What about this property? - your view please

Hello Folks,

My wife and friends inspected this property, it says offers over $650k but probably due to less responses owner selling it for anything above $620.

http://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Carlingford/?adid=2010812596

Townhouse : 9/99 Baker Street CARLINGFORD
2 bedrooms plus study

Strata : $400 pq
Council: $246.00 pq
Water : $14.00 pq


Current owner bought it in Oct 2008 for $428,000.

We cannot find any comparative sale data for 2 bedroom townhouse in nearby area but we noticed the 2 bedroom units / apartments are sold less than $600k. So we are bit confused if we are buying it overprice even with $620 - $630.

Looking for your advice folks.

Glen and Anna.
 
Hi Anna & Glen,

It could be slightly overpriced. I have just run an RP data report on this place, and the estimated price range is from $450k to $550k. I could email it to you if you like.

Apparently 3/99 Baker st is on the market at high $500k ?

Please email me if you would like the report (free obviously) [email protected]
 
Hi Glen and Anna

I know this area pretty well having lived around the corner for the first 22 years of my life :D and obviously have worked here too.....

My initial thoughts on this property are poor positioning- it's actually more of a Jenkins Rd address (nice and busy!) however if that doesn't put you off then the high tension power lines 55m away might. These would be just 2 of the reasons why it hasn't yet sold. Price-wise you need to understand the most recent sales of truly comparable stock (sorry but computer generated RP Data reports just don't cut it here as they don't take into account issues such as positioning, improvements (or lack thereof) problems with strata complexes etc) as well as the sales histories of those in the actual block. Given that no. 5 was the most recent sale and sold May 2012 for $585K I would say that early $600K's wouldn't be unreasonable for this property (taking into account approx 7% cg since that sale in this area) however note this is without an inspection or knowledge of the particular complex, contract etc.

Hope this helps somewhat.
 
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I tend to agree with what the others have posted.

In terms of busy road positioning; this is most likely a deal breaker if the property is to be your PPR. Even as an investment I'm not sure this property would stack up from a pure numbers perspective (forgetting the other physical troubles Jacque mentions). Even with the cheap cost of finance in the current market; this property to hold as an investment would most likely be pretty negative, not neutral.

Have a think about what your buying strategy is for this property purchase (regardless of whether it is this particular property or not). If it is a home to later springboard into an investment from; I'd look for something in a quieter street with greater capital gain potential.
 
tough gig getting Higher LVR finance with the EMR perception issues of the power lines.

This type of stock presents an additional holding risk, in that if future EMR research shows health effects.

Realistically, the inverse square law says 55 m shouldnt be a major hassle but who knows.

ta
rolf
 
If it is an IP then I may research more... but if it is a PPOR then I would look for something better (healthier) option.
 
Hi Glen and Anna

I know this area pretty well having lived around the corner for the first 22 years of my life :D and obviously have worked here too.....

Jacque,

does the substation behind Carlingford station near James Ruse High put some buyers off. It is quiet big in size and for PPOR by wife wouldn't consider any property that are within 5km :eek:
 
Jacque,

does the substation behind Carlingford station near James Ruse High put some buyers off. It is quiet big in size and for PPOR by wife wouldn't consider any property that are within 5km :eek:

5km wow really?! Hmmm.... just measured the distance between it and the house where I grew up and it's less than 200m - seeing as neither myself or my 4 siblings haven't yet grown two heads and have no health issues potentially related then I'd take this as a good sign :D

Our suggestions to clients, if you're concerned, is to stay 100m+ away. From what I've read and researched, after this distance perceived risks (real or otherwise) drop off. It's really an individual choice but I think anything over this distance is fine personally. I've had clients choose min 200m or 500m but 5km takes you not only out of the suburb but cuts out about 7 surrounding suburbs as well....!
http://www.freemaptools.com/radius-...1.04355812072754&r=5&lc=FFFFFF&lw=1&fc=00FF00
 
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