Where would you buy in Sydney now with up to a million dollars and why? Not much other than apartments in the inner and middle ring... are these still good options? What about a house in the outer suburbs? Long term investment
If you can handle some negative gearing, I still like houses in the inner ring. Mainly because high demand from professional tenants (esp dog owners, when compared with unit rentals), and owner occupier (dog owners, young familiea) demand also strong - which underpins capital gains. I think younger generations prefer proximity to the city vs spacious properties in mid-outer rings, a trend which I think will continue. As density is already high, it's harder to subdivide and add much more supply - other than via unit developmemts, which I think are less preferable for above mentioned reasons and don't always work because of already high land prices coupled with difficulty in gaining approval for larger/taller block builds. Listings few and far between, but there are smaller terraces in the likes of Newtown, St Peters, Ashfield, Dulwich Hill which tend to be doer-uppers that still can be had around the $1m mark.
https://m.realestate.com.au/sold/property-house-nsw-lewisham-132176958 https://m.realestate.com.au/sold/property-house-nsw-newtown-132322410 Admittedly over $1m, but as you're talking long term that may not present such an issue..
I recently returned from Sydney and stayed in Ashfield and visited friends who rent in Dulwich Hill. I would opt for 3x2 apartment with 2 car park bays within 1km of public transport and up to 15km from Sydney CBD. Big demand amongst renters, very little to no stock. Side note: Went on a Day trip to Blue Mountains and a lady serving Gelato at a shop was horrified we had chosen to stay in Ashfield..not the most desirable of areas..if news reaches that far..
Look at all the areas around the CBD in a 13km radius which meets your price point and then do some DD on them.
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