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Talk about overheated in East Sydney...
Price Guide 380+
Value as is around 425 (imo)
Sale price on Saturday 600
http://www.realestate.com.au/property-apartment-nsw-bondi+beach-114016471
Needed a full reno incl electricity and plumbing
The media moves slowly - they'll be reporting it in 6-12 months just as we probably reach close to the next peak. Too late then.
http://www.mcgrath.com.au/buy/house-willoughby-nsw-2068/181051
Willoughby quoted $2m+ - reserve $2.25m sold $2.62m
.
Talk about overheated in East Sydney...
Price Guide 380+
Value as is around 425 (imo)
Sale price on Saturday 600
http://www.realestate.com.au/property-apartment-nsw-bondi+beach-114016471
Needed a full reno incl electricity and plumbing
What are you seeing on the Central Coast propertunity?
Shortage of listings.
Good properties being sold within hours or a few days.
Some agencies sacking staff - can't get enough listings to survive.
People offering way overs to get property. (We are on one at present going to auction shortly. We valued at $310-320K, REA agrees, one desperate buyer has offered $350K and slapped down a $35,000 deposit.....desperate to buy I suppose).
All the usual hallmarks of the beginnings of a boom.
Shortage of listings.
Good properties being sold within hours or a few days.
Some agencies sacking staff - can't get enough listings to survive.
People offering way overs to get property. (We are on one at present going to auction shortly. We valued at $310-320K, REA agrees, one desperate buyer has offered $350K and slapped down a $35,000 deposit.....desperate to buy I suppose).
All the usual hallmarks of the beginnings of a boom.
1. You've obviously missed the easy money in Sydney and Melbourne
Doesn't have to be the either of those extremes.
Can be buying in the bottom of the market with some view that a recovery is imminent. Did that last year.
I know this thread is about Sydney but as a comparison - just see what 800k (yes, 800k) gets you in Melbourne 2km from CBD as of today: http://www.realestate.com.au/property-house-vic-richmond-114179399
Looks like it's boom time.
Despite being in a good pocket of Richmond, they paid way too much.
In June, a 3 br, 2 bath single terrace, no renovation needed house sold in Port Melbourne for $517k. On Elgin Carton a 3br two storey with small courtyard sold for $715k. Its moving around a fair bit in inner Melbourne. Can get a great deal on a good day and pay stupid amount on another day.