NSW Plans to buy outside Sydney for max 600k

Re: Glenmore Park yes it is essentially right near Penrith. There are some newer houses there of course.

 

I grew up a suburb away from Blacktown and had many friends in the area.
I spent lots of time at the local Westpoint and still hang out there to this day.
It has come a long way from when I was a teenager in Year 8 watching Chris Brown perform there back in 2006

Chris Brown during Chris Brown is to "Run It" in Australia at... News Photo - Getty Images

I have seen many people recently snap up off market deals or houses that just are unappealing in general and renovate them. $50K in cash on a house you pick up for $560K can go a long way !

As an area I have seen it go from housing commission to new migrant from the Philippines, India and Sudan moving into the suburb and renting to raise their families and save the dosh for their own place. Finding a good renter has never been difficult and I recently rented out a house and it's granny flat within 3 weeks at great rents.

I don't know much about St Marys but I'm banking on Blacktown

 

Hi Shawn - were you located in Rooty Hill or Doonside area?
I lived in Kingswood till I was 10 years old. I have an investment property in Penrith, and think Greater Western Sydney has good growth potential.

 

Off topic, but on wages of 58k each in Sydney think about moving to Brisbane outskirts or large regional (Albury/Wodonga, Wagga, Bundaberg etc). For the same price as buying your PPOR in Sydney you'll get a PPOR and your first investment property. Wages in public health are government set so you get the same amount if you are working in Sydney or if you live in the country where the costs are less. Enjoy a 5 minute commute to work not 50 mins each day.

 

this makes sense if you dont want to live in sydney long term.

 

You say you want to retire early.....this is a completely different path but worth researching...
FIRE! ( Financial Independence Retire Early )
Read up on FIRE and the FIRE community
There are lots of resources on it. Some threads on this forum, a few podcasts and some good blogs. It is all about living a simpler life and retiring early, as you sound like you are both really good savers it may suit you! You can still have you own home with FIRE but essentially you invest all your savings into ETFs/LIC's
Start my reading the following blogs:
https://www.aussiefirebug.com/
https://www.strongmoneyaustralia.com/
Home -

You can also listen to the below podcasts:

Aussie Fire Bug podcast
FI/RE and Chill podcast

 

Cheers everyone!
I'm already reading up on FIRE, and definitely looking into Brisbane, and perhaps Melbourne.
I think that I want to pay no more than 450k, and if that means not buying in Sydney, so be it.

 

If your aim is to retire early then, how does making additional payments to Super from your nett income fits into your strategy?

Once you have your contributions in Super the funds are locked in until one is 65 y/o (as of now) except for certain situations that qualify to access your super prior to 65.

The way we are going I feel it is likely the minimum age to access super will be 70 by the time you would get your hands to it.

 

They dont have to place all their additional funds into Super. I have been putting an extra $100 a fortnight into Super and also paying extra off our mortgages and it really makes a difference ten years or twenty years down the track.

How many people are accessing some of their Super tax free as we speak?

 

Do you mean as part of pandemic scheme? That was cancelled.

 

Sorry do you mean tax free part cancelled or pandemic scheme?
I understood that the pandemic accessing of $10k this year and next scheme was being used a lot and sometimes for unnecessary purposes according to a Illion/Aon report due to lack of qualifying required before access.

 

this

 

I would more so look at new areas that are currently under development. Buying homes off market can be a great way to save if you know where to look and have the right outlets.

 

Thought I'd seen it somewhere - not cancelled and actually a lot of people withdrawing early, see attached

Data from the ATO shows 1.35 million requests have been processed under the pandemic (COVID 19) early release scheme, as per Illion/Aon report extract;

New real-time data from illion and AlphaBeta shows that early superannuation withdrawal has not been used as intended.

Analysis of the bank transactions of thousands of Australians who took out Super show some disturbing facts about those who withdrew it and what they spent it on. Many used the money to increase - not just maintain - their spending.

Latest data from the Australian Tax Office (ATO) confirms 1.35 million early release superannuation applications have been approved.

Nearly half (40%) of those who accessed their superannuation actually saw no drop in their income during the COVID crisis. There was no income check prior to allowing people to access their Super.

 

Really? You mean i could have accessed mine even though my income is exactly the same as it was before? I'd be the first one to get caught!

 

Still can!

Still might!

 

I am currently looking at Rivo but the current price is slightly higher than I can afford (Thanks to 25k refund scheme, damn :|) would you suggest some examples of those areas?