First home buyer, lane cove north?

Discussion in 'Where to Buy' started by Just wondering, 13th Aug, 2020.

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  1. Just wondering

    Just wondering New Member

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    Hi,

    We are a late 20’s couple with annual household salary of just under 300k. We are looking at buying a 2 bedroom apartment in Lane Cove North (NSW) as PPOR in the coming few weeks at a 10% deposit for under 700k. Would love to get the veterans opinion on the below:

    1) should we wait another few months given the market.

    2) should we rentinvest and buy a house in western suburbs and continue living near work around the CBD. Does that mean forgoing the first home buyer grants?

    Thanks
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Mowbray Rd?
     
  3. Just wondering

    Just wondering New Member

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    Yes
     
  4. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    I'd go for the house. You can choose to live there for some time?
     
  5. fols

    fols Well-Known Member

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    Timing & Grant eligibility aside, there has been a huge amount of supply of new apartments come onto the market in the Lane Cove area over last couple of years, so should you go down this path, I would expect capital growth to be problematic for some time.
     
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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  7. +men

    +men Well-Known Member

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    I just sold my IP in Lane Cove North. As suggested by others earlier, I can't see much growth potential within the next few years due to the fact that several new apartments built on the western side of Mowbray Rd in the last few years.

    However, from an owner occupier perspective, It's a nice area to live in. I like the fact that it's only 5min drive Chatswood at fraction of the price of Chatswood/Artarmon. I would look into the pocket in between Ralston St and Pacific Highway, within a walkable distance to Artarmon station.
     
  8. Thomacino

    Thomacino Well-Known Member

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    I agree, I've valued countless units constructed by Hyecorp in Lane Cove Nth.. Can't say they are the best.. but to date haven't had any complex faults from them..

    Includes, settlement and refinance..
     
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  9. jane_c

    jane_c Active Member

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    I've lived in Lane Cove for over a decade. I bought a unit and the suburb was so quiet and it had a village atmosphere. A decade later - they knocked down all these cute houses and built hundreds of monstrous apartments. I've heard from RE agents there have been a number of quality issues with them. My unit hasn't achieved much growth in that time period...it has been so slow and I think it's time for me to sell.
    However, it is a nice area to live in with lots of nice coffee and breakfast shops and now has a new Coles and Aldi. Also Mowbray road is not exactly an attractive street - its a bit of a walk to Lane Cove Village so units are definately cheaper. An older 2 bedder (close to the village) recently sold for $690K while 1 bedders can go for 650K!
    I would say if you can get a 2 bedder for a good price it might be ok, but don't expect much growth. Go for a house.
     
  10. fols

    fols Well-Known Member

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    If you’ve got a lazy 2.5 :cool:
     
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  11. jane_c

    jane_c Active Member

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    Houses generally don't sell for 2.5 mill in Lane Cove. One sold for 1.3 mill recently.
    I meant buy a house in the West.
     
  12. Scott No Mates

    Scott No Mates Well-Known Member

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    You like slumming it too?
     
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  13. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Not sure what part of Lane Cove you're looking at but 2.5 is bang on!

    https://www.realestate.com.au/neighbourhoods/lane-cove-2066-nsw

    Re original post - for my money, I would think about what my plans are in the next few years. We were once late 20s earning that sort of money but all of sudden, your future plans become your current plans and 2 bedroom apartment just doesn't cut it with kids in the picture and you have to redo all your plans. We (fortunately) took all this into consideration with our planning, but many don't and make decisions based on their lives now, not what they want it to look like in 5 years time that will then stagnate for 20. Of course, everyone's plans are different and kids etc might not be a part of it, but think ahead because it's harder to undo and source capital without buying and selling inefficiencies and cost if you've gone down the rentvesting path too heavily.

    Cheers,

    Andrew
     
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  14. jane_c

    jane_c Active Member

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    Ok maybe my figures were a bit wrong.
    Good luck!
     
  15. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Also forgot to add, in all states, except Qld, you're eligible for the FHOG if you bought your property after 1st July, 2000 and didn't live in it. In NSW you are even able to live in it for less than 6 months and still possibly be eligible. See 'Eligibility requirements' here.

    So to answer your question, 'rentvesting' as broad concept will not exclude you from the FHOG provided you meet the specific criteria. If this is part of your plan ensure you seek legal advice and that of revenue NSW prior to relying on this.

    Andrew
     
  16. SydneytoMelbourne

    SydneytoMelbourne Well-Known Member

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    I have several friends in Lane Cove, so this was a suburb of interest for my partner and myself as a PPOR.

    I regularly watched sales results over the last 18 months - 24 months and I must say Lane Cove / Lane Cove North have absolutely the highest factor of 'withheld' sales prices.

    I am a novice here - but is this a case of the agents in the area intentionally withholding the sales results. Can't be a coincidence that most weekends you'd continually see 4-10 properties being sold of which 90% were usually price withheld. Or am I wrong?

    I gave up on the suburb as I couldn't get a gauge on what things actually cost.
     
  17. Scott No Mates

    Scott No Mates Well-Known Member

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    We're a very secretive suburb. :D

    (Or lots of nosey neighbours).:oops:
     
    Last edited: 23rd Aug, 2020
  18. jane_c

    jane_c Active Member

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    When others want to buy they're happy to hear what others sold for- but when they want to sell the sale price is withheld!
    My neighbour sold her place and used the sale price of similar unit as her comp, but when she sold- it was top secret!
    Anyway the call the agent and they will tell you.
     
  19. Trainee

    Trainee Well-Known Member

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    Get a rp data report. The sold prices can't be hidden from the official records.
     
  20. SydneytoMelbourne

    SydneytoMelbourne Well-Known Member

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