Been looking at the market around the Parramatta region. Houses in Toongabbie selling for close to 100k over what you would have paid a year ago. Each open home has in order of 50+ viewings...
Even clad homes in liveable condition are selling for 600k odd. Just saw a listing range between 600k-650k. It's a single level 4br brick home. There is just one lounge in the home. Are they kidding?
Further rate cuts will probably push people to pay more. A local agent I was speaking with said that it's difficult for them as well as there are a lot of hostile buyers.
Last weekend a double story house sold close to 700k mark (asking price was offers over 600k - same people had failed to sell this home a few times in the recent years when asking 650k). It was on 1000sqm land, needed 50k renovation. The most interesting part is the street is full of housing commission at the end of it. Saw some interesting characters when we drove through the street and there are burnt cars in the front yards.
What are people really thinking? Either they have loads of cash to not need LMI and get the valuations they want without issues, or they think the repayments are cheap now. But what if when rates go higher?
Me and my sis are on strong incomes yet we aren't really sure if we are stupid enough to pay $650k for the latest listing of a brick home (extended with clad at the back) on a < 600 sqm corner block, that can't even currently be sub divide??
Same with Pendle Hill and Wentworthville.
It's a joke.
Is this sustainable??
I know there is proximity to Parramatta that is helping. But will there be a correction at some stage?
Should be pleased that we have several IPs which are getting decent capital growth. But not happy with competing with several First Home Buyers/Upgraders...
Even clad homes in liveable condition are selling for 600k odd. Just saw a listing range between 600k-650k. It's a single level 4br brick home. There is just one lounge in the home. Are they kidding?
Further rate cuts will probably push people to pay more. A local agent I was speaking with said that it's difficult for them as well as there are a lot of hostile buyers.
Last weekend a double story house sold close to 700k mark (asking price was offers over 600k - same people had failed to sell this home a few times in the recent years when asking 650k). It was on 1000sqm land, needed 50k renovation. The most interesting part is the street is full of housing commission at the end of it. Saw some interesting characters when we drove through the street and there are burnt cars in the front yards.
What are people really thinking? Either they have loads of cash to not need LMI and get the valuations they want without issues, or they think the repayments are cheap now. But what if when rates go higher?
Me and my sis are on strong incomes yet we aren't really sure if we are stupid enough to pay $650k for the latest listing of a brick home (extended with clad at the back) on a < 600 sqm corner block, that can't even currently be sub divide??
Same with Pendle Hill and Wentworthville.
It's a joke.
Is this sustainable??
I know there is proximity to Parramatta that is helping. But will there be a correction at some stage?
Should be pleased that we have several IPs which are getting decent capital growth. But not happy with competing with several First Home Buyers/Upgraders...