Renting for $4k pcm, then buying with $650k budget. Where?

[Guest spreadingwings]

Hi guys

 

I'm leaning towards starting out in Melbourne but the final decision will come down to where a job offer comes from, and Sydney seems to have more than double the amount of jobs going in my industry (digital).

 

So in the case of Sydney being the destination, I've looked at a number of areas (northern beaches, as well as nature-focused areas like French's Forest) and there are some great houses (2/3 bedrooms, large garden for pets if allowed, leafy areas ideally near water/nature) on offer at our max budget of around $4k pcm. However, when looking at buying in any of these areas at some point down the line with our max budget of $650k, they're all way out of reach.

 

My question is: are there any properties with large-ish houses and gardens (space, privacy) within 45 mins of the CBD that come in at $650k or under (other than Sutherland Shire, which I'm aware of)?

 

The Melbourne options in this price range seem much more affordable, which I expected, but I thought there'd be at least a decent selection of suburbs at this budget in Sydney as well.

 

Thanks!

Jason

[Rupert]

No, not that I am aware of and I have been looking at house prices for 3.5 years. I'd be surprised if there are any decent suburbs in that commute time with house prices in that range, never mind a selection. I will watch the thread though and see if anyone else knows any.

[Guest spreadingwings]

Thanks Rupert - I thought that I was just perhaps missing a few areas when searching. Let's see if anyone else has any feedback.

 

I don't want to be forced to rent forever, so don't want to land up in Sydney if I can't ever afford to buy. Having said that, what are your thoughts about Sutherland Shire? Too far from where you're looking in Collaroy? Is the suburb as liveable as the site suggests or is there something behind the cheaper housing?

[Rupert]

Well I don't know Sutherlandshire so cannot comment on it properly. I don't know how liveable it is, but I think it is cheap and reasonably close to the CBD so good for people looking for somewhere with that criteria.

[Guest spreadingwings]

Seems Sutherland Shire is a lovely area, and so many people claim to love living there! Not sure why it's considered less desirable then.

 

Just been browsing more Melbourne suburbs and the difference in what you get for your money is unbelievable. 190+ homes in $650k range in just one suburb alone. Minutes from the beach, next to a natural park etc. And there are loads more suburbs in the same range. Think I'm going to have to aim to live in Melbourne first, buy there after a year or two, and consider Sydney at a much later stage (if I don't love Melbourne, in which case I'll obviously stay) with profits from the sale of the first house I buy. Got to be realistic about this.

[Redrover]

If your plan is to buy then I'd also think about where you rent. Even for Melbourne your rental budget is in a different league to your purchase budget. You may not want to rent and settle in an area you could never afford to buy in.

 

Rental yields are low here so for the rent you're looking at you can live in a $1.5-2m house and in almost any suburb.

 

For your purchase you're looking at less established suburbs and/or further out from the cbd.

 

But either way Melbourne is a great place to live.

[LKC]

I think that Sutherland Shire is perceived as being full of racist bogans, and consequently is looked down on a bit.

 

This isn't our experience at all. It is a lovely area, particularly for families and we have been made to feel welcome by everyone we have met. It is perfectly possible to commute to the CBD by train or bike (I have friends who do both) from here, it has local shops and supermarkets, plus a bigger shopping centre with cinema in Miranda (this is being redeveloped at the moment and will be fantastic once it is finished). There are lots of fantastic schools, lovely beaches and lots of parks and reserves. We are right over in the Engadine/Woronora Heights area, and back directly on to bush, and get a huge variety of birds, wallabies, there is a resident koala family which is seen from time to time (and heard at night in mating season!), possums, echidnas, lizards, snakes, insects etc. We are about 10 mins drive from the Royal National Park which has a variety of different habitats and wildlife. There is some beautiful coastline in the RNP (we prefer those beaches to the ones at Cronulla), and there are lots of opportunities for bushwalking, kayaking etc. We sometimes drive in to the city and park under the Opera House (early bird parking - $15 I think for the whole day), it is only 40 minutes or so drive and there are plenty of museums and other attractions to keep us busy with the kids.

[Guest spreadingwings]

If your plan is to buy then I'd also think about where you rent. Even for Melbourne your rental budget is in a different league to your purchase budget. You may not want to rent and settle in an area you could never afford to buy in.

 

Rental yields are low here so for the rent you're looking at you can live in a $1.5-2m house and in almost any suburb.

 

For your purchase you're looking at less established suburbs and/or further out from the cbd.

 

But either way Melbourne is a great place to live.

 

You're absolutely right about this, which is why I've been looking at rental AND purchase prices in areas, so that I end up renting in an area I'll eventually be able to afford to buy (I may not want to in the end, but at least if I like it I'll be able to afford it). This is what led me to looking at purchase prices in Sydney, and realising that the chances of me ever being able to afford to buy are slim at best ... until I've built up some AU$ savings and/or property in another state (like Melbourne).

 

I think that Sutherland Shire is perceived as being full of racist bogans, and consequently is looked down on a bit.

 

This isn't our experience at all. It is a lovely area, particularly for families and we have been made to feel welcome by everyone we have met. It is perfectly possible to commute to the CBD by train or bike (I have friends who do both) from here, it has local shops and supermarkets, plus a bigger shopping centre with cinema in Miranda (this is being redeveloped at the moment and will be fantastic once it is finished). There are lots of fantastic schools, lovely beaches and lots of parks and reserves. We are right over in the Engadine/Woronora Heights area, and back directly on to bush, and get a huge variety of birds, wallabies, there is a resident koala family which is seen from time to time (and heard at night in mating season!), possums, echidnas, lizards, snakes, insects etc. We are about 10 mins drive from the Royal National Park which has a variety of different habitats and wildlife. There is some beautiful coastline in the RNP (we prefer those beaches to the ones at Cronulla), and there are lots of opportunities for bushwalking, kayaking etc. We sometimes drive in to the city and park under the Opera House (early bird parking - $15 I think for the whole day), it is only 40 minutes or so drive and there are plenty of museums and other attractions to keep us busy with the kids.

 

This sounds absolutely wonderful, LKC, and is exactly the kind of thing I've been reading about the area. The scenery looks amazing, the location is great, there's loads of wildlife (a huge plus for me), you get more land for your money, and it's close to the CBD. What's not to love?

[fish.01]

No, not that I am aware of and I have been looking at house prices for 3.5 years. I'd be surprised if there are any decent suburbs in that commute time with house prices in that range, never mind a selection. I will watch the thread though and see if anyone else knows any.

 

Wow...expect Sydney to be a lot more expensive but surprised it is "that" much more expensive than the other cities. Ouch.