NSW Building a House in Riverstone vs buying a Unit in Marsfield

Discussion in 'Where to Buy' started by preapricity, 14th Nov, 2020.

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  1. preapricity

    preapricity New Member

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    I am hesitating between two options:

    1) Building a 4bed/2bath house in Riverstone / Schofields

    2) Buying a 2bed/2bath unit in Marsfield

    Since my partner and I work in St Leonards, Marsfield is the better choice for travelling (15-20mins drive). On the other hand, Tallawong metro station would take us there in 40mins on a single metro ride.
    Marsfield is a beautiful suburb, super safe area, very close to MQ Uni and Mac Centre. Both the market already got saturated here with people quadrupling their investments in the past 20 years. I am not sure if it can develop any further. And buying a unit is, well, it is not really house. It is small, requires some renovation, which would add up to initial costs. It is impossible to expand as you don't have a land. And then there is massive strata fees ($6K pa). You need to inform strata every single thing you want to do in your own house (ie. installing A/C, changing carpet) and hope for management to discuss and approve your request at their "next available" meeting.

    Riverstone / Schofields region is a developing area. It is simply not comparable to Marsfield in terms of safety, beauty and amenities around. But I wonder if it has a potential to grow and turn into a nice family suburb ever in the future (10+ years)? Travel to St Leonards is easier now thanks to the metro line but again it still adds +45-60mins to your daily trip (return). But, building your house (not talking about H&L packages) as you wish is definitely the allure of it. Generous 4 bed house with your own garden is much preferable over a small apartment unit. There is no strata and you can do whatever the hell you want in your own house without seeking approval of strata.

    In terms investment (thinking for 10-15+ years), which option is better and why?
     
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    There are also townhouses in Marsfield, couldnt that be an option?
     
  3. preapricity

    preapricity New Member

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    Comparable townhouses (2bed/2 bath) are priced around $800K - $1M in Marsfield. If price wasn't an issue, I would go for a nice 3-4 bed house in Marsfield at any given day over western sydney. But a decent (new or renovated) house in marsfield would cost $1.6M - 2.5M.
    We are a young couple and we are not at a stage of our lives where we are cashed up and happy to spend it on comfort unfortunately.
    But Marsfield 25yrs ago was not a great suburb at all. As the macq uni grew and Macquarie shopping centre expanded and a new train station was built, Marsfield developed and became what it is now.
    Does anyone see the same potential for riverstone / Schofields or do you reckon it will stay dilapidated as it is for a very long time?
    Also does anyone think Marsfield unit prices will continue to increase dramatically or is the market saturated?
     
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    I wouldn’t go for the unit. The only issue with Schofields and Riverstone is that it's relatively far out. But, that is how Sydney is growing. Can you buy something on more than 3 or 400sqm in that area?
     
    Last edited: 14th Nov, 2020
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  5. Trainee

    Trainee Well-Known Member

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    Its the new house in a dilapidated suburb (your description, not mine) thats more the worry.

    gentrification usually means rebuilding old stuff, not new stuff.
     
  6. WhereismyHouse

    WhereismyHouse Member

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    I was in similar situation 6months ago. Ended up buying a townhouse in Marsfield.

    My Reasons:
    1. Good Schools (I have 2 kids)
    2. Proximity (we both work close to the city)
    3. Parks nearby

    Since my kids are young, I prefer spending time with them, rather than travelling.

    Good Luck to you!
     
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  7. Gockie

    Gockie Life is good ☺️ Premium Member

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    I’ll say, good choice :)
     
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  8. WhereismyHouse

    WhereismyHouse Member

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    Thank you! Since its PPOR I'm not much concerned....