Record Price in Mount Druitt!!

Won't be long before the druitt is cracking 1m!

I've got 700 sqm on the other side of the tracks but its worth is less than half of this one.

But this George St house is nice, very nice. Its got a 128 sqm garage!
 
datto said:
Won't be long before the druitt is cracking 1m!

I've got 700 sqm on the other side of the tracks but its worth is less than half of this one.

But this George St house is nice, very nice. Its got a 128 sqm garage!
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As they say Datto....wrong side of the tracks ; (
 
MsAli said:
818k for a residential zone 1012 sqm corner lot in Mount Druitt!

http://www.domain.com.au/property/sold/house/nsw/mount-druitt/?adid=2011179661

Thoughts/comments? Seems insane as Toongabbie has a similar sized corner lot sell for 955k recently (a year ago the vendor couldn't get 715k!).

Now even Mt Druitt is beating that!
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Wow.
I am curious, wonder was it a developer that purchased this?? most will only buy if end figures stack up, someone land banking wont care and pay way more. This is what is happening in Perth at the moment, mum and dad developers paying huge $ for development sites and the figures just don't stack up, need deep pockets for this strategy.

Who cares, if prices continue to rise then you guys who purchased in Mt D are laughing......:)
 
MTR said:
...mum and dad developers paying huge $ for development sites and the figures just don't stack up, need deep pockets for this strategy.
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Basic mistake - if you pay too much for the land, it will never stack up, no matter how long you wait (if you use a dcf model to determine profit).
 
OK, got it, holding costs killing you? Unless you get in at a very low entry level and rents are covering costs. This does happen, especially if an area is earmarked for rezoning and jump in at the very early stages.
 
Wooden ceiling wth...and dame >$700 for Mt druitt....gosh.

Def a PPOR purchase- i can't see the numbers stacking up for a investor Or a developer
 
Problem is no-one rings a bell when it hits the top/peak.

Generally there are signs that the market is slowing, not saying Mt D is of course, however, as it has been going hard for some time now, it pays to watch closely. Sometimes you will find its the suckers buying at peak pushing prices to another level.
I would keep in contact with agents, are number of listings starting to increase etc. Don't want to be buying at peak that's for sure
 
HI Guys , What's the stock standard 3 BR Ex Houso in letho , tregear , Wilnot selling for now days ?

Anyone thinking of cashing out yet or is it still hot out there ?

800 K for a house in Mt Druitt . Probably a local boy made good and wants to impress his friends ?:rolleyes:

Or worse , someone who doesn't know the area and thinks they've got a bargain ?..:eek:

We went to an Auction two weeks ago and several people fought over a standard 2 bedder house in Mt Colah . At 795 , around same price , but basically it's a knock down . We weren't interested in that one , so not sure on what the agent expectations were , but 795 for a knock down in Mt Colah seemed a good price . Certainly the market hasn't dropped dead quite yet

Cliff
 
monalisa said:
Wonder why they would purchase in Mt Druitt though - if they have this sort of money.
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I know it's surprising to a lot on here, but there are a lot of people with deep pockets out this way who want to live in the area. The purchaser could easily be upgrading from a more dated home on a smaller block, and only need to fund another $250-300K.
 
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