I have been looking at the sub 500 K properties in the Hills area in Sydney Metro.
Looks like they are at a peak now. Houses selling for 440K in the last 2 years are now being advertised for above 500K mark. Some are asking for 550K.
do u see a market correction in the near future?
Also , how can one calculate the value of a house based on contruction and land cost with minimal impact of the market. I want to offer, even if its outrageous, to the vendor a price that what a property is worth.
I know the market drives the prices but i think we are in the midst of a bubble and it may blowup sooner than later.
i dont want to be in a situation where i have seen one of the vendors not bringing the property price down because he paid an absolute fortune for it 4 years ago.
alok
Looks like they are at a peak now. Houses selling for 440K in the last 2 years are now being advertised for above 500K mark. Some are asking for 550K.
do u see a market correction in the near future?
Also , how can one calculate the value of a house based on contruction and land cost with minimal impact of the market. I want to offer, even if its outrageous, to the vendor a price that what a property is worth.
I know the market drives the prices but i think we are in the midst of a bubble and it may blowup sooner than later.
i dont want to be in a situation where i have seen one of the vendors not bringing the property price down because he paid an absolute fortune for it 4 years ago.
alok