Upper North Shore update

[MsAli]

One of the busiest auctions on Saturday was on the lower north shore, where a crumbling house in Carlyle Street, Wollstonecraft, attracted 39 registered bidders and eventually sold for $1,725,000 - $525,000 over reserve.

http://smh.domain.com.au/real-estate-news/homes-with-potential-still-hot-20140510-382ak.html

 

[vmclee]

http://smh.domain.com.au/real-estate-news/homes-with-potential-still-hot-20140510-382ak.html

I was at that auction. Even Channel 9 was filming it.

The guy who won it wants to build townhouses on it, but I don't think he did his due diligence - the land is only zoned R2 low density. He may have been misled by the R4 high density development behind the property (overlooking it).

The only thing he can build on it is a normal house or duplex (if he can fit it in, considering there is a large heritage tunnel/pipe/sewer easement cutting in 12.5m at the back).

 

[MsAli]

I was at that auction. Even Channel 9 was filming it.

The guy who won it wants to build townhouses on it, but I don't think he did his due diligence - the land is only zoned R2 low density. He may have been misled by the R4 high density development behind the property (overlooking it).

The only thing he can build on it is a normal house or duplex (if he can fit it in, considering there is a large heritage tunnel/pipe/sewer easement cutting in 12.5m at the back).

Wow. And how could you possibly build 'townhouses' on a 603sqm lot? Duplex at best as you said.

 

[ferdinandch]

As mentioned Epping elsewhere has been booming to the point where you can have to pay 2 - 2.4 for a nice suburban house . The railway has been a significant driver , but Epping is an area that has access to the best performing state School ( James Ruse ) as well as Kings. Epping is historically cheaper than the north shore , but currently , its going crazy over there .

Cliff

Hi Cliff

I bought a PPOR in Marsfield, and cannot fault that. It is a very good suburb, close to Eastwood, Chatswood, Epping, and Hills (via M2). Although, my wife and I were driving around St Ives and would like to live there if possible when our family is getting bigger.

Bought the Marsfield property in July 2011 for $520K - 2 bedroom townhouse, and just recently valuated for $680K. That is 30% increase in less than 3 years. To be noted, that when we bought the property, it was on the peak of 2011 , then it went down/stabilised for 1 year before it picked up.

I'd say for small family (no kids), Marsfield/Epping/Eastwood area are very nice, cannot fault simply. However if I have 2-3 kids, those area are still very nice, however I'd prefer St Ives or Lindfield, not Hornsby certainly.

 

[BuildingBlocks]

Hi Cliff

I bought a PPOR in Marsfield, and cannot fault that. It is a very good suburb, close to Eastwood, Chatswood, Epping, and Hills (via M2). Although, my wife and I were driving around St Ives and would like to live there if possible when our family is getting bigger.

Bought the Marsfield property in July 2011 for $520K - 2 bedroom townhouse, and just recently valuated for $680K. That is 30% increase in less than 3 years. To be noted, that when we bought the property, it was on the peak of 2011 , then it went down/stabilised for 1 year before it picked up.

I'd say for small family (no kids), Marsfield/Epping/Eastwood area are very nice, cannot fault simply. However if I have 2-3 kids, those area are still very nice, however I'd prefer St Ives or Lindfield, not Hornsby certainly.

Agree that there is a lot going for Marsfield, as it now has train stations nearby, the uni as well as Macquarie Center undergoing a major expansion (...yet again!), as well as construction continuing for new businesses to come into the area.

My only concern with investing in Marsfield, particularly the townhouses around Taranto & Waterloo Roads would be controlling how many people are living in it at any time. This pocket has been notorious for many students sharing the one place (similar to the World Square tower in the cbd).

Having said that, while the uni remains open (a very long time) there will be demand.

 

[ferdinandch]

My only concern with investing in Marsfield, particularly the townhouses around Taranto & Waterloo Roads would be controlling how many people are living in it at any time. This pocket has been notorious for many students sharing the one place (similar to the World Square tower in the cbd).

.

Waterloo maybe, Taranto certainly not. Many people who live in Taranto Rd, mostly are professionals and young family with 1-2 toddlers. I have not seen many students cramming a townhouse in Taranto Rd in the past 3 years, never heard, never seen.

I definitely think that overall growth will always outperform Sydney average, it is a very good suburb as compared to 70% Sydney suburbs.