NSW Sydney getting PPOR @700k

Discussion in 'Where to Buy' started by Elephmoon, 24th Feb, 2020.

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  1. Elephmoon

    Elephmoon New Member

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    Sydney
    Hi all,
    I'm a first home buyer and I am looking for a property that I can later rent out. I went to couple of auctions at Ashfield (for units) this weekend and was disheartened when prices went out of my range (though i was advised that it would be around 650k!) .... though I have come to know now that this is a usual tactic by RE agents to garner interest.

    I am also considering Kogarah since it is so close by train to the city....however I have also read that the noise of planes put people off etc. There is potential to move out to Campbelltown though it is further from the city than i would prefer.

    Anyway I'm hoping to find a place that has good transport options (prefer frequent trains/bus) and a grocery shop close by (e.g Woollies/Coles/Aldi) within my price range. Where would people recommend?
     
  2. jprops

    jprops Well-Known Member

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    You haven't mentioned what type of property.
     
  3. Property Twins

    Property Twins Mortgage Brokers, Buyers Agents & Mentors Business Member

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    @Elephmoon - have you considered Parramatta satellite suburbs?

    The infrastructure is there. 30-45 minutes to the city by train. $700k could get you a townhouse potentially with access to both shops and trains.
     
  4. Elephmoon

    Elephmoon New Member

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    Sorry @jprops im bit of a newbie - do you mean like no of rooms etc? I would prefer 2bedrooms/1bathroom/1 car space. I do prefer an older building due to some fear around the drop of quality in the newer developments. Also would like to get a place where i can easily get rent in the future.
     
  5. Elephmoon

    Elephmoon New Member

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    Hi @Property Twins -- I was looking at parramatta but felt that there is such a huge supply of rental units (similar to wentworth point) that i decided not to go further out. Also i haven't considered townhouses as yet. Would the rental yield be enough to cover mortgages etc if i borrow 550k???

    I have just been told to consider looking around Bexley/Brighton-le-Sands/Rockdale as well.
     
  6. Property Twins

    Property Twins Mortgage Brokers, Buyers Agents & Mentors Business Member

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    @Elephmoon

    You'd have to do your numbers. Have you checked what the townhouses in the area are renting for?

    When you say you have been told to consider Bexley - what are the reasons?[/USER]