FHB overpaying

L

lisag

Well attended another auction today with the hope of buying, pipped again buy first home buyers competing against each other and I believ over paying by somewhat $30 -$40 thousand. The bidder and partner where begging the dad for more money during the auction. made the auctioneers day and a joke was made "come on dad whats another thousand".
when is this grant over and I know don't go to auctions...

here the one that got away today

http://www.century21.com.au/web/pro...0359413&State=NSW&SBRB=SOUTHWINDSOR&pcde=2756


last bid at $276K
 
yes was there today, sold as mentioned above for $276 was morgagee, I believe an elderly owner becoming unwell and possibliy owing land tax or something to the state revenue. Why do you know something else??
 
lisag said:
Well attended another auction today with the hope of buying, pipped again buy first home buyers competing against each other and I believ over paying by somewhat $30 -$40 thousand. The bidder and partner where begging the dad for more money during the auction. made the auctioneers day and a joke was made "come on dad whats another thousand".
when is this grant over and I know don't go to auctions...

here the one that got away today

http://www.century21.com.au/web/pro...0359413&State=NSW&SBRB=SOUTHWINDSOR&pcde=2756


last bid at $276K
Click to expand...

Hi lisag,

Have similar frustrations to you! Am hunting for another IP. Everything goes under contract within a couple of hours! I went to see an agent yesterday regarding a property that had fallen through due to finance. He said there was already another offer on the property (not sure if there was or not). Went up to the office to make an offer, but refused to do so because the Contract was dodgy. Also there was were some additions to the property that did not have a planning permit. mmm. Said I would contact my solicitor on Monday to check out the contract. He said it would be too late by then. So I just waked away. He also wanted to know the price I would offer. Obviously it was well below what he was expecting! lol!

I think the grant ends in September. Yeah! Perhaps we will all have a better chance of buying something of value then!

Regards Jason.
 
jingo said:
I think the grant ends in September. Yeah! Perhaps we will all have a better chance of buying something of value then!
Click to expand...

Nope, just drops down another step; from $16k to 12.5k, from memory.

I'm looking to offload a unit in the next month or so to take advantage of the emotion running through the market. Bought with the intention of selling so it works out nicely :)
 
I'm finding less FHB and more investors now.

An auction I missed out on last weekend had lots of people and at least 2 buyers agents with clients in tow. No-one looked like a FHB (I know that's stereotyping- sorry). It was a reno place.
 
JamesGG said:
Nope, just drops down another step; from $16k to 12.5k, from memory.

I'm looking to offload a unit in the next month or so to take advantage of the emotion running through the market. Bought with the intention of selling so it works out nicely :)
Click to expand...

Ok. Good plan. If the unit presents well it should sell for top dollar in this market.

Regards Jason.
 
travelbug said:
I'm finding less FHB and more investors now.
An auction I missed out on last weekend had lots of people and at least 2 buyers agents with clients in tow. No-one looked like a FHB (I know that's stereotyping- sorry). It was a reno place.
Click to expand...

I'm seeing the same thing as you travelbug. Less and less FHB and more mum & dad upgraders and investors.

The FHOG/B is having little to do with propping up prices at present IMHO. The organised FHBs got in before 30 June when it was first due to extinguish - only the dribs and drabs left now.....and yet prices continue on their upward spiral.
 
lisag said:
I believ over paying by somewhat $30 -$40 thousand.
last bid at $276K
Click to expand...

I believe you have got your prices wrong lisag. Just a quickie estimate on my data suggests a price of around $267K would be a good estimate - so we're only talking $9K or a 3% increase. I reckon prices have easily increased by 4% in the last 3 months - so it sold about on the money.:confused:

Why would you want to buy on a busy road like Macquarie anyway?
 
Hi Propertunity,
if you looked at the type of houses or the condition of others in that area this house was in need of major rennos with asbestos removal to boot, it also had a state revenue bill attached to it also, one home down the road in much better condtion that definiety was move in and live condition went for mid $270's, other houses that went up the next bracket are very nice condition and brick. I do not think my guestimates was that far of considering the amount of work that was needed on it.
 
Propertunity said:
I believe you have got your prices wrong lisag. Just a quickie estimate on my data suggests a price of around $267K would be a good estimate - so we're only talking $9K or a 3% increase. I reckon prices have easily increased by 4% in the last 3 months - so it sold about on the money.:confused:

Why would you want to buy on a busy road like Macquarie anyway?
Click to expand...

it had rear and side lane access, so not many issues with the main road, also a enclosed courtyard in the front yard that kept out most of the noise
 
$276K may seem overpriced now but you do need to consider the replacement cost of building these days- such costs have certainly risen in the last decade and when you add the land value on to it, $276K may well seem cheap soon.... even if it is all the way out at lovely Windsor!
 
lisag said:
it had rear and side lane access, so not many issues with the main road, also a enclosed courtyard in the front yard that kept out most of the noise
Click to expand...
I like the sound of "rear and side lane access". :D I can see what piqued your interest.

Windsor is a lovely spot as Jacque said. I've been through there a lot to go to the Blue Mountains up the back way - Bells Line of Rd. I always remember Macquarie as being very busy with lots of trucks.
 
Just me again after a mad few weeks getting in to the new job!

More confirmation that anyone still waiting because they think FHB are driving the market are sadly mistaken! The traffic is much higher in my new job and in the first 5 weeks I would have seen a handful of them in comparison to 2nd & 3rd buyers and big influx of investors!
 
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