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

Discussion in 'Where to Buy' started by Jello_B, 20th Jan, 2019.

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  1. Jello_B

    Jello_B Well-Known Member

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    What’s Lewisham like (besides the turkeys). I have looked in and around Leichardt.
     
  2. KevinJ

    KevinJ Well-Known Member

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    Big fan of 500-700 sqm block + dwelling in Strathfield, Homebush (south of station - Burlington & Abbotsford road), Concord, Five Dock, Rodd Point or Haberfield
     
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  3. bmc

    bmc Well-Known Member

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    i dont mind the ol' Wild Turkey,,, with a mixer of course.

    Take a drive down to McKell Street Mort Bay (reserve) or Birchgrove Oval and get out of your car and listen.

    It is very quiet for a inner city suburb were you can hit the bridge with a rock.

    living with the oldies in the burbs sitting on the front porch talking about their front lawn fertiliser and comparing their schools Naplan results, ? i don't know ? but i think the inner city might be a bit more your bag.

    @Jello_B you are going to get a 1001 opinions here, but whats the rush. rent in a few areas (as you have) and decide on something that suits.
     
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  4. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    @bmc mid 30's girlfriend, no kids ... and no property. I would be encouraging Jello_B to get his skates on.

    Agree that you will get 1001 opinions though, understandably.

    If the question was about where to invest, asking around for opinions makes a lot of sense. For a PPOR however, your preferences for lifestyle, proximity to amenities and personal relationships should drive the decision. You can do a lot with $1.8-$2.0m. So where would you like to live?
     
  5. Cimbom

    Cimbom Well-Known Member

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    Last edited: 22nd Jan, 2019
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  6. Redom

    Redom Mortgage Broker Business Plus Member

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    $2mill is a healthy budget and provides you options.

    If it were me and I was completely flexible on location, I'd pick a home that has the following:
    - <300-500m walk to railway
    - as big of a block you can find/stomach
    - in an area where the LEP is currently being reviewed either by council or state (would require a bit of research)
    - ideally in a nice liveable area for now

    Why? You may get really lucky and have a rezone to multi-unit happen to you inside 5-10 years (look at Arncliffe East houses as an example to follow). Also in general, these type of assets hold their value pretty well and you can insulate yourself a bit from downside risks associated with high house prices. You'd be able to access Ctrl station relatively easily too given proximity to railway.

    If you wanted to get more sophisticated, in this market, you could pick up a bargain if your willing to do a small reno too. Old properties that fit the above profile with large blocks are in low demand at the moment (no investors). You can do a little bit of work on it/pay someone and turn it into an in demand property too.
     
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Lewisham is just across Parramatta Rd from Leichhardt.

    Small suburb with few shops, no supermarket. Both a Public primary school & Private Boys High School (but you won't need that at present).

    Mix of Victorian houses, terraces, semis and more modern builds. Block size varies (and so does $$$).

    Has a station and light rail option as well. Close to lots of restaurants in the Portuguese quarter at Petersham (also quite nice).
     
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  8. Jello_B

    Jello_B Well-Known Member

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    Haha yes!!! I’m after a 1001 opinions, they are all appreciated and welcome.
    I think close to city is a must. I spend 12 hours a day at work, so don’t want to spend another 2 in traffic.
     
  9. Jello_B

    Jello_B Well-Known Member

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    Absolutely, everybody is different so trying to get a feel for common thinking and thought processes. Plus, I have read a lot of threads on here and thought this may be a different take on a common question. I’ve invested before, and will again, but this point in my life it’s a really important decision for me so I want to get it right. I am happy to sacrifice ROI for a lifestyle, but I’m never going to be happy with losing my previous ROIs. I also think there are a lot of areas I would be happy with in Sydney, it’s a beautiful city, so splitting the difference may come down to capital gains. 10% difference over 5 years is $200k so enough to warrant consideration.
     
  10. Jello_B

    Jello_B Well-Known Member

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    If I could double like I would. Paddington is my #1 but I didn’t think I could afford there. Some of those places at $1.8M or thereabouts seem good. Would Paddington drop enough for me to be able to afford a stand alone place on >200m2 with a car park? I’d be happy to have to renovate internally.
     
  11. Jello_B

    Jello_B Well-Known Member

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    Benefit of LEP? And I’m happy to renovate, I’ve done it before.
     
  12. KinG3o0o

    KinG3o0o Well-Known Member

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    for me. i will choose to live in middle of sydney
    lane cove
    huntershill

    or other side would be ashfield/stratfield burwood.

    easy to get anywhere.. with a car.

    personally I wont bother with public transport but this is just me.
     
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  13. Cimbom

    Cimbom Well-Known Member

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    I don't know - no crystal ball here. I'd have to say (just my opinion, not an expert) that the areas in that link would probably be among the most solid in Sydney in terms of investing - very developed and dense in a good way so minimal chance of the overdevelopment you see in areas further out, lots of cute historical properties, very close to the city, close to the harbour, close to beaches, lots of great restaurants and shops at your doorstep. If I had two million, I'd probably buy a PPOR in one of those areas lol.
     
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  14. Kid hustlr

    Kid hustlr Well-Known Member

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    If you can get a hold of a semi on the south side of Coogee or surrounding areas that would be my preference. Great vibe

    Edit: not sure price bracket is quite there might need 2-2.25
     
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  15. Jello_B

    Jello_B Well-Known Member

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    So today I did my first tour of Paddington. Inspected about 10 houses from $1.8M to $7M. What I can decipher so far:
    - price drop over last 12 months has been 10% for property less than $3M, upper end seems protected
    - a lot of people don’t have a mortgage (apparently 50%)
    - seems to be a large premium on property >300m2
    - carparks are worth around $250k each (similar to Balmain)
    - some value around the $2M, will know more when I go through recently sold properties tomorrow
    - a lot of houses smell ‘dank’
    - not much ducted AC
    - nothing but terraces

    Some questions if anyone has researched or knows the area:

    - are there any better parts of Paddington?
    - how is there such a gap between the $2M properties and $6M properties. You get double the land and the house is nicer, but $4M seems like a lot
    - any other info of use

    Cheers
     
  16. Cimbom

    Cimbom Well-Known Member

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    According to the ABS, a quarter of the houses are owned outright - 2016 Census QuickStats: Paddington (NSW)

    I presume the price gap for large homes is due the scarcity of them in such a central and prestigious area. Given that the residents are already well off, they are willing to pay much higher to remain in the same area rather than moving further out to get the same thing for less.

    The thing with AC in Sydney is weird. When I lived there just over a year ago, in my team of about 15 people at work only 2 had it all. In Canberra almost everyone I know has either ducted or split system.

    Hopefully someone can answer the other questions
     
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  17. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Well, well...I live on Stanton Road in Mosman! Great hill for a run if you don't like your legs...

    We're (personally) currently in the same boat, looking to buy in Sydney over the next year or so. The northern beaches are predicted to holding their value better than other suburbs but have probably dropped around 10% already. There are too many variables right now for me to jump into any market in Sydney so i'll personally be waiting a little while as I think there's some more to go and will be some good bargains to be had.

    As people have said here, you need to consider work, family and friends. As I think you've said friends are everywhere, you work in Chippendale and you have no family in Sydney then I'd be questioning buying on the northern beaches (lower or upper). Seaforth is beautiful and a great suburb but the battle of getting to Chippendale every day will crush you. We have the northern beaches tunnel opening up in a few years but that's a way off yet. My reasons are probably different to yours - closer to family and established friends - but you need to decide what's more important to you of course.

    As for buying close to the city for better CG...this just simply isn't true. Demand for property is caused by many underlying factors and often inner city booms because of these factors operating in concert, but many regional and outer lying suburbs have just the same growth and often more. Take inner city apartments in Brisbane and Melbourne for example, these markets have been completed destroyed.

    Whatever you decide to do, don't buy a home as an investment and vice versa. Buy a home that will satisfy your personal needs and drivers and if you get better CG, then good for you. If you want to buy an investment, talk to some professionals who can help you sort out the tax, the finance, the buying and the management and then you'll be better placed to make money. The two should really always be separated.

    - Andrew
     
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  18. Angel

    Angel Well-Known Member

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    That speaks for itself.......no ventilation.
     
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  19. Angel

    Angel Well-Known Member

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    This is a conscious barrier to stop the riff raff from being able to cross into the better part.
     
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  20. The Y-man

    The Y-man Moderator Staff Member

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    $7m?? - going to blow the budget a bit?? :eek::D
    The Y-man
     
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