2 bedroom unit in parramatta

[blessme]

Hi,

This is going to be my first time to buy a IP, I tried to offer the real estate agent for 352k for a unit with 2 bedroom units with lockup garage, this unit is close to parramatta station(5 mins walking) and it's full brick and only a couple years old. It's on the first level (not on the ground level) and he told me that it can be added with another 2 bedrooms in the living room by having segmentation with duplex. How does that sound?is it reasonable price?at the moment i'm still confused to proceed with my offer or not. I need some feedback from you guys about the price, whether it's reasonable or not

 

[Cherry Pro]

Hi ...there's another thread on Parramatta ...it may be worth your while to go through the replies there before you proceed.

$352 k seems a bit high esp as the other thread says a 2 bedder at around
$200 k.

Have you checked on realestate.com.au on what other units are available
in the area and what they are priced at.

Don't think the Parra market is hot at the moment so take the time to do your own due diligence.

Good luck !

 

[sash]

Fransiscus,

Around 352k for a unit in Parramatta is a lot. For that you could pick up an olders house in the surrounding suburbs of Parramatta.

Don't be in a rush...there will be some excellent buys around as people factor in upward interest rate pressures.

Sash

 

[evand]

Its overpriced in this market. Keep looking till you find a bargain (use rental yields as one guide).

If you cant find a bargain, you need to educate yourself a bit more. In general and on the Parra market.

 

[blessme]

thank you guys, i appreciated it so much. It's all about emotion u know, Since this is the first time, i almost pay down payment for my offer but luckily i didn't. i heard parra will be going up soon rite?i've done my researching and i found that the average is high 200 (e.g 290k)

 

[Sofia]

I am looking at the same area as you and agree with others, $352 is way too high regardless it's 2 yrs old.

I've been looking at smh property site, and I think the price is $270ish for brand new 2 bedroom unit around the area.

 

[evteam]

Blessme,

352K is too much for 2br, 2 baths in Para. My friend bought an unit over the Xmas period for $297K (5mins from station, around 120m2 but 12yrs old ).

I've also been looking around Para area and found that you can get brand new unit for less than $352K.

I understand how you feel with the first purchase. I am going through similar exprience (waiting to move into my first "home")

It took me nearly 5mths to find my first property so as ppl here have advised, Dont rush into it! you will find the right one before you know it!

Good luck with your house hunting!!!!

Cheers,
evteam