Great buy Richard,
The Location is brilliant.
The Location is brilliant.
Just bought in Marrickville
- Thread starter Richard Feynman
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- marrickville
I'd say $60k, for the area.
It's easy to find a park on-street. That will change in time though. But there's buses to the city right outside, train to the city is a 5 min walk, as is the forthcoming light rail.
Certainly is. I'm keen to watch what happens as the light rail completes and everything that stems from it pops up.
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So, for my records again.
Another place in the same complex is up for rent at $460/week: http://www.realestate.com.au/property-unit-nsw-marrickville-412035031
I think it's going to remain vacant for a few weeks unless the price drops. Few reasons:
1) 53 other 2 bedders under $500 for rent in the suburb
2) **** description, photos etc
3) Anyone searching for a rental on realestate.com.au who pops a maximum price of $450 will miss it
4) Most potential tenants don't realise how well located the complex is, so they're not going to see much difference between this and other listings which are cheaper
We'll see, eh?
Now that I've started looking in to Marrickville a bit more thoroughly, your initial purchase really was a cracking buy. Let's hope I can make a similar one... in 12 months time! 
Even if it was around $480-$490 would still be happy with that... will have to try and be very diligent with getting in contact with agents etc. I reckon.
*Edit*
http://www.realestate.com.au/property-apartment-nsw-marrickville-115468395
Same street again, looks similar to yours.
Even if it was around $480-$490 would still be happy with that... will have to try and be very diligent with getting in contact with agents etc. I reckon.*Edit*
http://www.realestate.com.au/property-apartment-nsw-marrickville-115468395
Same street again, looks similar to yours.
Now that I've started looking in to Marrickville a bit more thoroughly, your initial purchase really was a cracking buy. Let's hope I can make a similar one... in 12 months time!
*Edit*
http://www.realestate.com.au/property-apartment-nsw-marrickville-115468395
Same street again, looks similar to yours.
This has been on the market for a fair while. I inspected it a while ago. My thoughts:
Didn't look (or smell) so good in person. Great spot, not the best complex though -- I wouldn't want to live there, anyway. Some interesting neighbours. The place is feels a bit glum inside (lack of natural light). And it has common walls on two sides.
You don't get a carspace on title either. And if an investor buys, they're not allowed to use the allocated space at all -- only and owner occupier can. The place pretty filthy (bathroom is almost unusable and second bedroom had some manky carpets) and the kitchen is rather...basic. They did a great job with the photos, believe me.
"Although perfectly liveable now there is an opportunity to update."
Listing agent summed it up pretty well.
The common walls and natural light sounds like a bit of a bummer, but a ratty interior is exactly what I'm after. Easy way to generate some value pretty simply
Especially things like a unit reno where it's all just finishes, nothing structural. That being said, would want to convert to IP in the future so loss of carspace when converting to IP might be a bummer.
Oh well, still in no position to make a move so will just keep an eye out!
There's certainly potential to add value to that place, and I'd say it'll be one of the lowest sale prices on a 2 bedder Marrickville will see again, whatever it goes for.
It felt smaller than the floorplan indicates. Probably due to the walled-in kitchen. If that was opened up it'd make a world of difference.
One plus I didn't mention, the "balcony" actually walks out onto a small, slightly unkempt common area. Kinda like your own bit of back yard. Except other residents can access it too. Still, it seemed reasonably private. Looked like the current tenants spent 90% of their time out there smoking--what exactly, I'll leave up to your imagination.
Another plus, there's minimal street noise because it's a battleaxe block with a long driveway, with apartments either side of the building to block a lot of noise. Which also includes that of the nearby train station.
It felt smaller than the floorplan indicates. Probably due to the walled-in kitchen. If that was opened up it'd make a world of difference.
One plus I didn't mention, the "balcony" actually walks out onto a small, slightly unkempt common area. Kinda like your own bit of back yard. Except other residents can access it too. Still, it seemed reasonably private. Looked like the current tenants spent 90% of their time out there smoking--what exactly, I'll leave up to your imagination.
Another plus, there's minimal street noise because it's a battleaxe block with a long driveway, with apartments either side of the building to block a lot of noise. Which also includes that of the nearby train station.
(again, for my records -- just sharing because I can)
Just had it revalued. Apart from a fancy new showerhead, I've done nothing to the place.
Settled: Nov 18th 2013 (4 months ago)
Valuation: $525,000 (from $460,100)
Increase: $64,900 (14.1%)
And the new light rail commences operation this month.
Just had it revalued. Apart from a fancy new showerhead, I've done nothing to the place.
Settled: Nov 18th 2013 (4 months ago)
Valuation: $525,000 (from $460,100)
Increase: $64,900 (14.1%)
And the new light rail commences operation this month.
Good stuff!!
Bloody hell, well done! I should think about revaluing my Dulwich unit bought in '12.
Who did your valuation? The same bank as your mortgage?
Yep. I believe they use valex -- CBRE did it.
If you bought in 2012, you ought to have seen some great growth so go for it. You're probably sitting on a the better part of a deposit.
overpriced?
I looked at this Hill St Marrickville unit a few weeks ago.
The agent was quoting from $500K. He said approx. $450 rental.
The entrance to the building was at the back in between all the garages and there seemed to be drainage issues on the common property so it required walking through puddles to get to the door. (It was raining the day I viewed it)
The apartment's lounge area and second bedroom were too overlooked for my liking.
The garage was very narrow, but did have an additional storage area attached to it.
For a mostly owner occupier building I didn't think the upkeep was great.
Since I didn't like it I didn't look in to it further, I thought a price of $560K was reasonable.
How out of touch I am. I was shocked to see it sold for $623K.
http://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/marrickville/?adid=2011008638
I looked at this Hill St Marrickville unit a few weeks ago.
The agent was quoting from $500K. He said approx. $450 rental.
The entrance to the building was at the back in between all the garages and there seemed to be drainage issues on the common property so it required walking through puddles to get to the door. (It was raining the day I viewed it)
The apartment's lounge area and second bedroom were too overlooked for my liking.
The garage was very narrow, but did have an additional storage area attached to it.
For a mostly owner occupier building I didn't think the upkeep was great.
Since I didn't like it I didn't look in to it further, I thought a price of $560K was reasonable.
How out of touch I am. I was shocked to see it sold for $623K.
http://www.domain.com.au/property/for-sale/apartment-unit-flat/nsw/marrickville/?adid=2011008638
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It's not the best part of Marrickville down there - too far from the station and the shops and too many surrounding units.
My brother went to this auction with the intention of buying. He set himself a limit of 555K and we thought 623K was a ludicrous amount to pay for that unit. As a fellow member commented previously, it is not in the most desireable part of Marrickville. A good 10-15min walk to the station and even further away from the main cluster of restaurants/cafes, schools, library and retail sector on Illawarra and Marricckville Road.
As Scott said, not the best spot in Marrickville.
I inspected that place a few times, including the rainy day.
On one of the other days (the first open, I think), there was a horrific sewerage stench permeating the entire complex. It wafted up throughout the apartment. It seemed to be coming from a huge drain running along the fence. ****ing stank. I feel for whoever has purchased, whether an owner-occupier or investor. They probably weren't there that morning and are in for a surprise.
I expected with a 23sqm LUG (pretty massive for Marrickville) and updated interior, it'd go close to $600k if there wasn't much other stock on the market but that's going to be a shocking return of about 3.7% at $450/week (you'd be hard-pressed to top this, unless you're ok with having it listed for 4-6 weeks before finding a tenant).
Nailed it.
Did your brother ascertain if it was bought by an owner-occupier or investor? I'd love to know.
He is not sure either.
Unless we all missed something, it's a little too steep regardless!
I doubt you've missed anything. Unless they're planning on turning the garage into a stand alone residence, or know some drug dealers/manufacturers who need a lab/somewhere to store their wares.
Regardless, someone was willing to pay that much. Ridiculous, but that's the market right now.
Indeed. She would have been expecting mid $500s, I assume?
This brand new looking apartment sold for pretty much the same price in marrickville so it is definitely a crazy price
http://www.realestate.com.au/property-apartment-nsw-marrickville-115800891#
http://www.realestate.com.au/property-apartment-nsw-marrickville-115800891#
