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Can investors get a home in Sydney for under $500k?
Investors who are concerned they will be priced out of Sydney are being advised to look a little further out, with Sydney’s surrounding suburbs still offering value for first-time investors.
Can investors get a home in Sydney for under $500k?
Investors who are concerned they will be priced out of Sydney are being advised to look a little further out, with Sydney’s surrounding suburbs still offering value for first-time investors.
During a recent episode of nestegg’s sister publication, The Smart Property Investment Show, Thrive Homes general manager Janelle Goulding explained how mum and dad investors can still get ahead in the Sydney market.
“We are very different to normal builders in that we deliver a product with minimal changes, designed for first home buyers and investors.
“But it is also the delivery time and the efficiency in building, meaning we can offer these packages under $500,000 in Sydney,” Ms Goulding said.
Ms Goulding explained that “bricks and sticks” construction in Sydney’s suburbs are not only cheaper for first-time buyers, but they also are in growth areas, meaning they create stronger investment opportunities.
“Land supply has been a big issue for affordability. Now that we have the infrastructure with government coming in and the land opening up.”
“These areas such as South West Sydney are the real growth corridors,” Ms Goulding noted.
Ms Goulding explained that the government has not just opened land up in the south of the city, with investors in the north also seeing strong growth potential.
“So, for an investor that wanted to get into an investment for say $600,000 but wanted good capital growth, they should look at areas like Elderslie, Spring Farm, Marsden Park, Box Hill,” Ms Goulding said.
In addition, Ms Goulding highlighted the importance of buying in areas that are close enough to the city that families want to live there over an apartment, but far enough away that investors can still afford the place.
“If you’re looking at your portfolio, look at somewhere where infrastructure is coming in, where people are still happy to commute to the city,” Ms Goulding concluded.
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