NSW Lower north shore - upgrade questions

Hi,

Firstly cool forum. Saw this forum (and Somerset or is it the same?) suggested when one of the members here came over to a share trading forum I visit and suggested here and I've enjoyed lurking since.

Onto me: currently just starting the journey from upgrading from a 2 bedder in postcode 2089 to a slightly bigger, start your family type home a little further down the north shore (ideally train line).

Initial plan was going to be hold and build a portfolio but given market events I don't want too much debt in Sydney property right now and I probably need the equity anyway so the plan is sell and upgrade.

Quick q's:
1. any thoughts on townhouse vs Small homes? I think a big townhouse would be enough to live in but the thought of paying 3-6k strata fees a year irks me. Am I missing something here? I'm thinking I'd rather pay 100k more for the small house and avoid strata but maybe my thoughts are off??
2. I'll learn this in time but is 1.3-1.4 range in the game for a nice small lower North shore house?
3. My limited research sees me stuck in a spot where I can see a lot of townhouse type 200sqm places close to North Sydney area but then as I head further out (Gordon onwards?) the blocks get a lot bigger - say over 750sqm. Kind of squeezes me on price as land costs just gets balanced by bigger blocks. Any specific suburbs with a lot of circa 4-500sqm blocks around or am I barking up the wrong tree?

Thx guys

 

I'm note sure at what point going down the north shore you start seeing smaller blocks , but I'd guess once you start seeing small blocks , the cost per / m2 would outweigh the benefit of the smaller block .

I think you will be hard pressed to find a house in the lower North shore for 1.3 .

I did a quick search for house , 3 bedder < 1.5 . Most that came up were units . The only one that might have realistically been in that budget was this one , but falcon st is a main road

http://www.realestate.com.au/property-house-nsw-crows+nest-120035585.

I think this one is interesting though will sell for more than 1.4 .
http://www.realestate.com.au/property-house-nsw-willoughby-120093457

Cliff

 

Thx Cliff - ironically it was you on ASF that suggested coming over here.

I Agree with your thoughts I'm going to be hard pressed and also concur I don't want to be living on Falcon street.

I actually had my terminology wrong in the first post I'm talking about moving away from Neutral Bay further 'up' the train line.

Any feel as to what 1.3 gets me at Turramurra or Gordon or am I still reaching?

 

It's going to be a stretch when Mt Colah is approaching the 1mil mark

There's stock in St Ives or Chase around the 1.3m mark though I suspect it may have been underquoting....

 

I would say you need at least 1.6 to buy a small house up chatswood Gordon lindfield pymble area.

 

I think this one is interesting though will sell for more than 1.4 .
http://www.realestate.com.au/property-house-nsw-willoughby-120093457

Was at this auction this morning - passed in at $1.31M - only 5 registered bidders.

An absolute dump on a major road - but set up for dual occupancy - owner was in nursing home.

Only perhaps 10 groups there - 90% Asian heritage so much quitter than recent auctions - but this probably reflects the property rather than the market.

Talked with the agent who thought it was good buying at the reserve of $1.48M.

Was somewhat tempted at just above the passed in amount as it would be a good project close to home - but could not get there.

Definitely would get it at $1.4M.[/QUOTE]

 

Saw a 4/2/2 semi in Lane Cove on about 350 m2 go for a shade under $1.9m so I don't know where on the north shore you're thinking $1.3m. Gladesville/Ryde/North Ryde might hit that mark (on a bad day).

 

I'd expect Gordon to be out of reach .

As suggested , st Ives / chase , also Turramurra / Wahroonga , but you'll be either on a busier rd such as bobbin head , or on a bush block on the edges of South or north turra or similar locations in Wahroonga . Nothing wrong with those and they're great places for kids to grow up and they can have quite good community spirits . When we first arrived in Australia , I was 11 and lived in a bush block on the edge of killara and loved it .

They will be high bush fire risk , but in the time we've been on the north shore there hasn't been any major bush fire disasters . You'll probably find the commissioner lives up here and a fair few pollies ...

We have friends who deliberately bought next to a school because they new that was the staging post for any emergency response , so if there was an issue , the bush fire brigade would be close at hand.

If you search 2074 & 2076 1.25 -1.5 , you start getting a few .

Also check around East Ryde and Mansfield .

Otherwise you'd be getting up to Hornsby and beyond .

Cliff

 

Don't know what this sold for but this is close to the station.

http://www.realestate.com.au/property-house-nsw-turramurra-120105833

On the north shore location is king . There are streets where it would be hard to overcapitalise and other where it would be easy .

If I had a choice in go grotty house in a good location rather than the other .

Cliff

 

[/QUOTE]


That one isn't for faint hearted or mum and dad investors due to

Busy road location
Cost of construction on such busy road

Biggie is swimming pool at the back of property.

Approval for double story dual occ would be uphill battle!

 

Thanks all,

Did my research over the weekend. Around the fringes of Turramurra (especially south) there may be a few properties but realistically they are no where near the station and not what I'm looking for. Finding anything I'd be happy with in a good location south of Hornsby along the train line seems out of the question at 1.3-1.4

Money seems to go a lot further around beecroft/west pennant hills/castle hill. Perhaps I should consider these areas a they seem to trade on a 20-30% discount compared to the north shore and in my view the lifestyle isnt that much different (any views on this?). With the train line coming that premium may contract slightly if anything. Probably a bit late to the party mind you.

Need a government incentive to encourage people living on a quarter acre to knock down and build 2 homes. Going forward I think my age group would happily take 4-500 sqm over the quarter acre and it helps the affordability issues.

As an aside, have been 2 auctions the last 2 weekends. A nice townhouse in neutral bay went for loads and there was buyers everywhere, alternatively a 1 bedder just down the road had very little interest although eventually sold when the fella bid against himself to get it over the reserve so they could drop the hammer. Market still seems warm but doesn't feel as 'crazy' as say 12 months ago around here.

 

That one isn't for faint hearted or mum and dad investors due to

Busy road location
Cost of construction on such busy road

Biggie is swimming pool at the back of property.

Approval for double story dual occ would be uphill battle![/QUOTE]

Indeed. Unless multi dwelling housing is allowed then the def. of attached dwelling means next to each other. Not on top.

 

There is no swimming pool and the access is pretty good.

We would be looking to just renovate the existing setup plus some extra value add ideas.

It would then be a hold for a few years as it is quite a good location.

However, good buying needs to be part of it.

 

$1.25m sold price but pretty basic house. Agree about location but not everyone likes renovating like you do Cliff

 

Hi Kid
Yes still tough out there and $1.3m for Lower and middle NS now almost impossible on quiet st with ready-to-move-into status. I feel your pain
Hills district has moved a lot in the last 2-3 yrs (almost double the median cg compared to other Sydney suburbs in last 12-18 mths) and Sydney Metro (used to be known as the NW Rail Link) has been responsible for some of this growth- fuelled by limited listings and big demand the Hills is a popular family area with a pretty nice lifestyle, hence it's popularity.
$1.3m will buy you a house in most suburbs out here, but again it will depend on your specific criteria and needed proximity to transport. Also differences in price between older suburbs such as Beecroft vs Castle Hill. Buses also very good in CH/BH/Cherrybrook until metro starts in 3 yrs.

 

Like isn't necessarily the word I'd use ..... .

Nowadays I prefer moving rocks

Cliff

 

Yep well said.

Hindsight is 2020 but I should have just pulled the trigger and bought out there instead of buying an apartment a few years back, I grew up 'out there' and it was great - shoulda coulda woulda i guess.

Look I'll definitely find something and I'm in a lucky spot but I must say I was taken aback by the prices of some of these suburbs when I was having a closer look.

Where did you find stats on CG by suburb?