NSW Parramatta PPOR - 650k - Options/Suggestions

Hi there!

I am looking for a PPOR in Parramatta and I am wondering whether anyone has any suggestions for a budget under 650k? In particular, I am looking for the particular configuration below. I am enjoying the look of Morton road area, however, appreciate it is a high density area and may not be ideal of an IP but keen to get the view points of experts in the area!
- 2 bedroom
- 2 bathroom
- 1 secure car spot

Also considering 1bd/1bath/1car if the price is under 500k.

As I am never lived in an apartment before, what are the items I should look out for? Any thoughts on whether I should wait a few more months as it seems like the 2bd apartment are on the down curve seen within Morton road

Additional information for PPOR
- Close proximity to City (Parramatta being the preferred not to mandatory option)
- Living there for next 5-10 yrs (may consider rent vesting)
- Open to other areas towards the city

 

Have you considered Parramatta satellite suburbs- wentworthville, Pendle Hill, toongabbie, girraween- you may be able to get a 2 bed villa in that budget.

 

How many units in the building?

 

Long term Parramatta should be a safe bet. Its going to be the biggest CBD sooner or later. If your going to hold 10+ years you got nothing to worry about.

If you are going to buy I'd be looking at streets with older buildings with small blocks. Early St, Lennox St, Glebe St, King St etc.....they are well positioned and like 10mins walk to the station and Westfields. Most those units are extremely well built in small complexes and many of them are double brick.

You cant find units like those these days. Solid to the max.

Also they will benefit greatly from the redevelopment of Church St and all the way down Auto Alley. There are big plans to transform that entire Church St Auto Alley and works already started on the corner of Great Western Hwy and Church St.

Going to be a 5 star luxury hotel, shops, restaurants and residential on top

 

Unfortunately, this will add extra commute time to the city. Thanks for the suggestions!

This is great info! Thank you so much for providing the information. What are your thoughts on Marsden Street and townhouses there? It looks like it is going for about 850k-900k at the moment

 

Nothing wrong with Marsden St. If you start going further than Crimea St its starting to get farther away from the Westfield's and the station. Still walkable by all means but if your carrying 4-5 bags of groceries from Woolies its probably not going to work.

Isnt your budget $650k? That will get you a decent 2 bedroom unit with lockup garage for now. Prices have started to rise again in those streets I mentioned as my younger brother is also looking for a 2 bedroom unit in those streets.

If your upping your budget to $900k then I'd be looking to get a free standing house with a full block closer to Westmead.

 

You can get 2 bedder apartments for less than $450k in Merrylands, close to the train station.

If you're looking to spend $850-$900k you could get into much better areas though.

 

Do you have a large deposit? You might need it if buying in a high rise block or a 1 bedder as finance can be harder to obtain. Also will be harder to sell down the track for the same reasons.

 

Very good points. Which area would you suggest out of curiosity?

Yes, deposit won't be a problem. Good tips.

Great advice. This gives me a lot to think about.

 

You'll definitely be able to find a 2 bed/2 bath/1 car apartment in Parramatta within your price range.

You asked whether you should wait as it looks like "prices are on the down curve" - you also need to think about what if prices continue to go up and you're priced out entirely from that market, will you regret it and no longer be able to afford to buy/live in your preferred suburb? I always believe that if you're in a financially stable position to buy something you like now, why wait - you never know what can happen.

When buying an apartment, make sure you get a strata report to see if there are any issues or disputes discussed within the body corporate (this could be with the building itself, issues with residents, neighbours etc). Also, I do further research into who the actual builder was of the complex, have they built anything else in Sydney, how long have they been operating/registered for, have there been issues in the past on their builds (Google search) etc.

Good luck with the property hunt

 

Hi All,
New here and looking for some advise. Looking for son's 1st property purchase and using 1st home buyers grants etc. Budget is about $530K, but would be more comfortable with spending less.
Looking from Ryde to Blacktown, with a focus on Pendle Hill/Wenty. 2 bed old style units in smaller complex.
Buying to live in, but longer term looking as investment property.
There seem to be some decent 2 bed, 2 bath in Pendle Hill in mid $400s.
We like these areas as good transport. close to Parra etc.
Concerns: Is there an oversupply of units there?