NSW House under 700K

Hi All,

As the Sydney property market is going through a corrections phase, I am thinking of buying a house in next 6-12 months. As this is the biggest financial transaction of my life I have started my research a bit early so that atleast I can identify and area and observe it value for a while before I buy. My budget is 700-800K

Few criteria's that I have in mind
1) Travel to city <= 1 hours
2) Good school (Not required now but will be required in future probably 5-7 years)
3) Decent Block size(600 or above) ability to construct a granny house in future rental purposes
4) 3 Rooms or more

I was interested in buying a block of land and then construct it but I cannot find any new block of land in the existing suburbs plus all the new suburbs are expensive
1) Stanhope Garden - 450 sq - $650,000
2) Schofield - 350 sq - $400,000 ( But >1 hours)
3) Leppington - > 1 hours + Its not developed much, still lots of development needs to happen
4) North kellyville- Good suburb but again travel time was reaching 1 hours and 20 mins(Door to door not Train station to train station)
5) South kellyville - Exceeds budget
5) Baulkham hills - No land

As I was not able to find any land in my budget within 1 hours from the city.

I was thinking a old house near to train stations in areas like seven hill, Pendle hill, Toongabie or Giraween under 650k(To take stamp duty advantage) and live on the house for 2-3 years and then knock down and reconstruct. This way i won't be getting to far from the future center. As Parramatta is supposed to be the center, Bargrey creek on the left hand side and city on the right hand side.

I have found mixed view about schools at Toongabie. I have heard Girraween school is good. Not sure about school at seven hills.

What do you guys recon, if this a good plan. The overall cost of this would also go over 1 million but i would be getting house in the well established area of Sydney rather getting small lands in new areas which are really far off.

Also reading on this forum, some people are saying they would focus on south side of Toongabie rather than north side can someone elaborate why is this?

Also why prices in seven hill, Pendle hill, Toongabie or Giraween are lower as compared to Stanhope Gardens, Quacker hill when they are actually more further away from the city.

 

Hi Ankit

Big land doesnt helps you. It increases your holding costs, require you to pay more upfront, you pay more in interests and then pay for granny on top.

If you calculate everything, you are better getting a 300 to 350 sq mt land somewhere, building a single story 4 bed at 300k or around similar range.

If you buy in premium suburbs, you pay premium. While I hate to say, suburb demographics play a big role in defining the values. Infrastructure, reputation and housing are other factors.

Have you seen south west suburbs? There are suburbs around western line 40 k's out that you can target decent aged houses on 500 sq mt for 700k to 800k like greystanes. No mention in your post.

Best narrow down on suburbs based on your budget. Million is too much to be spent on some of the suburbs you mentioned.

Regards

 

Welcome to the forum @Ankit. Stanhope Gardens is a fairly new estate/new suburb so it might be more expensive than the suburbs that are closer in nearer to Parramatta/Blacktown... I would pick the older more convenient suburbs you listed..... friends used to live in Stanhope Gardens but they later moved to Artarmon.
I think what's driving Quakers Hill is that it's popular with Indian purchasers. But I'm not an expert on that.

 

Properties in Quakers hill are selling quick due to the value on offer. Good sized blocks (mostly >500) and livable houses. They are little old but have seen many home owners live for 1 year and spend 30-50k on renovation to make it a great property and continue to enjoy the local facilities. Still good value when you compare neighbors like ponds, Schofields etc selling 300 sqm blocks with tiny houses for around 800-900k

Also, they are 4 good schools, on the train line to the city, local and major shopping centers and good mixed community

 

Thanks @ashish1137 and @Gockie. I will do some more further research and post its result over here.

 

Thanks @AAA2214.

I have started looking properties in Baulkham Hill too. Some of the property was just sold under 900K. Like this one

431 Windsor Road Baulkham Hills NSW 2153 431 Windsor Road, Baulkham Hills, NSW 2153

If I can get something decent there under 850K probably I will buy in Baulkham Hills otherwise I might go Toongabbie or seven Hills.

 

Just note that that property was on Windsor Rd..... By all means, try Baulkham Hills but I wouldn't buy on a major road like Windsor Rd.

 

Never buy on a busy road and that too if it's like Windsor road.

You will be just saving max 10-12 mins of train travel time if you are buying in Toongabie and seven hills.

Did you drive around any of these suburbs??

 

Also, properties in Quakers hill are selling fast these days as they are reasonably priced.

Sold in 2 days and many in the recent weeks selling quickly

30 Alamar Crescent, Quakers Hill, NSW 2763

 

Try next door in Plumpton . You’ll get what you want for 80-100k less .....

 

For some reason the suburb of Bidwill springs to mind. Hmm.

 

Have you considered Glenwood? it meets all your requirements :
- walk to Bella vista station from some parts, or catch hillsbus (which is still running as per pre-Metro timetables/frequency) and is well less than an hour to city
- Caddies Creek public school is rated 97
- has both old and new houses, and large and small blocks
- shop at Blacktown, rouse hill or castle hill, all within 15-20 mins drive

 

Yes, I have drove around these around all these suburbs as I live near by. I didn't realised that it was on Windsor Road.

Thanks for letting me know

 

Last time I checked it was showing time well over 1 hour. I might try it one more time to see. Didn't realised it had a good school also.. Definitely a good idea to check around this suburb.

Now days I am try to find a good mortgage broker to understand my borrowing capacity and borrowing rate, LMI etc.

 

Great. Quakers hill and Seven hills/Toongabbie are different kind of suburbs and the stock is also different

 

Does Glenwood has house that's under $700K? I wasn't aware of this - last time I checked it was more a $1mil suburb with massive houses.

Cheers,
David

 

You are looking at more of 850k+ in Glenwood

 

What about Gosford?

 

He's looking for train ride < 1 hour to Central so that takes Gosford out of the equation

 

Hi All,

Got my preliminary assessment done by 1 of the mortgage broker.

In terms of my borrowing capacity he has told me that I can borrow around 600,000 excluding some more income for which he has asked clarification for.

One Interesting things he told me that since my spouse is on visa 302(Spouse visa) and not PR at the moment her income cannot be considered as most of the banks only accept people who have PR. He said he only knows 1 lender which will accept this kind of visa.

Other thing he told me as my spouse only started working around March 2019 banks will look deeply into her working arrangements.

Another one of his observation was you need to show genuine savings of at least 5% which means if you are counting gifted money as your deposit it needs to be in your account for more than 3 month.