600k house in Dundas Valley

[peyman]

Hi,

I am looking for a house to buy in Sydney; I'm a first home buyer.
I have seen a house with 500m² in Dundas Valley, battle axe configuration. Price is above 600.000. I'm wondering if the price is not too high. What do you think?
Also, what is the best place to look at near Parramatta according to you?

Many thanks
Peyman

 

[Propertunity]

I have seen a house with 500m² in Dundas Valley, battle axe configuration. Price is above 600.000. I'm wondering if the price is not too high. What do you think?

I think 2 things:
1. The highest price paid in the last 12 months in Dundas Valley was $1.72M for a property sitting on 1,832m2. The lowest price paid for a house in the last 12 months in Dundas Valley was $455K for a property sitting on 771m2. The median price of the 60 sales recorded is $580K.
So if you are looking at a median priced home (and we don't know that you are), then the price is in the ballpark. BUT as you can see prices vary over $1M - and you have not given enough information to tell.
2. You need to do research on 6 other comparable sales - similar property, in similar condition sold (not 'for sale') in the last 6-9 months to come up with what a property is worth.

Also, what is the best place to look at near Parramatta according to you?

Define "best" please.
Best for transport to the city? Best for size of house for your $ spend. Best for lowest crime rate? Best for quiet street? Best for capital growth?

At the end of the day, it does not mater what anyone else thinks. If it is you living there then it needs to be what's best for you.

Welcome to the SS forum here. Cheers, Alan

 

[Caputo Lawyers]

2. You need to do research on 6 other comparable sales - similar property, in similar condition sold (not 'for sale') in the last 6-9 months to come up with what a property is worth.

Welcome to the forum. I agree with this quote. You need to research comparable sales of similar properties in the suburb. Also consider the likelihood of capital growth and demand in the area.

 

[SuiCid3]

It's simple.
Property is only worth how much you're willing to pay.

Set your budget, find a location that is suitable for you, then do as the others have said.... research previously sold properties around that area.

A $600k budget opens up the playing field pretty well and you shouldn't restrict yourself to Parramatta if you don't have to.