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

Just some info on the state of the market in Marrickville for those interested (and for my own records).

  • There are hardly any established apartments for sale. 4 x 2 beds, 0 x 1 bed and 1 x studio.
  • There's some new stuff being built but it's being absorbed very fast.
  • Prices on 2 bedroom apartments as recorded by realestate.com.au are up 18.4% in the last 12 months. I've been tracking them.
  • Rental market is tight and rents are moving up on well-located stuff, especially around the new Light Rail (right by the Dulwich Hill train station) where I own.
  • Tenants in one of my places gave notice just over a week ago. 1 open and less than a week online and I have a deposit from incoming tenants whose weekly rent will be 10% higher than market rent was 1 year ago when I purchased that property.
  • In 33 months of tenant time, I've had 0 vacant days.
  • Each week, I encounter more and more people at opens who would have been inspecting in Bondi/Paddington/Randwick/Surry Hills a year ago when they could still afford them. Must be all the awards cafes are winning around Marrickville..
 
hobo-jo said:
Hmm could've been the case... RE adverts says it's 7 years old. Either owner bought an old house, knocked it down, built new, owned for 7 years and then sold or it was sold as a new house in 2007 (& selling again now). Either way it's a big jump in value (either doubled or tripled in value depending on order of events, in 8 years).
Click to expand...


Looking at RPData, the pics of the new house are dated April 2015.
Beyond, there is only 1 pic of the front of the house (original house covered by a lot of trees) dated Nov 2004.

So unless such a large house could be built within a space of Nov 2004 to April 2005, I would say its a knock down rebuild.

Looks like a rather large house too, so guessing it would cost $400k back in 2007 to build?
 
Saturday 23rd May 2015

Property Snapshot
Number Listed Auctions: 750
Number Reported Auctions: 608
Sold: 543
Withdrawn: 37
% Cleared: 84 %
Total Sales: $563,181,889
Median: $1,141,000
 
Hey RF, are you saving these PDF's by any chance?
Would love to get a historical archive.... i started... then i got lazy :(
 
Jesus. 800k for a 50 sqm 1 bedder in a large development, albeit in good location. This is only going to end badly for buyers.
 
sanj said:
Jesus. 800k for a 50 sqm 1 bedder in a large development, albeit in good location. This is only going to end badly for buyers.
Click to expand...

Not necessarily . I'd be much more concerned for those people paying 600 for one in Castle hill , or those buying in parramatta or green Square.

Cliff
 
see_change said:
Not necessarily . I'd be much more concerned for those people paying 600 for one in Castle hill , or those buying in parramatta or green Square.

Cliff
Click to expand...

Why castle hill? Lots of young family wanted to live there now.I thought the shopping centre upgrade along with north west rapid driverless train will be very attractive investment there? Or am I wrong ?
 
see_change said:
Not necessarily . I'd be much more concerned for those people paying 600 for one in Castle hill , or those buying in parramatta or green Square.

Cliff
Click to expand...

I don't know castle hill etc so can't comment but personally 800k for a small 1 bedder with likely high strata fees in a big complex at what must be fairly near the peak of the market doesn't quite make sense from a risk/rreward pov.

People have lost their minds.

In order for someone to make say 150k net from this investment if they sell within 3 years it would have tp sell for over $1m, maybe even as much as 1.05m once strata all costs are considered. Do you see these 1 bedders being worth 20k/sqm?
 
sanj said:
I don't know castle hill etc so can't comment but personally 800k for a small 1 bedder with likely high strata fees in a big complex at what must be fairly near the peak of the market doesn't quite make sense from a risk/rreward pov.

People have lost their minds.
Click to expand...
Complete stupidity.
 
sanj said:
I don't know castle hill etc so can't comment but personally 800k for a small 1 bedder with likely high strata fees in a big complex at what must be fairly near the peak of the market doesn't quite make sense from a risk/rreward pov.

People have lost their minds.

In order for someone to make say 150k net from this investment if they sell within 3 years it would have tp sell for over $1m, maybe even as much as 1.05m once strata all costs are considered. Do you see these 1 bedders being worth 20k/sqm?
Click to expand...

Not saying it makes sense as an investment from the somersoft view point

It makes sense if you want a small city crash pad , eg , ex Sydney residents ,have moved to the country but want somewhere very convenient to stay when they've come in to go to the Opera or visiting friends or .

If you're a high paid yuppie and you want somewhere that's very close to where you work at PWC or KPMG and you want to walk home after you've been out to dinner at Momo Fuku .

I could see us buying something like this at some stage ,Though I'd be waiting for the next slump personally and I'd probably end up buying somewhere else .

Cliff
 
sanj said:
I don't know castle hill etc so can't comment but personally 800k for a small 1 bedder with likely high strata fees in a big complex at what must be fairly near the peak of the market doesn't quite make sense from a risk/rreward pov.

People have lost their minds.

In order for someone to make say 150k net from this investment if they sell within 3 years it would have tp sell for over $1m, maybe even as much as 1.05m once strata all costs are considered. Do you see these 1 bedders being worth 20k/sqm?
Click to expand...
Agree,

But there are loads of folks out there who are not viewing their next purchase the way you and the rest of us here on SS do, Sanj.

If only they had your/our collective level of financial education and awareness...

There would be a lot more financially better-off folks around.

Not better-off in terms of income so much - but overall wealth from assets and income.
 
BayView said:
Agree,

But there are loads of folks out there who are not viewing their next purchase the way you and the rest of us here on SS do, Sanj.

If only they had your/our collective level of financial education and awareness...

There would be a lot more financially better-off folks around.

Not better-off in terms of income so much - but overall wealth from assets and income.
Click to expand...

Not necessarily . Think of all those poor developers who wouldn't be able to flog off their over priced property and all the spruikers who would be out of a job . and the lawyers , accountants and bankers who rely on their business .
Possible mass unemployement .. a compete recession ..

They'd have to find meaningfull work ...

And think of the people who work in the bankruptcy industry . there are a lot of well paid jobs there ... all gone

What a tragedy ...

Cliff
 
see_change said:
Not necessarily . Think of all those poor developers who wouldn't be able to flog off their over priced property and all the spruikers who would be out of a job . and the lawyers , accountants and bankers who rely on their business .
Possible mass unemployement .. a compete recession ..

They'd have to find meaningfull work ...

And think of the people who work in the bankruptcy industry . there are a lot of well paid jobs there ... all gone

What a tragedy ...

Cliff
Click to expand...
Damn; you're right!

And here I was thinking we'd be on the path to the perfect community...
 
sanj said:
Jesus. 800k for a 50 sqm 1 bedder in a large development, albeit in good location. This is only going to end badly for buyers.
Click to expand...

I'd be more concerned about these people buying property out at Wentworthville for 1.3mil. I use to work in the area for 10 years so know the area well and if Wentworthville is 1.3mil then I see a 800k 1 bedder in the middle of Darling Harbour a good buy! At the end of the day it's all relative. Especially when houses are pushing the 800k mark in Liverpool.

http://www.realestate.com.au/property-house-nsw-wentworthville-119535019
http://www.realestate.com.au/property-house-nsw-wentworthville-119493035
http://www.realestate.com.au/property-house-nsw-liverpool-119433435
 
Weteggs said:
I'd be more concerned about these people buying property out at Wentworthville for 1.3mil. I use to work in the area for 10 years so know the area well and if Wentworthville is 1.3mil then I see a 800k 1 bedder in the middle of Darling Harbour a good buy! At the end of the day it's all relative. Especially when houses are pushing the 800k mark in Liverpool.

http://www.realestate.com.au/property-house-nsw-wentworthville-119535019
http://www.realestate.com.au/property-house-nsw-wentworthville-119493035
http://www.realestate.com.au/property-house-nsw-liverpool-119433435
Click to expand...

haha i agree...
The price is relative.
 
You must log in or register to reply here.

Similar threads

Richard Feynman
Is The Sydney Property Market Cooling Down? | Pete Wargent
2
Replies
26
Views
9K
ermat
E
MTR
Worst Property Advice
2
Replies
28
Views
8K
Ausprop
A
The Y-man
The MIW Interview
Replies
1
Views
10K
The Y-man
The Y-man
Shadow
Business Spectator - Analysis of Australian Property Market - Part 2
Replies
2
Views
3K
yorke
yorke
redwing
Where are the bargain properties?
Replies
4
Views
3K
jaycee
jaycee
Back
Top