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NSW My PPOR journey !!!

Discussion in 'Where to Buy' started by Ideacrash, 3rd Oct, 2016.

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  1. Ideacrash

    Ideacrash Active Member

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    Dear property experts,

    As I am spending more and more time on buying a property , its getting clear in my head about my requirements . ( Am sure ,I may not be able to tick all the requirements in one go )

    1) <2 Km to railway station
    2) atleast 3 bedroom house with a decent backyard
    3) Good neighbors
    4) Close to shopping center

    Currently I have managed to save around 60K, and have started visiting open houses. Below are few of my observation on the properties I visited.

    Glendenning
    6 Wigmore Grove Glendenning NSW 2761 - House for Sale #123675550 - realestate.com.au
    5 Cormack Place Glendenning NSW 2761 - House for Sale #123682458 - realestate.com.au

    Not very impressed with the look and feel of the suburb. The houses were little old but was sitting on good size land.

    Woodcraft:
    35B Pottery Circuit Woodcroft NSW 2767 - Duplex/Semi-Detached for Sale #123645194 - realestate.com.au

    Liked the look and feel of the area.
    Again the townhouse was little small , especially the kitchen . Was happy with the backyard size. Had a farm house behind this property

    Quakers Hill
    7 Bombala Crescent Quakers Hill NSW 2763 - House for Sale #123705366 - realestate.com.au

    The place around the property looked empty. Like the feel of the suburb. Again the house felt was bit old .

    Acacia Gardens,
    53 Somersby Circuit Acacia Gardens NSW 2763 - House for Sale #123616774 - realestate.com.au

    Just loved the suburb feel. The town house was very impressive as well. Just thought a bit pricy.

    Dean Park
    54 Wayne Street, Dean Park, NSW 2761 - House for Sale #123718146 - realestate.com.au

    Similar to Glendenning, but the property was better than the ones I saw in Glendenning.

    What are your thought on these properties? Which one you would buy ? and Based on what criteria ?

    Few questions in my mind still hovering are
    1) Should I buy a 2 bed apartment in Westmead to start with and look for independent house after 3 to 4 years ?
    2) Should I go towards Edmondson Park ?
    3) Should I wait for some more time and save enough to buy around Stanhope Garden or The Ponds ?

    Appreciate your thoughts on the above
     
  2. MsAli

    MsAli Well-Known Member Premium Member

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    @Ideacrash

    It's great you're clarifying the criteria.

    What's your budget? Have you considered an IP instead?

    Where do you think Sydney is on the property clock?

    Assume you may be going a high LVR if you're considering a Westmead purchase.
     
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  3. Mumbai

    Mumbai Well-Known Member

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    Its your choice if you can settle for an apartment. I liked the Quakers Hill one from the lot.
    Do you think prices will come down after 3-4 years or you will be better equipped?

    what's taking you there, cheaper houses? Do you like them? Is travelling going to be an issue?
    I personally won't.

    NO.
     
  4. Ideacrash

    Ideacrash Active Member

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    'Thanks MsALi'
    I think i will be comfortable around 600-650K. Yes, IP is also on the cards.
    its at the peak and is rising every day . Not sure when it will stop.
    I think i will be around 90% LVR where ever I buy.
     
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  5. Ideacrash

    Ideacrash Active Member

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    Thanks Mumbai,
    Do you think prices will come down after 3-4 years or you will be better equipped?
    Not sure if the prices would come down, but I will have more deposit for sure. Also, if the family expands the expenses will also increase.

    what's taking you there, cheaper houses? Do you like them? Is travelling going to be an issue?
    I personally won't.
    New suburb. Closer to train station . New independent house. Ponds like feel.
     
  6. Ideacrash

    Ideacrash Active Member

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    Thanks Guys, with the amount of money involved I feel this is one of the toughest decision to make and action.
     
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  7. MsAli

    MsAli Well-Known Member Premium Member

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    650k purchase will require $97,500 (15% inc purchasing costs). I'd re-consider if you're considering doing this in the near future. This should comfortably get you an IP or PPOR around the 400k mark with a similar outlay at 90% LVR..
     
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  8. D.T.

    D.T. Adelaide Property Manager Business Member

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    Probably better to ask a qualified broker these questions.
     
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  9. Xenia

    Xenia Adelaide Property Manager Business Member

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    Great advise
     
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  10. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Without knowing your full personal circumstances, future goals and plans etc it is hard to say. As for number 1 I would be very careful buying units in Sydney for investments as I feel there is a massive oversupply at the moment.
     
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  11. MsAli

    MsAli Well-Known Member Premium Member

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    Good point. Parramatta region in particular.

    Wentworthville and Westmead already have a lot. Pendle Hill is getting 130 odd where the Bonds factory was. Toongabbie has many many coming up as well along with 50 shops. Not sure what will happen to the parking.

    2br Villas are around the 550k to 650k mark. Too expensive in my opinion. May be still "affordable" compared to many other areas. I'd only buy if it was PPOR. Lesser deposit if you can get it. But seems high risk. You need buffers.

    400k house....don't get those in Sydney now. May be a 2br townhouse further out west. But the return is so poor...around 4 to 5% for 40 to 60km from Sydney Central.
     
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  12. Ideacrash

    Ideacrash Active Member

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    The conclusion is for PPOR I need save some more money and if its IP I have to look around 400K to 450K property which should atleast have 5 to 6 % yield with some CG aspects in the long run?
     
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  13. Ideacrash

    Ideacrash Active Member

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    Hi All,

    I need to wait atleast 6 months before I make a move. What would be the best/ideal investment option other than parking my deposit in a savings account ?
     
  14. Ideacrash

    Ideacrash Active Member

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  15. bhojapudur

    bhojapudur Member

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    @Ideacrash

    Let look at the suburbs that you have listed. And listen to experienced investors words " There is always market within market ", so even within the same suburb there is alway desired pockets and will yield more in longer run.

    Glendenning.

    More land for your $$ when compared with QH. But not good schools and won't be my PPOR.

    Quakers Hill .

    Best of my pick. But i wont pick bombala crescent since it falls on the Marayong school. Look on within Narrabri st which is within QH public school. This pocket is anywhere 5-10% than other side of QH. And also the pocket near Farnham road ( call'em newer QH ) also desired due to schools ( Barnier /Hambleton ) and been closer to upmarket suburb such as ponds/ stanhope Gardens.

    Acacia Garden.

    Good suburb and newer home. But not a house within your range , may a torrens title like townhouse ?. But its still QH east public school and doesn't command higher price as ponds/stanhope.

    Woodcraft& Dean Park.

    Not best area when you compare with the above. but Value for money, but who knows where the clock is and if you are buying at a right time.


    New estate :

    Paying premium for new land release .unless you want to get a FH rebate.

    For the NW area, generally you pay more as you move close to the upcoming rail line. Look at ponds/schofileds/Rouse hill/Beaumont Hills.all are more than 1 mil now.

    Hope this helps. More you walk the streets , more you know :)
     
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  16. aussieB

    aussieB Well-Known Member

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    Depends on your risk appetite ? Trade binary/futures/options ?
     
  17. Cimbom

    Cimbom Well-Known Member

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    Move to Canberra. 700k gets you a 3 bedroom house on about 700-800sqm of land 4kms from the city :D
     
  18. Azazel

    Azazel Well-Known Member

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    A lot of house for the money.
    Some good buys for less as well, just a little futher out.
    What's Jerrabomberra doing these days?
     
  19. Ideacrash

    Ideacrash Active Member

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    Thanks a lot bhojapudur :)
     
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  20. Ideacrash

    Ideacrash Active Member

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    What are the advantages ( other than I can design the house layout as I need ) of buying a land under new land release and then building the house.