I received our annual land valuation notices a few days ago for three Coorparoo properties. Our PPOR stays at $475K but the two IPs back to back on 906 sqm each dropped rom $530K to $500K and from $500K to $475K.
How are other areas faring? Dropping? Rising? Flat?
This reflects our experience in pricing generally in our area. My parents' house was last valued at $1.1M and we were faced recently with deciding to list it. When it seemed we would be lucky to clear $900K after commission, we took it off the market and rented it.
Yet word from "around the traps" seems to be that those houses well over $1M are selling, those well under $1M are selling, but this pocket $700 to $1.2M (?) is in trouble.
A house in our street, last offer before GFC at $820K (early high offer was withdrawn though - so perhaps it was too high anyway) just sold for $710K and another house in a street we hold another IP last sold in 2007 for $810K and again middle of 2012 for $670K. They are demolishing and building new.
How are other areas faring? Dropping? Rising? Flat?
This reflects our experience in pricing generally in our area. My parents' house was last valued at $1.1M and we were faced recently with deciding to list it. When it seemed we would be lucky to clear $900K after commission, we took it off the market and rented it.
Yet word from "around the traps" seems to be that those houses well over $1M are selling, those well under $1M are selling, but this pocket $700 to $1.2M (?) is in trouble.
A house in our street, last offer before GFC at $820K (early high offer was withdrawn though - so perhaps it was too high anyway) just sold for $710K and another house in a street we hold another IP last sold in 2007 for $810K and again middle of 2012 for $670K. They are demolishing and building new.