2770 going crazy

Allow 2770 property market to simmer for 12 months and you will see entry prices of $350K.

That is my prediction. Enjoy!
 
datto said:
Allow 2770 property market to simmer for 12 months and you will see entry prices of $350K.

That is my prediction. Enjoy!
Click to expand...

Hmmm, I pray that your crystal ball is on the fritz... Looking to enter around that time and definitely not wanting to pay those kind of prices. Might have to do some real digging to try and find a deal...
 
macca446 said:
What i could see tonight was FOB not investors,we would not pay these prices,hard to buy cheap now trying to snag one next auction have my eye on one.
Macca
Click to expand...

I wouldn't hold my breath. The auctions are overpriced. Best to negotiate on non auction property.
 
once it gets into mainstream media its all over

mums and dads don't generally care about yields or returns but buy purely based on emotion...and in that world, $200,000 - $300,000 is really nothing (particular compared to the rest of the Sydney market) if they FEEL they are getting a solid investment

...unlike us "real" investors who have an insatiable need to milk every last dollar out of the several properties we buy annually...
 
MsAli said:
Whose buying this stuff for $245,000 :|
Click to expand...

MsAli,

Why do you not like that property for $245,000?

To me it seems to tick a few boxes, 3 br, plenty of land for granny flat and maybe one day knock down/rebuild (maybe).

Haven't looked up the street as I'm at work and these computers are just glorified calculators but it still doesn't seem that poor a deal?
 
Television said:
MsAli,

Why do you not like that property for $245,000?

To me it seems to tick a few boxes, 3 br, plenty of land for granny flat and maybe one day knock down/rebuild (maybe).

Haven't looked up the street as I'm at work and these computers are just glorified calculators but it still doesn't seem that poor a deal?
Click to expand...

It looks like it needs A LOT of reno. I'm not in touch with the market. But I'd expected renovated properties may be selling for around $250k mark (for instance). I note there was a $238k sale recently in the area which didn't even need much work (may be paint and carpet).

Once you add stamps, may be $15k-20k of reno, approx cost = $275k, rent of $320pw, 6.7% gross return on the asking price, 6.0% return after taking into account the reno costs.

I personally am not a fan of granny flats. The property overall is never really worth what you spend putting in a granny flat.

I would rather invest that granny flat money elsewhere.

12-18 months ago, the same property may have sold for what?! $180k-190k?!

I attended an auction in July last year. Renovated house in Tregear. Mortgagee in possession. It sold for $200,600. It was clad. So you can imagine...

Address was: 3 Tern Place, Tregear --> Only issue I saw was it's proximity to the power lines. But still.

http://www.onthehouse.com.au/reports/property_profile/146919/3_Tern_Place_TREGEAR_NSW_2770/
http://www.homehound.com.au/3+tern+place+tregear+nsw+2770/20157563/

Edit: However, I also saw a burnt house up the road with like 100 people at the auction selling for $175k the SAME day :p While the Tern Place auction had 3 people bidding only. So I reckon it's DOH auctions that have gotten popular.
 
As alluded to above.

Just cause it's cheap, doesn't mean it's a good buy.

And DOH is... the place to be for beginner 'bargain' hunters atm.
 
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