Should I wait or jump in to buy a PPOR in Sydney?

That's what the 'advertisement' said.

 

Sorry but can you explain how a 10 week holiday is equivelant to buying a PPOR? Once the holiday is over that's it. You can't come home to and wake up to a holiday everyday, you can't raise your kids in a holiday. When the holiday is over the money is gone. A PPOR is still an investment, your deposit still gets banked into the equity of the property.

Sure you can rent and invest, not my cup of tea. I think it's just as easy to have your cake and eat it too. Have your PPOR, reduce the debt with the many ways available to you when you have non deductible debt. Pull the equity and invest into property, shares, business.etc

But that's getting off the point of my post. If you want a PPOR then you have already made that lifestyle decision and to that I would say, how it fits your lifestyle should come before how it fits your investments. Just my 2 cents, but alas you enjoy your European holiday

 

Very cerebral.

 

Someone I know rented a house for 8 years in Rozelle and never bought a PPOR in Sydney. The rent was around $550 per week despite having enough to buy a $187K unit in Cairns beaches outright in 2004. They always thought Sydney property was overpriced and based on what happened in the UK decided Sydney would drop one day.

2 kids later and they're still renting at $850 per week.

That Rozelle terrace house sold while they were renting for $735K and would now be worth nearly $2 million+ (or any other property at that radius from the city). They sold their Cairns beach unit for a little over $200K after 10 years of owning it outright with around $200 per week rent.

I feel that the right time to buy as PPOR is when you find the house you like; that you want to live in and can afford and never look back.

 

Thanks Cia. Like some others who have posted on this thread, I think I'll let some emotion into the decision of buying a PPOR. My plan is to have a list of wants from a PPOR and if we find one that fits we'll go for it.

 

A year of your life today goes by more quickly than a year did when you were a child of ten. Similarly - a year in your life at 80 will seem even more fleeting.

This is because 1 year / 10 years is a much bigger fraction than 1 year / 80 years.

If purchasing - I believe it's better to buy it and enjoy it for the rest of your years than waiting until a later point in life...which you might not even reach due to accidents, illness, or unforeseen circumstances. Similarly - your family get the benefit of growing up in that home - as opposed to just coming there to visit you every now and then in your old age.

just my two cents.

 

go campsie, the rents are low at the moment BUT....creep from Newtown/marrickville etc means you wont be waiting long for a bump.

only problem is there are also a lot of newer apartments being built in or nearby Campsie.....so YMMV

 

That's a reasonable idea... for 570k Shawn could even do a townhouse in the Bankstown area if he wanted too... I think a townhouse is better than an apartment as they keep building more and more apartments and townhouses feels like it has more space.

Or as an alternative to the St Marys and Kingswood houses... for 570k, @Shawn can you buy on a train line say Doonside perhaps which is closer in? St Marys and Kingswood feel very far out and coming into the city every day from there would frustrate me. Trains are ok but imagine if you had to drive....

 

Don't shoot me all ; but I just bought a luxury 1 bedder in Olympic Park.

It goes against the whole CG concept but the apartment and views to the city will really make me feel like a king when I wake up in the morning.

 

We bought our Sydney PPOR at possibly the objectively worst time: mid last year We paid so much that the bank even gave us a low valuation (recently revalued to just above purchase price though.)

We househunted on the assumption that property prices were quite inflated, so we weren't going to commit unless we found THE house that we would be happy to call "endgame". It was about the 106th house we inspected.

A PPOR is a lifestyle decision that must be made with the heart, not just the head. Did that stop me making a spreadsheet though? Of course not

 

Can you ELI5 on this please Steven?

 

very nice ... a house there should be the way to go

 

Syd has had 3 yrs g8 growth- not many examples of economically diverse locales like Syd having 4 gr8 years. You've selected some nice spots- you may be waiting a long time for prices to drop in those areas especially with the unoccupied unit stock around Macquarie uni etc