Same here. Unsure if I should be happy or worried.
See Change and Richard Feynman . let's hype the sydney market thread .
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Same here. Unsure if I should be happy or worried.
I'm a bit worried about where it's heading and could burn a lot of people.
I'd like to know the demographics of those recent Lidcombe purchases.
Who does that kind of thing, (purchasing at such prices that is).
Who does that kind of thing, (purchasing at such prices that is).
Ms Ali
Can't be bothered searching to find a link , but I' m fairly certain I was tipping around 480 - 500 for Mt Druitt , though that one has granny flat potential .
Where will it end ? time will tell
With possible future rate cuts , it may even get sillier . I remember chatting to a Newbie back in the early 2000's ( ? 2003 ) at a Freestyler Meeting and they were really happy they'd bought in Mt Druitt for around 220 - 240 ( can't remember exact price ) . They were really happy about future growth . Well that future growth took around ten years to eventuate . Not my style of investing.
I think we're getting to a similar situation now .
Cliff
It's Auction day! Just attended an auction in Pendle Hill, 645sqm, 15.3m frontage. Surrounded by commercial warehouses & aged care on one side. Sold for $896,000. Purchased by 4 buyers to build a duplex. To me numbers don't work.
This is roughly 40% growth in the last 14 months....
http://www.realestate.com.au/property-house-nsw-pendle+hill-119498983
This is roughly 40% growth in the last 14 months....
http://www.realestate.com.au/property-house-nsw-pendle+hill-119498983
Love how all the bears have disappeared.
Wentworthville, 670sqm, 14.8m frontage, $1.1m
http://www.domain.com.au/property/for-sale/house/nsw/wentworthville/?adid=2011904991
Seven Hills, 650sqm, 15.3m frontage, $781k
http://www.domain.com.au/property/for-sale/house/nsw/seven-hills/?adid=2011920753
http://www.domain.com.au/property/for-sale/house/nsw/wentworthville/?adid=2011904991
Seven Hills, 650sqm, 15.3m frontage, $781k
http://www.domain.com.au/property/for-sale/house/nsw/seven-hills/?adid=2011920753
And people are complaining Hills being too expensive ....
Wow. They must want to re-develop! Not sure if 14.8m frontage is sufficient for duplex in the area!
I personally prefer this location over Hills. Close to train & Parramatta....
Could it be, these buyers are the ones spilling over from Hills because it's more 'affordable' than the Hills area?
It s 15.28 frontage...enough for duplex (1st link)
Will they make money developing it.....may be not.
600k for land
300k build
50k extra
950k total cost for each duplex
What they hoping to get?
The Pendle Hill auction we attended today...Got to the auction 10 minutes late. The agent's assistant who must have been in her late 40's said to us.....the bid is at $850k and 'in times like these, what will you young people do'..This left monalisa and I a bit gobsmacked, but we weren't complaining
As per pricefinder the frontage is 14.8m (Wentworthville). So not sure how they are advertising it as 15.24m frontage?
1.15mill is closing costs
+800k for build (could be more, given now a days a decent home costs 500k inc demolition etc)
---
1950k spend
end value 950k x 2 = 1900k
Definitely in loss. Likely banking on just capital growth.
Not sure why people build when they could have made more money not doing anything. There was an 800sqm lot in Toongabbie sold for 600k in July 2013. Sold for 755k with a DA in May 2014. The guy built duplexes. He could have just sat and sold for 900k+ at this rate.
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With that price at Wentworthville, it is definitely not more affordable than Hills ..... Maybe they want to buy adjacent properties and build units.
Oh well someone is willing to pay that much. Good luck to them.
But may be Seven Hills is still more affordable and hence the 781k?
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