NSW Opinion on Irregular sized property (PPOR)

Hi Folks,
I recently inspected 1995 built 3 bedrooms 1 bath house sitting on a 512 sqm plot in Blacktown council. The price guide is 980k-1M. Most unrenovated 3 bedroom houses go for 950k. The last sale in that street was a month back, and was a 1987 built house that was never updated and that went for 880k. This property is completely renovated and looks brand new inside. Rooms aren't massive, but it is good enough for our family of 3 for the next 5-10 years.

The house sits on an irregular plot. It looks more like a triangle. Towards the back of the property, there is a natural stormwater drain and to the right, there is a small reserve. It does not fall under any flood risk or bush fire catagories. The school is decent and is just 600 mts away. It is a bit far from From station, but it is 20 mts away from the bus stop which will take me to the nearest train station.

Because of the irregular size of the property, the frontage is low the backyard looks unusually big. This means that I could potentially extend the house in the future. There are no easements either.

Is this a good buy(ignoring the inflated price)? Will there be any risks or issues?

 

Hi Manvp,

The block you're looking at has a narrow frontage but still has a large rear yard that can open up some options for you in the future such as an extension or adding a granny flat/studio. The narrow frontage simply means less street/curb presence compared to a wider frontage. Good to see that you have checked for flooding and bushfire overlays.

I have been buying in western Sydney for a while. If you plan on converting this property from being your PPOR to an IP down the track, the other factor you should consider is the slope of the block. If the land slopes downwards to the rear, it could be harder/impossible to get a granny flat built on the block from both a practical and financial perspective as I understand that Blacktown council has stringent rules with regard to drainage.

Another thing I would check is whether there are housing commission properties nearby or on the same street.

As you haven't provided the street/suburb within Blacktown council or any more details, it is difficult to determine whether the price is overly-inflated. Generally, the price growth in the area has been substantial recently so naturally you will need to be very careful with regard to the comparable sales you have selected to determine the market value. I would say that using only one comparable certainly wouldn't be enough for me to make an informed decision. Hope this helps.