What's a reasonable price for this Liverpool unit

[bobby85]

Hi guys,
Signed a contract for this unit for $290,000.

http://www.realestate.com.au/property-unit-nsw-liverpool-115419475

Vendor didn't accept my 285k offer.

RPData values the property at 275-350k.
I know it's much higher than the median unit price for a 1 bedder.

Strata/qtr $560
Standard water/council rates

What are you thoughts on the value?
I think I paid more than I would have liked but the market is quite hot at the moment. Overall still happy with the purchase.

 

[chilliblue]

If you have made the purchase and are happy with what you paid why would you be asking the question?

 

[EN710]

If you have made the purchase and are happy with what you paid why would you be asking the question?

Buyer's remorse?
Happens all the time

 

[ok180]

290K for a 1x bedder? Really?

If I were you I would look at some of the older 2x bedroom units around there that are going for mid 200's and would have lower strata.

This sold for 262K: http://www.realestate.com.au/property-unit-nsw-liverpool-115189151

Just think, in 10 years time, who's going to give a $hit if it was once new? By then it's just another old unit in Livo.

 

[tonyc00]

Buyers remorse - tell me about it !!

I bought a 2 bedroom place in Goulburn street, Liverpool (20 June 2013) - first advertised at $299k (Jan 2013), dropped to $289k, then $286k (April 2013).

I offered $254k.

The owner said we can't accept anything less than $255k - which I paid.

And yet, I still feel I paid too much !!

And I got an RP Data report which provided a range of $249K to $287K, with estimated value of $269k.

I guess with buying property, no-one really knows if its a good buy until at least 12 months+ later.

Tony

 

[JRP]

I have a 2 bedder in Warrick farm I purchased close to a year ago.

coincidently, I initially thought I paid too much as well!

I chose to buy an older style of unit with a lower strata fee simply for the yield ( and hopefully the capital growth)

all depends on your investment strategy.. cash flow, claiming depreciation etc

but a year on I am more and more convinced its was a good investment.

purchase price was 235k with a current rent of 320 per week.

recently had the unit revaluated at 250k.

the way I saw it was regardless of what i paid (within reason) and even if you feel remorse just remember that you now have your foot in the door! the property is yours, and you will never look back.

 

[ChrisA1]

I have a 2 bedder in Warrick farm I purchased close to a year ago.

coincidently, I initially thought I paid too much as well!

I chose to buy an older style of unit with a lower strata fee simply for the yield ( and hopefully the capital growth)

all depends on your investment strategy.. cash flow, claiming depreciation etc

but a year on I am more and more convinced its was a good investment.

purchase price was 235k with a current rent of 320 per week.

recently had the unit revaluated at 250k.

the way I saw it was regardless of what i paid (within reason) and even if you feel remorse just remember that you now have your foot in the door! the property is yours, and you will never look back.

I also bought a 2 beddie in Warwick Farm - $196K with reno potential and now renting $270/week (before I do the reno - still in original condition with original tenants). I did my sums as I felt that with the number of units in Liverpool and WF, CG was never going to be that great so went for yield.

I didn't have buyers remorse at all (mmm saying that a little too confidently... ) but I had my numbers to fall back on.


Where is our thread starter??

 

[datto]

Hi guys,
Signed a contract for this unit for $290,000.

http://www.realestate.com.au/property-unit-nsw-liverpool-115419475



What are you thoughts on the value?
I think I paid more than I would have liked but the market is quite hot at the moment. Overall still happy with the purchase.

Nice one Bobby. You won't regret it. I noticed prices are starting to move out there. Your new buy looks like a near new unit. Expect good capital growth.

I've got an older style 2 bedder near the high school. I've been keeping my eye on the prices and they are definitely heading north. I hoping for entry prices of 300K out there.

 

[bobby85]

Buyer's remorse?
Happens all the time

not remorse. Like I said, happy with the buy but I'm interested in knowing what people think the true value of the unit is. I know I wasn't going to get any real helpful information from the agents and it's hard to really put a value on it given that the market is inflating prices. It's a long term hold so I'm not concerned about short term gains

 

[bobby85]

Nice one Bobby. You won't regret it. I noticed prices are starting to move out there. Your new buy looks like a near new unit. Expect good capital growth.

I've got an older style 2 bedder near the high school. I've been keeping my eye on the prices and they are definitely heading north. I hoping for entry prices of 300K out there.

Thanks datto.
I agree. I have been watching the Liverpool market for a year now and have seen the shift from a buyers to a sellers market. Units especially don't last long after listing and agents are now not willing to negotiate as easily.
Once interest rates rise and all the buying settles down I'll be interested to see where the dust settles

 

[james93]

I also bought a 2 beddie in Warwick Farm - $196K with reno potential and now renting $270/week (before I do the reno - still in original condition with original tenants). I did my sums as I felt that with the number of units in Liverpool and WF, CG was never going to be that great so went for yield.

I didn't have buyers remorse at all (mmm saying that a little too confidently... ) but I had my numbers to fall back on.


Where is our thread starter??

Sounds like you picked a winner there mate,

What street if you don't mind me asking ?
Mines on forbes.

 

[ChrisA1]

Sounds like you picked a winner there mate,

What street if you don't mind me asking ?
Mines on forbes.

Yeah, wasn't bad for an older unit. In Hart St - not far from the railway.

Cheers,