Hi everyone.
I'm a FHB, so please play nice.
Over the past month or so, I have been going to a number of open houses in a pocket of NW Sydney with varying house sizes and age. It also happens to include suburbs that are in high demand.
Some of the suburbs I have been looking at include Stanhope Gardens, The Ponds, Quakers Hill (the pocket adjoining the previously mentioned suburbs), Kings Langley, Acacia Gardens & Glenwood.
I have come across a house that has appealed to both my partner and myself for a number of reasons. If all goes well with the open house this weekend, we were planning on making an offer on the property.
Given the high level of interest in properties in this suburb (and around the area), we have concluded that we will need to make an offer as properties have been selling in most cases after the first open house.
What seems to be the norm nowadays in the Sydney market, the house does not have a price listed. When I contacted the agent re: a price indication, he said they are looking for offers around the mid 600's.
I have researched sold prices in the area (that vary by quite a margin) and more closely, sold prices near the property we are interested in. There seems to be not that many house sales within close proximity of the property within the past year. 2 x properties in the street sold in the first half of this year, one next door that sold for 500k, one up the street that is the same bed/bath/garage configuration, but on a 20% larger block for 600k and one that is on an adjoining street with 1 less bedroom for 625k in June.
I have obtained a RP Data report for the property that has valued it between 465k-586k FSB 11% with a 525k recommended value. Onthehouse lists the property between 600-670k. Mind you, before the property was publicly listed online, the range on onthehouse was 570-690k. The house has had the same owners since 1996, who purchased the house then for 240k.
I realise the above are just tools, therefore I have been using the recent sales near the property and within the suburb as a guide.
As I will more than likely be putting in an offer on the open house (the quick and the dead in this area, otherwise it will be sold), I would be greatly appreciative of any advice on how to put forward a reasonable offer given the above information.
I was thinking maybe starting in the high 5's or a 6 flat. Below the agent's price guide, above RP Data and at the bottom of onthehouse (and similar range to the 3 closest properties to the address sold over the past few months).
Opinions?
Thanks
I'm a FHB, so please play nice.
Over the past month or so, I have been going to a number of open houses in a pocket of NW Sydney with varying house sizes and age. It also happens to include suburbs that are in high demand.
Some of the suburbs I have been looking at include Stanhope Gardens, The Ponds, Quakers Hill (the pocket adjoining the previously mentioned suburbs), Kings Langley, Acacia Gardens & Glenwood.
I have come across a house that has appealed to both my partner and myself for a number of reasons. If all goes well with the open house this weekend, we were planning on making an offer on the property.
Given the high level of interest in properties in this suburb (and around the area), we have concluded that we will need to make an offer as properties have been selling in most cases after the first open house.
What seems to be the norm nowadays in the Sydney market, the house does not have a price listed. When I contacted the agent re: a price indication, he said they are looking for offers around the mid 600's.
I have researched sold prices in the area (that vary by quite a margin) and more closely, sold prices near the property we are interested in. There seems to be not that many house sales within close proximity of the property within the past year. 2 x properties in the street sold in the first half of this year, one next door that sold for 500k, one up the street that is the same bed/bath/garage configuration, but on a 20% larger block for 600k and one that is on an adjoining street with 1 less bedroom for 625k in June.
I have obtained a RP Data report for the property that has valued it between 465k-586k FSB 11% with a 525k recommended value. Onthehouse lists the property between 600-670k. Mind you, before the property was publicly listed online, the range on onthehouse was 570-690k. The house has had the same owners since 1996, who purchased the house then for 240k.
I realise the above are just tools, therefore I have been using the recent sales near the property and within the suburb as a guide.
As I will more than likely be putting in an offer on the open house (the quick and the dead in this area, otherwise it will be sold), I would be greatly appreciative of any advice on how to put forward a reasonable offer given the above information.
I was thinking maybe starting in the high 5's or a 6 flat. Below the agent's price guide, above RP Data and at the bottom of onthehouse (and similar range to the 3 closest properties to the address sold over the past few months).
Opinions?
Thanks