Purchased a property

[SriLankanCat]

In Girraween in Sydneys Golden West!

 

[Moo]

Welcome to the property roundabout.

The first leap is always the hardest.

 

[johnnyhoward]

You're a lucky man. I don't know how I'll be able to afford property when I get enough cash together in the next couple of years.

If you don't mind me asking, how much did you pay? Is Girraween a high-growth area (stupid question, probably every suburb in Sydney is).

 

[raskolnikov]

I purchased my first home a couple of months ago. It's a great feeling. Already looking at buying a second property.

 

[Magnum]

Good work, welcome to Mortgageland It gets easier though and the first step is the hardest as they say.

 

[bunsen burner]

You're a lucky man. I don't know how I'll be able to afford property when I get enough cash together in the next couple of years.

If you don't mind me asking, how much did you pay? Is Girraween a high-growth area (stupid question, probably every suburb in Sydney is).

Unfortunately it's not a high growth area. It's on the outskirts of Blacktown between Blacktown and Parramatta.

Whilst Eastern Suburbs, Beachside suburbs, and suburbs close to the city have been steadily rising for the last 12 months, the western suburbs are still going slightly backwards. Two incoming interest rate rises should continue that trend as the west was hardest hit with the property market correction.

So he's basically looking at 12 months+ until he sees growth. The good news is that he has bought pretty much at the low point of the market. Whilst not high growth I think he'll be pretty happy in 7 years time if he hangs on to it - because there may be times when he questions the purchase.

 

[Lance Uppercut]

I purchased my first home a couple of months ago. It's a great feeling. Already looking at buying a second property.

same, it's great innit

 

[SriLankanCat]

You're a lucky man. I don't know how I'll be able to afford property when I get enough cash together in the next couple of years.

If you don't mind me asking, how much did you pay? Is Girraween a high-growth area (stupid question, probably every suburb in Sydney is).

$330K

Its not a hgih growth area, but its got long term potential (hopefully). This is for Equity anyway.
The School in Girraween is actually one of the best selective schools in the state, so taht is a good thing.

DOes anyone know wat the market value of a brand new 2 bed villa, with garage in Girraween would be?

 

[bunsen burner]

DOes anyone know wat the market value of a brand new 2 bed villa, with garage in Girraween would be?

This is an alarming comment. If you bought there you shoud know everything about that suburb's market. How do you know you haven't paid over the odds thereby reducing your growth?

How did you come to buy this property?

 

[SriLankanCat]

I did plenty of looking in the westmead - toongabbie areas. I looked at over 30 properties so i had a reasonable sample to work from.

It is difficult to know wat an accurate market value of a property there is as there is a lot to consider: age, quality, exact location (e.g. soem parts of the west haev housing commission areas), sales of similar units in the block.

My rough estimate would be for my property, $320-330K. The reason i bought my one for a bit more is that it has an extra lounge room which could easily convert to a 3rd bedroom.

The vendor i haev is a builder who has a lot of projects going, so whilst it would be good for him to make sales, i reckon he is more an asset builder than a cash flow type of guy. HE has sold a few other villas in my blcok at high prices apparently (i think the purchasers overpaid in my opinion, which makes it harder for others to get a cheaper price). So basically, he will drive a hard bargain, he isnt a desparate vendor trying to get money quickly.

The quality of my proeprty is good, ducted A/C, ducted Vacuum, downlights, video telecom, alarm etc. Plus he threw in a dishwasher for good measure. The smart thing that he did is that he gets all this stuff cheap being a builder, but charges a high margin for them which increases his selling price. People are willing to pay more for a fully furbished property even though it would be cheaper to put it all in themsleves.

Im getting my own idnependent valuation done on top of the one the bank will do. If i find that my price is significantly more htan the value ill not buy it as i am still in the cooling off period. I negotiated about 15 days cooling off so i was lucky!

 

[bunsen burner]

I did plenty of looking in the westmead - toongabbie areas. I looked at over 30 properties so i had a reasonable sample to work from.

That's good to hear.

 

[SriLankanCat]

After having the property valued - it came in $20K short.

So i decided not to buy it

Dissapointing but right decision