NSW Sydney living options

Hi! Firstly I think the knowledge on this forum is just amazing, I only wish I had been reading it a few years ago!
I've posted something similar before but would love more opinions on what to do.
We're a young family of 5 renting in western Sydney.
We bought a PPoR in regional NSW in 2011 which we sold in 2015 (with no profit!!) with the intention of buying something similar in Sydney.
To this date we have not been able to find our way back into the Sydney market to buy a family home, which we'd really prefer. There is 160k savings available but even then the loan amount to buy an average 550-600k home is not what we had planned financially.
What would you do?
Rentvest instead?
Bite the bullet and borrow the required 400-450k to buy a ppor in Sydney?
We're not looking to make money out of property I just want to get best value for our money
Thanks so much

 

Renting your PPOR would be the best option if that's the case.
Make your money in other ways.

Although it's a bit contradicting that you would consider "rentvesting" if you're not looking to make money out of property.
Long term plans should be seriously considered before making a decision such as this because some people only realise their set up was not optimal 5-10 years down the track and their results were only a fraction of what they could have been due to poor choices.

 

Sydney inner is difficult to buy into at the moment given current eyewatering prices.

This might be unsuitable depending on circumstances, but would you consider relocating to another city such as Brisbane? Theres big houses going for less than half the cost of Sydney (350-400k) within 30min driving time of the cbd.

 

Thanks for the advice!
Ace in the hole: we don't own a ppor to rent out, we sold it 2 years ago
Zoolander: we moved to Sydney for specific reasons that made us sell our regional house in the first place. we're happy you buy in South west Sydney but we're not sure if it's worth buying a house for 550-600 here or using our money elsewhere

 

@cluelesslucy
How important it is personally to have your own home in Sydney?
160k buffer while renting is quite comfortable as a fall back and keeping the optoons open. Though 'owning' you own home also has it's own appeal.

 

I think what @Ace in the Hole meant was to rent rather than buy.

So how do you define value for money? If you aren't looking to make money out of property - just find a location/house you like and buy that?

 

Sounds as if a PPOR may be your best option. Buy wisely, and if your plans change you can always rent it out and rent elsewhere.
Marg