NSW Any off the plan places near stations (Sydney) around $500k to $580k you'd recommend

Hi everyone, apologies for sort of re-asking a similar question. I took a lot of feedback on, and a key part of it was asking "OP what actually do you want". After seeing a few places I think I have it down packed more and would love some advice.

Currently I'm looking for:

• New property - take advantage of grant, this allows me to go to the $500k to $600k as it buffs by deposit up. Also I work from home and spend like 85% of my time there so I'd like a place all great from the get go.
• 0mins to 45 minutes to city - I love Sydney city, I'd love to be able to travel there fairly quickly. And if work turns into office again it would be useful. So would love something on the train line.
• Somewhere where property prices won't drop massively
• 2 bedrooms, kitchen, bathroom

Things I'd like:

• Closeish to coles/woolies, not a massive deal breaker but then I'd get that delivered
• Wouldn't mind near paramatta area as I may be able to work near there
• Would like a ensuite but not a dealbreaker, but really want a bath

Mindset: Its really a starter home (owner occupied) that I can start putting money into as opposed to rent and get my feet into property and I just feel like its the right time. I don't even mind just living there ongoing so I'm not hard set if it doesn't become an investment. My servicing is fairly good that I should be able to pay it off in about 15 ish to 20 years and maybe with a friend buy an investment further down the track.

So far what I'm interested in:
Granville:
$550k ish 39 William Street, Granville NSW 2142 | Domain
Anyone know about the area? I really like the property (on paper) but the creek at the back worries me. And I don't know if the area is okay? Apparently development on the other side of the train line might mean a woolies metro in a mixed allocated building near by. (I'm checking this place out on Saturday).

Wentworthville:
$580k ish 31-37 Garfield Street, Wentworthville NSW 2145 | Domain
Its a bit more then I want to afford, I want to stay closer to the $500k range but interested if its a better area for property and worth the extra?

I've also been told of lepington/villawood, some looking apartments I see online, but again area I don't know much about?

I noticed a lot of suburbs have a lot of different "views" which affects the price a lot. But then not being from Sydney originally (South Aussie) maybe they know things I don't and being my first ever massive purchase I don't want to jump right in and then 1 month later I'm wishing I asked propertychat first .

Also thank you if you read all this, you're amazing!

 

You’ve done a lot of reading here so I assume you’re going into OTP with your eyes wide open so on that basis I guess there’s not much to say other than good luck.

Granville is known for being oversupplied:

Why are developments still going up in western Sydney – and at what cost?

No comment on the other areas as I don’t know them well. Granville being oversupplied may not be an issue again see comment about going in with your eyes wide open. Also you seem to be comfortable with a potential small drop so depending on how you define “not massively” then even a decline of 10-20% either in real or inflationary terms might be ok with you.

 

Any chance you could afford something walking distance (30 min walk is fine) to Parramatta? I know Mays Hill had some stuff <500k a while ago (maybe prices have gone up)

 

Thanks for this mate, really appreciate it, especially the reading comment, as sometimes I worry I just know nowhere near enough to put half a mill on something haha.

Interested to know if there's anything in particular regarding the eyes wide open? Both of the places are ready to jump in so a lot of issues regarding construction i read kind of dissapears, but I know typically they're over priced. Mixed that with your link of granville drop in prices and that could mean quite the dip!

Someone actually sent that to me today, I'm a little interested in the data though as comparing prices to apartments in decmber 2020 during covid period is quite an affect.

In saying that, there's very good points in the article, especially the high rent ratio meaning there's a lot to compare with for renters that later on it may be harder to rent out.

I guess I'm hoping it gives me an "in" into the market, as I feel every year I wait I kind of get prices out by another $50k and I have to check out the next suburb or two over. Cheers mate!

 

oo oo there is one at mays hill, it does look to be a bit of a walk though. I guess I worry that if the walk is long enough that I end up taking public transport that I may just go further out. But depends on price as well, so emailed them through for a guide. Cheers mate!

 

There's plenty advice in this forum that you need to dig deep for. I've often come across tips that aren't repeated much and you really need to go searching for if you want to forward them onto a friend or something. What you don't need to dig for is the why-nots of everything you're doing. It's repeated so much it's hard to believe this is new information to you. There's very little about your approach that makes sense from a financial perspective, so when I say "going in with your eyes wide open" it means I have to assume you are aware of this and despite the risks and expectation of slow to no capital gains, you're still going ahead with this because above everything else, the allure of new and shiny trumps everything. What I mean is that is perfectly fine and valid, as long as you know that's what you're getting yourself into.

It's like saying I know that car is a complete dud but I just want it cause of the look. As long as you're completely aware it's a dud then who am I to criticize your aesthetic preferences?

Property doesn't have to be an investment. You are 100% allowed to make reckless purchases for purely lifestyle reasons. For example 90% of PPOR renovations most people make are over the top, but if it's not an investment who cares?

 

$550k for a Granville 2 bedder apartment is a rip-off - I understand a couple of months ago that the average is like mid-$400k. Personally I would buy an apartment which was built a couple of years ago (if you prefer something nicely done up) so that you can check the strata reports for any major defects. The problem with new apartment blocks is that it’s very common to have defects and you end up having to pay heaps on special levies, so even with government incentive it’s not worth it.

 

Thank you for this, really helps put things into perspective as well. You're right regarding defects, I did look at a few apartments that I think are a few years old that I asked about sinking fund (first place I ever looked at, so didn't know what to expect) only to find out that theres major defects coming through which is why theres like 4 apartments being sold, so it sounds like the perfect approx time that the first issues start to show.

Added with the fact that off the plan is already higher in price, it really does make me open up regarding non-new.

Thanks for the approximate regarding Granville as well, I kind of expect that I'd be paying a bit more being new and me being a newb but that gives it a higher perspective.

 

If you are happy to accept something a little older on the outside (but still fairly nicely done up inside), I think something like this one in the low 400 may be a good investment (most certainly better than buying off the plan) despite a little far from the station if you do travel by train.

Don’t forget to always order a strata report - and never trust the agent on anything about the strata/upcoming special levy/building issues.

https://m.realestate.com.au/property-unit-nsw-granville-135372118

 

Whoa, looks amazing, thats exactly the type of apartment I'm looking for. Definitely open to anything outside as long as its sturdy/stable, I think you're right and so much safer knowing its been a few years and I've had inspection checked and strata checked.

This really is opening my eyes for a lot more apartments, thanks heaps mate! Without the grant I'm more in the $400k to $500k range so fits well. Also means I can check out more then just granville which hopefully I can check out the one you showed this weekend. A friend recommended me Westmead before too, one I see is at $499k, not sure if its good bargain or not but its such a step lower too to pay off too.

64/29-33 Darcy Road, Westmead NSW 2145 | Domain

 

This one was built in the early 2010 - if the strata is in the low $1k/quarter I think the building itself should be OK. I wouldn’t say apartments in these areas are particularly hot (at the moment, but god knows what the market would be like in a few months) so I will prob bargain hard and try $460-485k

 

I don't like Darcy Road myself as it is quite noisy. Lots of cars on the road. I work at Westmead and used to walk past that road every day.

If you are going to pick one, definitely pick on that is on quiet street.

 

Also, I wonder if you should look at 2 bedroom Villas or Townhouse. Those would keep value far better than apartments. Even though they are not new:

https://www.realestate.com.au/property-villa-nsw-toongabbie-135316786

https://www.realestate.com.au/property-villa-nsw-blacktown-135416590

https://www.realestate.com.au/property-villa-nsw-blacktown-135619442

 

Whoa okay so I didn't think to realise looking about built dates (since new homes are built usually in the future lol). Yeah I guess its got nice ammeneties? Coles near by and close to station and city. But the price you'd go for helps soooo much. I'm typically looking at most new is usually around the price they quote. So your reply reallly helps me understand the older home a lot more. Since this opens me up to so many apartments I'm not time dependent anymore too, so i can bargain without fear of losing out too much as there's hopefully another apartment somewhere if I drop out. Thanks mate!

 

Great insight for the area, I'm fairly used to busy streets (live next to central and hear the "ting ting" of the tram all the time, and train going by), but it 100% affects if I try to resell, and how much its worth.

Thanks so much for the recs for the town house as well! While I do love modern apartment looks, I'm a massive sucker for that brick especially in the second link. Definitely for me, looking for both apartments and townhouses/villa. Especially as you say they keep their value so much better and is easier for me to borrow for as well!

 

the current market will probably punish you for that tho.

 

If you're looking around the Wentworthville area, I'd also suggest Pendle Hill. There are plenty of apartments within walking distance to the local station some newer and some older. Wentworthville, Westmead, Pendle Hill and Toongabbie have all experienced huge population growth in the last 5 years or so. I have lived in Toongabbie for over 20 years and all those surrounding suburbs are so incredibly busy now.

It's quite difficult to get street parking in any of the local suburb centres and they are busy night and day. You'll definitely need an apartment with a car space. While there is parking at all those local stations, they fill up fast so it would be best to be within walking distance of the station for travelling. Westmead has more 'fast' trains to the city, whereas the others generally have trains making all the stops.

In my opinion, don't even consider Granville compared to Wenty and surrounds...there's much better growth on this side and Granville tends to have a worse reputation as well (I grew up in Merrylands and surrounds and still have relatives there).

 

Thanks so much for this mate, and I appreciate it must've meant that you had to go through all the above to see that the question has changed to the original. Great advice, and its awesome to hear a local perspective as not originally being from here thats the hard part. I see a place tell a mate about it and they're like noooooo!

This really helped, right now my hope is set on a good 2 bedroom apartment, walking distance to the station, preferably with a bathroom (and if I'm lucky an ensuite) within Wentworthville, Westmead, Pendle Hill and Toongabbie. haha

Or town house/villa slightly further out.