NSW Unit in a good location vs house

Discussion in 'Where to Buy' started by Gabbaking, 24th Apr, 2017.

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  1. Gabbaking

    Gabbaking Well-Known Member

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    Hey guys,

    I'm currently looking into buying a unit around Eastwood, Epping surrounds around 1km away from the train station,Close to city, shopping etc. They are going around 650k for 2 bedroom unit.

    Personally, I can see myself living there as a single guy for couple of years. Yesterday, I was talking with a friend who is buying a h&l package in Marsden Park around 750k and suggested me look into it rather a unit. He did outline couple of good points in terms of having your own land, family expansion, strata etc which makes sense.

    I always believed that location matters more than anything. Even a ****** unit into desirable suburbs would be an better option than getting big house far from city however having you own newly build house is a pretty attractive.

    What's everyone opinions on it? Plan is to stay in the unit for 3 - 5 years and then rent it out and buy a bigger place for the family.

    Thanks in advance
     
  2. Cimbom

    Cimbom Well-Known Member

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    Why are you looking to buy right now?
     
  3. willister

    willister Well-Known Member

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    As a PPOR I wouldn't mind a smaller block. I live in 690m2 or roughly that in Melbourne in a ex commission house, probably at best 10 squares or so. Really

    IP - yeh, you can land bank etc. and you will reap the $ when you sell BUT seriously that's years down the track. The only other benefit I can see with land for IP purposes is to plonk a little granny flat at the back for extra income.
     
  4. Gabbaking

    Gabbaking Well-Known Member

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    I have been renting a small granny flat for about 8 years and its been good however I would like to progress my life and have own place hence looking for PPOR. I do understand there is a general consensus about waiting out the boom and however it seems like the Sydney market will never slow down.
     
  5. Gabbaking

    Gabbaking Well-Known Member

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    Yeah true that and realistically I will not sell the place anytime soon. I will be renting it out and may move in with the girlfriend when the time is correct.

    I'm always been against buying an unit to live in as a person can really renovate it too much however my circumstances limits my options. I would personally choose a nicer suburb with developed infrastructure over travelling 50 kms everyday for a big house.

    I absolutely hate commuting!!
     
  6. Gockie

    Gockie Life is good ☺️ Premium Member

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    I reckon there must be some failed OTPs that can be bought for a discount...
    Ps. I live in Epping. Loads of new apartments will come online.

    If you buy look at the aspect - you don't want something facing South as it will always be cold. North is best, and East is also good.

    Feel free to pm me examples of what you are interested in and I'll be happy to tell you my thoughts.
     
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  7. willister

    willister Well-Known Member

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    When I was buying my IP which is now my PPOR as I had to relocate for work, I used to discount buying apartments and the like but really if you are stretched for funds, it is always location > land size in whoop whoop for living purposes imho!!

    I know friends who purchased little townhouses/units in Clayton and are now making big bucks.
     
  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    Townhouses and units are better in Sydney if you to consider the land tax aspect.
    And commuting... I can't stand it. And a lot of other people find the same too.
     
    Last edited: 25th Apr, 2017
  9. willister

    willister Well-Known Member

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    Yep I agree - hardly any land with units/townhouses and I think it's the better bet if you dont have much these days to spend vs debt.

    My ex commission house is much smaller than a modern unit and I had to dump in $30K worth of renos - some I did myself to get it to a comfortable living standard. Honestly backyards are overrated and seriously only good for land banking and you can only reap it if a) you develop it yourself...a lot of funds needed or b) sell it down the track...years away.

    I honestly can't play any real cricket at the backyard with the two sons...if I wanted to even for semi serious purposes, it is a trip down to the park. The only real benefit was when they were younger and it was just so much easier with the swing set and Tonka toys in the sandpit at the back rather than a trip to the park.
     
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  10. ndpjai

    ndpjai Well-Known Member

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    Firstly, anything in sydney is at the peak. If you can rent for 3-5 years and then buy would be the preferred option IMO.

    Otherwise prefer the unit you mentioned in those locations due to location. If your family grows say around 4 or 5, then 2 br units would be difficult. IMO buy unit now and then convert this to IP and buy a house in your preferred location. Good luck.
     
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  11. jodes

    jodes Well-Known Member

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    Location, location, location !!
     
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  12. ATANG

    ATANG Well-Known Member

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    I think in Melb it prob doesn't matter? Either land vs good location unit can do well.... where as in smaller economies like Adelaide, Brisbane, you going to get stunt if you haven't had much land content.
     
  13. hammer

    hammer Well-Known Member

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    Even in a small place like Darwin location can be > land!

    Not for everyone, but it was for us. One car instead of two, half the maintenance + walk to work was worth the compromise. All those reduced costs add up over time for a PPOR.

    Gotta be the right property though.
     
  14. Pumpkin

    Pumpkin Well-Known Member

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    There is One-size-fits-all. It really depends on your circumstance. But we I'd say choose good location.

    I have a friend who bought a house 20k from the city. Four bedrooms, big kitchen, big land. Eight years on, need to move closer to the city because of Kids schooling. By that stage can't afford the city and can't sell house in a hurry. So ended up buying a small unit in a prime location. The house and the area only attracts sub-standard Tenants and couldn't get good rental yield.
     
  15. Gabbaking

    Gabbaking Well-Known Member

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    Sorry for the late reply but I really appreciate everyone for their input. The general consensus is location which I definitely agree with. In late 2016, I was looking into buying a 500 - 600 sqm sized house within the surrounds of leumeah and Campbelltown however I never had my heart set on it due to travel times. Mind you, I work in inner city and travel would have been horrendous as I drive.

    As stated earlier, I was interested into buying this property however I was blown away at the Auction which is pretty disheartening. Link for the info. Price guide was 585k to 655k.
    9/17 Ball Avenue, Eastwood, NSW 2122 - Property Details

    Although, I'll prefer to buy around Eastwood and Epping area due to the train station however it seems like I wont be getting anything within my budget so I have started looking around Marsfield which appears to be within my budget of 700k and not really that far from Mac train station.

    I do understand that prices 'may' drop a tiny bit but it is not going down 20-30% as predicted by certain members. I would love for it to happen though.

    Anyone has property in Marsfield or able to give any insights?

    Thanks again for everyone advice and would love to learn more.
     
  16. Gockie

    Gockie Life is good ☺️ Premium Member

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    Hmmm.... Eastwood is still very popular. Also try West Ryde?
     
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  17. Gabbaking

    Gabbaking Well-Known Member

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    Thanks goockie! I've been keeping an eye around west Ryde and also meadowbank suburbs but not many good places are popping up.

    Thanks for excellent points you outlined in the PM and definitely going to keep in mind.
     
  18. Gabbaking

    Gabbaking Well-Known Member

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    There is so much uncertainty at this stage which is getting majority of first timers worried including me.

    From all the reading, waiting for next couple of months seems to be good suggestion or just buy if I need to stretch a tiny bit? I don't really want to miss out.
     
  19. Gockie

    Gockie Life is good ☺️ Premium Member

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    Prices aren't rapidly rising now on units so I think you'll be fine to take your time.
     
  20. Gabbaking

    Gabbaking Well-Known Member

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    Hey guys,

    I'm reviving an old thread as I did not wanted to create a new one. Basically, the more I look into the property market as a first home buyer plus investor, the more I am confused. I’m hoping some of you members can point me in the right direction in terms of desirability of certain suburbs and some suggestions would be awesome. Some of the suburbs I can think of and potential properties I can get it for budget of 700k.

    Marsfield, West Ryde, Eastwood and surrounds: Units basically but have to consider strata and other cost involved. Definitely appreciated more due to population and students in the area.

    Westmead and surrounds: Close to Parramatta CBD, train station and some town houses for sale. I really like this however it does not state anything about strata fees and assuming it would be due to part of a complex.

    5/2-6 Hainsworth St Westmead NSW 2145 - Townhouse for Sale #125348466 - realestate.com.au

    Leumeah,Campbelltown and surrounds: Big land and houses near the train station however commute always to be killer.

    Thanks in advance and I’m all ears.