15% to 20% increase - Sydney

[Jane Bennett]

We went to this new estate at North West Sydney. We were surprised seeing a bus full of investors from mainland China. Chinese speaking real estate agents were assiting them to buy lands. Apparently these agents were running weekly real estate tours!

We missed out on the land we wanted to purchase. Hubby is planning to camp out to make sure we get the land we want!

 

[RetireRich101]

Sounds like too much Keen

Where is Keen these days?

 

[RetireRich101]

what happens valuation price is lower than auction price?

More like bye bye to a lot more than that - auctions are unconditional from day 1....although I doubt that story is true.

More and more listing are now Auctions and we hear the tale of it 'got sold $xxK above reserve price'

Question of Broker's out there:

1. Just say the price was 10% above reserve, does bank valuers just take the Auction price since it is a public auction?

2. Do you see more and more of this situation, ie buyer unaware of the shortfall Auction price vs bank valuation price, and they can go ahead because of this short fall?

3. If don't proceed, is it really kiss good bye to your 10% deposit since there is no cooling period

 

[Aaron_C]

1) Usually yes.
2) I have never seen an auction price NOT be confirmed by a valuer. But if that did happen then they would have to cough up the difference.
3) Yes.

 

[strongy1986]

We went to this new estate at North West Sydney. We were surprised seeing a bus full of investors from mainland China. Chinese speaking real estate agents were assiting them to buy lands. Apparently these agents were running weekly real estate tours!

We missed out on the land we wanted to purchase. Hubby is planning to camp out to make sure we get the land we want!

Do you like the area? Or is it just what is still affordable?

Where do you think people pushed out of Sydney will move to? Newcastle, Brisbane , Melbourne, central coast?
You can live in the best suburbs of Brisbane for basically the same price as a lot of outer sydney

 

[mini2]

We went to this new estate at North West Sydney. We were surprised seeing a bus full of investors from mainland China. Chinese speaking real estate agents were assiting them to buy lands. Apparently these agents were running weekly real estate tours!

We missed out on the land we wanted to purchase. Hubby is planning to camp out to make sure we get the land we want!

Not exactly a new phenomenon, they've been running real estate tours for the last 18 months...there are even signs along Oakes Rd near Coraltree Drive in Carlingford advertising this kinda stuff to encourage Chinese vendors to contact them acting like quasi agents.