shrimp42

Hi guys,

I've been offered a job in Sydney and now I'm trying to get as much info as possible to try and make an informed decision before committing to anything. I would be moving with my girlfriend (both early 30s), no kids so we would want to live in an area with a bit of life and walking distance to bars/restaurants/shops etc, but within about 45mins commute to the airport, which is where I'll be working.

Currently live in Brighton, U.K, and we both love it here but quite fancy a change of scene, and the thought of a new adventure elsewhere. My salary will be approx AUS $140k and superannuation from company is 13%. The company will pay moving costs up to $40k which I only pay back, pro rata, if I leave before 4 years. Seems like quite a decent deal, so the only real thing to decide on is where we are going to live? From reading other posts, it seems like Surry Hills, Darlinghurst, Paddington are popular with young professionals? Living in Brighton, I'm surrounded by skinny jeans, beards, penny farthings and every other hipster stereotype you can think of so I have a natural immunity to them and can walk freely amongst them without fear.

I've got about AUS $75k in savings which I was going to use to buy a house in the UK before this offer came along, so based on that and my salary, what sort of size mortgage could I get? Interest rate for first time buyer? I'm only after a 2 bed flat or something, but also don't want to have no money for social life. Would renting be a better option? I heard that Sydney house prices are stagnating just now, so maybe it's better to wait and see?

Any help/tips would be greatly appreciated,

thanks

Swerv-o

Hi and welcome to the forum.

Sydney has several property markets, and not all of them are stagnating. The inner west market is bubbling along quite nicely, and shows no real signs of slowing down. That said, I wouldn't be rushing into buying in the first instance - Sydney is all about the suburbs, and some are much more desirable than others.

The further that you get from the city, the less life the suburbs seem to have. If you're living in Brighton, and are generally Hipster proof, then you will more than likely be looking at some of the inner city suburbs like Newtown or Darlinghurst. The other juggle is finding the right balance of public transport. Personally I love the train and hate buses, so for me easy access to a station is key. Beach suburbs are inevitably more expensive, and the Eastern suburbs are a general pain in the arse to get to.

I would spend some time renting in the first instance to get a feel for where you may eventually like to buy.


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Scotty1

Strongly suggest renting in the first instance. Your new firm may offer some relocation help, with someone who knows the Sydney market well, which I would suggest you make use of. You need to see if you like it first? You are likely to be able to get a better place renting rather than buying for reasons related to tax breaks here for investment purposes. Buying property in Sydney is very very expensive, especially if you want to be near the beach. Look at www.domain.com.au for some idea of rental and sale prices.
Have a bit of a reccie when you first get here and check things out. Surry Hills is very hip and very expensive. Good luck

paulrobinson85

Hi,
Welcome and good luck with your imminent move.

As suggested above, I would seriously consider renting in the first instance. The price of property in Sydney will blow your mind!

My partner and I moved to Sydney 8 months ago and live in Waterloo, where personally I believe you get a lot more for your money. Swathes of brand new apartment complexes are being built. You can walk into the CBD in 40 mins, or be there in 15-20 mins by bus. It is very convenient.

Surry Hills has a great vibe with lots of nice bars, pubs and restaurants, however the properties are much older and when we were looking around we definitely got the impression that you're paying for the location.

Newtown is quite trendy but slightly further away from the CBD. I don't know much about property standards round that way.

Hope this help!

Beoz

I did a similar thing to you 4 years ago. Decent salary offer, wanted a change of scenery etc.

4 years on I still rent in Sydney. Why? Because in those areas you talk about you can rent a decent place for half the monthly cost of a mortgage. There is a massive gap between rent and mortgage in those areas of Sydney and unless you bought years ago it makes sense to rent. You'll also be able to live on a better place if you take that appoach and on that salary you'll be able to get something in the $800 per week mark and stay away from the riff raff at $600 per week. As a comparison something costing you $800 per week to rent will cost about $1600 per week in morgtage repayments.

JoeBloggs80

Agree with this. If you are DINKs and want to live somewhere fun (The areas you mentioned basically) then definitely rent, especially at first if you've never lived here before!

shrimp42

Thanks very much for the replies and information everyone. I don't have a problem with renting at all, as this has allowed me to save up a decent deposit in the last 18 months allows me to live exactly where I want in Brighton. 2 bed flat in city centre rents out for around £1600pcm here inc bills where mortgage would be around £2200pcm.

One thing I do like here is that I am 5 mins walking from the beach(ok it's not exactly Bondi!) and also walking distance to shopping and nightlife. Are any of the eastern beach areas decent for living in? I last visited Sydney in 2004 for a couple of days and stayed in Bondi but can't really remember what the area itself was like. I guess you pay more to live close to the beach but is it more than Surry Hills for example?

carolinephillips

Definitely rent, while you find an area you like.
When we came out we stayed in holiday apartments in Manly for 4 weeks (after a week in the Travelodge at Wynyard to get our papers and bank accounts etc sorted.) We did the touristy bit and looked for rentals near the school that DD was going to, but you are not limited by kids so the city is your oyster!

It is nigh on impossible to find a rental if you are not in the country, so come and stay in a serviced apartment or holiday flat for a few weeks whilst you scour the net and the ads. Be aware that to stand a good chance of renting you have about 30 minutes to see the property, along with all the other interested parties, and it pays to have all your papers in order, with a reference from your current landlord to show that you are good tenants. Also rentals are not always as they appear in photos, and if you do get one, take photos of every little ding,mark or problem so that you don't get your deposit kept when you move out.

Beoz

I'd say they about on par in terms of cost. Surry Hills is closer to the city, Bondi closer to the beach. Pretty easy to get to city or beach from either location.

Depends on whether your trip to work is a priority or your trip to the beach is. I can walk to the beach, takes about 15 minutes but I find I get one or 2 visits during the week and a session on the weekend. Not because of the walk but because I'm just doing other things. .... like work.

Personally I'd say look at the map, draw a line between the city and the beach and find something equal distance between the 2 if you are after the dream.

shrimp42

Thanks again for replies. It's good to know landlords and letting agencies are the same world over i.e complete bastards. That said, I've rented for the last 10 years so I'm used to them and the scams they try, might not mention to prospective landlords that I'm bringing two cats!
I currently commute 60 miles a day to Gatwick from Brighton which is about 45mins-1hr one way depending on traffic. I don't mind doing similar journey in Sydney if it meant living in a decent area, but from looking at the map, it looks like the areas mentioned in earlier posts are all about 20-30mins? I do shift work so don't travel during rush hour, but I'm hoping to get rid of my car and use public transport but this will depend on how easy/difficult getting to the airport is, as I'm working on the other side to where the main terminals are, so maybe a car is necessary.

Thanks again, this is a really helpful forum � ����

Beoz

From those areas, get a bike. The push bike variety. 15 minutes from Bondi Junct to the city on a bike. 5 mins from Surry Hills.

If it takes 20-30 mins from those areas you are doing something wrong like catching buses.

Swerv-o

I hate Sydney buses. Same traffic, same delay.


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Beoz

I hate them even more now. I didn't realise you had to tap out with your Oyster. I've been getting stung big time.

Beoz

Sorry Opal - which city am I in?

Swerv-o

Ouch... I learned that in the first week... I think the default fee is about $8. Though if you email them and say their stupid machine didn't work or such, they will normally refund you...


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