Townhouse in Enmore with reno appeal - how much is it worth?

[Luckyrooster]

This has caught my attention in Enmore:

http://www.realestate.com.au/property-house-nsw-enmore-113295247

Booming suburb, looks like a decent reno job. Two storey, quite beautiful. What price is the right price to pay for this kind of townhouse? Mid 700s? High 600s?

Anybody got a crystal ball and guess what it will go for at auction?

Cheers

 

[Shahin_Afarin]

This is not a townhouse - its a terrace (massive difference). I would look at getting a DA and turning it into a 4x2. It will go in the $700's and expect competition at auction.

Regards

Shahin

 

[esh]

How much reno costs do you think this property needs?

In the last 6 months, there has been 12 three bedroom houses/terraces sold in Enmore, lowest price $615 000, highest $1.4 M.


Have a look at this property , it sold last month http://www.domain.com.au/Property/Sold/House/NSW/Enmore/?adid=2010259020

The house your looking at has a really good foundation, why dont you call them up and ask for price guide?

 

[Luckyrooster]

This is not a townhouse - its a terrace (massive difference). I would look at getting a DA and turning it into a 4x2. It will go in the $700's and expect competition at auction.

Regards

Shahin

Thankyou for the clarification. It's funny how the average person will throw around the wrong words without giving actual thought to where the word came from.

http://en.wikipedia.org/wiki/Terraced_house

If you may be so kind, what is the biggest price difference between terraces and townhouses in the inner west?

This looks promising:

http://www.realestate.com.au/property-terrace-nsw-erskineville-113362871= Great area too. Will need some work done.

Does anyone know what type of rents these 2 - 3 bedroom terraces are fetching in Newtown/enmore/eskinville? Does the 3rd bedroom make much difference or does it become harder to rent?

A 4 x 2 = is it worth the extra reno costs to build vs regular reno CG?

cheers

 

[Luckyrooster]

How much reno costs do you think this property needs?

In the last 6 months, there has been 12 three bedroom houses/terraces sold in Enmore, lowest price $615 000, highest $1.4 M.


Have a look at this property , it sold last month http://www.domain.com.au/Property/Sold/House/NSW/Enmore/?adid=2010259020

The house your looking at has a really good foundation, why dont you call them up and ask for price guide?

I would love to get my hands on one for 615k - seems like a bit of a dream though. How is the market doing right now there? Flat or going up? I wonder if I have missed the boat. Keen for a 3 bedroom enmore reno.

 

[Shahin_Afarin]

Rent is around the $800-900 mark in Ersko so not much of a yield play but more a CG play hence why I would look at a 4x2.

Regards

Shahin

 

[DaveM]

I would say high 8's early 9's.

 

[Luckyrooster]

Rent is around the $800-900 mark in Ersko so not much of a yield play but more a CG play hence why I would look at a 4x2.

Regards

Shahin

I keep reading about the 4 x 2 conversion. Without sounding like a fool, can you tell me the benefits of this and a likely budget for DA and reno costs on a 4 x 2? Would pre-fab work on top?

cheers

 

[Kenny]

I agree with DaveM. I would be guessing mid 8's or higher.

Out of interest; last traded 18/08/2003 for $250000 which I don't think was market value at the time.

Good luck, luckyrooster.

Cheers

 

[Luckyrooster]

I agree with DaveM. I would be guessing mid 8's or higher.

Out of interest; last traded 18/08/2003 for $250000 which I don't think was market value at the time.

Good luck, luckyrooster.

Cheers

Holy cow! 250k to 900k in 10 years has to be some kind of luck for that vendor. 300%!?? I really don't think we will see the same places go for 2million plus in 10 years. The cycle of growth is unsustainable.

 

[ok180]

This has caught my attention in Enmore:

http://www.realestate.com.au/property-house-nsw-enmore-113295247

Booming suburb, looks like a decent reno job. Two storey, quite beautiful. What price is the right price to pay for this kind of townhouse? Mid 700s? High 600s?

Anybody got a crystal ball and guess what it will go for at auction?

Cheers

I would say it would go in the low 800's to mid 900's. I wouldnt pay much over 800k for it because the land component is quite small for that size house.

Are you looking at this for an IP? If yes, why would you want to reno it? People will go berserk to rent that as it is.

 

[MIW]

I saw both of these and they look interesting...somehow people are bidding higher (I think it's the seller's market there as it has been moving up, - especially the last 3 months)
I went to auction to bid at this:
http://www.realestate.com.au/property-house-nsw-erskineville-113211195

Had a budget to $731,000 and went for $791,000.... (3Bed, 1Bath)
Needed total reno, including roof and floors and inside too (at least 10-15% extra for reno and could easily be converted to 3Bed, 2 Bath).

The Enmore property below went for $790,500...(2Bed, 1 Bath, however the layout could be reconfigured).
http://www.realestate.com.au/property-house-nsw-enmore-113205923

I think you should view at least 100 properties, attend the auctions, do suburb due diligence and than you really know what's the fair price....Yet emotions don't know what that means (fair price!)
Just look at some recent sold prices and you will see.
By the way over 100 people at auction for 5 properties for sale....

 

[ok180]

Crazy prices, I remember looking around Enmore when I bought in Alexandria in 2006, you could buy a 2 bedroom terrace for low 400's. I remember seeing a 1 bedroom house in reasnoble condition go for $380K!!!

 

[Luckyrooster]

Crazy prices, I remember looking around Enmore when I bought in Alexandria in 2006, you could buy a 2 bedroom terrace for low 400's. I remember seeing a 1 bedroom house in reasnoble condition go for $380K!!!

WOW!! Are you serious!? Sometimes I wish I wasn't so young. In 2006, I was quite poor (but happy), backpacking around the world at age 26. The idea of having any kind of money to put into a house back then seemed far fetched. Fast forward 6 years and I have plenty to invest, but the market has moved on so quickly, I feel like I have missed the boat in the inner west as far as houses and terraces are concerned. I guess timing is everything.

Check out this place: http://www.realestate.com.au/property-house-nsw-erskineville-113445419

Price guide says 600k, but I wonder how much it will really go for at auction. I'm guessing low 700s? Worse yet, it needs a heck of a reno job. Maybe 30k worth?

 

[Shahin_Afarin]

The most important things to check with places like this is structural things. I have seen some horror building reports.

Regards

Shahin

 

[Luckyrooster]

How much does a building report cost? Do I hire a surveyor or engineer to do this?
Thanks

 

[ok180]

Check out this place: http://www.realestate.com.au/property-house-nsw-erskineville-113445419

Price guide says 600k, but I wonder how much it will really go for at auction. I'm guessing low 700s? Worse yet, it needs a heck of a reno job. Maybe 30k worth?

30K ?? More like over 100K, that thing practically needs to be knocked down and rebuilt.

The most important things to check with places like this is structural things. I have seen some horror building reports.

Regards

Shahin

They all have structural issues, rising damp etc. Unless someone has gone and spent the money to fix them and then you will be paying for that anyway becuase those properties always have had significant renovation done to them and usually not the type of thing worth renting out.

From my experience looking at terraces and buying there just try to buy something that is neat enough to rent out as is, anything more than a repaint and it's usually not worth it, often the wrecks go for the same price as a property that has had a budget reno. The one I bought had a gyprock fire wall, previous evidence of termite damage, slight rising damp at the front... bought it anyway and made over 200k since.

 

[ok180]

How much does a building report cost? Do I hire a surveyor or engineer to do this?
Thanks

Building and pest about $450. Your solicitor may know someone or try to find someone who is experienced looking at period homes, I have details of someone I can pass on if you need it.

 

[bumbles]

If I may argue semantics for a moment:

Rooster - if you read your wiki article you would have found that it says

"In Australia and New Zealand, the term "terrace house" refers almost exclusively to Victorian and Edwardian era terraces"

Okay. I'm done.

 

[Luckyrooster]

30K ?? More like over 100K, that thing practically needs to be knocked down and rebuilt.



They all have structural issues, rising damp etc. Unless someone has gone and spent the money to fix them and then you will be paying for that anyway becuase those properties always have had significant renovation done to them and usually not the type of thing worth renting out.

From my experience looking at terraces and buying there just try to buy something that is neat enough to rent out as is, anything more than a repaint and it's usually not worth it, often the wrecks go for the same price as a property that has had a budget reno. The one I bought had a gyprock fire wall, previous evidence of termite damage, slight rising damp at the front... bought it anyway and made over 200k since.

Thankyou, this is a really interesting post. Did you purchase in the inner west? St Peters and Sydneham tend to have cheaper product that is already renoed, but location is not as nice:
http://www.realestate.com.au/property-house-nsw-sydenham-113006423
http://www.realestate.com.au/property-house-nsw-st+peters-113263851