What's Happening in Sydneys West
- Thread starter MTR
- Start date
There is a lack of cheaper end stock/ below value stock right through the region .
ta
rolf
ta
rolf
I can confirm the market is crazy these days for affordable properties
I have been looking at the Mount Druitt area for the last month or so, every property I have followed seemed to have a deposit within a week or two of listing. There is one that had an open inspection, sold before I got there and one had a deposit before I can ring up the agent!
I have been looking at the Mount Druitt area for the last month or so, every property I have followed seemed to have a deposit within a week or two of listing. There is one that had an open inspection, sold before I got there and one had a deposit before I can ring up the agent!
As everyone mentioned, looking crazy. Tried for the past 6 months to secure an IP (house) but always goes above $10K more, agents not interested (ignoring) because they know some one will buy even without looking.
If you are a smart investor, you will not buy in the west, at the same time you may not sell also. I secured an IP (Unit) close to sydney olympic park for a 6.3% yield for next 18 months occupied by the owner.
Better look elsewhere as sydney is a huge market. Do no waste time around blacktown.
A lot happening in the Blacktown area in general. NBN cables are being rolled out, Wet and Wild Water Park is being built, showground has been redeveloped and is close to opening.
I can confirm that Blacktown area is crazy !!
I inspected a property last Friday. It was second open inspection. ( first open inspection was Thursday ).
The property sold above the asking price. (about $20k above asking price)
Both of the open inspection time were on weekday, which means average buyers( weekend inspectors) have no chance to inspection before it gone !
Western Sydney is crazy !
I also agree to stay away from the area for a while too easy to be emotional when you on the ground talk to agents. ( they will easily convince you to pay that extra $20k to $30k) hard to find bargain....
I inspected a property last Friday. It was second open inspection. ( first open inspection was Thursday ).
The property sold above the asking price. (about $20k above asking price)
Both of the open inspection time were on weekday, which means average buyers( weekend inspectors) have no chance to inspection before it gone !
Western Sydney is crazy !
I also agree to stay away from the area for a while too easy to be emotional when you on the ground talk to agents. ( they will easily convince you to pay that extra $20k to $30k) hard to find bargain....
I bought one a few weeks ago. They still come up from time to time, though many are owner occupier only.
5 or 7 years from memory. There is a caveat on the title preventing it from being rented out. Designed to get low income renters and HC tenants into affordable home ownership.
There also seems to be a trend currently to auction off low end stock even if able to be rented out. They used to be listed at private treaty.
Ikea also scheduled to be built soon at Marsden Park, will be the largest in the country. One would hope that a condition of its development is an improvement in the roads in the surrounding areas most notably an upgrade of Richmond Road? Wishful thinking perhaps. I've also heard that before too long Costco will be looking to put a new store in the Blacktown council area to service the North West (plans are approved for their Casula store). This one I could give or take...
7 years. HC have always (well the last few years anyway) been auction. The ones that weren't sold at auction were listed as private treaty.
Guess they have all been selling at auction then
There was a post in another thread the other day about the auctions last week going well over priced.Guess they have all been selling at auction then
Well overprice is a bit of an understatement. I had my over-excited dad go to auction on my behalf 2 months ago and purchased a house for what I felt was 20k overpriced (above what I told him my limit was, we had a long and animated conversation about that one).
A house in worse condition a couple of houses down sold at the last auction for 25k more than what I paid for it.
That's 45k overpriced IMO +the it needed work. Where's the profit?
(Note: my dad thinks he is a champ now for buying something 'cheap').
Similar threads
