NSW New to Sydney. $750k Budget

Discussion in 'Where to Buy' started by Vijesh, 1st Aug, 2018.

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  1. David Shih

    David Shih Mortgage Broker Business Member

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    Hi Vij,

    Well, if you buy the land then you have to build a house right? How much would the build cost be? And how much would the total cost be in comparison to the same product that are currently up for sale?

    But I guess the point I'm trying to get across is like most of the other posters have already pointed out - now's not the right time to buy any sort of OTP in Sydney. Sydney is not in a rising market anymore so your proposed strategy will likely not work in the near 4-5 years term.

    I get the impression from your replies that you must buy in Sydney at this point in time...why? Is it because your family don't want to rent?

    Cheers,
    David
     
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  2. Vijesh

    Vijesh Member

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    Yes @David Shih , your impression is correct. Also, been i was told in my vicinity that this is the right time to buy your first home in Sydney as prices are down.

    My budget cap is $750k, and my initial thought was i can build/buy a house in that budget, and later on leverage that to buy another one.

    Since Sydney has more jobs than any other big cities, it seems we will be making our living here for quite some years now. Hence the thought of buying a property here.

    Cheers,
    Vij
     
  3. David Shih

    David Shih Mortgage Broker Business Member

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    OK, if it's for your own living/lifestyle then sure. I would tend to agree with @AAA2214, Quakers Hill still present good value for what you can get on existing house with a piece of land which is why they're attractive to owner occupiers. Plus there is a train station with express train to city/Parra.

    Better buy existing dwelling and maybe do some renovation to make it suitable for your living. But yea, all I can say is best not to have too much hope on pulling out massive equity in the short-mid term.

    Cheers,
    David
     
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  4. Trainee

    Trainee Well-Known Member

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    Thought someone from Perth would understand that timing does matter.
     
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  5. Gockie

    Gockie Life is good ☺️ Premium Member

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    If you can get a spacious 3br townhouse in Castle Hill with garden for 750k I'd take that because you'd be buying at 2014 prices.
     
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  6. Hanh

    Hanh Active Member

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    Vijesh

    I have a brand new house in Willowdale, 5 mins drive to Leppington. 4 bedrooms, 2 bath, single garage. Price is 660k. Willowdale is a nice area for owner occupiers with new community, new houses and shopping centre. It is a good buy for first home buyers as you cannot find a brand new finished built 4 bedroom house for under 650K in Sydney. You will have stamp duty concession if you buy it.

    If you want to buy land to build a house, I also have 300sqm land close to Leppington station selling for 400k. You can spend 240k on the build for a 18 square 4 bedroom house which will cost 640k all together. That is a decent price for FHB and you are entitled to the 10k grant too.

    PM me if you are interested.
     
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  7. Hanh

    Hanh Active Member

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    If you want instant equity even in this market, you can consider development. I have corner blocks 560sqm where you can build two detached 4 bedroom houses facing each street and subdivide to make instant profit.

    This is better than duplex as the houses are separate and they do not share walls. You can sell one to pay off the debt and live in the other with little debt. Or live in one and rent one. You can make 150-200k in this development. You can live in one for 6 months and sell it with no capital gain tax, then move to the other house with a large debt paid off. Plenty of options.
     
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  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    He's not a FHB.
     
  9. Whitecat

    Whitecat Well-Known Member

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    don't buy a H and L package. Buy something older and add value. Also older will be better quality and often better located.
     
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  10. Cimbom

    Cimbom Well-Known Member

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    Canberra has the lowest unemployment rate in Australia and among the highest average wages. Your 750k will get you a house here in a good suburb that you'd actually want to live in (nice amenities, public schools that are actually good quality and a short commute). Most of the areas you've listed offer a false economy IMO - the house price may seem "cheap" but you're paying for it in many other ways.
     
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  11. Vijesh

    Vijesh Member

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    Hi @Cimbom .
    Its a good thought. However, neither me nor my partner are Australian citizens. Hence, we may not have many options for job there.
    One of my workmate moved there last year after buying a house, and he resonate exactly your thoughts.

    Cheers,
    Vij
     
  12. Vijesh

    Vijesh Member

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    Thanks @Hanh ,

    I will reach out to you soon..

    Cheers,
    Vij
     
  13. Vijesh

    Vijesh Member

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    Thanks @Whitecat ,

    Its a good tip. I will keep that in mind :)
     
  14. Hanh

    Hanh Active Member

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    It is not true that H and L did not make money. It all depends. Anyone buying H and L in Western Mel made heaps in the last 2 years. Anyone buying H and L in South West Sydney or North West before 2016 made some good gain. H and L is also a good add value strategy if you buy land separately and arrange your own builder, cutting down builder margin on the land
     
  15. inertia

    inertia Well-Known Member

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    Does that count as Sydney?

    Cheers,
    Inertia.
     
  16. Hanh

    Hanh Active Member

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    It is called South West Sydney.
     
  17. KinG3o0o

    KinG3o0o Well-Known Member

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    hhahaha thanks.. i wanted to ask the same thing but didnt want to be mean.

    he used leppington as if it was parammatta or sydney, a hub of nsw....well played..

    i hope he knows if you draw a straight line.. leppington is close to penrith & campbell town than sydney LOL..
     
  18. Hanh

    Hanh Active Member

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    It is still in Sydney. Leppington is close to Liverpool, 15 mins driving. I bet you never drive down there to know where it is as it is not close to Penrith.

    If Vijesh considers Oran Park, Leppington is still closer to Sydney with less than one hour by train. Most people only heard Leppington but never go there because they never go anywhere further than 10km from cbd
     
    Last edited: 2nd Aug, 2018
  19. Hanh

    Hanh Active Member

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    I’ll stop arguing where is Leppington as it is irrelevant to the topic. If anyone is curious to know, google it.
    It is less than an hour by train but 1.45h each way if you ride a bicycle

    Instead of dicussing and sharing useful things to help vijesh, people here waste time arguing where Leppington is. Probably they have nothing to do.
     
  20. Cia

    Cia Well-Known Member

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    Leichhardt has a great light rail service in the western half.
     
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