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Where To Buy A House In Sydney?

Abo Bob

By Abo Bob,
in New South Wales

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Bunta Grand Master

Bunta

Posted
Posted
i would think very carefully about this. at the moment you can rent in a very nice place for less than the interest on the mortgage on said place.

I have done both and I currently own an appartment in a desirable suburb in the city area. I never have trouble leasing it out, but the rent doesn't even cover the interest on the mortgage (well it almost does), and I'm charging $380 per week. AND I paid 20% deposit on the place so only borrowed 80%. Dont forget (if strata title) you will also have to pay into sinking fund, and other strata levies, home insurance, council rates etc. none of which you would have to pay as a tennant. The only downside is you dont make any capital gains and you lose some negative gearing benefits.

We will only be borrowing around 60% so that is our major advantage! To get a $350 000 place our repayments worked out at about $700 a month..so it is cheaper than renting in our particular instance

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D_I_F Grand Master

D_I_F

Posted
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We will only be borrowing around 60% so that is our major advantage! To get a $350 000 place our repayments worked out at about $700 a month..so it is cheaper than renting in our particular instance

And you know i will find you something bunts :ermm:

Beer Baron Grand Master

Beer Baron

Posted
Posted
We will only be borrowing around 60% so that is our major advantage! To get a $350 000 place our repayments worked out at about $700 a month..so it is cheaper than renting in our particular instance

yes, if you have saved $140k+ then that's a pretty good effort. If it were me with $140K I would be looking to spend a fair whack more than $350K though, maybe around $500K. $350K does not buy very much these days, and in a nice location will buy you a 1 bed/studio or nothing at all :ermm: It's sad but sydney property is $$$, but the capital gains are there if you buy in a good area (say within 10km radius of the city centre).

BTW castle hill is sticksville! I think the main reason people buy there is if they want to do some farming, or because it's fairly cheap (sorry to all the hill billys on here! I know there are a lot of you.) on the plus side I guess you get a lot more land, and a lot more house for your money, but it's a fair way from civilisation and not on any train line.

N1GTR Grand Master

N1GTR

Posted
Posted
yes, if you have saved $140k+ then that's a pretty good effort. If it were me with $140K I would be looking to spend a fair whack more than $350K though, maybe around $500K. $350K does not buy very much these days, and in a nice location will buy you a 1 bed/studio or nothing at all :( It's sad but sydney property is $$$, but the capital gains are there if you buy in a good area (say within 10km radius of the city centre).

BTW castle hill is sticksville! I think the main reason people buy there is if they want to do some farming, or because it's fairly cheap (sorry to all the hill billys on here! I know there are a lot of you.) on the plus side I guess you get a lot more land, and a lot more house for your money, but it's a fair way from civilisation and not on any train line.

Oh this will be good when the Castle hill folk see it :ermm:

impact_blue Grand Master

impact_blue

Posted
Posted
BTW castle hill is sticksville! I think the main reason people buy there is if they want to do some farming, or because it's fairly cheap (sorry to all the hill billys on here! I know there are a lot of you.) on the plus side I guess you get a lot more land, and a lot more house for your money, but it's a fair way from civilisation and not on any train line.

ahahaha nice :ermm: I hate long train journeys. I'm used to my 15 minutes and i'm in the city :(

post-16830-1157594641.jpg

the smoking and rubbish one is sooo true.

OMG that's gold!

rukus Grand Master

rukus

Posted
Posted
yes, if you have saved $140k+ then that's a pretty good effort. If it were me with $140K I would be looking to spend a fair whack more than $350K though, maybe around $500K. $350K does not buy very much these days, and in a nice location will buy you a 1 bed/studio or nothing at all :ermm: It's sad but sydney property is $$$, but the capital gains are there if you buy in a good area (say within 10km radius of the city centre).

BTW castle hill is sticksville! I think the main reason people buy there is if they want to do some farming, or because it's fairly cheap (sorry to all the hill billys on here! I know there are a lot of you.) on the plus side I guess you get a lot more land, and a lot more house for your money, but it's a fair way from civilisation and not on any train line.

a big fat "lol" @ castle hill being cheap - ~$550k is where it starts for an alright but dated looking house.

no offence but i'd rather live in a nice, quiet, open area with unpolluted air and nice newer houses than an overcrowded cramped up suburb like epping, lane cove/chatswood area, or down south (and everything in between) that are full of old outdated looking piles of crap. :(

N1GTR Grand Master

N1GTR

Posted
Posted
a big fat "lol" @ castle hill being cheap - ~$550k is where it starts for an alright but dated looking house.

no offence but i'd rather live in a nice, quiet, open area with unpolluted air and nice newer houses than an overcrowded cramped up suburb like epping, lane cove/chatswood area, or down south (and everything in between) that are full of old outdated looking piles of crap. :ermm:

Around my place $499k gets you...

http://www.realestate.com.au/cgi-bin/rsear...&c=62914634

And the same sort of money in Castle Hill gets you

http://www.realestate.com.au/cgi-bin/rsear...&c=95301091

So you can see they've got some places that are alike. Then you have a look at the other end of the market in the same areas (which of course has a huge influence on local prices including demand)

Here is the most expensive property in Castle Hill as advertised by realestate.com.au

http://www.realestate.com.au/cgi-bin/rsear...&c=28442826

($1289 p/m)

Here is the most expensive property for around my area

http://www.realestate.com.au/cgi-bin/rsear...0&c=6903871

($2226 p/m)

Now to the cheap end of the market for both suburbs

North

http://www.realestate.com.au/cgi-bin/rsear...&c=92404493

Or if we arent including SEPP5 properties

http://www.realestate.com.au/cgi-bin/rsear...&c=68844612

South

http://www.realestate.com.au/cgi-bin/rsear...&c=80283435

So as much as everyone likes to have shots at down south, its pretty clear its not as cheap as people think, and yes, compared to the places ive listed above, Richard is right, Castle Hill is cheap. (no offence to Castle Hill dwellers, thats just how it is.)

Beer Baron Grand Master

Beer Baron

Posted
Posted

mate I don't even know where the fark blakehurst is? lol hehe. so it's definately sticksville too!

and yes, there are expensive places in almost all suburbs. there is a new trend that started a few years ago of more affluent people moving to castle hill and building massive houses, but the majority of it is low cost housing built in aftificial comunities or housing estates. It was traditionally an area for people who either wanted a more rural life style, or could not afford to live close to the city.

and blakehurst??!?! wtf.

rukus Grand Master

rukus

Posted
Posted
mate I don't even know where the fark blakehurst is? lol hehe. so it's definately sticksville too!

and yes, there are expensive places in almost all suburbs. there is a new trend that started a few years ago of more affluent people moving to castle hill and building massive houses, but the majority of it is low cost housing built in aftificial comunities or housing estates. It was traditionally an area for people who either wanted a more rural life style, or could not afford to live close to the city.

and blakehurst??!?! wtf.

majority = artificial communities? nah.. i think u're confused with surrounding suburbs like dural, oakhill, kellyville, rouse hill, cherrybrook, etc.

i can't see ANY good reason to live in the city.. where will u park? live in a 1 bedroom apartment and pay shitloads for it? nup i wouldn't.

if i was rich, i'd live out towards vaucluse/watsons bay area etc.

but ye, blakehurst, wtf?!

Beer Baron Grand Master

Beer Baron

Posted
Posted

it's where you take a block of empty land and build up shiatload of low cost housing all in one hit, create a couple of little shops there and bingo you have an artificial housing comunity. natural comunities are clustered around things like water, major city, transport, natural beauty, employment opportunites etc and these comunities form over many years. artificial comunities are generally created far out from the city where there is cheap land but bugger all else. people would not otherwise live there as it's so isolated but build 200 houses in one hit over say 2 or 3 years and you have an instant comunity and the theory is the infrastructure will follow (sometimes it doesn't). usually it's the other way around, people build where there is existing infrastructure.

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