FHB Schofields vs Riverstone vs Box hill.

Discussion in 'Where to Buy' started by Homie123, 17th Aug, 2020.

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  1. Homie123

    Homie123 Member

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    Hello Everyone,

    Me and my wife are planning to buy our first house, with the advent of this new scheme (not sure if it's in favour of builder or buyer) we are planning to buy a new home within 800-850k. Fortunately our buying capacity is more, However my wife thinks it is not wise to spend more on first home and take mortgage pressure. So after some research we came up with mentioned 3 suburbs where we can either buy a land (350-375 m2) then build it separately or a land+home package or a newly build house. Now I would like to know which out of these three is a good option.
    Also, which suburb is better among these. We really liked Box hill reason being the greenary around and hillshire council (assuming it will grow more as compared to other 2), only problem it has is the commute. Also most of our friends think Schofield is a better choice, However at our first glance it feels like a concrete jungle (no offence to anyone). Riverstone too had a mixed feeling with some community houses around at first glance. So would like to get some advice to choose better.

    Is there any other suburb in Western belt (around these suburbs) where we can get new build home or where we can buy land?
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    @Homie123
    Are you Australian Citizens? I understand $25k is only available to Citizens.
    Though, you may have access to stamp duty concessions, which were extended recently by the NSW Government.

    What is the long term goal?

    Commute could get really tiring. Where is work for you?
     
  3. Homie123

    Homie123 Member

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    Sorry I should have mentioned, by new scheme I meant the recent stamp duty scheme.

    In our view , we thought of availing the scheme by buying land upto 450k and then building a house. Even Good new home costs more than 850k so it sounds better to construct our own with our own requirements but still not sure which one is better option. Now if we go for buying land we have to choose among mentioned suburbs. (Open to new suburbs as well)

    Also, we don’t work in the city. Have to go to Parramata which will be accessible by bus from Rouse hill.
     
  4. Homie123

    Homie123 Member

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    And we are Permanent Residents (both me and my wife).
     
  5. Homie123

    Homie123 Member

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    Hi Everyone,
    Any insights ? We are new in the market so would like some advices to guide us.

    Are we not looking into the right direction ?
     
  6. Trainee

    Trainee Well-Known Member

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    If building long term wealth is the goal, a brand new house on the outskirts is probably not the best choice.
    But you dont want to hear this because you want to live in a new place.
     
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  7. Homie123

    Homie123 Member

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    @Trainee Thanks for replying, appreciate it.

    Actually I was aiming to save on stamp duty. I would really like my property to yield wealth after few years thats why we thought of Box hill as it is under Hills council and has better prospect of growing compared to other.

    Also, when we were looking for all options (existing homes and new homes) we had budget with upper limit 900k. We have shrinked it now as I am thinking to buy a new house or build one to save the stamp duty ? Is it a right decision ?

    Or should we keep looking in developed suburbs and forget about the stamp duty saving. I am not in urgency to buy right now but was thinking if I have to buy land first and then construct then I should buy land for now and then build home.
     
  8. Trainee

    Trainee Well-Known Member

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    I dont have a FHB mindset. Never received stamp duty concessions because they didnt exist at the time or didnt qualify for it.

    When buying PPOR chose an older house (or as old as I could accept) in an established area, at my budget. I could have gone for an even older place in a better area. Or a lot more land in an area further away which might have appreciated more.

    Personal opinion is that stamp duty concession (5% of purchase, price, max?) is false economy because new stuff will appreciate slower. Because so much of the value in a new house, especially in new outskirts areas, is builder and developer profit (which depreciates and suffers from lots of supply).

    But there is no guarantee of future gains, while the stamp duty saving is real money, and your enjoyment of your home is priceless.
     
    Last edited: 19th Aug, 2020
    Homie123 likes this.
  9. CollinD

    CollinD Member

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    I am not sure if this is true but a friend of mine was saying that there is an estate called The Gables and it has been named as a suburb. My friend lives in that estate and earlier it was in box hill. If that is true then definitely things are happening in Box Hill. He also said that there is a big Shopping centre coming up not far.from his place. If you have liked the area then definitely go for it. If it's a new area then you might have to check the public transport.
     
  10. mpty

    mpty Active Member

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    @Homie123 assuming that you and your partner both work and have to commute, factor that into your decision making too. Important for paying off that mortgage fast. Last thing you want is a frustrating 1.5 hour each way commute combining driving on busy Windsor road and competing for parking at the new metro stations if you turn up late.

    Also the greenery will most probably be less once the area has been built up.

    My suggestion is to find a closer to the train stations for your first home.

    Good luck with your search.
     
  11. Homie123

    Homie123 Member

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    Yes I have heard about that estate as well. Will check that out.
     
  12. Homie123

    Homie123 Member

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    Thanks for your input. You are right about the commute, we were just assuming after Covid working from home will be new normal but we should consider otherwise as well.
     
  13. CSM

    CSM New Member

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    Hi Did you end up building a new home in Box Hills as I am also exploring new lands release in the area however new lands are sold out like hot cakes.
     

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