NSW If you had $1.8M to $2M to buy as a PPOR where would you buy?

Only been in Sydney for 2 years and researched a lot in Inner West. Know Balmain etc... pricing very well. Have some understanding of North Shore, as when I first moved here I lived in Mosman. Done enough research of eastern suburbs to know I would get very little with this money. I was kind of setting my heart on Birchgrove.
Went to Seaforth today and was amazed at what I could get compared to Birchgrove. Confusion reigns!!!
I know a lot of responses will be ‘depends’, so to help I’m a mid 30s guy with girlfriend. No kids.
All responses are welcome and hoping for some positive debate. So please tell me if you were me, what would you do and why?

 

There sorts of questions always worry me

so you have decided to live in Sydney but can't decide where to live?

If there isn't a reason to live in one of the places mentioned then do you really want to live there?

some reasons I can think of are family, friends, proximity to hobbies and last and least important, work

 

Hi Strongy! Yes apologies I already live in Sydney. I have lived in Sydney for the last 2 years in Mosman, Rozelle and now Pyrmont. I am from Adelaide originally. Love Sydney and want to buy a house here.

 

North Shore is very different to Inner West. Where do you work? Also where do your friends and family etc live?

I work in Western Sydney and all my friends/family are in WSyd so I couldn't live in the North Shore as it would take me 1 hour+ to get anywhere I'd need to go.

Might be worth renting in the region you think you prefer for 6 months, before you drop $2m. Sydney probably won't take off in the next 6 months anyway - if anything it might come back a touch more.

 

Rent first. Don't buy till you know you love the suburb above all others. I wouldn't just buy somewhere bc it provides more bang for buck.

 

I would always pick the northern beaches but only if it works for your commute to work. I currently live in Sydney but not NB as I work miles away, I will be back there one day though! Sshhhh, don't tell everyone you get more for your money, I need to buy in a few years! Getting off the beaches if you need to drive to work is a bit of a killer, although I think the double decker buses might be helping if that works for your commute so think about if you're within walking distance of the bus if that's an option.

 

No family in Sydney as I have moved interstate. Friends are all over the place.

 

It’s probably a 4-5 year house. After that I would move again. There are so many lovely areas in Sydney I would be happy in lots of them. I have bought 3 properties before and have always made my decision with the primary consideration of value and capital growth.

 

If you're looking for something to keep for 4-5 years and you want capital growth, I'm not sure buying in Sydney right now is the best move... Why not rent and invest the rest into a market that is on the rise?

Re area, where do you work?

 

Transport requirements?
Work location?
Where do you spend time on the weekend?
Are you a.beach guy?
I think once you answer alot of questions such as above it will make decisions easier.

For our family water is a must. Even at 50%/ reduction we won't move away from being close to the beach or water way.

 

Work in Chippendale, basically in city. I like living in my own house and I think in the next 9 months is ok to buy in Sydney. I have been renting for years now and keen to stock a shovel in my own dirt.

 

Drive a car and have my own car park. My new house needs a car park.
Work near city.
Exploring Sydney on the weekends and enjoying it at the moment.
Not really a beach guy but my gf loves beach. We aren’t really beach people though, I don’t wear Arnettes anymore. We are happy to drive to beach and go home, but would prefer to be nearish to water.

 

Doing the shopping the other day, Avalon and surrounding suburbs was looking cheap @ $1.7+

All of the 'sham suburbs along the railway in the Innerwest great convenience except for airport noise but you'd only get a semi.

Darlington, Newtown, Alexandria are a stone's throw away and doable.

 

Considering where you work maybe I'd possibly look at Lower North Shore (though I think $1.8-$2 mill budget may not cut it for a house) or a terrace in the Alexandria area and save $$$.

Reason being I think these areas are all relatively convenient - good access for transport. Alexandria may have more future gentification to come. Convenience brings buyer demand.
And you aren't out in the sticks with any of these locations.

 

that would be my preference for inner city living, (in that price bracket)

but if you can handle the commute, i don't think you can go past Northern Beaches.
Once you move there you wont leave. Its not called the insular-peninsula for nothing

 

I'd go for something like that.
Personally, the inner west is not for me at all, even if I had more than $2M spend.

 

this one's been on the market for months

low side of street, weird land shape, original home with full reno and extension

i reckon can lowball them

 

I'm reasonably close to the one you posted and I think it's not what the OP wants. I think proximity and convenience to the city would be more use to him or otherwise beaches. I'm in the northwest mainly because I grew up around here, family all nearby. The OP doesn't have this constraint.

The good thing about the northwest are the schools, but if he's only going to stick around for 5 years, I don't think it's a factor that should come into play.

Also, a note for the OP. 4-5 years the house prices maybe exactly the same as they are now particularly as we just went through a boom. If you buy a 1.8 mill-2mill property, you'll have around 100k of stamp duty and closing costs. If you sell in 4-5 years, you could easily go backwards (consider marketing and agent fees when selling). You may not end up financially ahead if you buy now and sell in 4-5 years time.

 

I agree, probably not, but the question was "where would you buy", so I decided to answer that rather than "where should I buy".

 

Km reconsidering the question, I came up with the same answer but different rationale - buy as close to where you'll be working long term.

Commuting in Sydney sux big-time. You can easily kill an hour each way for traffic or poor train/bus connections.

Buy as close sad is affordable then enjoy your non-commute time with the GF.