I have been saving my rear-end off for the past 5 years and want to finally bite the bullet and buy a home (have owned before but not currently). However, I have the added goal that I want it to be something value add or something that is going to grow in value, that I can use as a stepping stone and later leapfrog up the market to something better, bigger, nicer location etc. I am trying to weigh up the below: 1. What (house or apartment) 2. Where (house: 1st preference: Punchbowl, WIley Park, Greenacre...2nd pref Granville, Merrylands, Yagoona; Apartment: Ashfield, Strathfield, Canterbury, Campsie) 3. When (now, or wait). 1. I am heavily biased towards a house. I am worried long term about potential medium-density oversupply in Sydney and based on my budget I can only afford 1960s style apartment, that over time it will become more undesireable and run-down. House gives land and we all know there is a shortage of land in Sydney...plus creates access to further value-add opportunities (development, granny flat, rezoning). 2. Unfortunately I need to live around these specific areas due to work/current school for children -> which is in inner west Syd...I know some are quite 'rough' but I see really good value if you can still buy a house in these areas for 700k (albeit rundown and in need of renovation or detonation...), when places like Blacktown, Oran Park etc are pretty much with similar price tags, yet so much further away from the CBD. 3. I really want to buy now, yes I know we might be at the 'peak' of the market but who really knows? I am worried prices will just keep on going up and eventually I am going to keep getting priced out of the market. So my question is, comparing a house at a budget of no more than $700k in these more 'outer' suburbs, to an apartment of maybe $550-650k (max) in suburbs a bit more inner west area...which would you go for and why?