Hi All, I am a FHB, planning to buy house in areas like Schofields, Quakers hill, Box hill, Marsden Park or Riverstone. The reason for selecting these suburbs is the metro connectivity (in coming future) to city, and my price budget. I am looking to buy propery around 900k-1M budget. I am fairly new to the market, and very much confused on which suburb to consider for capital growth. In addition, my timings also seems to be very wrong as house prices are sky high these days. It would be of great help if I can advise on few things - 1) Which suburb to consider ? 2) Is it the write time to enter the market or should I wait for sometime for market to get stable ? 3) Is the interest rate expected to rise in coming 2-3 years ? This will certaily help me deciding my budget. Thanks !!
Metro or not Schofields is a long long way from the city. I thought prices were high in 2010 when I bought my first place. If I tried buying now, I’d be paying 75% more for it. What do you think you might be paying for your $900k place if you wait a few more years? Interest rates go up and down. Everyone has a different tolerance to risk and is comfortable with holding different levels of emergency funds. Only you can answer that question. I’d be fine if rates went up a few %. Would you have a plan for that? If you don’t, would you back yourself to figure out a plan?
Thanks Marty for your inputs. It certainly clarify few of my doubts. In terms of interest rate changes, i have kept emergency funds to manage few 0.5-1 % increase. Should I be considering more ? One thing which I am still looking is any advise on the suburbs if not Schofields ?
Hi All, Any suggestions please ? I am fairly new to property investments. It would be of great help to me if anyone can provide recommendations on the suburb with my price range. Thanks !!
You've given us this list of suburbs all next to each other in the same vicinity, therefore all would have similar demographic profiles and not dissimilar capital growth estimates as they're right next to each other.... You've omitted other factors that a person normally considers being a first home buyer - do you have children? Is being near a school a factor? Are the areas you're considering in close proximity to your family and friends, or have you've established a relationship with a gym or play a sport or involved in in the community in other aspects currently that you're not willing to forgo? What is your work situation and how far are you willing to travel? Marty above pointed out Schoey is a long way from the city. He's right - but it could be subjective. You might be prepared to spend upwards of 1.5 hrs each way for your daily commute because Rouse Hill shopping centre has a Reading Cinemas and a Tesla fast charging station that you can't do without.... Do you have a preference or old or new construction? Single or double storey? How many bedrooms to you anticipate you will want/need? Give us more information if you want more meaningful suggestions.
Thanks for your response. I have given the suburbs based on the metro connectivity plans. However, I am not too restricted to these suburbs. I am open for other suburbs as long as there is potential capital growth. My requirements, as below: Preference for travel is between 45minutes-1hr commute to the CBD Looking for min 3BR. no kids at this stage, so, school is not an immediate requirement. However, I would like to be in suburb with good school from long term perspective. Say 5 -6 years down the line. Not too far from station, shopping centers, parks and entertainment centres.
Reposting with few other considerations - Open for both single or double storey. Open for both old or new houses.
