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NSW Best Sydney suburb to buy with ~$1.5m budget?

Discussion in 'Where to Buy' started by Joe W, 30th Sep, 2016.

  1. Joe W

    Joe W Member

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    Hi guys, looking to purchase PPOR for my family. I regret not buying a few years earlier when everything was a lot cheaper... but oh well live and learn.

    Wondering what Sydney suburb is best for a ~1.5m budget? Looking to buy a house with a sea view within 1 hour from the city by bus / train. I've been looking at Manly and Dee Why but it's too expensive. I'm thinking I should look for places not right next to the beach, but with a view.
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Do you want to be able to swim in the same water you can see?
     
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  3. Joe W

    Joe W Member

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    No. Would be good to just have a view of the ocean or a view of anything far in the distance actually.
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Woy Woy heights is probably as close to Sydney as you'll get with an hour commute.
     
  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Some pockets in Sutherland might suit e.g. Oyster Bay
    27 Juvenis Avenue Oyster Bay NSW 2225 - House for Sale #123701294 - realestate.com.au - probably a bit over the budget but look nearby and surrounding areas.

    Or if you're ok with some district/city views, and a smaller block, you could get much closer to the city e.g. Earlwood
    46a Homer Street Earlwood NSW 2206 - House for Sale #123418866 - realestate.com.au - bit above the budget but some of the older stuff nearby would be about $1.5mil.
     
    Last edited: 30th Sep, 2016
  6. mini2

    mini2 Well-Known Member

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    Distance/locality, price or view, pick two.
     
  7. Greyghost

    Greyghost Well-Known Member

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    1.5m as a PPR..
    Massive debt.
    Why not rent something worth $2m?
    Still have your equity and cashflow to buy something smarter rather than be shackled to such a monster of non deductible lifestyle debt..

    On a side note, I would be wary of buying $1.5m plus at present, some may not agree but a slight correction is coming.. Like I said why not rent a top place (a la Chris gray) and wait for the cycle/market timing and pounce at that point.

    It will suck up 1-3 years buying at the peak of a cycle..

    But I don't own any Sydney property so who am I to comment hahha..
     
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  8. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Glad I bought my first place in Sydney many years ago...1.5m now gets you something that's ok in the middle ring, or you can buy 2 decent homes in the outer ring.

    It can definitely screw up your serviceability for future IPs if you are taking on a huge PPOR debt (being assessed at over 7% p.a.)
     
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  9. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Or... buy an entry level home (might be a semi) in Maroubra and do it up. You won't get ocean views for that budget (unless you go for a unit). But it's a convenient enough spot for the city and the beach is nearby.
    Just be wary about the hit to your serviceability though if taking on a large loan.
     
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  10. The Falcon

    The Falcon Well-Known Member

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    Good call. Oyster Bay or Como would suit. Jannali and Como stations both around 35 mins by train to Central.

    Getting pricey now though as the utility of the area is being recognised......lots of ex eastern suburbs buyers in the area now
     
  11. Biz

    Biz Well-Known Member

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    This is the real affordability crisis imo.

    Affordable family homes close to ammenities. Very difficult to find anything 4 bedroom that isn't a 1 hour commute into the city for under 1.5mil. Unless you are prepared to live in something really old that needs a lot of work.
     
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  12. Moltzerman

    Moltzerman Active Member

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    Sutherland shire is where the most 'affordable' sea-side area within a relatively close reach to the cbd.
     
  13. alexm

    alexm Well-Known Member

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    I'll soon have a property available for sale that is 1hr from the CBD yet approximately 150 meters to the beach (one of the nicest beaches you'll find). Very desirable and popular area. 4br, 2 bathroom, very large double garage etc. Just starting the renovations now.

    It'll be around the $1.8m+ mark though which may be out of your budget.

    PM me if interested.
     
  14. sanj

    sanj Well-Known Member

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    Sydney is a joke. 1.5m.and you can't get a decent home with a bit of a view that won't involve 10 hours a week minimum commute to and from.city for work???

    If someone earnt 100/hr, not inconceivable if they had 1.5m to spend, the difference between this and a 15 min commute, which 1.5m would get you in many/most cities is 7.5 hours a week.

    Over 48 weeks of work that's 36k a year thrown down the toilet, not to mention the wasted opportunity to spend time with family instead.

    Someone doing 15 mins could do almost leave the house same time as the OP and return at same time and only have to work 4 says a week to clock the same hours at work.

    Imagine if we all had 3 day weekends every week? Sounds a but better than wasting so much time commenting


    Now consider those doung 1.5 hours each way.

    No thanks
     
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  15. Dave3214

    Dave3214 Well-Known Member

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    I know even close to a third of that 1.5M would buy a very nice house in Highton, or perhaps going to maybe 700K would get a mansion in Wandana heights that would overlook all of Geelong and Corio Bay. I guess it's all a matter of what a persons wants and needs are, but gee, as Sanj has said, Sydney's prices are astonishing to me, and to many Aussies who are not among that elite six million who live there.
     
  16. JDP1

    JDP1 Well-Known Member

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    Yeah. It's a joke I agree.
    The reason why it's so expensive is because of jobs and options ie if anything happens to your job in Sydney, it will be 2-3 weeks and you will have another one just as good.
    That's options and flexibility. For a lot of people, having those options ie bullets in your gun, warrants 1.5Mil 1hr out...
     
  17. sanj

    sanj Well-Known Member

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    Im sorry I don't quite agree with that.

    Sydney obviously is the epicentre for a lot of Australia economically. However from a jobs pov we are hardly talking difference between say nevada and dakota a few years ago where I believe one was 14% unemployment and the other was 3%. You're talking a couple of % and for people.in say Police, Nursing, teaching etc who have a decent amount of security and hardly/any wage disparaty vs other states the disposable income once housing is paid for is massively lower than in perth, brissie, Adelaide and, crucially in a lot of melbourne.

    The promise of high quality of life, which sydney is justifiably attractive/famous for for many, is a broken promise if the only way to live in the city is to live 90 mins out, in a boring as bats#it suburb similar to others all around the country, and between the higubmortgage repayments and lack of free time due to commute. Worst of both worlds for many people imo.

    For some I absolutely agree sydney makes perfect sense. For many median wage earners in generic and generally transferable jobs, they're simply up amongst it.
     
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  18. sanj

    sanj Well-Known Member

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    Btw what about bullets in a gun from someone in a similar job with similar wage, paying half the amount of money in mortgage to live a comparable lifestyle and having the difference in terms of time a AND money to grow the nest egg?

    The elites or niche folk who can either ignore the price disparity due to not needing the $$ or are in industries where it's really sydney or nowhere are a small%

    Don't really see the flexibility either, being stuck in one extreme end of the city but coping due to train etc will m3wn someone often saying no to a job in another party of the city.

    Flexibility is to me the ability to maybe pop by home for lunch or to pop into your kids school to watch a performance or whatever
    How easily could someone do that if they've already spent an 90 mins getting to work? Doubt boss woilf be happy with another 90 min journey to schiool, time spent there and then another 90 back to work and 90 back home


    Sounds wonderful p
     
    Last edited: 4th Oct, 2016
  19. Eric Wu

    Eric Wu Mortgage Broker Business Member

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    a very good insight. but for people who wants better opportunities, big cities provide that.
     
  20. alexm

    alexm Well-Known Member

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    So sanj what is the solution?

    Do we all move to where ever you live and enjoy a world of nirvana and bliss. Shed some light for us.