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

I think those figures are being smoothed out so you don't see the extreme peak and troughs. to give an example, one of the neighbours at our Rossmore place brought an acreage for 1.1 mil in 2004 on to sell it for about 800k in 2008. My dad's property in Hoxton park was evaluated at 450k in 2003 but a neighbour with the same build sold it for about 350k few years later. I can give you a few more such examples if you want. but a few % drop will generally result it much more significant drop on the ground for some reason and it's happening again in Sydney.

 

Hi Tony and other friends,
Could you guide what is the basic criteria to segregate between selecting for PPOR and IP? And should this segregation happen at suburb level or at individual property level too?
I often see people refer to this and I am still learning though. Thanks in advance!

 

PPOR is an emotional decision, where as buying an IP is a business decision.

One would purchase a PPOR in a location they would like to live in, where they would like to send their children to school, family ties etc.

For an IP, you would consider: your affordability (your borrowing capacity), rental return (are you OK with negatively geared / positively geared / neutral), fundamentals in the area, where the market is on the property clock etc.

 

Thank you Property Twins,
In terms of the property itself like its structure, condition etc is there any criteria too?

 

Its a broad question

Look for the key types of properties in the area - e.g. if you are buying a 2 bed house - are there many comparables? Most houses are 3 bed - so chances are a 2 bed property won't have comparable for future valuations and equity pulls.

If people like to live in houses in a particular area, and you have an odd villa / townhouse complex, then better to buy a house, because comparables will be an issue down the track, and may hinder your progress with expanding your portfolio.

 

Buy in the west its currently the best!!!

OK so once again looking at the moving medians for the greater west.

Guess What? LOL - up up and up again. Who said western sydney housing sucks? I've just calculated the growth of my western sydney housing over the past 12 months and in total its easily grown in excess of 1 million+ in capital collectively.

Last Month Medians (3 bedders)

Colyton = $637,500
St Marys = $646,500
Mr Druitt = $646,000
Tregear = $515,000


This Months Medians

Colyton = $640,000
St Marys = $660,000
Mt Druitt = $650,000
Tregear = $517,500

In fact every single suburb I've looked at so far in Western Sydney has grown since last month and it has continued this trend. Affordability and FHB's are buying up I'm telling ya.

I love western sydney Real Estate. Come on baby keep growing so I can demolish a few more and build duplex's and double my profit!!!

 

The growth in affordable Western Sydney and South West Sydney is supported by Core Logic.

The file Below shows the lowering of prices is concentrated in the top 3 price brackets of Core logics evaluation

 

Do you have a link to this source?

 

Sure here you go

 

Thanks for posting.

Yep - I could see the trend of western & south western Sydney property price growth ever since the upper end of the market started to cool. Like I said I keep a very keen eye on suburbs and areas where I invest.

I'll bet again like I have over the last 12 months this trend will continue until at least the gap decreases or until greater western Sydney at least reaches prices that will allow FHBs to consider other suburbs closer to the CBD. Affordability is the number 1 factor at the current time.

Even affordability in these western sydney suburbs will be unattainable soon. On a $100k Salary buying a $700k house is still not easy.

On another note - Look at QLD jobs growth. I'm liking that graph quite a lot. Come on you good thing.

 

Old data....the pull back is now more pronounced in the SW and West.

 

Cancel your RP data subscription.
Sash is starting his new service. Oracle data.

 

God help us all. We'd be all subscribed to rubbish news.

 

Lets see.......talk is cheap.....quite a few on this forum also agree.

Even Melbourne is now pulling back.....maybe another 6-9 months before it pulls back also.

 

I can see Melbourne is pulling back and RP data agrees so do clearance rates.
Im simply stating facts and you as per usual make a Smartass cheap comment.

I would be keen on your insight in a market you are analysing for future not what you are spruking because you purchased 1 year earlier.

 

Hi @eletronic_exp0430 , what is your opinion on property in Kingswood 2747? I have started to see some places prices are up and some down. Does the median truly reflect what goes on ground?

Will the new airport will have any impact on Kingswood?

I am.interested to know the property market for Duplex in Kingswood -do you deal with any reliable RE agent for buy/sell?

 

When you say some are up and some are down how are you determining that? A good indication that a suburb is growing is by looking at the moving median prices month on month. If it rising then its a posititive sign. Looking at medians is good because its meant to remove outliers (i.e) houses that sell for way above or way below most for one reason or another.

I definitely think the airport will have an impact on Kingswood and all the suburbs around there. Its quite close and there has been numerous threads discussion about the direct and indirect benefits such infra will bring.

Regarding duplex's in Kingswood Im not sure (I dont have anything in the area so I dont keep an eagle on it). I am currently building a duplex in St Marys as it now is worth it. I bought my St Marys property for a little over $200k which sits on a block of close to 700sqm.

A brand new townhouse 4 bed would sell for about $600k slightly more so it makes financial sense to me and that's on a relatively small 130-150sqm. My ones are significantly bigger than that so maybe even $650k+

I actually was going to delay selling and keep both for now until I see the growth stop in Western Sydney - which to be honest I'm not sure when that will happen. Affordability + population boom + new employment hubs (Marsden Park, Norwest expansion + Airport + Parramatta massive growth) + M4/M7/M2 upgrades might continue to go up for a while yet.

 

Thanks for your input @eletronic_exp0430

I will try to look for last 12 months median in this area to see the numbers. Duplex falls under house category or townhouse/villa/apartment?

 

There is still a large number of FHB turning up at open homes, mainly 3 bedroom houses. Units are a lot quieter.

 

The difference in pricing would be the bad side of the tracks. Anything close to the Uni,Tafe, public/Private hospital, Cocaine Cassies Bordello and Northern Rd will be priced higher and rent higher. Personally I wouldn't buy on the otherside of the tracks unless it was a free standing home.

If you are looking at duplexes/townhouses keep an eye on neighboring properties as it only takes one bad apple to annoy you or your tenants. If you need any more help let me know I'm on the ground there so know it very well.