Redfern update
- Thread starter Ajax
- Start date
Just in regard to the safety of Redfern (& Waterloo); there's Redfern and there's Redfern. I lived in Kepos St and just around from the ACI site for almost 5 years, and it truly is like a whole different area to what the image of deep Redfern is like. No problems whatsoever during that time.
Invest in Kepos St and have Clover Moore (Inderpendent MP) for a neighbour!!
As for Meriton, well the architecture speaks for itself. Like 60s/70s red-brick units, some (note, some) opportunities for first-timers though.
Invest in Kepos St and have Clover Moore (Inderpendent MP) for a neighbour!!
As for Meriton, well the architecture speaks for itself. Like 60s/70s red-brick units, some (note, some) opportunities for first-timers though.
East Redfern has some merrit. For the same reasons I have been looking in Erskinville. Dilema is are these areas overheated. The feeling I'm getting is that money is moving out of property and into equities. Yields suck at the moment and it may be sometime before we see further CG. I'm thinking its probably not a bad time to sit on the sidelines, but who knows.
Result from auction of 40 Kepos Street Redfern today (13/9).
Sold for $955k. Auctioneer struggled to get an opening bid and made a seller's bid of 930k to start the process. Seemed to be only 2 bidders interested though 60-70 onlookers.
The new system of bidder pre-registration and holding up numbers (courtesy of NSW Fair Trading Act amendments) seemed to take the momentum out of the auction. The auctioneer explained it was no longer a part of the auction process for him announce when the property was on the market and that he would make no such announcement. The winning bidder may in some circumstances only have the first right to negotiate (right of first refusal?). This impediment was quickly overcome by the agent informing the auctioneer out loud that the property was on the market mid bidding and handing the auctioneer written instructions.
Seems a bit of the fizz has left the market in Redfern. Unlike the auction in Great Buckingham Street Redfern a few weeks ago. That was keenly bid with the auctioneer making the comments like "come on...make another bid...it's only money" and "what can you buy for $1k these days...you'd spend that during a Saturday night out with the wife". That auctioneer must have a hell of a life style.
Ajax
Sold for $955k. Auctioneer struggled to get an opening bid and made a seller's bid of 930k to start the process. Seemed to be only 2 bidders interested though 60-70 onlookers.
The new system of bidder pre-registration and holding up numbers (courtesy of NSW Fair Trading Act amendments) seemed to take the momentum out of the auction. The auctioneer explained it was no longer a part of the auction process for him announce when the property was on the market and that he would make no such announcement. The winning bidder may in some circumstances only have the first right to negotiate (right of first refusal?). This impediment was quickly overcome by the agent informing the auctioneer out loud that the property was on the market mid bidding and handing the auctioneer written instructions.
Seems a bit of the fizz has left the market in Redfern. Unlike the auction in Great Buckingham Street Redfern a few weeks ago. That was keenly bid with the auctioneer making the comments like "come on...make another bid...it's only money" and "what can you buy for $1k these days...you'd spend that during a Saturday night out with the wife". That auctioneer must have a hell of a life style.
Ajax
market is definitely slowing down
been following a property in redfern for about a month now.
originally, it was going to auction as i was told to expect high 5's (590k). a week before auction i was given a call and told that the property had been withdrawn from auction at that it was now on sale for $579k. two weeks later, price was reduced to $549k. Now its with a new agent expecting around $530k. Wondering how low this property will go or whether the seller will remove it from sale altogether until the market picks up again.
half tempted to try my first low ball offer
julie
been following a property in redfern for about a month now.
originally, it was going to auction as i was told to expect high 5's (590k). a week before auction i was given a call and told that the property had been withdrawn from auction at that it was now on sale for $579k. two weeks later, price was reduced to $549k. Now its with a new agent expecting around $530k. Wondering how low this property will go or whether the seller will remove it from sale altogether until the market picks up again.
half tempted to try my first low ball offer
julie
went to look at a few houses in redfern yesterday.
most extravagent being 740 bourke street. huge house with expectations of $1.2mill.
cant help thinking that this area has still got a lot going for it, hugely boosted by the council moving into the tnt building. streets are nice and leafy and many streets (oddly enough young street being one of them) don't seem to change hands often. speaking of young street, anyone know what's planned for those high rise housing commissions? heard everything from parkland, to gentrification of existing building to knocking them down and building low rise - everybody is saying something is planned.
66 marriot street sold before i got a chance to inspect it a 2nd time a super contempory inside reno
2 on cope street i didn't like - outdoor toilets and bathrooms huge turnoff for me. 81 boronia street at $570k was another shocker!
there was an interesting one at 107B shepherd st, chippendale. new terrace covering 2 streets (front and back) with 2 seperated 1 bedder residences with courtyard in between. expectations are about 800k - perfect for those who want the home office.
julie
most extravagent being 740 bourke street. huge house with expectations of $1.2mill.
cant help thinking that this area has still got a lot going for it, hugely boosted by the council moving into the tnt building. streets are nice and leafy and many streets (oddly enough young street being one of them) don't seem to change hands often. speaking of young street, anyone know what's planned for those high rise housing commissions? heard everything from parkland, to gentrification of existing building to knocking them down and building low rise - everybody is saying something is planned.
66 marriot street sold before i got a chance to inspect it a 2nd time
a super contempory inside reno 2 on cope street i didn't like - outdoor toilets and bathrooms huge turnoff for me. 81 boronia street at $570k was another shocker!
there was an interesting one at 107B shepherd st, chippendale. new terrace covering 2 streets (front and back) with 2 seperated 1 bedder residences with courtyard in between. expectations are about 800k - perfect for those who want the home office.
julie
Think I saw another sign of the market slowing over the weekend. Quality 3 bed, reno kitch, 2 bath at 10 Cleveland Ave (Not Cleveland Street) - Agents price range $600 - $675,000. PI on weekend $595,000.
Admittedly not the best street with lots of units and some Housing Commission nearby.
Are these signs of slowing market or just aberrations?
Admittedly not the best street with lots of units and some Housing Commission nearby.
Are these signs of slowing market or just aberrations?
open houses were slow this weekend - probably as a result of the long weekend and people going away.
we did our usual redfern visits and saw 2 great properties.
201 Abercrombie St, Chippendale - Warehouse conversion. Shame its in such a horrible street. Facade is basically a brick wall but inside its a contemporary 2 level open floorplan warehouse (old plumber shop) conversion with many of it original features (eg, toilets at rear, tin roof, internal open roof courtyards, modern, commercial cooking appliances etc). lots of space and a great example of looks being deceiving. This property will go for close to $1mill
73 Baptist St, Redfern - case of deja vu. 81 baptist street is almost identical and sold for $888k not that long ago. great house in a great street - very modern with nothing to spend. if i have to come up with a negative it would have to be no carspace. i would expect it to sell for similar to 81 baptist. will be a good indicator of where the market is at if it sells for less.
just thought id keep you guys updated
julie
we did our usual redfern visits and saw 2 great properties.
201 Abercrombie St, Chippendale - Warehouse conversion. Shame its in such a horrible street. Facade is basically a brick wall but inside its a contemporary 2 level open floorplan warehouse (old plumber shop) conversion with many of it original features (eg, toilets at rear, tin roof, internal open roof courtyards, modern, commercial cooking appliances etc). lots of space and a great example of looks being deceiving. This property will go for close to $1mill
73 Baptist St, Redfern - case of deja vu. 81 baptist street is almost identical and sold for $888k not that long ago. great house in a great street - very modern with nothing to spend. if i have to come up with a negative it would have to be no carspace. i would expect it to sell for similar to 81 baptist. will be a good indicator of where the market is at if it sells for less.
just thought id keep you guys updated
julie
getting better at predicting the prices in this suburb
201 abercrombie sold for $965,500 (agent predicted $825-925k)- a record for the street. i really thought this property was going to hit the million dollar mark - amazing given that this is one of the worst streets in redfern but then again its quite an amazing house.
73 baptist street was passed in at $971k (still dont get this as agent predicted $775-875k - thought new auction laws were meant to make this process more transparent?) had this sale of gone through it too would have been a record for the street (previously $888k). thought this one would sell in the low 9's as the previous record sale in the street is almost identical in design and size and sold about 3 months ago - just goes to show how strong the sydney market still is.
julie
201 abercrombie sold for $965,500 (agent predicted $825-925k)- a record for the street. i really thought this property was going to hit the million dollar mark - amazing given that this is one of the worst streets in redfern but then again its quite an amazing house.
73 baptist street was passed in at $971k (still dont get this as agent predicted $775-875k - thought new auction laws were meant to make this process more transparent?) had this sale of gone through it too would have been a record for the street (previously $888k). thought this one would sell in the low 9's as the previous record sale in the street is almost identical in design and size and sold about 3 months ago - just goes to show how strong the sydney market still is.
julie
Hi Alpina,
any idea what these two might go for?
http://www.realestate.com.au/cgi-bi...7&f=0&p=30&t=res&ty=&snf=rbs&cu=&fmt=&header=
http://www.realestate.com.au/cgi-bi...9&f=0&p=30&t=res&ty=&snf=rbs&cu=&fmt=&header=
The second one had an offer of $600k a few months ago which was rejected. I've inspected both. I like the first one.
Ajax
any idea what these two might go for?
http://www.realestate.com.au/cgi-bi...7&f=0&p=30&t=res&ty=&snf=rbs&cu=&fmt=&header=
http://www.realestate.com.au/cgi-bi...9&f=0&p=30&t=res&ty=&snf=rbs&cu=&fmt=&header=
The second one had an offer of $600k a few months ago which was rejected. I've inspected both. I like the first one.
Ajax
I though it was a disgrace that the owner says 775-875 in the ads and then set the reserve higher that $971,000.
I hope the bidders come to their senses and make the owner struggle to get even close to 970. No way that house was worth nearly a million.
Edit: I shall be hoping that a for sale sign is up for a long time - those people deserve it...
I hope the bidders come to their senses and make the owner struggle to get even close to 970. No way that house was worth nearly a million.
Edit: I shall be hoping that a for sale sign is up for a long time - those people deserve it...
Hi Ajax, dont know much about the first one but remember inspecting 6 walker st some time ago (22/3/03). at that time based on my notes, we priced it at $600k. i remember it by its pink colour and large front yard. not surprised that they havent been able to sell it if they are after much more than this. after all, walker st is no baptist, kepos or even great buckingham st for that matter
at the time, we also inspected 15 walker st and even made an offer of $730k when they were expecting $780k. believe that this property has since sold for $750k
so whats the big appeal with 1 walker street?
julie
Hi Alpina,
the only attraction is that I have a property in this street (not one of these) . I agree that its not as good a street as Kepos, Gt Buckingham or Baptist. I still think that if 1 Walker Street sells for less than $550k it would be a good buy. I liked the additions to the rear of the property which I saw when it was on the market several years back. If you could get council approval for parking this would add immediate value. There's a dunny lane behind (which could lend itslf to various options) and a laneway to the side.
There is talk that the low level housing commission flats on the next block in Walker Street could be sold to a developer and demolished. Good news if it happens.
Ajax
the only attraction is that I have a property in this street (not one of these) . I agree that its not as good a street as Kepos, Gt Buckingham or Baptist. I still think that if 1 Walker Street sells for less than $550k it would be a good buy. I liked the additions to the rear of the property which I saw when it was on the market several years back. If you could get council approval for parking this would add immediate value. There's a dunny lane behind (which could lend itslf to various options) and a laneway to the side.
There is talk that the low level housing commission flats on the next block in Walker Street could be sold to a developer and demolished. Good news if it happens.
Ajax
nice to see that my view was shared in regards to 73 baptist street.
reading today's edition of domain in the SMH, it seems that quite a few bidders were annoyed, especially when it found out by radio station 2BL that the reserve was $1.1mill, yet marketed pre auction as being in the $750-$850k range.
What a rort!
julie
reading today's edition of domain in the SMH, it seems that quite a few bidders were annoyed, especially when it found out by radio station 2BL that the reserve was $1.1mill, yet marketed pre auction as being in the $750-$850k range.
What a rort!
julie
HI Julie
Hi Julie
I live in Surry Hills and also think Redfern is one to watch. I remember buying SH in 1996 with many a "friend" concerned re crime and grottiness. Now Surry Hills is the reported as Sydneys "Soho". Redfern is the same. What next door to Soho in NY? My only concern is the market overall?
What do you think? Will Redfern East and Central move ahead of Sydney generally? Council in TNT and all that?
FYI
I also heard from a good friend Police may be taking the other tower or abouts for a court and mega station. Kind of put your people where the problem is?
Also Council proposing street works in George and Redfern St
Regards
Peter
Hi Julie
I live in Surry Hills and also think Redfern is one to watch. I remember buying SH in 1996 with many a "friend" concerned re crime and grottiness. Now Surry Hills is the reported as Sydneys "Soho". Redfern is the same. What next door to Soho in NY? My only concern is the market overall?
What do you think? Will Redfern East and Central move ahead of Sydney generally? Council in TNT and all that?
FYI
I also heard from a good friend Police may be taking the other tower or abouts for a court and mega station. Kind of put your people where the problem is?
Also Council proposing street works in George and Redfern St
Regards
Peter