Just bought in Marrickville

Congrats to both Richard & Scott for your purchases (no point posting in both threads).

Burning that I'm sitting here saving a deposit while all of this is going on in the inner west!

Long term plan is never sell so I guess over time it should all even out anyway, though it does sting to read like "prices are going up up up in the inner west".

Just want to get a nice 1BR in Marrickville so I can ride my bike to Newtown or to work and not have to do the daily trek back to Western Syd.

In time, in time.
 
Television said:
Congrats to both Richard & Scott for your purchases (no point posting in both threads).

Burning that I'm sitting here saving a deposit while all of this is going on in the inner west!
Click to expand...

I was in the same boat 9 months ago. Wasn't in a position to pounce a moment before I did, and had the joy of watching prices skyrocket while I saved.

Happily, I believe Marrickville's got a good run ahead of it (especially apartments) and should be good buying over the next few years regardless of how much price growth it sees.

When's it looking like you'll have your deposit?
 
Richard Feynman said:
The apartment directly below this one is going to Auction in 3 weeks too:

http://www.realestate.com.au/property-house-nsw-marrickville-115203035

Identical floor plan, but it's recently renovated. I'll take a punt and say it'll fetch $480,000-$520,000
Click to expand...

It went for $520k last night.

I made a bet with some friends last weekend that it would fetch $525k. The market's moving north at an astonishing rate.

Another one went to auction last night too. It sold for $8k less than I purchased for. Comparable quality internally, and it's closer to Woolies but 6sqm smaller, no balcony, ground floor (not second), on a main road, twice as far from station, not a very nice complex:

http://www.realestate.com.au/property-unit-nsw-marrickville-115192947

You could suffer third degree burns in Marrickville presently.
 
Congratulations Richard

Does beg the question, as this market is booming, is it a good time to look at OTP apartments/product?? In rising/booming markets these can make good $ on completion, capturing the growth
 
Have a look at what some of the units in bondi are selling for this one sold for $720 ,000 I believe...may have been a bit lower but still not a big unit but great
location.
http://www.realestate.com.au/property-apartment-nsw-bondi+beach-115347411

Crazy what people will pay in sydney.Look at this house on Gold Coast will likely go between $650,000 and $700,000 walk to one of the nicest beaches in Aust
http://www.realestate.com.au/property-house-qld-palm+beach-115255915

To bring it back to Marrickville...

Marrickvillle has always plodded along well...and always will happy with my 5 year growth in the area. My mums very unhappy she sold her house in the area a few years ago lol
 
MTR said:
Congratulations Richard

Does beg the question, as this market is booming, is it a good time to look at OTP apartments/product?? In rising/booming markets these can make good $ on completion, capturing the growth
Click to expand...

OTP ain't my cup of tea but I if I were to take a punt I think there's money to be made here over the next year or two at least. Some of the soon-to-complete developments around my neck of the woods have seen well over $100k CG since they started selling. Not a bad return on a small deposit.

There's a stack of small and medium sized developments on the way in the area, too.

cozmicmel said:
Have a look at what some of the units in bondi are selling for this one sold for $720 ,000 I believe...may have been a bit lower but still not a big unit but great
location.
http://www.realestate.com.au/property-apartment-nsw-bondi+beach-115347411

Crazy what people will pay in sydney.Look at this house on Gold Coast will likely go between $650,000 and $700,000 walk to one of the nicest beaches in Aust
http://www.realestate.com.au/property-house-qld-palm+beach-115255915

To bring it back to Marrickville...

Marrickvillle has always plodded along well...and always will happy with my 5 year growth in the area. My mums very unhappy she sold her house in the area a few years ago lol
Click to expand...

That bondi pad isn't too far ahead of where Marrickville's at ? nuts: http://www.realestate.com.au/sold/p...alse&activeSort=price-desc&source=refinements

Hope your mum re-purchased somewhere else of note.
 
Richard Feynman said:
OTP ain't my cup of tea but I if I were to take a punt I think there's money to be made here over the next year or two at least. Some of the soon-to-complete developments around my neck of the woods have seen well over $100k CG since they started selling. Not a bad return on a small deposit.

There's a stack of small and medium sized developments on the way in the area, too.

..
Click to expand...

I am not into OTP stuff either, however its a timing thing, when we were experiencing our massive boom in Perth around 2006 anyone who purchased OTP stuff were making huge profits, buying many and flipping them on completion as you buy at the lower price and as everything is rising rapidly it plays catch up.

In fact we had some developers/scum bags who pulled the pin on some deals that had made profits of up to 50%, placed a clause in the contract where buyer's contract was cancelled unless they paid the new asking price. This meant developers just on sold it pocketing huge profits.

I will have to check out some of this stuff.

Cheers
MTR:)
 
In fact we had some developers/scum bags who pulled the pin on some deals that had made profits of up to 50%, placed a clause in the contract where buyer's contract was cancelled unless they paid the new asking price. This meant developers just on sold it pocketing huge profits.
Click to expand...

There is a local rumour doing the rounds that this is what's happening with the big Marrickville development near the station.
 
depreciator said:
There is a local rumour doing the rounds that this is what's happening with the big Marrickville development near the station.
Click to expand...

What can I say, anyone buying OTP stuff check the finer print in your contracts, the developers know the market is hot and making sure they maximise their profits.
 
cozmicmel said:
Have a look at what some of the units in bondi are selling for this one sold for $720 ,000 I believe...may have been a bit lower but still not a big unit but great
location.
Click to expand...

My IPs are in Marrickville and Bondi Beach- best of both worlds :)

The suburbs couldn't be any more different but they both have features that make them attractive for future CG.
 
So very true Map....has marrickville or bondi given you better growth ? I have always thought the innerwest has grown more and seems more popular but I could be wrong.
 
cozmicmel said:
So very true Map....has marrickville or bondi given you better growth ? I have always thought the innerwest has grown more and seems more popular but I could be wrong.
Click to expand...

Similar growth, Marrickville probably just ahead:

Bought Bondi in late 2009 ~$435K, currently ~$540K
Bought Marrickville in late 2010 ~$455K, just refinanced and valued at $550K
 
Nice mate. I recently.bought in marrickville too. Settled back on 25/10.

Im more so closer to sydenhan station as opposed to mville. Also got tenants in day after settlement. Hopes to both of us of great gains in the future!
 
Well done Richard on your first IP purchase!

A great find.

You got a good rent for it too.
Which Richardson & Wrench agency was it through? The one in Marrickville?
 
Also for my own records.

The data only goes up to August, but that trajectory has continued up to the present.

The marker is when I bought my PPOR (apartment).

marrickville.png
 
Congrats Richard, looks like you got a good deal. But the apartment you compared to a couple of days ago does have as you say a LUG. I'd say that in itself adds a 60-80k premium on the overall price? Nevertheless, the location is poorer and when compared to the price you paid, you did get a good deal.

Does your street have easy unrestricted off-street parking if ever needed?
 
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