NSW Sydney suburb 775k best option long term CG for PPOR

Hello

I have been procrastinating for years and saving hard instead , in which time obviously things have gone crazy…

I am looking for a nice, safe area, I have 200k saved, I’m single female, looking 45 mins max from chatswood where I work and unsure of which areas would be best .. and whether to go for a one bed or a two bed further out..

Areas I have been looking
Inner west (Ashfield, campsie, hurlstone park)
Crows nest
Hills district
North parramatta
Gladesville

What would you recommend for long term growth as I would like to catch up a bit as this is my first home. Needs to be >50m2 and not off the plan..

Thanks

 

House on the Central Coast maybe? I know it's far away but I tend to think houses will do better than units. And if the commute is too long you can rent that out and rent closer?

 

Neither of these will achieve CG in the near term.

Possibly a one bedder in Roseville/Lindfield/Lane Cove, should be able to squeeze an older 2 bedder in say Summer Hill.

 

Anywhere you can get a decent lot (500m2 plus)

Not much left in that budget but there is still some out there

And then rent an apartment where you want to live

 

If you’re going for a unit, buy something old and large with a good strata in place.

Something like this (unsure if it’s in budget, but this would be the perfect mix of locality/convenience/amenity and CG if you definitely want a PPOR rather than rentvesting):

6/76 The Boulevarde, Strathfield, NSW 2135
https://www.realestate.com.au/property-apartment-nsw-strathfield-137377922

 

I’d spend less than $675k to buy a decent one bedder in the upper north shore (plenty of options - between Gordon and Wahroonga) and put the excess into an offset while saving for the next IP outside of NSW.

 

Think its already a big step for the op to buy ppor, much less rentvest or outside sydney.

Op, it might be worth doing some reading and exploring what your long term goals are.

also, what is your actual borrowing capacity? Forget what you are comfortable with for now.

 

Gladesville as per your option, otherwise upper north shore near hornsby.

 

Any particular spots to look at the CC (as a complete newbie)?

I originally started with units like the OP but I've slowly been warmed up (by this forum especially) at buying a house either west or somewhere like the CC.

 

Cool. I''d personally want something accessible to a major train station, so its easy to take a train to Sydney or Newcastle. Otherwise, something where you are not so far from the water. I am not an expert on the Central coast. But, plenty of people have or have had holiday homes there. They may or may not be so modern or renovated. But, if you can pick one of these up, then you have the land.....

 

Thanks for your advice, will keep looking and consider Gladesville and north shore in the mix.

 

Like others have said. Get a house, if you can. I know you want it for a PPOR, but you will be much better off in the long run by purchasing a house, and putting tenants in it, if the travel time is more than you are prepared to do.

 

not sure u can find a house at this price, but some units in sydney still affordable. just avoid high rises, and high density areas. no elevators/pools (strata too high). inner west or inner city, with good balcony/yard. 2bed would be better long term

 

if you really like a property, thats probably expensive but will likely to experience CG because others want to buy it from you too. flipside if u dont like itbut fits ur budget and compromise, likely to experience less CG because others will be less likely to buy also.

in property i follow the simple rule: buy what others will want, not what you want. thats where CG comes from

 

Will you be working in Chatswood long term? If that's your main driving factor, look along the new South West Metro. It'll have lighting fast trains to Chatswood without the premium of being in the north.

You've already said you're considering Campsie - so you're already on the right path. Campsie, Dulwich hill, Canterbury etc.

We saw how the north west boomed after Metro. While I don't expect it to boom to the same in the south west, I expect there is still a bit of untapped potential.

Check out the travel times in the grid - it'll bring travel times to Chatswood from 56mins to 33mins:

Campsie Train Station | Information & Map | Sydney Metro

 

Also to add to this @Wana, apparently the South West metro is coming in ahead of schedule. Due to all the shutdowns they've been able to accelerate construction. So there's a chance it may come in ahead of the 2024 launch date.

 

Maybe I've been scarred by apartments - but I would be looking at a house in your budget.
Campbelltown, St Marys, Cranebrook .. these are some of the suburbs I'd cast my eyes on where you would get a nice 3 bedroom house within your budget.

Sure it isn't perfect, nor is it flash but you'll own land and see values appreciate in the long term as houses become a thing of the past in Sydney Metro in the next 50 years.

 

Hi @Gockie

There are glimpse of this info at various places, May I ask if you have invested or know someone who have in the area. There are all kinds of info availabke online and we were planning to go for a druve oneday but had to post pone, Interested to know good/bad stories.

Also, any ideas on barrington coast?

 

Sorry, I’m definitely not the best person to ask about specific areas of the Central Coast, and I have no idea what you might mean by Barrington Coast.

Central Coast is between Sydney and Newcastle (an hour from each), Barrington Coast is midway between Newcastle and Port Macquarie (much further away from Sydney)? In which case, no, I’m not talking about that area at all.

 

None of your options.

Get a house in Greater Western Sydney. At $775k or if you can stretch to $800k you can buy a 3 bedder on 500sqm+ land around St Marys/Colyton maybe or move slightly to Lethridge Park, Tregear, Willmot etc...if the prices are too high in St Marys already which I think they are.

I think by the end of this boom there will not be a single house in the entire of Sydney under $800k. Cheaper houses under $1.2M are super super hot as that is what most can only afford now. Even buying a $800k house with 10% deposit isn't an easy job.

If your looking over 30+ years there will be no new home ownership with free standing land anywhere in Sydney. I can see we are moving towards very very high density living with ppl crammed up into units. That sucks and I'll never live in another unit again.

Only very few ppl will actually own a house on free standing land in the future.