NSW FHB Suggestions SW Sydney Please

Hi everyone,

We are in the market in the south-west around Leppington and Campbelltown for properties. The prices are crazy right now and the lots are selling like hot cakes! We are into the market for a double storey under 750,000. That would require a 10m frontage and total area of 300m2 and above. I found a few at the new Menangle park and some single storeys at Gregory's Hill but I don't know if I should compromise on my criteria and jump into the property bandwagon. The RE agents are being very persistant that we make a decision ASAP but that's just putting added pressure on us. We are open to a 10km radius to any public transport station. Any suggestions would help. Thank you.

 

If you are not after a brand new house, Mount Annan, Narellan, Camden, Campbelltown areas have properties under 750K with larger block sizes, close to shops, hospitals and schools. Menangle and Menangle park, I think, are overpriced.

 

Assuming that the land is unregistered, that also holds some risks. You are paying today's price for land that may register/settle in 18months - 2 years' time. The land will be valued at the approximate time that it registers, so if the valuer goes down, you are still liable to pay the contract price. That said, if it goes up, you've made money, but I've had clients over the recent years in the south west who had to very quickly come up with some cash prior to settlement when their land was valued at a figure less than they contracted to.

 

I think wherever you go right now, you are going to experience that same level of pressure and urgency. So I don't think switching to a different area will alleviate some of the pressure you feel.

What I would suggest embrace the urgency in this market. Fast offers, quick decisions, etc. The alternative is a softer/calmer market at higher prices. And even then it is worth considering whether you would be in the frame of mind to buy in a falling market - most get nervous in this context.