NSW FHB buyer - What can I get in Sydney for under 650k?

Hello Property Chat! First time poster here.

I'm a FHB looking to buy in Sydney. Started out looking at off the plan apartments in Olympic Park & Granville but have since changed strategy and am looking for a free standing house.

I've been trying to buy in the St Mary's area for the past 3 months, but prices have driven up ridiculously and I am now outpriced in most surburbs. I can extend my budget to upwards of 700k, but really wanting to avoid stamp duty.

I only plan on living in it for 6 months so location is less important, but would prefer somewhere that has access to a train station. End of day, really only looking for capital growth so not too fussed about it. I would prefer staying within 1.5 hour to Sydney CBD though.

Closest I got to buying a place was this - pretty much dilapidated house I was willing to do some renos on so condition of house is not that important.
https://m.realestate.com.au/sold/property-house-nsw-st+marys-135646222

It's been a exhausting few months and I'm honestly pretty close to giving up. Will I be able to find a decent house on my budget or should I look to units / apartments?

Any thoughts or suggestions would be highly appreciated!

 

If you value growth, then house is a better choice compared to units. For 700k St Marys will be out of your budget. Unless you want to look for small land or postcode 2770. The other choice you could do is southwest, Campbellton sitelite suburbs. (I know this is further then you wanted but it's not too bad a place to live). You got both Campbellton and Macarthur shopping centres, hospital and good community.

Sold 15 Ninnis Street, Leumeah NSW 2560 on 17 Apr 2021 - 2016869011 | Domain

I watched this auction this morning, the auction started at 700k but went really slow. This is actually a pretty nice house.

For 650k-700k you could look at Bradbury, St Helens Park etc. Hope it helps

 

This sold today for $625k - so it's not out of the question

Sold 19A Varian Street, Mount Druitt NSW 2770 on 23 Mar 2021 - 2016885916 | Domain

 

Dont give up. I know several ppl including my own cousin who just got married and has a maximum budget of $700k looking to buy a free standing house. Competition around St marys/Colyton is absolutely insane and they have been looking for about 5-6 weeks now.

Everything under $700k around the St Marys/Colyton areas need significant work I would say and things that only need minor cosmetic reno's are fetching extremely good prices.

As others have mentioned maybe south west will be cheaper. I forgot the suburb but the cheapest one in Sydney is still sub $500k in the South West. Otherwise look at the surrounding areas of St Marys like Tregear/Willmot/North St Marys/Lethbridge Park/Whalan. They are slowly gentrifying and prices there are also moving up as I just got CBA to provide valuations last week on a few I own in these areas due to taking out some equity and fixing some interest rates and they all came back significantly higher.

You know how reserved CBA is with their valuations as well so it was good they are very up to date with whats happening on the ground.

My cousin and his wife are also on the verge of giving up. Every offer they gave it got beaten and they cant actually go higher than what they are approved for. Plus they dont have the cash.

The problem is prices just keep rising by the week. Soon everything will be $800k-900k in St Marys and then the other suburbs that you aren't looking as I mentioned above will be $600-$700k. If you can just pay the extra premium and get something.

Just keep trying. You'll eventually get one but I know the feeling as well. Everyone has FOMO these days.

 

It's definitely reassuring to hear I'm not the only one being outpriced in these surburbs.

I would snatch up a place for 650k in St Marys /Colyton /Oxley Park (2760) if land was above 500m and somewhat livable. I would actually prefer these places as I'm happy to do the extra work & this would add instant value. However reality is there is very few at a price I can justify.

I have actually been seriously considering the 2770 postcode, some places in North St Marys are still reasonably priced and have good access to public transport & facilities. My only concern is that a lot of these surburbs (particularly Lethbridge Park, Tregear etc) have stigmas around HC. I'm sure they will benefit to some extent from all the investment happening in Western Sydney, but realistically am not sure how much capital growth there is to have because for these reasons (if I had a choice, I personally would probably not want to live in these surburbs long term).

As above, Campbelltown area is an option but a little further out than I hoped. I go into the CBD at least once a week so the commute would be tough.

In any case, fingers crossed for your cousin. I'm definitely in no rush to buy and am feeling more fear of overpaying than FOMO, but it's nice to have a bit of support

 

You've got the right mentality there. Buying something that needs work is the right way to do it. Your different from most FHBs as majority of them are scared to touch houses that need work. They want move in ready.

St Marys/Colyton/Mt Druitt in fact all those areas were viewed the same way when I started out there. Don't worry they will all gentrify Sydney median I'm willing to bet will hit $1.4M-$1.5M by the end of 2021. This puts housing out of reach for many many ppl even on dual incomes. I'm already seeing many young working class families moving into Whalan, Tregear, Lethridge Park and surrounds.

The only places left under $1M will be around here and I'm thinking St Marys/Colyton will hit $1M not long away either.

I would rather buy in Western Sydney as well. My best friend lives down in Campbelltown I hate going there.

I've been wishing him luck since he started. hahahaha. I think you should keep looking and offering if you see some good places. The prices wont stop growing so if you sit out for another month or two maybe the prices have increased another $50k-$100k again. Who knows.