I went to an Auction in Sydney's inner west on Sat (Strathfield) to bid on a 2 bed that needed a new kitchen, bathroom, carpet and paint. The total reno would cost anyone 30 - 40 mark for a mid range job.
My budget was around the 625 mark with a prediction it would go anywhere from 610k to 635k mark. Brought my friend along as well who lives in the area.
It sold for 680k and if we factor in the reno work of 40k, it really costs 720k for a low rise, 20 year old unit with strata at 700pq. Recent sales in the street and neighbouring streets were around 620k with reno already done to the place.
My prediction was way off and I'm glad I didn't go in thinking I had a real chance or any emotional attachment.
It was however a 144sqm unit, only one bathroom, main bedroom was prob bigger than a double by another metre each way and a lock up garage and carport. The kitchen and bath was prob a sixe you find in a house so that was the selling point.
If we look at say Zetland or even Rhodes, this is prob how much you would pay anyway but it would obviously be a lot newer.
Strathfield is very central to outer west and inner west inc 13 kms to city but the suburb itself does not have much to offer apart from a Woolworths and schools and the obvious express trains to the city.. It looks like it?s being run down from all the rental tenants in the suburb. School don?t really matter for me at this stage for a PPOR.
By the way, it would appear the vendor had a reserve of 700k and it took them about 15 mins over the fone for them to accept the 680k offer. A bit of greed in my opinion.
Here is the property.
http://www.realestate.com.au/property-apartment-nsw-strathfield-116431675
Would you rather buy a house near Kellyville for this price?
I think I have to scratch Strathfield off my list now.
Any opinions?
My budget was around the 625 mark with a prediction it would go anywhere from 610k to 635k mark. Brought my friend along as well who lives in the area.
It sold for 680k and if we factor in the reno work of 40k, it really costs 720k for a low rise, 20 year old unit with strata at 700pq. Recent sales in the street and neighbouring streets were around 620k with reno already done to the place.
My prediction was way off and I'm glad I didn't go in thinking I had a real chance or any emotional attachment.
It was however a 144sqm unit, only one bathroom, main bedroom was prob bigger than a double by another metre each way and a lock up garage and carport. The kitchen and bath was prob a sixe you find in a house so that was the selling point.
If we look at say Zetland or even Rhodes, this is prob how much you would pay anyway but it would obviously be a lot newer.
Strathfield is very central to outer west and inner west inc 13 kms to city but the suburb itself does not have much to offer apart from a Woolworths and schools and the obvious express trains to the city.. It looks like it?s being run down from all the rental tenants in the suburb. School don?t really matter for me at this stage for a PPOR.
By the way, it would appear the vendor had a reserve of 700k and it took them about 15 mins over the fone for them to accept the 680k offer. A bit of greed in my opinion.
Here is the property.
http://www.realestate.com.au/property-apartment-nsw-strathfield-116431675
Would you rather buy a house near Kellyville for this price?
I think I have to scratch Strathfield off my list now.
Any opinions?