NSW Buying property in Cherrybrook, Sydney

(1) With 1.3-1.4m budget(max) - what part of Cherrybrook is we need to focus for 3-4 bedroom houses?

(2) Also, thinking to keep option of Town House or duplex open incase ( in that case offcource the budget would be max 1.2m. Any idea if there are town house/duplex which have some kinda study room (doesnt has to be proper bedroom size) or something on lower level (just thinking about it to that when aged parents visit us they dont have to walk up stairs bedrooms). What are the strata rates are like in that area?

 

1) The market has moved again from last year to this year. Right now 1.3m-1.4m would get you an relatively old 4 bedroom house, where as in the past it would get you a fairly decent house. This is especially true if you want to get the property within CTHS zoning. The only exception is something very close to the high voltage power lines. So to me it is pretty much find what what you can right now with the right zoning, and away from power lines, if CTHS zoning is important to you.

The recent auction results in CTHS zoning all range within something like 1.6-2 million.

59 Purchase Road, Cherrybrook, NSW 2126 - Property Details
19 Hibiscus Place, Cherrybrook, NSW 2126 - Property Details
2 Isabel Close, Cherrybrook, NSW 2126 - Property Details

2) Most duplexes in Cherrybrook have strata scheme but no strata fees as there are no common areas. Always check the contract and talk to the local estate agents. There are some larger townhouse complexes that have strata fees but I don't know about strata rates as I never focus on those property types. Most duplexes and townhouses I have inspected have all the bedrooms upstairs.

What I have seen though is that some people convert their garage into a study area or even a bedroom. Maybe you can consider this as an option.

 

@Simon L Are you saying that currently Cherrybrook is overpriced?
Will it correct though knowing that in few years time, the Metro will open, which logically will increase demand?

 

Is this still proposal or they will actually do it? When is it supposed to be completed?
I was considering Castle Hill also but looks like the high school in the area is not as good compare to CTHS (?).

I am not too familiar with land tax. I dont have any other properties in NSW rather than the unit I live in (PPOR). For average house in Cherrybrook, how much would the land tax cost? Is there a website that can calculate this?

 

Already approved:
http://www.dailytelegraph.com.au/ne...d/news-story/5d0b10bcf420ae35844c4c98e629c28d

Castle Hill High School has dramatically improved last year but not as good as CTHS. However Castle Hill is already very expensive because of the recent redevelopments of Castle Tower as well as the train station. There will be a lot of new apartments going up there though.

For land tax calculation. You will need to use the following links:

Access land values - Valuer General of New South Wales

Office of State Revenue

Tax Tip 30: How to Minimise land tax in NSW

 

If it's for your home to live in, you shouldn't need to pay land tax.

 

But @LaoBan indicated that it would be an IP for 5-7 years before turning to PPOR.

 

If that's the case... better live in it!

 

Thanks @kamchatsky ! Really helpful. I had fun playing with the Google Earth layer

Btw when will the Castle Hill Shopping Centre expansion begin and end, do you know? I tried google but does not seem it's readily available..

 

Land tax is only payable if it's an IP? No land tax for PPOR?

The plan is to purchase and make it IP initially because the mortgage will be quite large.. ~800k assuming 20% deposit of 1M property.
If I live in it straight away, I can't claim the interest as deduction so financially it's harder.
So the plan is to rent it out and accumulate my savings in current PPOR's offset account, then when I move to the property in 7-9 years after purchase, all the savings will be transferred to the other offset account..

 

Just about to start. They are negotiating with existing tenants as half of current building will be knocked down.

Land tax only payable on IPs and over threshold value. Given you have played around Google Earth, you should have a good idea the land values around Cherrybrook and you would know how much you need to fork out on land tax. Suggest you talk to an accountant though.

 

hi there

Looking at buying house in Cherrybrook. The area near station is ofcourse convenient however CTHS is way too far from there and there is always risk of catchment re-zoning.

Any thoughts on whether you would buy like the purchase/shepherds road end near the bush so that you are always in the CTHS zone – no matter what happens or given it is way too far from station etc you would rather prefer below Cherrybrook Village but bounded by new line road.

Also interested in whether you would expect price premium or discount as well

 

Also

Also, does being near Bush expects a price discount - not necessarily facing or backing on to bush but just near those areas?

 

Yes there is always a risk that CTHS catchment area will shrink, as more and more people are cramping into the school. CTHS has more than 2000 students, so it is the largest high school in NSW. People just move in CTHS zone for 1 year, enrol their kid to school, then move out. So yes, I wouldn't be surprised if the catchment area changes, especially if they do start building apartments around Cherrybrook station area.

I live at Purchase Road side of Cherrybrook. I live not far from bush. There are no discount or premium next to the bush IMO. However there is discounts for living near those huge powerlines. I would avoid that at all costs.

 

Thanks mate. Given near bush, is yuur insurance premium much higher?

Also, what are the real issue of being in bush zone?

 

Actually, I don't think so. My building and contents insurance for last year (including the emergency levy) is about $1100 per year. My house is 4/4/2. Just make sure that your insurance has bush fire coverage and it is all set.

 

That sounds pretty good !!
Would you know if being in bush fire zone has restrictions like you cannot have deck, pergola etc?? Interested in understanding what cannot be done.

 

If you are in a bush fire prone area, you can have those things, but you will have to use materials that won't burn easily. So it will add to costs.

 

Thanks mate ! Assume that means got to go through council approval process

 

Diksy, what is the purpose of your purchase, owner occupied or investment ?
If I was an investor then I'd want to be closer to the new train line, but if you're an owner occupier then from what I gather you are keen to be in the CTHS catchment so Shepherds Drive area.
I'm just up the road in the older part of West Pennant Hills.