds.

You Can also look into Quakers Hill. You will definitely be able to buy townhouse Or Maybe even duplex there

 

Take a look at this property on www.domain.com.au:



FOR SALE BY OWNER OF RAY WHITE QUAKERS HILL JOSH TESOLIN



76 Pye Road, Quakers Hill



76 Pye Road, Quakers Hill NSW 2763 | Domain

Have a look around at this one. Not the top house in the area But you can potentially afford it if you stretch your budget. Fits All your requirements And this one is a house

 

Hi Trainee. It will be a P&I loan with a portion fixed and the other portion offset using cash funds we have.

 

Hi there. Yes I suppose Naplan score over 90.

I am aware there is a large supply of new apartments now in Parramatta and some surrounding suburbs but the North Parramatta market seems to be different, with older 3 level walk-up apartments, which may be favoured over the new apartments which are plagued by defects. It's still a relatively quiet suburb too. So it's got the benefits of being close to Parramatta but not the hustle and bustle yet, which would appeal to some people. But I do agree that houses and land are better investments than apartments.

Thanks for the suggestion regarding Quakers Hill! Does look interesting for the price point. I wonder if you can give advice regarding the safety of this suburb and if there are areas to avoid?

 

Generally speaking It's a safe suburb. Have a look on Microburbs. I use it to do research for suburb. You can see there is only 4% public housing in the area. Generally speaking east of train station is better safety wise. West of station there is Quakers Hill Public though. Which is a really good school. North of the Quakers Hill Pkwy is newer estate and a higher price point.

The one I posted on Pye Road is actually one of the better street in the area. I haven't checked out the house. It is open today though. Maybe have a look! Good Luck

 

If you are buying in greystanes take a look online at catchment maps. Those in the Greystanes PS or Beresford PS are always in high demand, as is the Greystanes HS which doesn't actually include much of Greystanes.
Also, people who want to live in Greystanes don't like the section between the motorway and the highway. If you are buying there, you should be paying less, regardless of what the developers/agents say. It will always take longer to rent/sell there.

 

I prefer townhouse living but I really love North Parramatta. Lovely area.

 

I believe Greystanes PS has an Opportunity Class....