See Change and Richard Feynman . let's hype the sydney market thread .

hugh72 said:
Waiting for that wave, calm seas at the moment unfortunately
Click to expand...

We're not looking to buy in NSW , but were we bought our weekender , prices haven't moved much , if at all , but there's much less on the market and that always happens prior to a move , as the genuinally " astute " buyers start buying up before the herd arrives .

Calm seas ... Great time to pull into port and load some more goods into the hull , though make sure you can batten down safely when the weather turns rough ( ooo , I like that analogy . an original :D)

Cliff
 
Just to show how quick things moved in Sydney. We bought our new oTP 3 bedroom IP house in early 2014. Now developers are selling OTP 3 bedroom UNIT for MORE than what I paid for my house. I was quite shocked (but happy) really. Now most likely the OTP unit is overpriced, but they have advertised that it is more than 60% sold ....
 
edison said:
Just to show how quick things moved in Sydney. We bought our new oTP 3 bedroom IP house in early 2014. Now developers are selling OTP 3 bedroom UNIT for MORE than what I paid for my house. I was quite shocked (but happy) really. Now most likely the OTP unit is overpriced, but they have advertised that it is more than 60% sold ....
Click to expand...

I bought 2 bed OTP last year ~ around June 2014 in Lane cove 2 bed 2 bath and 2 car space for 795k.
Right now, the established unit close by(~30-40 years old) renovated 2 bed with 1 bathroom is already selling and sold for more than 750k.....

It's Insane.
 
Ace in the Hole said:
You guys will be crossing your fingers that the developer completes and doesn't exceed the deadline just to sell again at a higher price.
Click to expand...

My IP is fine. It is already completed and was settled late last year, and already have tenants. Mirvac didn't charge me extra due to rapid house price rises. I am still surprised that OTP units can cost more than a new house within 1 year .....
 
Ace in the Hole said:
You guys will be crossing your fingers that the developer completes and doesn't exceed the deadline just to sell again at a higher price.
Click to expand...

That's what i'm worried about................... I have 2 OTP currently in progress building. What's worse is that the first OTP i bought is 640k back in early to mid 2013... and now the established one (around 10-15 years old) is selling for 750-800k

I just hope for the best.... :( :(
 
Windyzz

i have 2 established apartmts in lane cove

Last i checked the larger 100sqm 2.2.1 is going for 650k, there are a couple in 700k with waterviews. where did you see the old ones for 750k?

i plan to refi one so i want to include the ones youre referring to in my application

thanks
 
cadence said:
Windyzz

i have 2 established apartmts in lane cove

Last i checked the larger 100sqm 2.2.1 is going for 650k, there are a couple in 700k with waterviews. where did you see the old ones for 750k?

i plan to refi one so i want to include the ones youre referring to in my application

thanks
Click to expand...

Hi,

I can only find few online, but I remembered looking at in the auction, but they don't list the price online. Here is what i found:
1. http://www.realestate.com.au/property-apartment-nsw-lane+cove-119302259
2. http://www.realestate.com.au/property-apartment-nsw-lane+cove-119243295
3. http://www.realestate.com.au/property-apartment-nsw-lane+cove-119300211
4. http://www.realestate.com.au/property-apartment-nsw-lane+cove-119250239 - This one i know Sold for 785k (I called and asked)
5. http://www.realestate.com.au/property-apartment-nsw-lane+cove-119130623

Anything around the village (Burns bay road, little street, and longevillle road theyre in 750 mark or more now).

Don't mention the new one in Finalyason street, they're selling at 1 million mark for 2 bedder.
 
1. http://www.realestate.com.au/propert...cove-119302259
$771k, water views

I'll be including this one in my application ...

I think this is fair value given the lovely water views and relatively large size of the unit ... when newer smaller apartments with no views are fetching 800k

similar one next door in 300a went for $650k only a month ago ... thought it was a bargain when I looked at the auction result ... vendor was unlucky ... must have been the cheapest waterview 2br apartment in the north ... buyer has made $100k equity already

one in 302 with better views went for $720k without auction a few weeks prior, sounded high to me at the time but very reasonable compared to the OTP

one in 300b no views went for $589k a few months prior - also seems like a bargain now

2. http://www.realestate.com.au/propert...cove-119243295
$710k

pretty ordinary ... buyer must have gotten desperate & it must be a PPOR as it would make a terrible investment with yield at sub 4%

3. http://www.realestate.com.au/propert...cove-119300211
$741k

299 has always been one of the most expensive established blocks in LC ... some units in the back have views but most do not ... spacious - usually 100sqm+, quiet, and perceived to be "tightly held". It's a nice block but never really understood why people have always been prepared to pay the premium where there is comparable stock not too far from it

4. http://www.realestate.com.au/propert...cove-119250239 - This one i know Sold for 785k (I called and asked)
$785k, with courtyard

That's a big result for a 2br unit ... I feel like as people start to get priced out of houses/villas/townhouses, there is greater interest in units with courtyards and people are now prepared to pay a lot more for the extra space than before.

This is a great result for the vendor. I will include this one in my application. Thank you for sharing!

5. http://www.realestate.com.au/propert...cove-119130623
$731k

Similar to #2 ... I think buyer got emotional ... probably coz of the property styling ... must be a PPOR as yield will be terrible ...

=============================================

Thanks for sharing windyzz. Based on these results, it seems like LC units have moved higher in last few months ...

I'm biased towards the suburb ... but at current prices, I would personally consider nearby suburbs on the train line.

Good job on locking in the OTPs windyzz ... good times for you :D
 
Thanks for the information... I'm still studying the suburb very closely, and looking very closely to all the units that selling in that suburb.

What i found is the Lane cove suburb (near the Village) is more highly sought after, and more tightly held compare to the north. I'm not too sure about the west though...

I do think the price is still pretty reasonable if you compare it to Chatswood, Artarmon, St leonard, etc. The 2 bed unit is cheaper than the surrounding suburb say epping, North Ryde, Macquarie Park, Five dock, Abbotsford, Chiswick, etc. It's very family oriented suburb... I really want to move there once completed... Just cant afford it..... :(

It is very convenient as bus comes every 2 minutes and it takes around 20 minutes to get to the city CBD, also close to schools (St ignatius, Lane cove public, and private public schools).

+ + + + Roshental car park will be transformed if you haven't heard about this (Aldi will be opening there too) - http://www.lanecove.nsw.gov.au/CouncilConsultations/Pages/RosenthalDesignIdeas.aspx

At the time I purchased my OTP i did not know much about the suburb, I was pretty scared and I thought i bought something very expensive. I bought one in the 17 Birdwood avenue Ground floor with 82 sqm internal and 54 SQM Courtyard with 2 carspace for 795k - http://www.birdwoodlanecove.com.au.

And for rent, I can see from similar property in Finlayson Street Botanic 2 bed 2 bath has been leased for 770-850 per week.

So I'm pretty happy, as long as they don't cancel my Contract.....

I found few more that you might want to add to your application:
1. This was last year I was there @ the auction http://www.realestate.com.au/property-apartment-nsw-lane+cove-118450255

2. http://www.realestate.com.au/property-apartment-nsw-lane+cove-117662935 - another water view

3. http://www.realestate.com.au/property-apartment-nsw-lane+cove-118127455

4. http://www.realestate.com.au/property-unit-nsw-lane+cove-116455231 - Again with Courtyard

5. http://www.realestate.com.au/property-apartment-nsw-lane+cove-118373051 - Again with Courtyard






cadence said:
1. http://www.realestate.com.au/propert...cove-119302259
$771k, water views

I'll be including this one in my application ...

I think this is fair value given the lovely water views and relatively large size of the unit ... when newer smaller apartments with no views are fetching 800k

similar one next door in 300a went for $650k only a month ago ... thought it was a bargain when I looked at the auction result ... vendor was unlucky ... must have been the cheapest waterview 2br apartment in the north ... buyer has made $100k equity already

one in 302 with better views went for $720k without auction a few weeks prior, sounded high to me at the time but very reasonable compared to the OTP

one in 300b no views went for $589k a few months prior - also seems like a bargain now

2. http://www.realestate.com.au/propert...cove-119243295
$710k

pretty ordinary ... buyer must have gotten desperate & it must be a PPOR as it would make a terrible investment with yield at sub 4%

3. http://www.realestate.com.au/propert...cove-119300211
$741k

299 has always been one of the most expensive established blocks in LC ... some units in the back have views but most do not ... spacious - usually 100sqm+, quiet, and perceived to be "tightly held". It's a nice block but never really understood why people have always been prepared to pay the premium where there is comparable stock not too far from it

4. http://www.realestate.com.au/propert...cove-119250239 - This one i know Sold for 785k (I called and asked)
$785k, with courtyard

That's a big result for a 2br unit ... I feel like as people start to get priced out of houses/villas/townhouses, there is greater interest in units with courtyards and people are now prepared to pay a lot more for the extra space than before.

This is a great result for the vendor. I will include this one in my application. Thank you for sharing!

5. http://www.realestate.com.au/propert...cove-119130623
$731k

Similar to #2 ... I think buyer got emotional ... probably coz of the property styling ... must be a PPOR as yield will be terrible ...

=============================================

Thanks for sharing windyzz. Based on these results, it seems like LC units have moved higher in last few months ...

I'm biased towards the suburb ... but at current prices, I would personally consider nearby suburbs on the train line.

Good job on locking in the OTPs windyzz ... good times for you :D
Click to expand...
 
Last edited:
Sydney dwelling prices up 5.8% in Q1 2015.

3% in March alone.

rpdata_0.jpg


Source: CoreLogic RP Data
 
windyzz said:
At the time I purchased my OTP i did not know much about the suburb, I was pretty scared and I thought i bought something very expensive. I bought one in the 17 Birdwood avenue Ground floor with 82 sqm internal and 54 SQM Courtyard with 2 carspace for 795k - http://www.birdwoodlanecove.com.au.

And for rent, I can see from similar property in Finlayson Street Botanic 2 bed 2 bath has been leased for 770-850
Click to expand...

I think that's a good buy. You were smart to pick the courtyard. You will be able to rent yours out easier than a normal 2br. There's demand for units with courtyards but not that much supply, people will be prepared to pay a premium.

Birdwood ... Is yours actually walkable to artamon station? 25min? better than other otps in the area without that option

I didn't know about the aldi opening, that's a great addition to the area.

Hope you get lots of equity upon completion :D
 
cadence said:
I think that's a good buy. You were smart to pick the courtyard. You will be able to rent yours out easier than a normal 2br. There's demand for units with courtyards but not that much supply, people will be prepared to pay a premium.

Birdwood ... Is yours actually walkable to artamon station? 25min? better than other otps in the area without that option

I didn't know about the aldi opening, that's a great addition to the area.

Hope you get lots of equity upon completion :D
Click to expand...

Thanks mate! I hope so. They already start building the basement, should be completed by 2016 March/April.

It's around 1.7km to Artarmon Station. Probably not worth the walk :rolleyes:
 
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