Sydney clearance rates hit 80 %

[see_change]

Here's more of a breakdown of the weekends results.

Sydney?s north west recorded an extraordinary 92.3 percent clearance rate at the weekend as the best performer of all the Sydney suburban regions. This was closely followed by the inner west with 90.7 percent, the south 85.7 percent, the upper north shore 84.3 percent, the city and east 81.8 percent, the northern beaches 81.3 percent and Canterbury Bankstown with a clearance rate of 80 percent.

Cliff

 

[XMW]

Just wondering who is currently buying in such a hot Sydney market?

 

[Marty McDonald]

Kdr - knock down rebuild

 

[free_dom]

I'm buying tomorrow in Campbelltown. I think I got in at a good price before spring comes along.

 

[Redom]

I'm buying tomorrow in Campbelltown. I think I got in at a good price before spring comes along.

Awesome, congrats. My old stomping ground!

Property details if you don't mind?

Cheers,
Redom

 

[see_change]

Kdr - knock down rebuild

so you're thinking it would be worth 1.8 once re built ?

If done nicely , I could see it getting around 2 or maybe more ....

This house sold for 2.03 last sunday

Renovated corner block similar size . Bannockburn is closer to station , better street , but it's a corner block which puts some people off . Current house is a nicely renovated house , but it does have it's limitations in particular with the downstairs area and while nicely renovated it's not at the standard of a new house . A new house in that situation ( bannockburn ) would be around 2.5 ( IMHO ) . Evelyn wouldn't be 500 K less than that , though it would be cheaper.

Not sure on current build prices but I'd guess you could put a nice house on Evelyn for under 600 ( maybe less ...or more depending on what you want to do ...) . While that margin may not attract someone to do it as a development , for someone wanting a PPOR it makes a good deal .

Cliff

Cliff

 

[see_change]

Just wondering who is currently buying in such a hot Sydney market?

Lots of people .... .

In upper north shore , mainly people buying PPOR's . Here the market has only started moving in the last year , and is probably around 20 % above where it was 8-10 years ago , so some would still consider that a good time to buy.

Most of that move occured before and after last Christmas , and the way the market is building at the moment some of the people I've talked to are wanting to buy before it jumps again ...

Cliff

 

[spludgey]

Just wondering who is currently buying in such a hot Sydney market?

I bought a PPOR in Carlingford ~3 months ago. Just under $800k though, so very cheap for the area.
I don't expect the market to drop any time soon, so now is as good a time as any.

 

[free_dom]

Picked up a 3 bed 1 bathroom townhouse in Bradbury for $285000. Rent as is for $340 or do a new kitchen/bathroom.

 

[Redom]

Picked up a 3 bed 1 bathroom townhouse in Bradbury for $285000. Rent as is for $340 or do a new kitchen/bathroom.

Congrats mate - that sounds like a pretty good deal. The sort Birchy talks about.

 

[monalisa]

?? Kdr

Cliff

knock down rebuild

 

[Marty McDonald]

so you're thinking it would be worth 1.8 once re built ?

If done nicely , I could see it getting around 2 or maybe more ....

This house sold for 2.03 last sunday

Renovated corner block similar size . Bannockburn is closer to station , better street , but it's a corner block which puts some people off . Current house is a nicely renovated house , but it does have it's limitations in particular with the downstairs area and while nicely renovated it's not at the standard of a new house . A new house in that situation ( bannockburn ) would be around 2.5 ( IMHO ) . Evelyn wouldn't be 500 K less than that , though it would be cheaper.

Not sure on current build prices but I'd guess you could put a nice house on Evelyn for under 600 ( maybe less ...or more depending on what you want to do ...) . While that margin may not attract someone to do it as a development , for someone wanting a PPOR it makes a good deal .

Cliff

Cliff

Build price is key. $600K is a lot of money but doesn't get you as much as you would think. Also if there was $200K + in all the KDR deals there would be developers / builders doing them all over the place. I guess the amount of capital would stop a lot of them but still, it's tighter margins than you might think at first blush. Usually the land + construction costs + soft costs doesn't add up to more than the end price.

 

[see_change]

Auction rates clicked up to 82 % yesterday in Sydney ( 16th August )

I was preparing myself for a dip when a couple of auctions we went to were passed in , but two of the others went over a fair way over expecations .

It seems that buyers in the more expensive bracket are still being selective. The two that were fought over , were both nice houses , very well presented , in good locations.

Cliff