What to compromise on

Hi

We’re struggling to find a house and quickly realising we have to make some compromises

Ideally looking to spend 1.2-1.4 and have been looking around Kingsgrove-Bexley

issue is everything we’ve looked at is at the top of our budget and still needs major work. Guided 1.2-1.3 are selling for 1.5

so question is, is it best to:

move further out (Oatley, Padstow Heights, or even further)?
Look for smaller blocks <450sqm?
Duplex?
Wait for things to cool down a bit?

Thanks

 

Smaller block and condition is what I'd compromise on. But everyone has their own preferences.

Proximity to amenities is critical for me. I'd take a smaller block closer to amenities than larger further away.

And condition...that's something you can fix later (within reason). I don't trust most renovations anyway. An older renovation is fine, but one that was done just before the sale...I get very paranoid about the corners they cut. I'd rather do it myself so I have full control.

 

I find it hard to fathom that a property with a price tag of 1.2 - 1.3M still needs major work.
I guess that's what's on offer these days in Sydney. Seems like monopoly money.

 

My personal preference would also be to compromise on smaller blocks and condition

 

Same here, feeling very disheartened. Admittedly good blocks (550sqm), quiet streets. But they are barely 3bd homes, terrible layouts, original kitchens/bathrooms.

I don’t see how it makes sense to spend 150+ On renos, and to be in at 1.5+ and still only have a small 3bd house

 

I don't think Oatley is cheaper.

 

1.3m for a house is peanuts for much of Sydney. And folks pay the money. It's basically the most in demand city in Australia and anyone who can afford a house in the high demand areas in Sydney, will try to get one. It's really no suprise to me why Sydney's prices are what they are.

Too much demand . Limited land close to good jobs, infrastructure etc. Everyone (many folks with money) is fighting for their slice.

 

I agree with most buy in Bexley North if possible, so older and smaller just to get into the location or area. Eventually can add renovations. If you can afford to buy in the area then do so, otherwise may need to move further out.

 

Funny, I see Sydney as full of Peanuts!

On a serious note, I pity those who are faced with price tags in the range as mentioned above, whereby more money is required to bring the dwelling up to scratch.
When I read things like this I am so glad not to be in that position.

 

Haha well many feel the same as you so your not alone thinking that

I guess it all comes down to value. For example if a new home in Sydney's X suburb costs 1.6m but an unrenovated in the same area sells for 1.3m, then there is value to buy the unrenovated one if you know you're capable of doing the reno for 150k for example. I think in order to determine if X amount on an unrenovated place is crazy or not, it needs to be measured against some context.

 

I don't see the value at all, I don't understand how people are spending so much. This price bracket is terrible, its too much to spend on a knock down but it doesn't make much sense to over spend on renos

I'd much prefer to spend 1.6 and have something nice, but that would be over 1m mortgage for us

 

Have you seen bad renos? New floorboards installed over rotten subfloor? Paint jobs without primer? Etc. I'm dealing with it right now, having to rip down tens of thousands of crappy renovations and starting from scratch. I'd rather a blank canvas than trust the corner-cutting job of someone who did a quick TV style reno before selling the property. The idea of buying something already renovated is a bit scary to me honestly.

 

Compromise on city. Move to Qld ..... everyone else is

 

@carbon this is a good point. For one point something in most other cities you get a place to park the boat and a place to land the chopper ....

 

Needs to be assessed on an individual home basis. I wasn't specifically referring to any price bracket inparticular though. Just generally commenting on renovated vs unrenovated.

The other thing is size. Size does matter I would prefer to buy an older place which needs a reno, bring it upto scratch and even if it ends up costing the same as buying new, if the size is a lot more generous, I'd go with that any day.

 

As the above posters have eluded to... why compromise at all?

Do you absolutely have to buy now and have to buy in Sydney? In all likeliness the answer is no.

$1.3m is still $1.3m for something you don't really want.
This is part of the reason I just rent in Sydney. If I wanted the dream house I'd either leave Sydney or cough up, neither of which I want/need to do.

 

Sounds nice and certainly is enticing when you see what your money can get you in Brisbane. Many are making the move. But I think most won't. If you've got strong roots down in a particular place, it's not easy to just up and go tbh.

But I do think it's a great option for those happy to make the move.

 

We're living with family at the moment, so we can't stay here long term. Other option is to rent but then we can't save as much and might end up priced out altogether

Cant leave Sydney, elderly parents, work, lots family and friends. The usual

 

Bring them all !!

 

It might be true as @boganfromlogan says.

Very few jobs/careers exist soley in Sydney. If there are people depending on you day to day then take them with you, plus you'll make friends and connections elsewhere anyway.

For the rest, whats a few hours drive or $100 flight every month or two to visit.

Very few people have to be in Sydney. Its no doubt convenient, but is that convenience really worth the cost?

Something to consider anyway. I've been a nomad most of my life so the perspective comes easily for me.

I enjoy Sydney but there is a world outside of it, and these days its cheap and easy to travel to stay in contact if need be.