Holy moly, 2.3mil is what a friend of mine paid for her house in Rose Bay less than 12 months ago. Thats mental!
ummm...rigghhtt
- Thread starter saiman
- Start date
Damn - I reckon there is going to be a couple of neighbours who are probably going to want to sell in the next few weeks.....
Imagine being the buyer & seeing your property in the news then next day as the property that sold for a 'rediculous amount'.
As someone else has mentioned, I hope they aren't relying on finance - they may be in a spot of trouble if they are.
Imagine being the buyer & seeing your property in the news then next day as the property that sold for a 'rediculous amount'.
As someone else has mentioned, I hope they aren't relying on finance - they may be in a spot of trouble if they are.
How rediculous - it's spiralling out of control
It would be interesting to see if similar results are reproduced or if this is just a one off.
If results like this continue - inflation here we come...
exactly DaveM!
Doesn't the FIRB need to approve purchases of existing/old properties ie they can only buy OTP or new (previously uninhabited) houses/units in order to encourage investment in new stock and not to compete with with other buyers?
How likely is it that the purchasers already own the vacant block of land adjoining this one? (ie has special value to them as they will have 1600m2+ as a development site).
How likely is it that the purchasers already own the vacant block of land adjoining this one? (ie has special value to them as they will have 1600m2+ as a development site).
Still takes two people to bid it up that high, unless a couple of siblings were gp fighting to see who loved next to mum...
Prior to selling our first PPOR in concord west a house on the other side of the road sold around 20 % above expectations . We found out later that the next door neighbour bought it so their mother could move there .
I'd wonder whether the above house was in the catchment of James Ruse but that still wouldn't explain the price
Cliff
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I can understand 2.3mil in Rose bay - established prestige suburb wherein 2.3 mil gives you social cachet and luxury living close to Sydney CBD. Also 2.3 mil is not uncommon in Rose Bay.
However, the property featured by the OP hardly fits this category and is out of line with comparable sales of bog standard houses in the suburb.
FIRB are just for show. I don't think they really do anything.
Not racist if it's true
But I digress I think maybe a few more like this Sydney is ridiculous at the moment then will calm down spewing if you had your auction a week before
Call me crazy but there may actually be some asian residents or citizens in australia
Couldn't agree more sanj
[facepalm]
Omg
Hiya
So i had a mum in my playgroup who was late yesterday...she told me she had to sign some documents as she had just bought a property in Carlingford/Epping border....
She had to beat other potential buyers as agent showed her through the door before actual open day.
She paid 780K for ...wait for it...a townhouse and ...wait for it...she is going to rent it out as she is living in a another unit in epping which she owns and ....wait for it....she is only 25
and yep from China.
"If i don't buy now, i will never get in again ; all my friends are doing the same if i flip it i will make another 100K ...... gulp
I think this is a case of perception blurring with reality....
Hiya
So i had a mum in my playgroup who was late yesterday...she told me she had to sign some documents as she had just bought a property in Carlingford/Epping border....
She had to beat other potential buyers as agent showed her through the door before actual open day.
She paid 780K for ...wait for it...a townhouse and ...wait for it...she is going to rent it out as she is living in a another unit in epping which she owns and ....wait for it....she is only 25
and yep from China."If i don't buy now, i will never get in again ; all my friends are doing the same
if i flip it i will make another 100K ...... gulpI think this is a case of perception blurring with reality....
These Chinese have probably been conditioned by the state of the China property market over the past 10 or so years,
Constant and continual massive rates of growth over that period.
You could understand this would affect their purchasing behaviour.
Constant and continual massive rates of growth over that period.
You could understand this would affect their purchasing behaviour.
Foreign investment is a problem in Australia that needs to be by and large restricted. If the buyers are Australians, then fair enough. Although if they are not Australians, then there must be caps introduced as to the frequency and value of [residential] property they can purchase in Australia.
