Old apartment punchbowl near train station

Discussion in 'Where to Buy' started by Erictheelephant, 3rd Jun, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Erictheelephant

    Erictheelephant Member

    Joined:
    3rd Jun, 2019
    Posts:
    7
    Location:
    Sydney
    hi all,

    Seeking help as a single mother with a preschooler child. I don’t have much but enough to get an apartment at $380k and I work in CBD and took me sometime to safe the money. I just thought I should get in while the market is still down (I don’t think for too long. Able to buy from Aug onwards). I am looking at buying at punchbowl as it’s where I can afford and can’t do long commute to city due to little one in daycare. Seems new development coming by in a few years too.

    I have not live in that suburb before. Is this a good idea ? I am a bit worried with a little one.

    Thanks for your advice.
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,389
    Location:
    Sydney or NSW or Australia
    Why Punchbowl other than it's affordable? Do you live near the area?

    Other better priced areas (still along the train line) include Wiley Park, Lakemba.
     
  3. Erictheelephant

    Erictheelephant Member

    Joined:
    3rd Jun, 2019
    Posts:
    7
    Location:
    Sydney
    Yes includes Wiley Park and Lakemba as well. Just started researching the nearby suburbs. I drive my kid to stanmore on the A36 in the morning and drop him at day care. Then I park my car at a friend who lives at Enmore and gets on the train at Newtown to CBD. Reason being is that I needed the support with friend who works from home and she can get my little one if there is an emergency ( sick or injured ... it happens sometimes). And if I need to get to my child ASAP from CBD it’s not too far. That’s the only reason. I don’t have other support.
     
  4. Erictheelephant

    Erictheelephant Member

    Joined:
    3rd Jun, 2019
    Posts:
    7
    Location:
    Sydney
    I Cureently rent in the east... I have only lived in Sydney a short time. I have never lived anywhere else in Sydney before. I know the area is very different and I have been doing drives every weekend to do more research. I like the inner west. But my budget and condition doesn’t allow me many choices. Any ideas?

     
  5. Cate Bell

    Cate Bell Well-Known Member

    Joined:
    7th May, 2019
    Posts:
    221
    Location:
    Australia
    Congratulations on getting into own PPOR. I don't know the area well enough to give you any advice. With a little one going to school soon, I would be considering the school zones, catchment areas, to ensure that you are happy with the school choice. Sometimes you will find a property in the same area, even next door, and they will be in different school zones.
     
  6. sumterrence

    sumterrence Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    349
    Location:
    Sydney
    With your price point have you considered suburbs along blacktown? Units in blacktown appear very affordable and well within your budget. Being a major station it has plenty of express trains to the city as well.
     
  7. Gockie

    Gockie Unicycle anywhere and everywhere... Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    10,182
    Location:
    Sydney
    I'd probably go Punchbowl/Wiley Park/Lakemba before Blacktown... Geographically closer to the city.

    I have a colleague who moved from Riverwood to a house out in the west.... Yesterday it took 1.5 h on a toll road to get to the airport whereas if it was Riverwood he said it would have been a 10 minute trip....
     
  8. Erictheelephant

    Erictheelephant Member

    Joined:
    3rd Jun, 2019
    Posts:
    7
    Location:
    Sydney
    Thank you I will look into it
     
  9. Erictheelephant

    Erictheelephant Member

    Joined:
    3rd Jun, 2019
    Posts:
    7
    Location:
    Sydney
    That’s really good to know thank you.
     
  10. Erictheelephant

    Erictheelephant Member

    Joined:
    3rd Jun, 2019
    Posts:
    7
    Location:
    Sydney
    The school zone is not easy to navigate... changes everything ... sigh
     
  11. neK

    neK Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,706
    Location:
    Sydney
    If you can find a way to stretch to $420k, you can buy in Campsie.
    Much better than Punchbowl / Wiley Park / Lakemba in terms of government school options.
     
  12. David Shih

    David Shih Mortgage Broker Business Member

    Joined:
    21st Jun, 2015
    Posts:
    989
    Location:
    Sydney
    I think there's a big risk committing to buying your own home in an area that you have not lived before. As others have pointed out, Punchbowl is very different to the East.

    Would you consider renting in Punchbowl first to get a feel of the area to decide whether it's suitable as your PPOR before committing to buy? While renting there you can get to know the area better (the desirable streets and streets to avoid), and also utilize Saturdays to check out properties and get a feel of how much the properties are currently selling. In other words, I would suggest try get to know the area better before making an informed decision to commit.

    Cheers,
    David
     
  13. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,389
    Location:
    Sydney or NSW or Australia
    Come out to Lakemba this week, there is the big Eid festival to give you a feel for the place.
     
    qak and Jamesaurus like this.
  14. Jamesaurus

    Jamesaurus Well-Known Member

    Joined:
    18th Dec, 2017
    Posts:
    326
    Location:
    Canberra
    I second this! Best garlic falafel ever
     
    Erictheelephant likes this.
  15. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,389
    Location:
    Sydney or NSW or Australia
    No Camel burger?
     
    Jamesaurus likes this.
  16. qak

    qak Well-Known Member

    Joined:
    1st Jun, 2017
    Posts:
    810
    Location:
    Sydney
    I'd suggest you need to drive through Punchbowl/Lakemba/Wiley Park first.
    I'm in that general area and would rather live in Riverwood ... on the 'right' side (Woolies side). Near the police station would be even better!
    YMMV.
     
    Erictheelephant likes this.
  17. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    3,113
    Location:
    Mt Druuiitt
    Hmmm....I'd be inclined for a house with land at Mt Druitt.

    But, each to their own.

    I've got a road kill BBQ on this weekend. Should be interesting.

    Can't bring Fido. He's been missing for the last few days.
     
  18. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,389
    Location:
    Sydney or NSW or Australia
    That horse's head on your pillow was a message, not an invite to the BBQ. :eek:
     
    datto likes this.
  19. Jamesaurus

    Jamesaurus Well-Known Member

    Joined:
    18th Dec, 2017
    Posts:
    326
    Location:
    Canberra
    Thats a Dougies Bankstown special!

    If you know, you know...
     
  20. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    1,605
    Location:
    Sydney
    Campsie at $399K (negotiable for sure).
    https://www.realestate.com.au/property-unit-nsw-campsie-131173482
    Only a one bedder, but a small complex so low strata fees.
    Not too far from the station.
    Campsie is now very Asian, so great (and cheap) food.

    Croydon Park at $395K
    Again, a one bedder. Small complex. Not walking distance from the station.
    https://www.realestate.com.au/property-apartment-nsw-croydon+park-130656794

    This one in Hurlstone Park sold for $420 last week.
    https://www.realestate.com.au/property-unit-nsw-hurlstone+park-131122522
    Again, a one bedder in an older building.
    Really good location - decent shops and station very close.
    There are a few buildings just like that on that strip in Hurlstone Park.

    You're probably looking for a two bedder, but if you can settle for a one bedder for a few years you will find something in a better location that will appreciate more. Then maybe down the track you can turn it into a rental and rent (or buy) a two bedder to live in.

    There is a site called propertyvalue.com.au where you will find sale prices of properties in about 90% of cases.

    No need to rush into anything now, either. Keep doing what you are doing - researching areas and asking questions.

    Scott
     
    Erictheelephant likes this.