NSW Greater Sydney suburbs under $550k, for FHB?

Discussion in 'Where to Buy' started by ZeGe, 3rd Dec, 2017.

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  1. ZeGe

    ZeGe Active Member

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    O really, this is nice to get real insight from you over this platform. Thank you.
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Home is an emotional decision. Everyone's circumstances are different, and not everyone is ready to start building a portfolio.
     
  3. datto

    datto Well-Known Member

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  4. Lacrim

    Lacrim Well-Known Member

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    datto likes this.
  5. skater

    skater Well-Known Member

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    Me too! In fact I've lived in much worse!

    I would have liked to see a floor plan of it though.
     
  6. Lacrim

    Lacrim Well-Known Member

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    In fact, that's exactly the condition of house I normally like to buy (with the proviso that its a bargain of course above all else).
     
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  7. God_of_money

    God_of_money Well-Known Member

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    Last sold for $670,000 on 08/12/2017
     
  8. Cimbom

    Cimbom Well-Known Member

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    Move to Canberra - not too much further than Mt Druitt :p
     
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  9. icic

    icic Well-Known Member

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    if post 2003 sydney boom is any guide to what happen to the price to the outer suburbs. some suburbs dropped as much as 30%. not saying this will necessary happen this time, but there is a real chance.
     
  10. icic

    icic Well-Known Member

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    The general consensus on the forum and in the stats is that the Sydney boom has peaked. Don't think its wise to buy now in my honest opinion. But if you really need a family home and really don't like renting then do it with lots of caution.
     
  11. eletronic_exp0430

    eletronic_exp0430 Well-Known Member

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    I'm willing to wager $2000 cash money bet with anyone this wont happen within the next 6 months - in fact the west will increase for the next 6 months then plateau like the rest of the suburbs for a period of time.
     
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  12. Tenex

    Tenex Well-Known Member

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    Around Penrith area.

    I personally would prefer Penrith and surround over the Druitt
     
  13. Gockie

    Gockie Life is good ☺️ Premium Member

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    It could be that the cheapest suburbs go up some more then flatten later than other homes in Sydney as EE says because they are the only suburbs that are reasonable for FHBs to buy freestanding homes in. Reckon 1.2mill and up might not hold up as much. I think there aren't too many upgraders around, money's not coming out of China. There's immigrants still wanting to buy but I think they are the ones with the 800k budget, rather than the 1m plus range. Also, (off limited data), I think apartments also will do better than houses in the next few years because they tend to be at a price point most people can buy in, but houses closer into Sydney are only affordable to the well off.
     
    Last edited: 16th Dec, 2017
  14. Illusivedreams

    Illusivedreams Well-Known Member

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    Penrith, Campbelltown Alot of ok Area that are affordable. Remember 650-800k is still discounted for Fhb and Under 650k no stamp duty at all..
    In My humble opinion <$800k will be supported
     
  15. icic

    icic Well-Known Member

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    6 months in re is a really too short of a time frame to make any judgement call. The bottom out for the last boom happened between 2006 to 2009 for the suburbs near where I was living for e.g. Greenvalley, Hoxton park, Glendfield and Bonnyrigg etc... I remembered some properties would have gone for 500k during the peak were advertise for the mid 300ks during the bottom. Those were not isolated cases, there were lots of suburbs in the mid west near paramatta-auburn areas where also affected massively.
     
    Last edited: 16th Dec, 2017
  16. icic

    icic Well-Known Member

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    The 2 places we brought in 2007 and 2008 were discounted for atleast 25% compare to its peak back in 2002-2003. The same thing is playing out now in Perth and in Brisbane 3-4 years back. Again its not a sure thing, but its not an uncommon scenario either.
     
    Last edited: 16th Dec, 2017
  17. eletronic_exp0430

    eletronic_exp0430 Well-Known Member

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    I'm almost 100% certain this wont happen again. Lets just take Bonnyrigg as an example. Good suburb for me as I have heaps of mates in that area (actually Bonnyrigg Heights) but right next door.

    Anyway Bonnyrigg average for a 3 bedder now is around the $760k - $770k mark. For it to bottom out to $500k avg again thats a drop of over 35% in average value. I honestly cannot see that happening for suburbs < the 1 million mark.

    As @Gockie said - there is a strong FHB market atm and affordability is the MAIN factor these days. Immigrants and hard working young families simply cant afford 2 million + in Strathfield or 4 million + in North Shore.

    Whats the last survey now? Approx 10 years now to save for a house deposit for the avg family? Yep the west/southwest will grow until the gap between itself and the more desirable suburbs shrink. Until then solely based on affordability it will keep the west afloat.

    Money talks at the end of the day. And the only places many many people can afford to buy now is the west and southwest. AND gentrification of all these suburbs will come with time especially now with the growing number of distributed working business parks thats actually good for Sydney's future.

    No point having a single CBD. Todays technologies are so good you dont need to do that at all. I dont even fly overseas anymore much because I can do a full HD video conf with US and Singapore within 5 mins and it feels like we are sitting in the same room.
     
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  18. Joseph33

    Joseph33 Well-Known Member

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    We were looking to buy in the suburb of dharruk about two months ago (basically next suburb to my druitte). We put a holding deposit on a 560m block that needed work but had gf potential and as a builder that was fine for me. Owner originally wanted around the 570k mark but kept going down to 500k. It ended up falling through because there were termite issues.

    After keeping an eye on comparables in that area I noticed at least three houses which had dropped 40-70k from as little as 2 months time.

    I'm talking straight off rp data and not my own opinion. I don't know how to put pictures on here but have a look for your self

    31 kilbride avenue dharruk
    199 Woodstock avenue dharruk
    36 arundell st dharruk

    You can also look at 41 Stuart street dharruk.
    It's been on the market for probably over 100 days and started at offers of 699k and now 630-650k.

    These are properties that are all in the fhg brackets, 4kms to station, 2kms to westfields.

    If people think the market is not going down in the west then they're kidding themselves.

    Also whilst you're at it have a look at the southwest. 39 Clifford Cresent Ingleburn. Da approved duplex site. I remember having a look at it. Went to auction and didn't sell. Owner wanted 850k and eventually sold for 705k.

    Market is cooling (not falling off the face of the earth) and people need to wake up to themselves and realize that the boom is over.
    Personally I'm glad I didn't buy as we would have been on the back foot from day one
     
  19. eletronic_exp0430

    eletronic_exp0430 Well-Known Member

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    ^ Your still looking to buy right? LOL

    If your correct why are suburbs around there all going up each and every month moving averages? Explain that if your seeing $70k price drops. If this was widespread or even true believe me averages would not continue to go up especially at some of the numbers I've seen increasing per month and I've got a spreadsheet spanning the entire of FY15, FY16 and FY17.

    Plus these areas dont have so many outlier sales meaning most are around the same price. We are not in areas like Vaucluse where some houses are 2 million and some are like 6+ Million which gives a wide spread.

    I think your looking to spread some fear and misrepresentation so you yourself can pick up a good deal right? :)
     
  20. Joseph33

    Joseph33 Well-Known Member

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    Yeah spot on mate, I'm trying to set panic in the west lol. I've just given you 4 or 5 examples of what I've personally seen. Look them up for yourself. Cheers