Hi all, My name is Sai.I moved to Sydney from India a couple of years back and have saved 100K I'm lloking to buy a PPOR around seven hills area with a budget of 750K.I have a kid who will start school from next year so looking for descent types primary school (cant really afford good school catchment areas).My spouse also works in city so would prefer closer to station - around 15 mins walk So far I have been looking for 3/1/1 houses in following areas: 1. Westmead,Wenty,Girraween - Out of budget.There are townhouses but I dont want to spend 750K on a townhouse, rather prefer house with some land component 2. Toongabbie - Houses closer to station asr asking 820+ pretty much out of range 3. Blacktown - Striked out 4. Quakers,Schofields - Too far out (1 hr train to Wynyard) 4. Seven Hills - North Seven hills has houses within 750K but I think it does not has good reputation.I inspected a few properties in South Seven Hills near Metella Road school which are around 780-800K (can stretch a bit).This area looked okay and the school is also not that aweful as compared to other Seven Hills primary schools WHat do you think of the above.I know I can buy an IP and rentvest but I would rather prefer to buy a PPOR now,settle and then in next few years look into buying an IP Tagging Western Sydney PC gurus @Property Twins @Propertunity @Jacque Thanks in advance. Sai
Hi Sai, Welcome to the forum. I think you can further look into areas like: Merrylands Mays Hill (mostly apartments though) Pemulwuy Greystanes You should get more options between 750k and 850k. It should make an awesome decision considering long term gains in mind. All these areas are surrounding Parramatta so ample infrastructure planned. Regards
Thanks for the response. Pemulwuy and Greystanes do not have a station which is our primary criteria, Mays Hill - mostly apartments.Will give a thought to Merrylands
The bus journey and service is not as bad, especially during the peak hours. But these are nicer and quite suburbs. You can save at least 50 grand for a comparable home. Then use a spare car to park somewhere near strathfield/ parramatta/ westmead or wentworhville to catch train/ bus. But that is for you to decide. Regards
I'm my opinion, you should look at Quakers Hill. Growing Indian community and would suit your profile and is convenient with all things required for a young family. Its just an extra 7 mins to city(50 mins to Wynyard) with frequent and fast trains in peak hours. I bought here recently and every open home I went I saw lot of Indians and have friends too and they quite like the suburb. Look at the newer side or within 1km of station on the old side. You are just about there with your budget but would get a decent size block and land
Also Quakers Hill suburb has mixed community and not dominated by one single community if that's what you prefer. It has 4 good primary schools with great community involvement. High school not so great but you can worry about that later... Much better value than seven hills and convenient for young families. Most of the people who take train in Seven hills to the city are from the surrounding suburbs which don't have train stations. Right now, still you can get good value for your money in Quakers Hill due to the neighbouring popular suburbs like Ponds, Schofields, Stanhope gardens and also being a established suburb. FYI, all these people take train from Quakers Hill station.
This won't be the case for the future once the train line comes in...but I agree that considering the values..its probably more sensible
Merrylands is over priced and too many shootings and organised crime for my liking. Look at places like St Clair, St Mary's and Erskine Park. In saying that Austral and Leppington are now being developed
Not advice but just my views. I was in your situation 2 years ago. Not sure if $100K would be enough for $750K purchase unless you have other savings. I'm not up to date with the recent FHB grant but you probably need to run some numbers for deposit (12%,15%,20%), legals, B&P, "stamp duty - FHB grant", LMI if applicable etc. Please note 12% deposit may be harder in the current lending environment. If I were you, I would check the following first before jumping into the suburb hunt. - Borrowing capacity? (contact MB if you no idea) - Would $100K be enough for purchasing costs? - Suburbs that fit to your borrowing budget? And then go from there....
Will need circa $113k including legals to purchase $750k where you are doing a 12% deposit. 88% Loan to Value ratio is best bang for buck for LMI, In absence of this, with $100k, you can do a deposit of 10%. 12% deposit or less is fine - there are a number of options for home buyers available. Just need to make sure you service the loan. As @Jaik2012 said - sit down with a mortgage broker, and discuss your borrowing and overall long term goals. Often people go 'shopping' first, and then look at the finance side. Better to have clarity on this, because with clarity comes certainty, which will allow you to make a well informed decision.
You could get build a brand new house in an awesome new area with new schools and next to a station in Austral (leppington station). And while doing that you can also get stamp duty exemptions and concessions cause you're a first home buyer
Unfortunately, the block size would be 350-400 when compared to 550-600 in an established suburb like Quakers Hill or others. I did look at Leppington but I felt down the line in Sydney land component will be beneficial so choose to go with Quakers Hill.
If he gets a double storey, the setback is 4.5m it should give him a 7-10m backyard x 10-12m which is quite big and he'll probably get much much more house compared to that price range in Quakers or Seven Hills
Ya you are right. It comes down to a shiny new/big house or a functional house with a bigger block of land. I chose to go with the bigger block as I want to build a shiny one later. It all depends on your personal choice IMHO
I know you have striked out Blacktown for whatever reason but I would still seriously look at it.Given all the infra and work going around West, it is bound to grow in next 5-109 years.You get fast trains and also a okish school (Blacktown West) Only thing is the stigma of Blacktown which is eroding pretty fast.
How about Western Sydney parts such as around Liverpool area? Fast trains Multiple university campuses and Tafe campuses around area? M7 and M5 Junctions are 5 minutes away . Will become the hub from which the Badgerys creek airport is built. The head office (WSA Co,) is based in Liverpool. Can buy house and land for early $600s as I did 556sqm block.
40 Marie Street Lurnea NSW 2170 - House for Sale #126808658 - realestate.com.au Something like this will go for $660-$690k
I think the Seven Hills area that is south of the station is solid. Prices have been moving steadily in the past 12 months. Many of the 3/1/1 are in the low 8s now though. I think my partners IP on Nipigon road was valued at roughly 820 or so recently, so if you can stretch, then I'd be a reasonable option. I'd stick to the western train line for the better mid-long term gAinsworth since the number of express trains from the Parramatta area to CBD will only increase with the development of Western Sydney. Alternatively, you could look for an apartment in Strathfield, many of the red brick style 2 bedroom ones are only a few minutes from the station, 15 min train to CBD, very good schools nearby and also the potential for developers to buy you out down the track. I have plenty of Indian friends that landbank older style apartments with low strata in the Burwood, Strathfield area. Just my 2 cents, though I find many of my Indian mates love land!