Hi all, A quick intro - moved to Sydney (and Aus) 2 yrs ago from India. Have a family with 2 school going kids. Turned 40. Have some cash and looking for my first property. Given that I live in Sydney (Cherrybrook), looking to buy a house close to the high school but difficult to buy here with decent houses upwards of 1.3 Million. Thinking whether to buy a duplex if and when it comes in my budget in this area, or continue to rent here while I invest elsewhere. Would appreciate thoughts on: - would it be best to first buy PPOR or IP for tax reasons - given hot market in Sydney, should I buy and hold land or go for house and land package in outskirts like Riverstone, Marsden park, or further south like Helensberg area which are currently affordable but a bit of commute - downside being that we would have to move away from the current high school (or just invest there) - also where can I find list of good rated builders? - is there a reliable source of information regarding crime rates etc when considering suburbs? - are there members on this forum or outside whom you suggest are trustworthy and that I connect with? Sorry for including many questions here but a newbie's head is just full of it Thanks in advance.
I'm just going to say, come along to tomorrow nights' meetup at Wenty Leagues. Cherrybrook is hot right now and has already gone up a lot recently... its due to the schools, quality houses, nice neighbourhood and upcoming train station. I don't see it cooling anytime soon. If you buy a duplex in the area you'll probably do quite well... if you can buy it for a reasonable price! My comment on buying in the other areas you mentioned is I would try to stay closer in towards the city rather than further out. That's just my own personal preference though. I have friends who bought and owned in Stanhope Gardens... nice place, nice neighbourhood and they saw a lot of capital growth but my feeling is they found it too far out so they now live in or around St Leonards.
Welcome! Don't buy investment property for tax reason only as tax policies can change. What's your risk profile? It seems like you would like to have a PPOR first with emphasis on good schools. Cherrybrook and surrounding suburbs have good schools. If you want to live within catchments of good schools then you probably would want to stay in the area. Alternatively you can rent. There are threads on Marsden Park etc pretty far away from CBD that you can read on. Helensburgh is also far from CBD.
@Gockie, thanks for the info. I will try to join the meet up tomorrow. @larrylarry, I am of the thought that places further from the city offer reasonably priced larger pieces of land (quite debatable!) compared to fully developed areas like Cherrybrook. Marsden park and Riverstone seem like hills meets west and I am reading some negative comments about petty crime in Riverstone kinda areas- so while I may not live there myself wondering if it could make a scent investment.
I'd go for a house in Mt Druitt. @New2prop try and encourage as many of your friends and relatives to buy in Mt Druitt as well.
