First home/apartment advice - PPOR

Hi experts

We currently live in the Rhodes area on rent; and are looking to buy our first place.
Currently have around 200K in savings and would like to get a safe place with good public transport to CBD and Parramatta (max 45m) within the next 1 year or so. Hoping we can keep that place for the next 10 years or more. We plan to start a family sometime in the near future.

Generally understand that apartments may not provide capital growth over the next 10 years or so; but considering our budget (say 1-1.2 m), and the constraint around work commute, which places would you suggest? Are apartments all that we can afford, ideally we need a 2bed+study or a 3 bed place.

 

Also, are there any considerations while buying a new apartment as a PPOR/first home in Sydney - understand that an apartment in a high rise may not be a good idea.
Are there any considerations while buying an old apartment; other than the condition?

 

What about townhouses?

And the blanket don't buy apartments thing is rubbish. It's just the good ones are harder to find and you have to put in a bit more work. Of course houses are going to be better but if your budget doesn't allow for it and there's a certain lifestyle you're after (e.g. extremely close proximity to shops, transport) I'd rather go an apartment than to sit it out and feel sorry for myself.

 

Brand new highrises, though, are not recommended. Unlimited supply, no redevelopment value, high body corp, little differentiation.

personal opinion only. Though your words suggest what you lean towards. Why is ‘condition’ only a concern for old places? Would be more concerned about the condition of a new place in a few years.

how long have you been saving to get that 200k?

 

@jaybean - are resale townhouses a good deal?
In that budget, what do you reckon sounds a not too bad deal for our first place?
Any specific areas that you would recommend with respect to public commute requirements of around 45m to CBD and Parra?

@Trainee - thanks for your inputs.
PS - been saving for about 3.5 years now, me and the wife.

 

Is there a reason why you want to purchase in Rhodes ?

I mean you can spend that much and buy in Parramatta itself.

 

@Tony Xia - we live in Rhodes currently, but we want to buy in any good location around 45m or so from both Parra and the CBD.

 

The inner west has apartments well within your budget, with easy transport links to CBD and Parramatta, with 'hipster' joints everywhere if that's your thing.

For example Petersham

For sale:
https://www.realestate.com.au/buy/p...49;/list-1?maxBeds=2&includeSurrounding=false

Sold:
https://www.realestate.com.au/sold/...49;/list-1?maxBeds=2&includeSurrounding=false

 

Have you considered areas like constitution hill, old toongabbie, northmead? They are mainly quiet family suburbs close to public transport (bus/train options) - 25 mins to parramatta and approx 45 min to cbd

And still semi affordable if you want a family home/house

 

Ermington is good value.
The South side of Victoria Rd is hilly, but has nice views.

 

....that's not true, some apartments in SYD have had great CG+. I bought in Coogee NSW few years back, added reno, and value has doubled even though 10 years have not yet passed.
You just need to be clear on where and what makes a good investment or great PPOR. I would not buy in large complexes with lifts, or gyms, or where strata is high, etc.... needs to have something unique, like aspect or view or proximity to water, art deco or character, can add value etc...
So yes. I would not buy an apartment in BRI or ADE I buy houses there but it all depends.
remember property is very fragmented market and varies greatly within states, suburbs even streets. No blanket rule for all!
You wish to purchase PPOR and are young and have time, so just do a search, I would rather first choose the area, as often location will do the heavy lifting in CG+ first, so decide where you want to live and why, then do your searches, and so on, little steps. Other alternatives are townhouses or duplexes it really depends what you want, and that is your priority, become clear what you wish from your PPOR first.

 

I would see what houses or townhouses you can buy for your 1.1-1.2mill budget. (Or duplex.... btw, some 3br townhouses really feel like a house, have no shared walls, big gardens etc.) You might have to go west, but there’s nothing wrong with that. Try to buy somewhere that you can get to a train station without too much difficulty. I would want to avoid needing to drive or take a bus to a station.

 

Even with a shared wall I find some townhouses feel like houses.

The ones that sit in a long row feel more like terraces though.

 

Agree!
Anyway, my sisters 3br townhouse was so comfortable, it really didn’t feel like a townhouse. Massive garden space at its north and west side, very usable and comfortable space. Good 2br garage. No shared walls. Very pleasant property to be in.