NSW First investment property. Budget 600k

Discussion in 'Where to Buy' started by WhereismyHouse, 3rd May, 2020.

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  1. WhereismyHouse

    WhereismyHouse Member

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    Hi All

    Looking at buying my first investment property. I live in Sydney and want something around Sydney.

    Budget appx 500-600k ish. preference is land ( maybe old house )

    Any location suggestions?
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Land as in vacant land?
     
  3. WhereismyHouse

    WhereismyHouse Member

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    Sorry I should have more specific. Land as in no unit. I would prefer an old house with big land.

    I thought about land which registers after a year or so but I don't want to risk myself into constructing something especially when I don't know how my job will be after a year or so.

    Hence I am looking for a conservative approach to invest the amount sitting in my bank
     
  4. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    For that price range it will be a little hard to invest on a decent size block of land with a house.

    Unless you go really far out south west area.

    Even around Wollongong area is affordable with decent yields.

    Any areas you've had a glimpse at at all?
     
  5. Gockie

    Gockie Life is good ☺️ Premium Member

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    With that budget and you want a house, I’d look around Mount Druitt.
     
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  6. The Grinch

    The Grinch Well-Known Member

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    Can try ingleburn and surrounds also
     
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  7. WhereismyHouse

    WhereismyHouse Member

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    Hi Tony,

    You are right. Its hard. I was looking at south west. Areas like airds etc. I had Wollongong in mind but wasnt sure about growth prospects.

    Other areas around new airport, blue mountains are also on radar
     
  8. WhereismyHouse

    WhereismyHouse Member

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    Thanks. I heard not so great reviews about the area.
     
  9. WhereismyHouse

    WhereismyHouse Member

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    macquarie fields is another area i am looking at
     
  10. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    South West will have a little premium on it due to the airport being priced. . But i think it's still doable within that price range. However I dont know if know it will be close to amenities and transport.

    I hope investments in both Oran Park and Calderwood ( new area )

    Both I dont regret, oran park is more negative with more growth but it's balanced out with calderwood which still had growth but not as much.

    You just have to work out whats affordable to you, are you welling to chase growth and potentially be negative on cashflow, vice versa or in the middle.
     

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