We are a couple and new to Sydney, both working in IT in the CBD. We're really confused and looking for suggestions from fellow community members who have a good experience in Real Estate or recently made a property purchase.
- We're looking for our first property purchase(first home buyers) in Sydney and have a budget of up to 1.5m. Below are our few of the considerations:
- Proximity to CBD(up to 15-20 kms)
- Good Transport(close to Train station)
- Best schools, hospitals, shopping malls
- Safety and to have a good mix of multi cultural community
- Relatively newer constructions with a good future outlook
- Rental Yield
a. Please suggest which areas to consider and whether to buy an apartment, house, or unit, etc(we don't have any constraints, just looking for best option with above mentioned considerations)?
b. Are there any property-related Facebook groups or other forums that we can refer to? Also, if they are any good real estate agents that you can refer us to?
Thank you very much.
You both work in the CBD, depends on how close to. Then you're most likely look at apartment. Not all apartments have same body corporate fees. That is the sting. I have a studio (Melbourne CBD) in 11 story building (no pool, no gym, no 24hr concierge) and I pay $5k a year. Another building in Melbourne CBD 40 stories 2BR, gym, pool and 24hr concierge and I pay $5k a year.
For apartments it takes time to know the buildings. Make sure you look at section 32s to see council rates and body corporate charges.
If you live close to CBD probably not a concern as you can walk, scooter to work.
Apartments: you get high yield 7 - 8% (pre covid19) but little to no capital appreciation.
Houses: low yield 2 - 4% but you get high capital appreciation.
I find apartments are cash flow neutral (at least pre covid19) therefore someone pays it off for you.
Houses you have to tip in.
Most people will say houses on OzB. They will also tell you all the money they made on houses in the last 20 years.