best area to buy in newcastle nsw

[Truly Exotic]

An absolute ripper of a reno potential on this one

http://www.realestate.com.au/property-house-nsw-charlestown-113796211

if you can get it for $200k, spend $50k making into a castle,
youd easily make $100k conservatively,

id pick it up in a heart beat if I had a team who specialises in this type of reno

 

[nww]

An absolute ripper of a reno potential on this one

http://www.realestate.com.au/property-house-nsw-charlestown-113796211

if you can get it for $200k, spend $50k making into a castle,
youd easily make $100k conservatively,

id pick it up in a heart beat if I had a team who specialises in this type of reno

Something not right with the price guide on that.
I doubt it would sell anywhere near the 200 mark unless its about to fall down.
You can't even get land for that guide price in the area.

 

[whiteduck]

I know 2 people personally who have picked up properties in Mayfield and had to pay close to or above asking price as there was so much interest in the properties. They have missed out on others as well in Islington and Hamilton. So it doesn't sound like it's is flat in those areas.

 

[Fox89]

http://www.domain.com.au/Property/For-Sale/House/NSW/Merewether/?adid=2010435604

Is this overpriced? yes i know its in Merewether in a good street. But your basically paying a million dollars for a block of land. Can prices go up anymore than this?

 

[Truly Exotic]

Something not right with the price guide on that.
I doubt it would sell anywhere near the 200 mark unless its about to fall down.
You can't even get land for that guide price in the area.

found out, its got extensive termite damage both past and active,

am waiting for the report to come in

would be interesting to see

 

[Ideo]

I know 2 people personally who have picked up properties in Mayfield and had to pay close to or above asking price as there was so much interest in the properties. They have missed out on others as well in Islington and Hamilton. So it doesn't sound like it's is flat in those areas.

Definitely my experience in those areas at the moment.

Places aren't hanging around for long, and usually going for asking price at least.

Still affordable and good value though.

 

[Propertunity]

..... and usually going for asking price at least.

Recent Examples:
19 Garrett Street, CARRINGTON which is a 3,1,1 in the 15yr old Mirvac estate advertised at ‘EOI From $395,000’. Sold for $403,000.
79 Northumberland Street Maryville NSW 2293 which is a 4,1,0 advertised for “Offers over $399,950” and sold for $410,100 on a 66W without a pest & building or formal finance approval (7 x offers on the table - we missed out).
45 Union Street, Tighes Hill, NSW 2297 is a 3,1,0 advertised at $389,000 which went under contract 3 days from listing at $410,500!
37 William Street Tighes Hill NSW 2297 is a 3,1,2 that sold at auction for $426,000 and is on a busy road, at a bus stop and full of wood panelling with no period features. I valued this in the high $300K’s.
45 Gipps Street, Carrington, NSW 2294 is a 2,1,0 (un-renovated) had 44-45 groups through and 42 offers made – most of which were $20K over the $320K asking price.
4 Henry Street Tighes Hill NSW 2297 is a 2,1,1 advertised at “Offers Over $290,000” – sold for $358,500!
.......and so on.

Most of what we are buying in there is "off market" - if we let the property get to the first Open, then we're not in a good position.

 

[Truly Exotic]

Recent Examples:

Props, what do you think this one is worth done up?
http://www.realestate.com.au/property-house-nsw-charlestown-113796211

me thinks $350k conservateive

 

[Ideo]

I would be happy to purchase that in a un-termite damaged state for 350k. I would think it a decent buy.

 

[Truly Exotic]

I would be happy to purchase that in a un-termite damaged state for 350k. I would think it a decent buy.

yeah so would I, got the BP report, some of it clear, some of it unclear, me thinks $350-$370k for a complete but budget med to med/high quality reno

 

[Propertunity]

Props, what do you think this one is worth done up?
http://www.realestate.com.au/property-house-nsw-charlestown-113796211

me thinks $350k conservateive

Difficult to get into Charlestown for under $400K these days.
That will not sell for anything with a "2" in the front of it IMO.
Bait advertising.......unless there is a whole lot wrong with it that can't be seen in the pics. (and it sounds like there could be?)

 

[Ideo]

Difficult to get into Charlestown for under $400K these days.
That will not sell for anything with a "2" in the front of it IMO.
Bait advertising.......unless there is a whole lot wrong with it that can't be seen in the pics. (and it sounds like there could be?)

Massive termite damage

 

[The Fence]

Most of what we are buying in there is "off market" - if we let the property get to the first Open, then we're not in a good position.

Just on that....so you have access to properties that are off market meaning no sales contract.

Isn't that illegal ?

If it is a case of simply on market but not having had the first open then isn't the agent doing the vendor a disservice by closing long before the majority of the market can have a squizz ?

This "off market" needs some clarification please.

 

[lizzie]

Massive termite damage

Sounds like it's selling for land value anyhow.

I assume "off market" means it hasn't gone on the "open market" yet ...

 

[TMNT]

Sounds like it's selling for land value anyhow.

I assume "off market" means it hasn't gone on the "open market" yet ...

how would you guys work out land value, seems to be so very few sales, and you can only can go by asking prices of other land, and we all know that asking price means nothing!

 

[laurieload]

You can have NSW land values emailed to you for $11 or so at the NSW Land and Prop info site:
http://www.lpi.nsw.gov.au/valuation/land_value_search

 

[Of The Vultures]

R
37 William Street Tighes Hill NSW 2297 is a 3,1,2 that sold at auction for $426,000 and is on a busy road, at a bus stop and full of wood panelling with no period features. I valued this in the high $300K’s.

Bait advertising.......

Yep. I had an agent look at that property for me, it was initially advertised as offers over $275,000 and later revised to over $300,000.
He thought it would go for low-mid 300's.

 

[Fox89]

Yep. I had an agent look at that property for me, it was initially advertised as offers over $275,000 and later revised to over $300,000.
He thought it would go for low-mid 300's.

I also looked at this and estimated it would sell for 400k. Good area, bad house, would not have paided that much for it.

 

[The Fence]

You can have NSW land values emailed to you for $11 or so at the NSW Land and Prop info site:
http://www.lpi.nsw.gov.au/valuation/land_value_search

Its actually free to land owners after registration.

 

[kman1904]

Hi guys,

I'm looking to buy in the Glendale/Cardiff area and have a quick question about whether new developments generally increase or decrease house prices? I'm referring to this article specifically, http://www.theherald.com.au/story/1727056/glendale-economic-hub-plans/

I would like to think that making Glendale a new economic hub, with increased transportation, retail and business would push house prices higher, correct? However if this same plan also involves 4000 new dwellings, this causes a large increase in supply leading to lower prices, right?

So what would be expected to happen overall in the short and long term? Do the 4000 new developments make looking at existing houses a big no-no? Or would you think the upwards pressure on prices due to being an economic hub would win?

Thanks!