4 bed house 750-800 Greystanes

Hi Folks,

Wanted to check if you would pay 750-800 for a 4 bed house double storey in Greystanes with 550 sqm land and 40+ years. I have been looking at a property with the following details

1. Been on the market for a month before auction
2. Passed in auction at 720K. My bid was 710K :D
3. Asking price 750K + and been on the market for more than 3 weeks after auction.
4. Vendor is bankrupt(listed on the contract)
5. I did a bank valuation from bankwest and they are not ready to pay more than 715k :D
6. Agent not happy with offers less than 780k :D
7. Agent keeps listing the property for open homes

Not sure if its worth to spend 750k+ in greystanes even though I could pay the difference from the bank valuation. What you guys suggest? yay or nah :D
 
Sounds like everyone (including you) thinks that it is worth around $720K - but the vendor wants $750K+.

Most likely there are better buys than that around - not thaty I know the Greystanes market at all.

So I'd keep tabs on the place and wait for the vendor to get more realistic - which should not be long if they are bankrupt.
 
Is it the one on Canal Rd?

I too can't answer until I know where it is and what agent it is listed with.

Vals are all over the place over 700K as properties over that price do not usually have direct comparables. I have a similar sized property on a bigger block that was just valued at 760K.
 
No the listing is removed now. It was in violet place, greystanes.

Yes the banks wants to stay on the safer side when they are no comparable sales.

I thought about this and would invest 750K+ in Giraaween/pendlehill which has train connectivity but they are very few good houses in the market in that area.

Can I ask who has valued your block at 760k? The agent or a private valuer?

Is it the one on Canal Rd?

I too can't answer until I know where it is and what agent it is listed with.

Vals are all over the place over 700K as properties over that price do not usually have direct comparables. I have a similar sized property on a bigger block that was just valued at 760K.
 
A got a top-up on my PPR so a bank Val.

If you're looking in that price bracket you can get something much nicer in a different part of Greystanes. Not so much competition at that price point.

There were some ridiculous sale prices late last year and early this year in Damien ave so I expect the neighbors now have unrealistic expectations. The streets around the Ringrose catchment are very popular with the Lebanese community who are doing knockdown rebuilds and will pay whatever it takes to buy the low end stock to live near their brothers/cousins - hence high prices expected for bigger houses in that area.

For that sort of money I'd be looking at the Beechwood estate. Big double bricks houses that would need cosmetic renos due to their Southern European colour styles but built very well. I live in the flower estate so a bit cheaper but you get a lot for your dollar on this side of the canal.
 
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