NSW Cherrybrook vs RouseHill vs Ryde vs Concord

Discussion in 'Where to Buy' started by Panda Zoo, 12th Nov, 2020.

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  1. Panda Zoo

    Panda Zoo New Member

    Joined:
    12th Nov, 2020
    Posts:
    2
    Location:
    NSW
    Hi All!
    Found this really helpful forum earlier from Google search and would love to get some opinions on where to invest.

    Im in my late twenties, might get married next year, working in the US but want to move back to Sydney in 5 years.

    Have 1 investment property at Macquarie park which is doing pretty well this year. (Surprised!)

    Talked to the bank, and total borrowing power is around 1.95m, the Macquarie one will use 600k, so will have 1.35m to invest in my next IP.

    Strategy 1:
    Invest in rousehill 1m + maybe box hill for 700k , total 1.7m

    Strategy 2:
    Invest in cherrybrook only ~1.5m , like the suburb because of the schools and the vibe. Only been there once or twice though, talked to my friends and they seem to like it more than other suburb in the hills.

    Strategy 3:
    Invest in Ryde / Concord, get a decent size of land and a reasonably old house. Knock and rebuild in the future (3-5 years time). This is great if I can build a duplex, but it seems like it is harder to get DA approval nowadays. I have seen a lot of properties double their prices in this way. This is obviously more work, but my partner is based in Sydney and not working full time, she will have the time to manage this.

    Costwise, this is a bit of a stretch for me. The land is around 1.5 already + the building costs.


    Strategy 1 vs 2:
    I guess it is a very common question, is it better to invest in a well-established suburb or invest in a new suburb with new houses. House price in Cherrybrook has gone up really high, and im not sure if it will keep its momentum.


    Would love to see how everyone thinks!

    Thanks
     
  2. Trainee

    Trainee Well-Known Member

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    6,545
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    Are you going to move into this place when you come back? If not, you won't be able to borrow for PPOR unless you sell it.
     
  3. Panda Zoo

    Panda Zoo New Member

    Joined:
    12th Nov, 2020
    Posts:
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    Location:
    NSW
    Don't have a plan at the moment, this is an investment loan from the bank.
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    18th Jun, 2015
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    21,341
    Location:
    Sydney or NSW or Australia
    As an expat, Land Tax will bite hard if you buy a house compared to a unit.

    You may be hard pressed to find much more than a knockdown in Concord around $1.5, slightly less in Ryde (but both good areas). Few duplex potential sites are trading below $2.5 in Concord.
     
  5. Bwinny

    Bwinny Well-Known Member

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    Sydney
  6. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,654
    Location:
    Sydney
    You wont get boxhill for $700K now. Demand > supply. The Gables now starts from $835K. (H&L). It really jumped. The southern side of Windsor Rd is cheaper but then its not Box Hill.
    Assuming you are a citizen. Consider that no CGT discount applies in the 5 years.

    Cherrybrook is older early 80s project builds. Unrenovated or renovated ? Many are knock down rebuilding in area as land sizes are more generous than newer areas and 40yo project homes arent good value to reno. Its in the school and NW bible belt. Its getting benefits of the proximity to NW Metro which is fast transport to the city when completed in full. Its only to Chatswood at present. Sydney Metro Northwest - Wikipedia
    The city extension is well advanced with 2024 completion and tunnelling complete. Sydney Metro Southwest Project Overview | Sydney Metro
     
  7. diksy

    diksy Well-Known Member

    Joined:
    21st Mar, 2016
    Posts:
    51
    Location:
    Sydney
    I personally won't be buying in ryde (too many high rise units there)...if u r considering it to be OO years later then wud certainly consider Cherrybrook as top pick.
     

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