Western Sydney/Parramatta region market is stupidly crazy

perky29 said:
How about this sale in Baulkham Hills.
I was quite surprised at what this went for - 903k !

http://www.realestate.com.au/property-house-nsw-baulkham+hills-114559371
Click to expand...

Hey my friend you shouldn't be surprised- it's in MP catchment after all ;)
Premiums we may well say are being paid, but that's the state of the market. When vendors are getting 50+ at opens, 20+ offers on the first day it's a clear demand/supply imbalance. I've been in this game for a while now and even I'm being bowled over by some results, though.... :D

Let's just hope valuers catch up to the reality soon too....
 
TMNT said:
can anybody please tell me what a 3bdr house renovated on a budget, eg new floors, kitchen, bathroom, paint, clean would fetch now in Lethridge park

and what price it was just before the boom, last I checked it was abotu $260k about 12 months ago a for a 3bdr renovated, whil and original was about $220k
Click to expand...

It has got to be over 300K now. Realestae.com shows on 2 properties forsale in Letho:

http://www.realestate.com.au/buy/in...rounding=false&persistIncludeSurrounding=true

12 months ago you could probally pick one up for 230K or less
 
Jacque said:
Hey my friend you shouldn't be surprised- it's in MP catchment after all ;)
Premiums we may well say are being paid, but that's the state of the market. When vendors are getting 50+ at opens, 20+ offers on the first day it's a clear demand/supply imbalance. I've been in this game for a while now and even I'm being bowled over by some results, though.... :D

Let's just hope valuers catch up to the reality soon too....
Click to expand...

what's the market like in the roxborough park area in the excelsior catchment?
 
dajackal said:
what's the market like in the roxborough park area in the excelsior catchment?
Click to expand...

Hi dajackal

Same challenges with less stock than buyers. Entry level for very ordinary homes $700K's+ Very active market with no signs of slowing down. Best of luck in your search.
 
Jacque said:
When vendors are getting 50+ at opens, 20+ offers on the first day it's a clear demand/supply imbalance. I've been in this game for a while now and even I'm being bowled over by some results, though.... :D

Let's just hope valuers catch up to the reality soon too....
Click to expand...

lol what do you do as a Buyer's Agent when a client is interested in this property? the only negotiation is upwards
 
RetireRich101 said:
lol what do you do as a Buyer's Agent when a client is interested in this property? the only negotiation is upwards
Click to expand...

Hi Rich

Incorrect :D We appraise as per fair value and negotiate up to this level only. If it's likely to be over this amount we move on to the next property. Yes, it's tough and we are prepping our clients appropriately (in that they need to be decisive in this market and move quickly as required) and research as much as possible prior, to get ahead of other buyers. I wrote about this in one of my recent blogs actually- What advantage does a BA have in a hot market? as it's a very valid question/topic right now.
http://housesearchaustralia.com.au/advantage-buyers-agent-hot-market/
 
Jacque said:
Hi Rich

Incorrect :D We appraise as per fair value and negotiate up to this level only. If it's likely to be over this amount we move on to the next property. Yes, it's tough and we are prepping our clients appropriately (in that they need to be decisive in this market and move quickly as required) and research as much as possible prior, to get ahead of other buyers. I wrote about this in one of my recent blogs actually- What advantage does a BA have in a hot market? as it's a very valid question/topic right now.
http://housesearchaustralia.com.au/advantage-buyers-agent-hot-market/
Click to expand...
interesting

so what do you say to a buyer who says "I want 10% BMV in West Sydney"

and also you guys are a business, if a reasonable market value is say $300k,
but all the properties are selling for $350k, do you say to them "dont bother looking to buy these at $300k, either offer $350k if you so dearly want it or stop looking in the area"
 
TMNT said:
if a reasonable market value is say $300k,
but all the properties are selling for $350k,
Click to expand...

If ALL properties are selling for 350K then that is the market value!

Market value isn't what your are prepared to pay... it is what the market is prepared to pay :)
 
TMNT said:
.....so what do you say to a buyer who says "I want 10% BMV in West Sydney"
Click to expand...

A BA would say that 'that is an unrealistic expectation in a seller's market, in which we know W Syd is in'.

The best a BA can hope to do for you in this market, is get you to be first in line to buy, in front of 50 other hopefulls. Maybe we can get you some money off, most likely though, that may not end up being the case.

But there are lots of other things a BA can do for you, besides getting you 10% BMV. Discussed here: http://somersoft.com/forums/showthread.php?t=91667
 
I reckon there must've been 2 people pushing to live in that particular street for whatever reason. No other recent sales even come close to this. A house and land on that would be around 1.1mil!
 
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