NSW Max $1mil Sydney south-west or surrounding areas

Hello everyone,
Hope you are well, and staying safe.

We've been looking to buy a house/PPOR(4-bed) from the beginning of the year, and haven't had any luck getting one.

We started with the budget of $850k, but now have begrudgingly stretched it to 1mil.

The areas we were targeting was : Revesby, Revesby Height, Padstow, Padstow Height (houses/duplex were getting sold for ~850k range last December when we started to look).
Now they are all 1 plus.

So we expanded out range to Bankstown, Punchbowl, Lakemba area as well (The situation is same there, 1mil plus)

We both work in CBD and wanted to be in the 20-25km radius of it with walking distance to train stations.
We have lived in units for last 15 years, and are really fed up and want to live in a house now.

We then started looking for newer suburbs like Edmondson Park, Bardia, Leppington, Oran Park etc, thinking we can compromise the travel time (but in reality, we both dread daily 1hour plus commute time each way).

Sometimes, we fall back on the idea of getting a 3-bedroom place in Rockdale/Kogarah.

I have begun to realize I am out of my depth when it comes to buying a place, and my strategies or priorities are not right. I am all over the place. I am in serious need of guidance.

My initial goal was(probably unrealistic):
- Buy a place with a bit of land(where I can do gardening/start a veggie patch/green house)
- Hope to build some equity and buy an IP in 3-5 years
- Ideally, land to have a granny flat which I can possibly rent out to make ~$2-300 per week

Seeing that none of my desires are going to be fulfilled with my budget in the areas I want, I don't know what to do next.
Maybe I should do the 'rentvesting'?

How can I realign my strategy with the goals or approach and what suburb should I be targeting? What would you suggest?

-R

 

Hi @Rashik Acharya,

What to do next?...adapt and overcome.

The market has moved since Dec 20 and so you'll need to compromise: budget, distance, number of bedrooms, established vs new, property type, main road vs quiet street.

Work out what your non-negotiables are and go from there - you can't have it all.
Search through the map view of realestate.com.au with your non-negotiable parameters with the price range 5-10% under your budget and they're your realistic options.

Assuming that your non-negotiable criteria is 3+ bedroom freestanding house walkable to trains and commutable to the CBD under $1m, I would search the following:

Glenfield (to Ingleburn)

• 39 min express train to Central - this station forks out to Campbelltown and Leppington
• 69% owner occupier
• Suburb of Hurlstone Agricultural High School (selective)
• Growth factor may come from the development of the Western Sydney Aerotropolis

Seven Hills (to Doonside)

• 41 min express train to Central - next to Blacktown which forks out to Penrith and Richmond
• 69% owner occupier
• Near Girrawheen High School (selective) and Blacktown Boys/Girls High School (partial selective)
• Growth factor may come from it's proximity to Parramatta CBD and ripple effect from the rising prices in 'The Hills' region

I assume you may have children or are planning to because of your desire for a 4 bed house so I added selective schools in case it's a factor.

You may be able to find a 3 bedroom apartment for under $1m in Rockdale/Kogarah but not a duplex or freestanding house. An excellent 19 min commute from those suburbs but it's a trade off you'll need to consider.

Rentvesting is also an option - question is, are you willing to invest interstate for better CG potential and yield? $850k can get excellent value in inner rings of Brisbane and Perth. Use the search bar to see what others have said about rentvesting and/or suburbs under $1m in other cities. Here are two threads to get you started:

PPOR or Rentvest
Need your advice :)

Cheers,
Henry